Item 40 - Public Hearing Fiscal Year 2024-25 Budget (Revised)

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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 3 4 3 3 9 Based on City Council direction from the May 16 Budget Work Session, Staff has incorporated the following changes into the proposed General Fund budget: •Santa Ana Holidays (Winter Village) eliminated. •Increase Arts funding in the Community Development Agency’s budget by $120,000. •Increase Senior Programming in the Parks, Recreation and Community Services Agency budget by $120,000. •Reduced funded Police Officers by two (2) based on County cancellation of the Civic Center Security MOU. The authorized sworn headcount of 400 does not change. •Remove the addition of a Fleet Services Technician to help rebalance the budget. •MET Program expenditures in the Police Department have been reallocated to other Police Department programs. In addition, the Third Quarter Budget Report on this agenda includes a recommended $4 million budget for the Dog Park. A full reconciliation of changes from the adjusted FY 2023-24 General Fund budget to the proposed FY 2024-25 General Fund budget is included in Exhibit 2. City Council policy requires a General Fund Reserve equivalent to 18% of recurring annual General Fund revenue. Staff estimates the General Fund Reserve at June 30, 2024 will be Gene ral Fund FY 23-24 Revised Budget FY 24-25 Proposed Budget Beginning Balance 127,208,578$ 93,209,914$ Revenue 397,776,999$ 406,527,340$ Expenditures (369,164,519)$ (375,665,770)$ Net Transfers (46,325,224)$ (32,800,290)$ Net Activity (17,712,744)$ (1,938,720)$ Pension Stabilization (16,285,920)$ (10,531,020)$ Estimated Ending Balance 93,209,914$ 80,740,174$ Reserve Requirement (18%)*71,583,046$ 73,174,921$ *Excludes One-Time Revenues