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FY24-25 Mid-Year Budget Update, Appropriation Requests, and Workforce Changes <br />March 4,2025 <br />Page 11 <br />4 <br />8 <br />6 <br />7 <br />Inclusionary Housing Fund <br />In FY24-25, the City received $133,640 in revenue from Density Bonus Fees and the <br />City’s share of California Municipal Finance Authority. The Density Bonus Fees were <br />generated through the Third and Broadway project’s Miscellaneous Service Charges, <br />which is 1/8 of 1% of the gross valuation of construction charges. The City's share of <br />California Municipal Finance Authority fees is paid by developers on behalf of the tenants. <br />Staff recommends the appropriation of these funds to support the administration of the <br />City's Inclusionary Housing Ordinance. Additionally, the Inclusionary Housing Fund <br />provided $1,267,705 for the first-year implementation of the Rent Stabilization Program. <br />Therefore, an appropriation adjustment is requested for a transfer to reimburse the <br />Inclusionary Housing Fund for those first-year expenses. <br />Water and Sewer Fund <br />The Water and Sewer Fund needs to purchase various equipment, including a backhoe, <br />utility truck, heavy truck, CCTV truck, and other operational equipment. Staff <br />recommends appropriating $990,000 for the Water Fund and $450,000 for the Sewer <br />Fund. <br />Restricted Fund Adjustments <br />The City receives updated information after the beginning of the fiscal year for various <br />restricted funding sources, usually to update federal monies available for various <br />programs. Staff recommends a series of adjustments to resize restricted-money <br />appropriations to available balances and authorizations. Examples include federal <br />allocations to Community Development programs. <br />Proposed Workforce Changes <br />As part of the Mid-Year Budget Update, City departments propose workforce changes, <br />including new positions and/or changes to existing positions to reflect organizational <br />changes and priorities. Although there will be an FY2025-26 (FY25-26) fiscal impact due <br />to these changes, there is no net fiscal impact in FY24-25. Existing department budgets <br />will absorb the cost of these workforce changes. The FY25-26 General Fund fiscal impact <br />follows: