Item 40 - Public Hearing Fiscal Year 2024-25 Budget

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Proposed Fiscal Year 2024-25 City Budget, Changes to the City's basic classification and compensation plan, Uniform Schedule of Miscellaneous Fees, and the Seven -Year Capital Improvement Program June 4, 2024 Page 9 o 5 modified fees in Public Works (including account number changes) Deletion of two (2) fees that are no longer active 0 1 deleted fee in Parks, Recreation, and Community Services 0 1 deleted fee in Fire and Emergency Medical Services If approved, all proposed fee changes become effective July 1, 2024. Capital Improvement Program (CIP) As part of the annual budget development process, City Council adopts a seven-year spending plan that includes the proposed budget as the first year of the plan. The Planning Commission affirmed that the proposed CIP is consistent with the City's General Plan on April 22. A summary of the CIP follows. The full document is attached to this report (Exhibit 6). The CIP has been updated to include prior year allocations as applicable to proposed FY 2024-25 projects. Pension Stabilization Trust and Annual Prepayment of Unfunded Liability The proposed budget includes depositing $11,946,740 ($10,531,020 General Fund and $1,415,720 Non -General Fund) of pension cost -savings into the City's Section 115 Pension Trust in FY24-25. The Trust was created to help fund future increases in pension debt payments. In addition, CALPERS requires the City to submit a payment on its Unfunded Actuarial Liability (UAL) annually. The City can elect to pre -pay by July 31 every year at a discounted rate or it can choose to spread the entire amount of the contribution equally over 12 months. As with the prior six years, the City expects to prepay its UAL in July. The discounted pre -payments are included in the City's proposed budget.