RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF THOUSAND OAKS ADOPTING THE ANNUAL CITY
OF THOUSAND OAKS OPERATING AND CAPITAL
IMPROVEMENT PROGRAM BUDGETS FOR FISCAL
YEARS 2025-2026 AND 2026-2027; AND ADOPTING
FINANCIAL POLICIES
WHEREAS, in October 2024 the budget process began with a calendar being set for all critical deadlines in order to conclude the budget preparation process with a June 10, 2025, Public Hearing; and
WHEREAS, on April 7, 2025, the Thousand Oaks Planning Commission reviewed the Proposed Capital Improvement Program Budget and found it to be consistent with the General Plan; and
WHEREAS, on April 8, 2025, the City Council held a Study Session to review the Proposed Capital Improvement Program Budget; and WHEREAS, on May 13, 2025, the City Council held a Study Session to review the Proposed Operating Budget; and
WHEREAS, the City Manager’s recommended budgets have been forwarded to the City Council; and
WHEREAS, a Public Hearing was noticed and held by the City Council on June 10, 2025; and
WHEREAS, included in the City of Thousand Oaks Operating Budget are Financial Policies which include: Budget, Budget Appropriation/Transfer, Capital Improvement Program (CIP), Capital Asset Capitalization, User Fee, Governmental Fund Balance (GASB 54), Accounting, Audit, Fixed Asset Replacement, Investment, and Debt Policies; and
WHEREAS, GASB 54 requires classification of the ending fund balances into five categories: Non-Spendable, Restricted, Committed, Assigned and Unassigned; and
WHEREAS, GASB 54 requires that a policy for use of financial resources be developed and adopted; and
WHEREAS, the City Manager and Finance Director may assign unclassified revenues to a specific purpose when necessary and appropriate.
ATTACHMENT #1
NOW, THEREFORE, BE IT RESOLVED THAT, the City Council of the City of Thousand Oaks does hereby adopt the following:
SECTION 1: The City of Thousand Oaks Fiscal Year 2025-2026 Operating Budget of $222,668,018, and Capital Improvement Program Budget of $80,368,359, which totals $303,036,377, and Fiscal Year 2026-2027 Operating Budget of $228,932,420 and Capital Improvement Program Budget of $75,695,064, which totals $304,627,484.
SECTION 2: The City Manager is authorized to carry over funds from Fiscal Year 2024-2025 to Fiscal Year 2025-2026 and from Fiscal Year 2025- 2026 to Fiscal Year 2026-2027, for projects listed as requiring carryover included in the Capital Improvement Program Budget, Grants, and Project-Related Maintenance and Operations budgets.
SECTION 3: The City of Thousand Oaks Financial Policies for Fiscal Year 2025-2026 and Fiscal Year 2026-2027, including GASB 54 (required fund balance policy), are adopted and the ending fund balance of all governmental funds are to be classified into the aforementioned five categories.
PASSED AND ADOPTED this 10th day of June, 2025, by the following vote:
Ayes:
Noes:
Absent:
________________________________
David Newman, Mayor
City of Thousand Oaks, California
ATTEST/CERTIFY:
______________________________________
Laura B. Maguire, City Clerk
Date Attested: ___________________
APPROVED AS TO FORM:
Office of the City Attorney
_______________________________________
Tracy Friedl, Assistant City Attorney
APPROVED AS TO ADMINISTRATION:
________________________________
Andrew P. Powers, City Manager
The presence of electronic signature certifies that the foregoing is a true and correct copy as approved by the City of Thousand Oaks City Council on the date cited above.
FIN:330-20:H:\COMMON\Council\2025\Administration\061025 Operating and CIP Budget Reso - Attach 1.doc