To: MAYOR AND CITY COUNCIL
From: STEPHANIE MEYER, FINANCE DIRECTOR
TITLE
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DISCUSSION AND POSSIBLE ACTION REGARDING THE FISCAL YEAR 2025-26 MIDYEAR BUDGET REVIEW
RECEIVE AND FILE A PRESENTATION ON THE STATUS OF THE CITY'S CAPITAL IMPROVEMENT PROJECTS
PROVIDE DIRECTION ON IDENTIFIED FY 2026-27 COST SAVINGS STRATEGIES
ADOPT BY 4/5THS VOTE AND BY TITLE ONLY RESOLUTION NO. 2603-014, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, MODIFYING THE BUDGET FOR FISCAL YEAR 2025-26
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EXECUTIVE SUMMARY
In June 2025, the City Council adopted the FY 2025-26 Operating Budget, which funds core municipal services for the residents, businesses, and visitors of the City of Redondo Beach.
This report reviews the City's budget and financial condition following the first six months of FY 2025-26, provides an overview of revenue and spending and capital projects progress, presents proposed revenue adjustments, and includes limited Decision Packages that reflect modest changes and corrections to the Adopted Budget. The report also presents updated internal service fund adjustments and necessary modifications to non-General Funds that require Council approval. Additionally, the report provides information on potential cost saving options and other considerations in preparation for the FY 2026-27 Budget.
Including revenue adjustments, internal service fund changes, recommended Decision Packages, and estimated salary savings, staff anticipates ending FY 2025-26 with a positive General Fund balance of approximately $1.27 million. Staff recommends taking no action with the estimated remaining fund balance at this time, as it will be needed to support the 2026-27 Budget. It is recommended the Council discuss the information presented in the report and approve a budget modification resolution adjusting the FY 2025-26 Budget accordingly.
BACKGROUND
This midyear budget report with attachments presents information on revenue and expenditure...
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