FOR THE COUNCIL MEETING OF NOVEMBER 19, 2024
COUNCIL AGENDA REPORT
TO: City Council
FROM: Acting City Manager Chuen Wu
BY: Interim Director of Finance Xenia Bradford
SUBJECT: Adoption of a Resolution Approving First Quarter Amendments and Financial Report for the First Quarter Ending September 30, 2024
Description:
The City Council will consider receiving the 2024 -25 First Quarter Financial Report and approving proposed budget amendments.
Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required.
RECOMMENDATION:
1) Receive and file the Financial Repo rt for the First Quarter ending September 30, 2024.
2) Adopt a Resolution a pproving First Quarter Amendments to the 2024 -25 Budget for personnel and operational changes.
BACKGROUND:
Four times each year, City staff completes a comprehensive analysis of City finances, including projected fund balances, revenues to date, departmental expenditures, encumbrances, and potential adjustments. This financial report summarizes the first quarter financial analysis.
DISCUSSION:
The Quarterly Financial Report for the First Quarter Ending September 30, 2024 (Attachment A) provides an overview of the current economic outlook at the State and National levels; General Fund revenues, expenditures, projected fund balances; Measure U activity ; and activity in the thre e Enterprise Funds. Though this information is not audited and does not contain all the usual year-end adjustments, accruals, or disclosures, the information does pr ovide a general picture of the City’s activity and the developing financial trends.
While the 2024-25 Adopted budget sets forth the budget and approved programs for the fiscal year, from time to time the need to adjust the budget may occur. Through quarterly reports, City departments submit budget requests to Finance and the City Manager for review. The budget amendments shown in Attachment B are recommended by the Acting City Manager for approval. Reasons for the requested budget amendments are provided for each item within the attachment.
2 Fiscal Impact
The proposed budget amendments will result in the following increases and decreases in the financial position by fund.
Business Equipment Fund: increase appropriations from fund balance in the amount of $1,618,852
Landscape District Funds: increase appropria tions from fund balance in the amount of $640,000.
Growth Mitigation Fund: increase project appropriations from fund balance in the amount of $523,688.
Capital Improvement Fund: decrease project appropriations positively impacting fund balance by $473,688.
Water Fund: decrease appropriations by $108,710.
Wastewater Fund: increase appropriations by $108,710. Solid Waste Disposal Fund: increase appropriations by $234,550.
Impact to the Community
The interim financial statement provides the community with an understanding of the financial activity of the City’s primary funds.
ATTACHMENTS Attachment A: Quarterly Financial Report Fourth Quarter Ending September 30, 2024 Attachment B: Proposed Budget Amendments