Laserfiche WebLink
Finance and Management Services <br />www.santa-ana.org/finance <br />Item # 8 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />November 19, 2024 <br />TOPIC: Fiscal Year 2024-25 First Quarter Budget Update and Proposed Appropriation <br />Adjustments <br />AGENDA TITLE <br />Fiscal Year 2024-25 First Quarter Budget Update and Proposed Appropriation <br />Adjustments <br />RECOMMENDED ACTION <br />1. Receive and file the 1st Quarter Budget Update. <br />2. Approve $2.9 million in appropriation adjustments as detailed in the body of the <br />report, including multiple restricted fund adjustments and one housekeeping <br />adjustment to the General Fund with a net zero impact. (Requires five affirmative <br />votes.) <br />GOVERNMENT CODE §84308 APPLIES: No <br />DISCUSSION <br />The FY2024-25 (FY24-25) first quarter budget report provides a General Fund snapshot <br />of the first three months of the fiscal year. After conducting a comprehensive analysis <br />paired with the limited information currently available, this report provides a summary <br />update on General Fund revenues and expenditures, including a housekeeping <br />adjustment with a net zero impact. Staff anticipates having more detailed insights on the <br />major General Fund revenue sources, such as the Property tax, Sales taxes, and Utility <br />Users’ taxes, at the Mid-Year Budget Update, which is currently scheduled for the second <br />City Council meeting in February. <br />Proposed adjustments to multiple restricted funds are addressed in greater detail later in <br />this report. <br />A General Fund summary as of September 30 follows.