Report to Mayor and City Council
Tuesday, May 07, 2024
Discussion
SUBJECT:
Title
FISCAL YEAR 2024-2025 BUDGET WORKSHOP NO. 1
Body
I. SUMMARY
This marks the commencement of the first of two budget workshops scheduled ahead of a public hearing on June 18, 2024, aimed at deliberating the adoption of the proposed Fiscal Year 2024-2025 budget. At this workshop, there will be an overview of the General Fund Reserve status and the anticipated revenues for Fiscal Year 2024-2025 and address the proposed Special Events Plan, the Capital Improvement Plan and strategies to achieve and sustain a structurally balanced budget, as mandated by law. A subsequent workshop, slated for June 4, 2024, will According to the City's charter, the City Council must endorse an annual budget via resolution before June 30 each year.
The City's objective is to achieve a structurally balanced budget for the fourth consecutive year, wherein recurring expenses remain within recurring revenues.
The development of the City's Operational Budget is guided by the 9 principles listed below:
1. Quality of life improvements (infrastructure, maintenance, beautification)
2. Economic development
3. Governance policies and procedures pertaining to districts
4. Housing
5. Increase public safety
6. Make progress on development that provides community benefits in the long term
7. Maintain quality City programs and services
8. Advocacy for funds from county, state and federal government
9. Increased outreach and information to the community
Annually, the City adopts a Capital Improvement Program that outlines fund allocations for the upcoming fiscal year (FY). Public Works will be presenting the proposed FY 2024-2025 CIP plan for Council consideration.
II. RECOMMENDATION
Recommendation
1. PROVIDE direction to staff which will be used to build the draft for Fiscal Year 2024-2025 Budget.
2. PROVIDE direction to staff which will be used to build the draft for Fiscal Year 2024-2025 Special Events Budget.
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