Fiscal Year 2024-25Mid-Year Budget Review & Supplemental Appropriation Requests FEBRUARY 11, 2025
FINANCE COMMITTEE
SELINA ANDREWS, FINANCE DIRECTOR
Fiscal Year 2024-25Mid-Year Budget Review & Supplemental Appropriation Requests Staff recommends that the Finance Committee take the following actions regarding the Fiscal Year 2024-25 Mid-Year budget performance review:
No motion is required for this item.
Receive FY 2024-25 Mid-Year budget performance review.
Financial Forecasting Model
FY 2024-25 Mid-Year Budget Review
Operating funds are generally performing as expected, with a few exceptions While there is uncertainty, most indicators are relatively positive through the first half of the fiscal year and very modest growth is expected in the future Minor budget adjustments are recommended in operating funds The City is relatively well positioned entering the Fiscal Year 2025-26 Budget
Economic Conditions: Employment
Economic Conditions: Real Estate
Data Source: HdL Reports
General Funds Assessment
Revenue growth in the first six months of the fiscal year is trending on pace and is not anticipated to exceed budgeted levels by the end of fiscal year Expenditures currently tracking to end the fiscal year with limited to no savings Limited adjustments recommended at this time
Preliminary unaudited results of Fiscal Year 2024 estimate a minor increase in fund balance, which will be used to balance Fiscal Year 2025-26 budget
Recommended Supplemental Appropriations to General Funds
Questions?