To: BUDGET AND FINANCE COMMISSION
From: STEPHANIE MEYER, FINANCE DIRECTOR
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FISCAL YEAR 2024-25 YEAR-END REPORT
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EXECUTIVE SUMMARY
The Finance Department presents initial General Fund balance status to City Council annually following the end of the prior fiscal year. With fiscal year-end review, staff recommends reappropriation of prior year funds for Department requests, donation and grant funds, and capital projects carryover. Staff also recommends use of any remaining unallocated General Fund balance. In FY 2024-25, the City's General Fund received more revenue and spent less than budgeted. FY 2024-25 also included the use of one-time funds approved during budget adoption for unfunded accrued liability and support to the City's self-insurance fund.
?This report is to present unaudited year-end results to the Budget and Finance Commission for review and input prior to presenting to the City Council. Staff will recommend that Council appropriate FY 2025-25 year-end fund balance assignments, including recommendations for use of available fund balance. Staff will recommend using available funds, approximately $5.2 million, for identified funding gaps including to replenish the CalPERS Reserve and support Harbor Uplands fund capital needs. Staff will also recommend limited General Fund carryover requests related to one-time Council priorities and or prior year Decision Package funds unspent in one fiscal year. Staff will recommend no additional allocation of funds, acknowledging economic uncertainty, some downward trends in key revenue sources, and continued unfunded liability payments.
?Carryover recommendations are part of the annual process to prepare the City's Annual Comprehensive Financial Report (ACFR) which is in progress. Staff anticipates that this preparation and the in-depth review of the City's accounting practices that accompanied the FY 2023-24 audit will contribute to a shorter audit process for the FY 2024-25 audi...
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