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Fiscal Year 2024-25 Budget Work Study Session <br />May 7, 2024 <br />Page 2 <br />4 <br />2 <br />5 <br />1 <br />meantime, Staff proposes no increase for Parks, Recreation, and Community Service <br />Fees and an increase of 4.66% for all other FY 2024-25 Miscellaneous Fees. <br />General Fund Reconciliation <br />The General Fund reconciliation (Exhibit 2) accounts for all changes from the adjusted <br />FY 2023-24 General Fund budget to the proposed FY 2024-25 General Fund budget. <br />The reconciliation includes a detailed listing of all proposed additions, both recurring <br />and one-time amounts. <br />¹Staff is recommending a one-time adjustment to close out the Stores Internal Service Fund at the May 21, 2024 City Council <br />Meeting as part of the Third Quarter Budget Update. <br />Next Steps <br />•May 16 has been reserved for an additional Budget Work Session. <br />•In addition, City Council is also scheduled to consider the proposed FY 2024-25 <br />budget on May 21 to provide further direction to staff. <br />•On June 4, the City Council is scheduled to conduct the Budget Public Hearing <br />and consider the first reading of an ordinance to adopt the budget for FY 2024- <br />25, which begins on July 1, 2024, and ends on June 30, 2025. <br />•The second reading and adoption of the FY 2024-25 Budget Ordinance is <br />scheduled for June 18. <br />Total Recurri ng Re ve nues 406,527,340 <br />Total FY2024-25 Spe ndi ng Base li ne (Re curri ng)(401,854,110) <br />Propose d Additions for Re curri ng Spe nding (4,420,840) <br />Esti mate d Avail abl e (Re curring)252,390 <br />Esti mate d Ending Bal ance as of June 30, 2024, not i ncludi ng <br />Pensi on De bt Stabil izati on 86,799,113 <br />Thi rd Quarte r Budget Update ¹(850,000) <br />Less 18% Rese rve (73,174,921) <br />Propose d One -Ti me Spendi ng (12,762,760) <br />Esti mate d Spe ndabl e Bal ance at June 30, 2025 (One -Ti me )11,432 <br />Proposed FY24-25 G e ne ral Fund Summary