For City Council Meeting March 25, 2025
TO: Honorable Mayor and City Council
APPROVAL: Tanya Williams, City Manager
FROM: Scott Williams, Director of Finance
Title
Request City Council to Receive a Mid-Year Budget Presentation on General Fund Fiscal Year 2024-2025 and Provide Direction on General Fund Reserve Balance.
POWERPOINT
(RECEIVE AND FILE)
Body
RECOMMENDATION
Staff recommend the City Council:
Receive a Presentation on General Fund Revenue and Expenditures for Mid-Year of Fiscal Year 2024-25 and Provide Direction on the Restriction of General Fund Balance Reserves
BACKGROUND
On June 25, 2024, the City Council adopted the Fiscal Year 2024-2025 (FY24-25) Annual Budget, which included reasonable estimates of revenues, expenses, transfers, and ending reserves.
The Mid-Year Budget Report summarizes the overall financial performance of the City for the period of July 1, 2024, through December 31, 2024. The report was developed and presented to the Council to offer the most up-to-date information on the City's financial health, enabling accurate and well-informed decision-making. Additionally, these reports assist City departments in communicating their financial operations throughout the fiscal year including any program changes, significant impacts to their annual budgets, as well as gauging the City's budget plan as compared to actual revenue and expenditures.
The financial information included in this report is preliminary, unaudited, and subject to revision upon completion of the City's audit. However, at this time no material changes are expected for the financial results. The full audit report for Fiscal Year 2024 is anticipated to be completed and brough to the City Council in May 2025.
ANALYSIS/DISCUSSION
The City's FY24-25 General Fund adopted budget includes total revenues of $151.3 million and expenditure appropriation of $150.8 million.
General Fund Balance:
Following the close out of Fiscal Year 2024, the general fund reserves after a...
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