City Council Agenda Report
Meeting Date: May 7, 2024
From: Jessica Alcaraz, Financial Services Administrator Department: Finance
Submitted by: Angela Melgar, Finance Manager
Subject
Fiscal Year 2024-25 Budget Workshop I
Recommendation
No action required by City Council. This is a presentation only.
Background
Chapter 8.2 of the City’s Charter requires that the City Administrator submit to the City Council a proposed budget for the ensuing fiscal year on or before the thirtieth day preceding the last day of the fiscal year (FY). Thus, in preparation for the upcoming Fiscal Year (FY) 2024-25 Budget adoption, staff conducts Budget Workshops with City Council to provide information regarding the City’s operations, current budget and intended fiscal direction. The City-wide Budget is the financial plan for the upcoming fiscal year which prioritizes the goals that departments intend to accomplish with the expected resources. In the weeks preceding these presentations, the City Administrator, Finance, and all the Department Heads work collaboratively to identify expected revenues and keep expenditures in line. While the current economic markers still do not point to an ongoing recession, the economic environment is still uncertain. A concerted effort by management is required to determine expenditures that could be deferred and cost savings that could be realized, while also focusing on current revenues and potential new income sources.
This presentation will focus on the previous FY highlights and the vision for the City departments as they move forward into the FY2024-25. It is designed to provide an overview of the City-wide proposed fiscal year budget that will be brought to City Council for approval on June 4th.
A second Budget Workshop is planned for the May 21, 2024 Council Meeting to address any changes proposed by Council and to provide more detail on any items of interest.
Fiscal Impact
There is no fiscal impact associated with this report.
Attachments
1. FY 2024-25 Proposed Budget