GFDR: FY 2024-25 Amendment No. 3
ADMINISTRATIVE SERVICES - FINANCE
History:
General Fund Designated Revenue (GFDR) established in October 21, 2013 through the Fiscal Resiliency Reserve Policy via Resolution 2013-159.
GFDR was historically utilized to prefund large expenditures including but not limited to replacement of large capital equipment information technology systems facilities and infrastructure maintenance and replacement accrued employee leave costs PERS rate increases workers compensation costs general liability costs etc. and when such costs can be anticipated it makes prudent fiscal sense to identify a funding source and set aside funds.
FY 2024-25 Amendment No. 1:
Per FY 2024/25 Amendment No. 1. approved September 3, 2024, the following amounts totaling $2,430,319 were appropriated and expensed via City Council action (via adopted resolutions) during the FY 2023-24 period through June 30, 2024, resulting in a remaining unappropriated GFDR balance of $5,171,279 from the previously allocated expense items, as follows
FY 2023-24 Total Appropriations from GFDR Fund Balance thru 06/30/24 Reso No. Reso Date Project Description Appropriation
Reso 2023-165 12/13/23 Sec 115 Trust with PARS $1,000,000 Reso 2023-129 08/07/23 2600 Moraga Demo Contract Award $1,199,035 Reso 2023-140 09/18/23 PD Elevator Repair $8,640
Reso 2024-005 01/16/24 Legal Contract Services – Civica Law Firm $20,000 Reso 2024-004 01/16/24 Legal Contract Services – Telecom Law Firm $30,000 Reso 2024-011 02/05/24 Economic Development Master Plan $60,000 *Reso 2024-056 05/06/24 CORE Homeless Outreach Services $112, 644 Total FY 2023-24 GFDR Appropriations: $2,430,319
NOTE: *During the FY 2023/24 Annual Finance Comprehensive Report (AFCR) review in November 2024, the Finance staff identified that Resolution 2024-056 approved May 6, 2024, was not expensed, leaving a $112,644 carryover from FY 2023/24 to FY 2024/25. This FY 2023/24 carryover allocation was recorded and processed by the Finance Department for FY 2024/25 in late November 2024.
FY 2024-25 GFDR Amendment No. 2.
DESCRIPTION
FY 23-24 GFDR Carryover Fund Balance (See Details Below) $ 5,171,279 FY 2024-25 One-time Budget Balancing Measure (Reso No. #2024-064) $ 1,961,291 FY 2025-26 One-time Budget Balancing Measure (Reso No. #2024-064) $ 3,038,709 Total GFDR Fund Balance FY 24/25 & FY 2025/26 $ 5,000,000 GFDR Net Fund Balance $ 171,279
GFDR FUNDING USES
Funding Sources:
FY 2024-25 One-time Budget Balancing Measure (Reso No. #2024-064) $ 1,961,291 FY 2025-26 One-time Budget Balancing Measure (Reso No. #2024-064) $ 3,038,709 FY2023-24 GFDR Net Fund Balance Carry Over $ 171,279 FY 2023-24 Undesignated Reserves: Reso 2024-123 $ 1,500,000 GFDR Fund Balance Subtotal: $ 6,671,279
Major Operating Expenses:
*Reso 2024-56 CORE Homeless Outreach Services $ 112,644 Reso 2024-123 GFDR - Ghilotti settlement agreement $ 1,500,000 Operating Expenses Subtotal: $ 1,612,644
GFDR FY 2024/25 NET FUND BALANCE $ 5,058,635 FY 2024-25 GFDR Amendment No. 3.
DESCRIPTION
FY2024-25
Proposed
Amendment # 3
FY 23-24 GFDR Carryover Fund Balance (See Details Below) $ 5,171,279 FY 2024-25 One-time Budget Balancing Measure (Reso No. #2024-064) $ 1,961,291 FY 2025-26 One-time Budget Balancing Measure (Reso No. #2024-064) $ 3,038,709 Total GFDR Fund Balance FY 24/25 & FY 2025/26 $ 5,000,000 GFDR Net Fund Balance $ 171,279
GFDR FUNDING USES
Funding Sources:
FY 2024-25 One-time Budget Balancing Measure (Reso No. #2024-064) $ 1,961,291 FY 2025-26 One-time Budget Balancing Measure (Reso No. #2024-064) $ 3,038,709 FY2023-24 GFDR Net Fund Balance Carry Over $ 171,279 FY 2023-24 Undesignated Reserves: Reso 2024-123 $ 1,500,000 FY 2024-25 NEW FRRP Fund 110 - up to a maximum of 10% of Unused Audited Fund Balance $ 2,026,771 GFDR Fund Balance Subtotal: $ 8,698,050
Major Operating Expenses:
Reso 2024-56 CORE Homeless Outreach Services $ 112,644 Reso 2024-123 GFDR - Ghilotti settlement agreement $ 1,500,000 Operating Expenses Subtotal: $ 1,612,644
GFDR FY 2024/25 NET FUND BALANCE $ 7,085,406 Thank you!
Questions & Comments?