CC 12-03-2024 Item No. 11. Fiscal Year 2024-25 First Quarter Financial Report_Staff PresentationDecember 3, 2024
Fiscal Year 2024-25
First Quarter Financial Report
How We Ended FY 2023-24
FY 2024-25 1st Quarter Update
Recommended Budget Adjustments
Recommendations and Next Steps
Agenda
2
How We Ended FY 2023-24
FY 2023-24 Actual Revenues $110.3
FY 2023-24 Actual Expenditures -$82.8
Change in Fund Balance $27.5
Year-End Actuals – General Fund
($ in Millions)
FY 2023-24 Year-End Fund Balance $166.1
FY 2022-23 Beginning Fund Balance $138.6
FY 2024-25 1st Quarter Update
FY 2024-25 Amended Budget – By Fund
($ in Millions)
Fund
FY 2024-25
Adopted
Budget Carryovers Encumbrances
Adjustments
Approved in 1st
Quarter
FY 2024-25 Amended
Budget as of
September 30, 2024
General 90,041,794 24,271,306 4,753,530 78,707 119,145,337
Special Revenue 13,956,348 15,445,956 885,056 300,000 30,587,360
Debt Service 2,676,200 - - - 2,676,200
Capital Projects 22,057,580 20,678,417 2,449,854 300,000 45,485,851
Enterprise 9,271,222 522,360 55,396 - 9,848,978
Internal Service 8,643,349 151,167 837,023 - 9,631,539
Total All Funds 146,646,493$ 61,069,206$ 8,980,859$ 678,707$ 217,375,265$
General Fund Revenues – Year over Year
General Fund Expenditures – Year over Year
General Fund - Fund Balance
(in millions)
* Q1 Year-End Projections assume budgeted revenues and expenditures are fully collected and incurred.
Fund balances do not consider City Council actions after September 30, 2024.
**Excludes unrealized revenues from The Rise
*
Proposed Budget Adjustments
Recommended Budget Adjustments
Fund Department Revenue Expenditure
Change in
Fund
Balance
Proposal
GENERAL FUND
100 General Fund Admin Services - 50,000 (50,000) Chief Negotiator for successor agreements
100 General Fund Admin Services - 75,000 (75,000) General Liablity potential settlement costs
100 General Fund Admin Services - 10,000 (10,000) American Sign Language Translation Services
100 General Fund Innovation & Technology - 314,998 (314,998) Correctly allocate deleted IT Manager (see reduction in internal
service funds)
100 General Fund Public Works - 36,822 (36,822) Purchase of a new bio holding tank
100 General Fund Public Works - 25,000 (25,000) Replace structural column and foundation at materials bunker
100 General Fund Public Works - 24,490 (24,490) Replace leaking fire hydrant at Creekside
100 General Fund Public Works - 41,246 (41,246) Purchase of spot cooler and emergency rental costs
100 General Fund Non Departmental - 53,570 (53,570) Transfer Out to fund Consolidated Plan
- 631,126 (631,126)
SPECIAL REVENUE FUNDS
260 Community Development
Block Grant
Community Development 53,570 53,570 - Develop the 2025-2030 Consolidated Plan
53,570 53,570 -
INTERNAL SERVICE FUNDS
610 Innovation & Technology Innovation & Technology - (314,998) 314,998 Correcting position elimination
610 Innovation & Technology Innovation & Technology - 15,000 (15,000) Overtime
- (299,998) 299,998
TOTAL ALL FUNDS 53,570$ 384,698$ (331,128)$
TOTAL GENERAL FUND
TOTAL SPECIAL REVENUE FUNDS
TOTAL INTERNAL SERVICE FUNDS
Request Expenditures Revenues Fund
Balance
Chief Negotiator $50,000 $-($50,000)
General Liability Settlement Costs $75,000 $-($75,000)
ASL Translator $10,000 $-($10,000)
Total $135,000 $-($135,000)
Administrative Services
Innovation and Technology
Request Expenditures Revenues Fund
Balance
Position Elimination Correction. Net
zero costs.
$-$-$-
General Liability Settlement Costs $15,000 $-($15,000)
Total $15,000 $-($15,000)
Community Development
Request Expenditures Revenues Fund
Balance
2025-2030 Consolidate Plan (CDBG)$53,570 $53,570 $0
Total $53,570 $53,570
Public Works
Request Expenditures Revenues Fund
Balance
Purchase of a new bio holding tank $36,822 $-($36,822)
Replace structural column and
foundation at materials bunker $25,000 $-($25,000)
Replace leaking fire hydrant at
Creekside $24,490 $-($24,490)
Purchase of spot coolers and
emergency rental costs $41,246 $-($41,246)
Total $127,558 $-($127,558)
Non-Departmental
Request Expenditures Revenues Fund
Balance
Transfer out to fund 2025-2030
Consolidated Plan
$53,570 $-($53,570)
Total $53,570 $53,570
•No requested changes to staffing
Staffing
•As of September 30, 2024, no funds have been
spent.
•Staff will continue to report on the use of this fund.
City Manager Discretionary Fund
1.Accept the City Manager’s First Quarter Financial
Report for Fiscal Year 2024-25; and
2.Adopt Resolution No. 24-XXX approving Budget
Modification No. 2425-367, increasing
appropriations by $384,698, revenues by $53,570
resulting in the use of unassigned fund balance of
$331,128.
Recommendations
Questions?