CRET WESTLA DICTA
NED E DAVIS KELLY HONIG SUSAN MSWEENEY\ BRAD HALPERN RAY PEARL Mayor Mayor Pro Tem Councilmember Councilmember Councilmember
MINUTES
Study Session - May 8, 2024
CALL TO ORDER:
This Study Session meeting of the Westlake Village City Council was called to order by Mayor Davis on Wednesday, May 8, 2024 at 4:42 p.m., at 31200 Oak Crest Drive, Westlake Village.
ROLL CALL:
PRESENT: Councilmembers Pearl, Halpern, McSweeney, Mayor Pro Tem Honig, and Mayor Davis
ABSENT: None
Also Present: City Manager de Geus, City Attorney Boga, Assistant City Manager Wilson, Planning Director Asp, Assistant to the City Manager Mott, Public Works Manager Iverson, Accountant II Leeds, and Deputy City Clerk Kramer.
PUBLIC COMMENTS: None
STUDY SESSION:
REVIEW OF THE DRAFT OPERATIONS BUDGET FOR FISCAL YEAR 2024-25 Assistant City Manager Wilson reported the fiscal year (FY) 2024-25 Budget will fund projects that are aligned with fulfilling City Council and Strategic Plan goals. On a Fund basis the budget totaled $26.2 million, with 60% or $15.8 million allocated to the General Fund and 40% or 10.4 million in Restricted Funds. She noted that the breakdown by division indicated that the largest budget expense remains designated to Public Safety and the Capital Improvement Plan.
Ms. Wilson stated Citywide revenues are projected at $20.5 million with the largest three revenue sources remaining as Sales Tax, Property Tax and Transient Occupancy Tax (TOT) totaling 64% of all revenues. Restricted revenue will comprise 17% of anticipated revenues.
City Council Study Session Minutes
City of Westlake Village May 8, 2024 2
With regard to the General Fund, expenditures for personnel assumed a staff complement of 15 positions, up 0.5 from the current fiscal year in fulfilment of the 2024 Council Goal, a part-time Public Safety Officer position. She noted that the significant adjustment in this category is the previously-approved increase in CalPERS medical and pension costs for 2024.
Assistant City Manager Wilson stated that General Fund revenues are projected at $17.1 million and continue to be rallied around the Sales Tax, Property Tax and TOT which combine for 77% of all General Fund revenues. She stated that the Sales Tax horizon continues to look favorable, the real estate market continues to remain active even amidst the high interest rates trend, and TOT remittances continue to remain strong with our local hotels reporting a steady customer base and number of events. To augment staff's resources in establishing these projections, the City continues to leverage the services of consultants, Muni Services, LLC and Regional Governmental Services, due to their expertise in the local government sector.
Ms. Wilson reported the proposed General Fund budget of $15.8 million was an increase of $1.3 million when compared to this year's budget of $14.4 million. She discussed the major drivers behind this increase and noted that placing the proposed expenditures in context with supporting revenue, the proposed General Fund expenditures of $15.8 million will be under the projected General Fund revenue of $17.1 million by $1.29 million.
Finally, she discussed the budget highlights under five benchmarks which included: how the budget meets Council Goals, adjustments added or new programs, line items continuing from this fiscal year, line items that were removed, and the proposed budget's compliance with the City Council's reserve policy. She also highlighted the steps the Council has been steadily undertaking to strengthen the City's financial resilience.
City Council had no items for discussion and thanked staff for the thorough draft budget proposal.
City Council Study Session Minutes
City of Westlake Village May 8, 2024 3
ADJOURNMENT:
Mayor Davis adjourned the meeting at 5:14 p.m. to the regular session scheduled for 6:30 p.m. bullar
Ned E Davis, Mayor
Attest:
Care Krame
Carol Kramer, Deputy City Clerk
CALIF