CC 03-04-2025 Item No. 8. Fiscal Year 2024-25 Mid-Year Financial Report_Supplemental Report 21
CITY COUNCIL STAFF REPORT
SUPPLEMENTAL 2
Meeting: March 4, 2025
Agenda Item #8
Subject
Accept the City Manager’s Mid‐Year Financial Report for Fiscal Year 2024‐25
Recommended Action
1. Accept the City Manager’s Mid‐Year Financial Report for Fiscal Year 2024‐25
2. Adopt Resolution No. 25‐XXX approving Budget Modification No. 2425‐383, increasing
appropriations by $4,161,892 and revenues by $4,115,183.
Background:
Staff’s responses to questions received from councilmembers are shown in italics.
Q1: Carryovers and encumbrances at the Mid‐year which are mentioned on page 2 of the
Staff Report to total approximately $80M. This would be helpful in a chart like has been
shown previously along with showing the new Amended Budget total of $227.8M. This
has been included in Mid‐Year Reports in the past:
file:///Users/catherinemoore/Documents/City%20Council%202020%20Moore/Special%20
Projects%20Research/C%20‐
%20Description%20of%20Carryovers%20and%20Adjustments%20through%20December
%2031%202022.pdf (Vice Mayor Moore)
Staff Response: These can be added back, they were removed as they had already been presented at
First Quarter, where there is a discussion about how the City ended the prior fiscal year.
Q2: It would also be helpful to explain how the Special Projects are funded by prior years,
and to explain how they get carried over. (Vice Mayor Moore)
Staff Response: Special Projects may begin in one fiscal year and be carried forward to the new fiscal
year via the year‐end close process. This can be done one of two ways, funds may be carried forward
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as part of a carryover encumbrance. This means that an agreement has been entered into to spend
these funds. This can happen in two ways. First, at year‐end, department staff reviews all open
encumbrances and any that are not closed out are carried forward. Second, a special project can be
carried forward via a budget carryover where department staff reviews all line items at year‐end to
determine the need to carry budget authority into the new fiscal year. Requests to carryover items
are reviewed by department directors and finalized by the finance division. Generally, projects are
not allowed to be carried over more than one fiscal year unless exigent circumstances exist or the
project is in the process of being completed. Note that some special projects such as street and
sidewalk maintenance and development projects are ongoing and not subject to this provision. These
were added to the special project list to provide visibility for City Council and staff.
Q3: Please also share the account balances for all funds (actual bank account totals and the
account purpose) as of December 31, 2024. This used to be in the Monthly Investment
Reports. Below is an example:
(Vice Mayor Moore)
Staff Response: The question is not germane to the agenda item. This refers to the Information Item
‐ Quarterly Investment Treasurer’s report.
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Attachments Provided with Original Staff Report:
A – FY 2024‐25 Mid‐Year Financial Report
B – Draft Resolution
C – Description of Budget Transfers as of December 31, 2024
D – FY 2024‐25 Mid‐Year Recommended Adjustments
E – Mid‐Year Performance Measures & Workload Indicators
F – FY 2024‐25 Mid‐Year Special Projects Update as of December 31, 2024
G – Competitive and Non‐Competitive Citywide Grants Tracking
H – Capital Improvement Program Project Status