FY 2024-25 Second
and Third Quarter
Budget Update
City Council Meeting
December 9, 2025
Agenda Item 16.1
3rd Quarter FY 2024-25
General Fund Revenues
As of March 31, 2025:
• Year to Date = $206.1 million
• 64.4% of the $319.8 million budget
Year-end Projection:
• $332.5 million
• $12.7 million, 4.0% over the budget
• Largest variances:
• Investment Proceeds +$5.3 million
• Property Taxes +$2.0 million
• Other Agencies +$2.0 million
3rd Quarter FY 2024-25General Fund Revenues64.77%58.80%69.39%74.34% GeneralTaxesMeasure ASales TaxProgramRevenuesInterfundReimbursements FY 2024-253rd Quarter % Received
Actual Revenues – % Received
3rd Quarter FY 2024-25
General Fund Expenditures
As of March 31, 2025:
• Year to Date = $223.5 million
• 57% of the $390.7 million budget
Year-end Projection:
• $376.6 million
• $11.0 million, 2.8% under budget
• Fire Department $2.9 million
• HR Department $1.5 million
• Public Works $1.5 million
• Economic Development $1.0 million
• Program Support $2.1 million
3rd Quarter FY 2024-25General Fund Expenditures68%67%57%26%63%25%50%Police Fire Public Works Economic Dev. OVP ProgramSupportAdministration Debt FY 2024-253rd Quarter % Spent
Actual Expenditures – % Spent
3rd Quarter Budget
Adjustments
1. Authorize a FY 2024-25 budget
amendment increasing expenditure and
revenue appropriations in the Downtown
Marina Fund by $86,350.
2. Authorize a FY 2024-25 budget
amendment increasing expenditure and
revenue appropriations in the Boat
Launch Fund by $46,275.
3rd Quarter FY 2024-25
Recommendation
• Accept 3rd Quarter Budget Status
Updates
• Authorize the continuation of up to
$12,233,179 in FY 2024-25 budget
appropriations to FY 2025-26 for
completion of identified programs.