CC 02-21-2024 Item No. 9 FY 2023-24 Mid-Year_PresentationCC 2-21-2024
Item No. 9
Accept the City
Manager's Mid-Year
Financial Report for FY
2023-24
Presentation
February 21, 2024
Fiscal Year 2023-24
Mid-Year Financial Report
FY 2023-24 Mid-Year Update
Proposed Budget Adjustments
Recommendations and Next Steps
Agenda
FY 2023-24 Mid-Year Update
FY 2023-24
Adopted
Budget
FY 2023-24
Amended
Budget
as of Sept. 30,
2023
FY 2023-24
Amended
Budget as of
Dec. 31, 2023
Revenues $80.3 $112.8 $113.3
Expenditures $86.1 $121.8 $122.3
FY 2023-24 Amended Budget –General Fund
($ in Millions)
Classification
Year End
Projection
2022-23
Q1 Year-End
Projection
2023-24
Q2 Year-End
Projection
2023-24
Restricted 20.7 18.8 20.7
Committed
Capital Projects Reserve 10.0 10.0 -
Economic Uncertainty Reserve 24.0 24.0 18.0
Sales Tax Repayment Reserve --56.5
Sustainability Reserve 0.1 0.1 0.1
Unassigned 80.3 66.3*26.0*
Other Classifications 5.4 5.4 5.4
Total Fund Balance $140.6 $124.6* $126.8*
General Fund Fund Balance ($ in millions)
*Excludes unrealized revenues from The Rise
•Initial allocation of $56.5 million (disputed
sales tax revenue received between April
1, 2021 and June 30, 2023)
•As of September 30, 2023, disputed sales
tax revenue received is $60.3 million, an
increase of $3.8 million
•Move additional sales tax revenue to
reserve in Q3
Sales Tax Repayment Reserve
Proposed Budget Adjustments
Proposal Revenue Expenditures Change in Fund
Balance
Utility User Tax Revenue Adjustment 795,258 -795,258
Hidden Treasures Proceeds 12,414 10,057 2,357
Total All Proposals $807,672 $10,057 $797,615
Proposed Budget Adjustments
•No changes recommended
Staffing
•As of December 31, 2023, no funds have been
spent.
•Staff will continue to report on the use of this fund.
City Manager Discretionary Fund
Recommendations and Next Steps
1.Accept the City Manager’s Mid -Year Financial
Report for Fiscal Year 2023-24
2.Adopt Resolution No. 24-XXX approving Budget
Modification No. 2324-326, increasing
appropriations by $10,057 and revenues by
$807,672.
Recommendations
Roadmap to FY 2024 -25 Budget Adoption and Balancing
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Budget Update
1st Quarter Report
Budget Update
-Mid-Year Report
Fee Study and
Revenue Tax
Measures
Budget Update
-SLR Review #2
-Community Meeting
Updates
-Festivals & Fee Waivers
FY 2024-25 Proposed
Budget
Community Funding
FY 2024-25 Adopted
Budget
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October 2023 November 2023 January 2024
April 2024 June 2024
February 2024
Community Budget
Meeting #1
Commission/
Committee Feedback
Labor Contracts
March 2024
Budget Update
3rd Quarter Report
May 2024
City Hall &
Blackberry Farm
Update
Community Budget
Meeting #2
Budget Update
-Audit Update
-Committed Reserve
Revenue Tax
Measures
December 2023
Budget Update
-Capital Improvement
Plan (CIP)
Last Updated 2.13.2024
•Community Budget Meeting #1 Feb. 29
Community Hall 5-6:30 p.m.
•Budget Update #2 Apr. 3
•Community Budget Meeting #2 Apr. 2024
Location and Time TBD
Next Steps
Questions?