CC Resolution No. 24-055 establishing a Capital Improvement Program Budget of $26,151,380 for FY 2024-25
RESOLUTION NO. 24-055
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
ADOPTING A CAPITAL IMPROVEMENT 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
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 the proposed budget and amended during the budget study sessions,
are sufficient to cover appropriations.
Section 2. The Director of Public Works shall prepare and submit to City
Council quarterly a revised estimate of Capital Improvement Program projects.
Section 3. 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:
Resolution No. 24-055
Page 2
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 CAPITAL IMPROVEMENT PROGRAM 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 - - - - - - -
Property Tax - - - - - - -
Transient Occupancy - - - - - - -
Utility Tax - - - - - - -
Franchise Fees - - - - - - -
Other Taxes - - - - - - -
Licenses & Permits - - - - - - -
Use of Money & Property - - - - - - -
Intergovernmental - 3,631,220 - 5,850,000 - - 9,481,220
Charges for Services - -- -- - -
Fines & Forfeitures - -- -- - -
Miscellaneous - -- -- - -
Other Financing Sources - -- -- - -
Transfers In - 462,580 - 7,785,000 - - 8,247,580
TOTAL REVENUES -$ 4,093,800$ -$ 13,635,000$ -$ -$ 17,728,800$
Appropriation Categories General Fund Special Revenue
Fund
Debt Service
Fund
Capital Project
Funds
Enterprise
Funds
Internal Service
Funds All Funds
Employee Compensation - - - - - - -
Employee Benefits - - - - - - -
Materials - - - - - - -
Contract Services - - - 175,000 - - 175,000
Cost Allocation - - - - - - -
Capital Outlays - 4,093,800 - 13,635,000 - - 17,728,800
Special Projects - -- -- - -
Contingencies - -- -- - -
Debt Service - -- -- - -
Transfers Out - -- 8,247,580 - - 8,247,580
Other Financing Uses - -- -- - -
TOTAL EXPENDITURES -$ 4,093,800$ -$ 22,057,580$ -$ -$ 26,151,380$
CHANGE IN FUND BALANCE/
NET POSITION -$ -$ -$ (8,422,580)$ -$ -$ (8,422,580)$
2024-25 Proposed Budget
2024-25 Proposed Budget