FY 2023-24
First and Second
Quarters –
Budget Report
Imelda Arroyo
Budget Officer
Agenda Item 15.7
July 9, 2024
2nd Quarter FY 2023‐24
General Fund Revenues
As of December 31, 2023:
• Year to Date = $76.6 million
• 25.1% of the $305.3 million budget
Year‐end Projection:
• $320.3 million
• $14.9 million, 4.9% over the budget
• Largest variances:
• Business License Tax +$4.5 million
• Property Taxes +$3.6 million
• Rev. from Other Agencies +$2.7 million
Revenues
Proceeding as expected –t a x revenues
can take up to 90 days to post.
Operating revenues are showing signs of
mild cooling anticipated by City’s
consultants.
Budget
Budget
Budget Budget
Q2 Actuals
Q2 Actuals
Q2 Actuals Q2 Actuals
0 50
100
150
200
250
300
2023 Tax Revenue 2024 Tax Revenue 2023 Program
Revenue
2024 Program
Revenue
Budget Q2 Actuals
2nd Quarter FY 2023‐24
General Fund Expenditures
As of December 31, 2023:
• Expenditures = $129.0 million
• 38% of the $340.0 million budget
Year‐end Projection:
• $310.4 million
• $29.6 million, 8.7% under budget
• Police Department $17.6 million
• Economic Development $4.4 million
• Public Works $3.7 million
Expenditures
• Expenditures also proceeding as expected.
• Currently at 38% Budget Utilization
• Due to Salary Savings & Multi‐year
expenditures that have not posted yet.
1,450
out of
1,794
Positions
filled
Authorized /
budgeted Authorized
/ budgeted
filled /
utilized filled /
utilized
0%
20%
40%
60%
80%
100%
120%
Positions Filled Q2 Budget
Utilized
Police
57%Fire
22%
Public
Works
7%
Econ Dev
1%
Violence
Prevention
1%
Other
Funds 7%
Admin 5%
Actual Q2 Expenditures
2nd Quarter FY 2023‐24
Recommendations
• Accept 2nd Quarter Budget Status
Update report.
• Adopt Resolution approving three
budget amendments:
1. Appropriate $363,979 from the Development
Services fund balance to cover the IT ISFs
expense
2. Appropriate $110,508 from the Development
fund balance and $208,727 from the Measure
K fund balance to cover Indirect Costs
3. Transfer funds in the amount of $145,000 from
the Traffic Signal Modification, Project No.
WT15029 to the Lighted Crosswalk Upgrades ,
Project No. WT15026