To: MAYOR AND CITY COUNCIL
From: WENDY COLLAZO, FINANCE DIRECTOR
TITLE
title
DISCUSSION AND POSSIBLE ACTION REGARDING THE FY 2023-24 MIDYEAR BUDGET REPORT
RECEIVE AND FILE THE FY 2023-24 MIDYEAR BUDGET REPORT
ADOPT BY 4/5THS VOTE AND BY TITLE ONLY RESOLUTION NO. CC-2404-022, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, MODIFYING THE BUDGET FOR FISCAL YEAR 2023-24
end
EXECUTIVE SUMMARY
In June 2023, the City Council adopted the FY 2023-24 operating budget, which allocates funding for the provision of core municipal services to the residents, businesses, and visitors of Redondo Beach.
This report reviews the City's budget and financial condition at the midyear point of FY 2023-24. The report provides a broad view of the City's revenue and expenditure projections and includes limited Decision Packages, reflecting modest resources to fund changes to the Adopted Budget. Including revenue, internal service fund adjustments, and recommended Decision Packages, staff anticipates ending the fiscal year with a positive General Fund balance of approximately $0.6 million. This includes no change to salary expenses, which at year-end will likely be less than budgeted citywide. It is recommended that the projected fund balance remain unallocated at this time.
BACKGROUND
This report presents the City's financial status as of midyear FY 2023-24. The summary of estimated revenues, appropriations, and fund balance changes (Fund Matrix FY 2023-24 Exhibit A) provides a summary of estimated fund balance before any adjustments or changes.
Where are the revised estimated ending fund balance summaries shown with proposed midyear FY 2023-24 revenues and expenditures?
The Proposed Midyear FY 2023-24 Fund Balance Summary (Exhibit A) shows revised estimated ending fund balances for all funds. This summary incorporates revenue and expenditure adjustments and Decision Packages presented in this report.
What is the final ending fund balan...
Click here for full text