CC Resolution No. 24-054 establishing an Operating Budget of $120,495,113 for FY 2024-25
RESOLUTION NO. 24-054
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
ADOPTING AN OPERATING BUDGET FOR
FISCAL YEAR 2024-25 BY RATIFYING THE ADEQUACY OF ESTIMATED
REVENUES AND FUND BALANCES IN EACH FUND TO COVER
APPROPRIATED MONIES, APPROPRIATING MONIES THEREFROM FOR
SPECIFIED ACTIVITIES AND ACCOUNTS, AND SETTING FORTH
CONDITIONS OF ADMINISTERING SAID BUDGET
WHEREAS, the orderly administration of municipal government is dependent on
the establishment of a sound fiscal policy of maintaining a proper ratio of expenditures
within anticipated revenues and available monies; and
WHEREAS, the extent of any project or program and the degree of its
accomplishment, as well as the efficiency of performing assigned duties and
responsibilities, is likewise dependent on the monies made available for that purpose;
and
WHEREAS, the City Manager has submitted her estimates of anticipated revenues
and fund balances, has determined that estimated revenues and fund balances are
adequate to cover appropriations, and has recommended the allocation of monies for
specified program activities;
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby adopt
the following sections as a part of its fiscal policy:
Section 1. The estimates of available fund balances and anticipated resources
to be received in each of the several funds during Fiscal Year 2024-25, as submitted by the
City Manager in her proposed budget and amended during the budget study sessions,
are sufficient to cover appropriations.
Section 2. There is appropriated from each of the several funds the sum of
money set forth as expenditures for the funds named in the Fiscal Year 2024-25 Proposed
Budget Financial Overview by Fund (Exhibit A), as amended during the budget sessions,
and stated for the purposes as expressed and estimated for each department.
Section 3. The City Manager is hereby authorized to administer and transfer
appropriations between Budget Accounts within the Operating Budget when in her
opinion such transfers become necessary for administrative purposes.
Resolution No. 24-054
Page 2
Section 4. The Director of Administrative Services shall prepare and submit to
City Council quarterly a revised estimate of Operating Revenues.
Section 5. The Director of Administrative Services is hereby authorized to
continue appropriations for operating expenditures that are encumbered or scheduled to
be encumbered at year end.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 4th day of June, 2024, by the following vote:
Vote Members of the City Council
AYES: Mohan, Fruen, Chao, Moore, Wei
NOES: None
ABSENT: None
ABSTAIN: None
SIGNED:
________
Sheila Mohan, Mayor
City of Cupertino
________________________
Date
ATTEST:
________________________
Kirsten Squarcia, City Clerk
________________________
Date
6/12/24
6/12/24
Exhibit A
FISCAL YEAR 2024-25 PROPOSED OPERATING BUDGET
FINANCIAL OVERVIEW BY FUND
Revenue Categories General Fund Special Revenue
Fund
Debt Service
Fund
Capital Project
Funds
Enterprise
Funds
Internal Service
Funds All Funds
Sales Tax 11,648,962 - - - - - 11,648,962
Property Tax 33,174,977 - - - - - 33,174,977
Transient Occupancy 7,731,947 - - - - - 7,731,947
Utility Tax 4,130,140 - - - - - 4,130,140
Franchise Fees 3,509,346 - - - - - 3,509,346
Other Taxes 1,684,329 4,628,530 - - - - 6,312,859
Licenses & Permits 3,665,866 - - - - - 3,665,866
Use of Money & Property 4,697,122 1,062,944 - - 833,000 218,000 6,811,066
Intergovernmental 2,471,990 5,365,221 - - 14,000 - 7,851,211
Charges for Services 15,102,136 1,880,000 - - 5,247,500 4,717,314 26,946,950
Fines & Forfeitures 395,000 20,000 - - - - 415,000
Miscellaneous 1,210,653 - - - - - 1,210,653
Other Financing Sources 367,000 - - - - 468,984 835,984
Transfers In 15,000 1,779,000 2,676,200 - 514,000 2,380,398 7,364,598
TOTAL REVENUES 89,804,468$ 14,735,695$ 2,676,200$ -$ 6,608,500$ 7,784,696$ 121,609,559$
Appropriation Categories General Fund Special Revenue
Fund
Debt Service
Fund
Capital Project
Funds
Enterprise
Funds
Internal Service
Funds All Funds
Employee Compensation 23,388,317 1,785,475 - - 1,922,348 1,818,488 28,914,628
Employee Benefits 11,329,376 953,406 - - 839,347 2,409,499 15,531,628
Materials 5,775,194 1,047,713 - - 691,338 1,046,922 8,561,167
Contract Services 29,216,149 555,004 - - 3,661,846 1,798,760 35,231,759
Cost Allocation 10,638,580 2,030,054 - - 1,577,430 304,459 14,550,523
Capital Outlays - 880,224 - - 150,000 - 1,030,224
Special Projects 1,165,000 2,586,687 - - 212,733 440,000 4,404,420
Contingencies 254,580 8,985 - - 54,339 26,622 344,526
Debt Service - - 2,676,200 - - - 2,676,200
Transfers Out 7,349,598 15,000 - - - - 7,364,598
Other Financing Uses 925,000 - - - 161,841 798,599 1,885,440
TOTAL EXPENDITURES 90,041,794$ 9,862,548$ 2,676,200$ -$ 9,271,222$ 8,643,349$ 120,495,113$
CHANGE IN FUND BALANCE/
NET POSITION (237,326)$ 4,873,147$ -$ -$ (2,662,722)$ (858,653)$ 1,114,446$
2024-25 Proposed Budget
2024-25 Proposed Budget