AGENDA TITLE:
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Receive Presentation Regarding Fiscal Year 2024/25 General Fund and Measure L Budget, and the General Fund and Measure L Five-Year Forecast (FIN)
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MEETING DATE:
May 14, 2024
PREPARED BY:
Melissa Munoz, Accounting Manager
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RECOMMENDED ACTION:
Receive presentation regarding fiscal year 2024-2025 ("FY 2024/25") General Fund and Measure L budget, and the General Fund and Measure L five-year forecast.
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BACKGROUND INFORMATION:
Staff has planned two presentations to provide the City Council and public with an opportunity to review and comment on basic assumptions within the FY 2024/25 budget to be proposed to Council. The draft budget will be released for public review online once the draft is finalized. This session is designed to provide information on the general economic conditions facing City staff and Council in allocating resources to most effectively deliver services, with particular focus on the General Fund and Measure L.
Included in the presentation will be a discussion of FY 2024/25 General Fund and Measure L expenditures, and the General Fund and Measure L five-year forecast. The forecast is a critical planning tool for staff and Council to use to anticipate future resource or service level adjustments. The forecast presented will include a baseline scenario that keeps normal operations with no change in service levels.
The next Council presentation will focus on other aspects of the City budget beyond the General Fund and Measure L. The first opportunity for the City Council to adopt the FY 2024/25 budget will be at its regular meeting on June 5, 2024.
STRATEGIC VISION:
3A. Fiscal Health: Promote City's transparency & fiscal fluency.
FISCAL IMPACT:
There is no impact from this informational presentation.
FUNDING AVAILABLE:
The draft General Fund and Measure L budgets for FY 2024/25 is projected at $83,606,240 for both revenues and expenditures.
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