To: MAYOR AND CITY COUNCIL
From: STEPHANIE MEYER, FINANCE DIRECTOR
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DISCUSSION AND POSSIBLE ACTION REGARDING ASSIGNMENTS OF GENERAL FUND BALANCE FOR FISCAL YEAR 2024-25, WHICH ENDED JUNE 30, 2025
ADOPT BY 4/5THS VOTE AND BY TITLE ONLY RESOLUTION NO. CC-2602-009, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, AUTHORIZING TO RE-BUDGET DEPARTMENTAL CARRYOVER REQUESTS AND CARRY OVER UNEXPENDED BALANCES AS OF JUNE 30, 2025 FOR DONATIONS, GRANTS, AND CAPITAL PROJECTS
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EXECUTIVE SUMMARY
Following each fiscal year end, the Financial Services Department presents an unaudited General Fund balance status report for review by the City Council. As part of the fiscal year-end review, staff recommends reappropriation of prior year funds for Department requests and donations, grants, and capital projects carryover and proposes how to assign remaining (if any) unallocated General Fund balance. In FY 2024-25, the City's General Fund received approximately 3% more revenue and spent about 2% less than budgeted. Following mandatory adjustments and those recommended for encumbrances and other standard items, approximately $5.2 million remains unallocated.
Of this amount, staff recommends the Council approve approximately $2.1 million in net assignments. These include $1.1 million for unspent funds related to prior year Decision Packages and Council budget motion priorities, donation expenses, capital carryover, and a $2 million allocation to the Harbor Uplands Fund offset by a $1 million transfer into the General Fund from the Capital Projects Fund. The Uplands allocation is to cover anticipated need related to capital project expenses (with the actual transfer to be based on final audited balances), and is offset by the $1 million transfer into the General Fund related to the reduction of the Pier Parking Structure Project scope. These actions would result in a $3.2 million unallocated fund balance.
Staff strongly recom...
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