City Council
March 17, 2025
Felicia Silva, Assistant Finance Director
FY 2023-24 Audited
Year-End Financials
FY 2023
-24
General Fund
Year-End
Financials
(Audited)
2 A B C D 1 Date June 2024 January 2025 2
FY 23-24
Final Adjusted Budget
FY 23-24
Actuals (Audited)
Delta 3 Beginning Balance $ 97,319,243 $ 97,319,243 4 Pension Trust Reconciliation $ - $ (7,680,101) 5 Revised Beginning Balance $ 97,319,243 $ 89,639,142 $ (7,680,101) 67 Revenues $ 140,032,891 $ 144,723,140 $ 4,690,249 8 Expenditures $ 159,480,590 $ 158,970,377 $ 510,213 9 FY 23-24 Carryover to FY 24-25 $ 4,284,526 $ (4,284,526) 10 11 Net $ (19,447,699) $ (18,531,763) $ 915,936
12 13 Ending Fund Balance $ 77,871,544 $ 71,107,379 $ (6,764,165) 14 Nonspendable/Restricted/Assigned $ (22,348,000) $ (13,054,967) $ 9,293,033 15 Unassigned* $ 55,523,544 $ 58,052,412 $ 2,528,868
16 17 Major Emergencies* $ (5,000,000) $ (5,000,000) $ - 18 Economic Uncertainties* $ (32,024,000) $ (31,794,075) $ 229,925 19 Compensated Absences* $ (1,272,000) $ (708,245) $ 563,755 20 Available Undesignated Funds $ 17,227,544 $ 20,550,091 $ 3,322,548 FY 2023-24 General Fund Year-End
Budgetary Basis
3 Final Adjusted
Budget
Actuals Delta
Revenue $ 140,032,891 $ 144,723,140 $ 4,690,249
Expenditures $ 159,480,590 $ 158,970,377 $ 510,213
FY 23-24 Carryover to 24-25 $ (4,284,526)
Unallocated Balance $ 915,936
Finance Committee
February 26, 2025
Staff Recommendation to Committee:
1. Approve FY 2023-24 Year-End Financial Report.
2. Appropriate $915,936 in FY 2023-2024 unspent funds, as follows:
- $457,968 to the pension trust
- $457,968 to fund balance
Committee Recommendation:
1. FY 2023-24 Financial Report be Presented to City Council for approval.
2. No Committee consensus on year-end appropriation of $915,936 in unallocated funds; bring to Council for discussion and action. 4 City Council Priority Work Session
February 1, 2025
Council ranked priorities for the top three priority areas of focus:
- Infrastructure received seven votes from Council as a priority area - Streets and roads a specific focus
- Proposal to implement a policy to allocate year-end unspent funds to streets and road repair
- No formal action was taken to implement this proposed policy 5 Requested City Council Action
Staff Recommends:
1. Approve FY 2023-24 Year-End Financial Report; and
2. Appropriate $915,936 in FY 2023-24 year-end surplus
6