File #: 2023-0918    Version: 1 Name:
Type: Discussion Status: Agenda Ready
File created: 11/29/2023 In control: City Council
On agenda: 2/20/2024 Final action:
Title: FISCAL YEAR 2023-2024 MID-YEAR FINANCIAL REPORT AND CONSIDER ADOPTION OF RESOLUTION NO. 24-010 TO AMEND THE FISCAL YEAR 2023-2024 BUDGET (CITY COUNCIL).
Attachments: 1. EXHIBIT 1- FY 22-23 GENERAL FUND BALANCE, 2. EXHIBIT 2 FY 23-24 GENERAL FUND SURPLUS MID-YEAR BALANCE, 3. EXHIBIT 3-FY 23-24 GENERAL FUND REVENUES BY CATEGORY, 4. EXHIBIT 5 FY 23-24 VACANCY RATE, 5. EXHIBIT 4 FY 23-24 GENERAL FUND EXPENDITURES, 6. EXHIBIT 6- BUDGET RESOLUTION 24-010
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Report to Mayor and City Council
Tuesday, February 20, 2024
Discussion


SUBJECT:
Title
FISCAL YEAR 2023-2024 MID-YEAR FINANCIAL REPORT AND CONSIDER ADOPTION OF RESOLUTION NO. 24-010 TO AMEND THE FISCAL YEAR 2023-2024 BUDGET (CITY COUNCIL).

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I. SUMMARY

The Finance Department performs an ongoing review of the City's financial performance and provides updates on the General Fund results to the Mayor and the City Council. The report presents the City's financial position in the current Fiscal Year (2023-2024) based on actual revenue and expenditures for the period of July 1 through December 31, 2023.

II. RECOMMENDATION
Recommendation

TAKE the following actions:
1. RECEIVE and FILE the 2023-2024 Mid -Year Financial Report.
2. Adopt Resolution No. 24-010, A RESOLUTION OF THE CITY OF CARSON CITY COUNCIL AMENDING THE FISCAL YEAR 2023-2024 BUDGET IN THE GENERAL FUND.
1.

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III. ALTERNATIVES

TAKE another action deemed appropriate by City Council.

IV. BACKGROUND

The City Council adopted the Fiscal Year 2023-2024 Budget at its June 20, 2023, meeting. The Mid-Year budget report analyzes the budget status at the mid-point of the current fiscal year and updates the Mayor and the City Council on the City of Carson's financial position. The report provides an opportunity to adjust expenditures appropriation based on changed needs or priorities.
The Mid-Year Report is focused on the City's General Fund as the main operating fund for the City. Staff reviewed and is proposing adjustments to account to changing needs and new priorities within each department, considering anticipated expenditures for the remainder of the fiscal year (June 30, 2024).
The Fiscal Year 2023-2024 Budget was adopted by the City Council to maintain levels of service to the City of Carson residents and enhance public safety efforts.
1) General Fund Balance Update
On December 5th 2023, The First Quarter Report of Fiscal Year 2023-2024 was presented to Council. In the report, the Fisca...

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