CITY OF SAN MATEO
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CITY OF SAN MATEO
Agenda Report
City Hall
330 W. 20th Avenue
San Mateo CA 94403
www.cityofsanmateo.org
Agenda Number: 8 Section Name: {{section.name}} Account Number: 10-2031 File ID: {{item.tracking_number}} TO: City Council
FROM: Alex Khojikian, City Manager
PREPARED BY: Finance Department
MEETING DATE: June 16, 2025
SUBJECT:
Fiscal Year 2024-25 Year-End Supplemental Budget Adjustments – Approval RECOMMENDATION:
Adopt a Resolution approving year-end supplemental budget adjustments for fiscal year 2024-25.
BACKGROUND:
As part of the City’s annual year-end financial close process, staff reviews all funds and departments to identify any supplemental budget needed. This year-end review identified the following adjustments to ensure budget accuracy and compliance with spending limits:
Comprehensive General Liability Internal Service Fund (Fund 880) – Add $600,000 for legal costs related to claims and litigation activities.
Interfund Transfer from the Construction Service Fund to the General Fund – Transfer $278,000 from the Construction Service Fund to reimburse the General Fund for overhead related to staff time spent on development projects.
The City’s budget sets legal spending limits based on the best available information at the time the budget is developed.
However, actual revenues and expenditures can differ due to unforeseen events. Year-end budget adjustments, such as those proposed here, are a standard part of closing out the fiscal year to ensure the budget accounts for unexpected events, reflect actual activity, and remains in compliance with legal requirements.
BUDGET IMPACT:
The proposed budget adjustments include (1) increasing the operating budget of the Comprehensive General Liability Internal Service Fund (Fund 880) by $600,000, and (2) approving infer-fund transfer of $278,000 from the Construction Service Fund to the General Fund.
ENVIRONMENTAL DETERMINATION:
This FY 2024-25 year-end budget adjustment report is not a project subject to CEQA, because it is a government fiscal activity which does not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment. (CEQA Guidelines Section 15378(b)(4).)
NOTICE PROVIDED
All meeting noticing requirements were met.
ATTACHMENTS
Att 1 – Proposed Resolution for FY 2024-25 Year-End Budget Adjustments
CITY OF SAN MATEO
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STAFF CONTACT
Karen Huang, Finance Director
[email protected]
(650) 522-7110