FY 2023-24
Year-End
Budget Status
Update
City Council Meeting
December 3, 2024
Agenda Item 15.4
General Fund – Revenues
(Attachment B)
General Fund – Revenues
(Attachment B)
Budgeted Revenues $ 305.4 million
Actual Revenues (unaudited) $ 325.6 million
Higher Investment Proceeds ‐ $5.1 million
Program Revenue ‐ $4.3 million
Business License Tax ‐ $4.1 million
Property Tax ‐ $2.7 million
Budgeted Revenues $ 305.4 million
Actual Revenues (unaudited) $ 325.6 million
Higher Investment Proceeds ‐ $5.1 million
Program Revenue ‐ $4.3 million
Business License Tax ‐ $4.1 million
Property Tax ‐ $2.7 million
General Fund - Revenues
General Fund –
Revenue Trends
Blue bars =
normal
growth
Green bars
= Pandemic
growth
General Fund –
Expenditures (Attachment A)
General Fund –
Expenditures
(Attachment A)
Budgeted Expenditures $ 352.2 million
Actual Expenditures $ 335.3 million
Unanticipated Vacancy Savings ‐ $13.4 million
Budgeted Expenditures $ 352.2 million
Actual Expenditures $ 335.3 million
Unanticipated Vacancy Savings ‐ $13.4 million
General Fund
Expenditures
(Attachment A)
General Fund
Expenditures
(Attachment A)
249.4
46.2 21.5
(58.2)
(8.4)
(59.7)
(34.3) (9.7)
8.4 (153.2)
(21.6)
General Taxes
Measure A Sales Tax
Program Revenues Fund
Reimbursements Police & Violence
PrevenƟon
Fire Public Works &
Capital Projects Economic
Develpment Support for
Other Funds AdministraƟon
& Debt
Net PosiƟon
General Fund
Budget Variance (Attachment A)
General Fund
Budget Variance
(Attachment A)
Revenues
$20.17 Million
• 6.6% more than budget
Expenditures
$16.87 Million
• 4.8% less than budget
________________
Variance from Budget
$37.04 Million
Revenues
$20.17 Million
• 6.6% more than budget
Expenditures
$16.87 Million
• 4.8% less than budget
________________
Variance from Budget
$37.04 Million
New $ Cumulative
Contingent Payment (result of higher revenues) 0.5 3.0 Health Premium Address Increase Im pact 2.0 Working Capital 16.67% 6.4 54.7 Known Contingency 4.8 73.5
Total 13.8
(37.0)
$ 23.2 Balance for Council Discussion
Uses of $37 Million Budget Variance
(Dollars in Millions)
Net Budget Variance
Formula Reserves
Commitments
General Fund Reserve
Policy and Targets
General Fund Reserve
Policy and Targets
Reserve & Fund Balance Policy – General Fund
Targets set in June 2024
Reserve & Fund Balance Policy – General Fund
Targets set in June 2024
Recommended
Funding
Reserve TargetsReserve Categories
$54.7 million$54.7 millionWorking Capital
(16.67%)
$73.5 million$93.3 millionKnown Contingency
$10.8 million$89.0 millionRisk‐Based
$139.0 million$237.0 millionTotal
Recommendations for $23.2 Million
(Dollars in thousands)
Recommendations for $23.2 Million
(Dollars in thousands)
11,700 New City Hall
125 Stockton YESS Program
100 Class/Comp Study
1,000 West Lakes Fire Station Property
2,000 Redevelopment Fund
2,800 Satellite Animal Shelter and Veterinary Clinic Facility 2,500 Banner Island Ballpark Renovation‐ MLB Required
$ 20,225Subtotal
3,000Council Priority Project Funds
$ 23,225Total
Long-Range Financial Plan
(Updated with Year-End)
Long-Range Financial Plan
(Updated with Year-End)
Recommended
Budget Actions
Recommended
Budget Actions
•Allocate $365,500 in vacancy savings from other
administration ($320.4K) and OVP Measure A ($45.1K) to:
• City Clerk $ 5,700
• City Manager $ 147,100
• Office of Violence Prevention $ 6,900
• City Attorney $ 99,400
• Economic Development $ 106,400
•Authorize Budget Amendment to cover overages:
• Downtown Marina Fund by $25,310
• Federal Housing Grant Fund CDBG –R e v o l v i n g Loan by $59,410
•Allocate $365,500 in vacancy savings from other
administration ($320.4K) and OVP Measure A ($45.1K) to:
• City Clerk $ 5,700
• City Manager $ 147,100
• Office of Violence Prevention $ 6,900
• City Attorney $ 99,400
• Economic Development $ 106,400
•Authorize Budget Amendment to cover overages:
• Downtown Marina Fund by $25,310
• Federal Housing Grant Fund CDBG –R e v o l v i n g Loan by $59,410
Recommended
Budget Actions (cont.)
Recommended
Budget Actions (cont.)
•Authorize the continuation of up to $404,681 in
FY 2023‐24 budget appropriations to FY 2024‐25 for:
• Data Warehouse Cloud Services Software $ 18,000
• Chamber of Commerce STAART Program $ 20,000
• Fire Truck No. 7 One‐Time Equipment $116,681
• El Concilio Community Center Repairs $250,000
•Authorize the addition of one (1) full‐time Fire Prevention Inspector I/II position to the FY 2024‐25 Fire Prevention Development Services Fund, effective January 1, 2025.
•Authorize the continuation of up to $404,681 in
FY 2023‐24 budget appropriations to FY 2024‐25 for:
• Data Warehouse Cloud Services Software $ 18,000
• Chamber of Commerce STAART Program $ 20,000
• Fire Truck No. 7 One‐Time Equipment $116,681
• El Concilio Community Center Repairs $250,000
•Authorize the addition of one (1) full‐time Fire Prevention Inspector I/II position to the FY 2024‐25 Fire Prevention Development Services Fund, effective January 1, 2025.
FY 2023-24 4th Quarter Report
Recommendation Summary
FY 2023-24 4th Quarter Report
Recommendation Summary
•Accept FY 2023‐24 budget status report
•Authorize two FY 2023‐24 Budget Amendments:
• Downtown Marina Fund
• Federal Housing Grant Fund CDBG –R e v o l v i n g Loan •Authorize reserve for Contingent payment
•Authorize continuation from FY 2023‐24 to FY 2024‐25
•Authorize FY 2023‐24 General Fund appropriation of $23.2 million for council priority projects
•Allocate General Fund Balance to reserves $139.0 million •Authorize one (1) full‐time Fire Prevention Inspector I/II position •Accept FY 2023‐24 budget status report
•Authorize two FY 2023‐24 Budget Amendments:
• Downtown Marina Fund
• Federal Housing Grant Fund CDBG –R e v o l v i n g Loan •Authorize reserve for Contingent payment
•Authorize continuation from FY 2023‐24 to FY 2024‐25
•Authorize FY 2023‐24 General Fund appropriation of $23.2 million for council priority projects
•Allocate General Fund Balance to reserves $139.0 million •Authorize one (1) full‐time Fire Prevention Inspector I/II position