HomeMy WebLinkAboutAGENDA REPORT 2025 0219 CC REG ITEM 09D POWERPOINTFISCAL YEAR
2024-25
MID-YEAR BUDGET
ITEM: 9.D.
Approach to Mid-Year Budget Adjustments
Recalculation of Investment Earnings
Review and adjust Property Tax and Sales Tax
Review and Adjust Development related fees
Correct TDA allocation
Review cost of goods and services
CHANGES IN FEDERAL FUND RATE, CPI, AND
CITY’S AVERAGE INVESTMENT RATES
Federal Fund Rate Cuts
Sep 24 –0.50 %
Nov 24 –0.25 %
Dec 24 –0.25 %
City’s Investment Return
Continue to improve
Consumer Prince Index
Steady Increase
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
CPI *FED Rate Ave Invest Rates
MID-YEAR BUDGET ADJUSTMENTS
•Total Revenues –decrease by $6,587,640
•Increase in Investment Earnings -$1.4 million
•Taxes: Increase property taxes/Redevelopment Property Tax Trust
Fund (RPTTF), decrease sales tax –net increase $0.7 million
•Correction –Transit Development Act Funds -Article 8a
•Development Project related fees –reduced $8.4 million per
updated timelines in project progress
MID-YEAR BUDGET ADJUSTMENTS
•Development related projects –Revenue will be budgeted in
FY2025-26
•North Ranch –44 units
•Pacific Communities –55 units
•Moorpark Avenue Mixed Use –6 units
•Pentair Expansion
MID-YEAR BUDGET ADJUSTMENTS
•Total Expenditures –increase by $515,047
•Equipment Maintenance Services –Traffic Signal Maintenance
and PSPS Callouts
•Transit –Management Fees
•Legal –Solid Waste Franchise Agreement Negotiations and City
Housing fire insurance complication on the home sales
BUDGET ADJUSTMENT FUNDS SUMMARY
FY24/25
Beginning
Fund Balance
FY24/25
Revenue
Budget
FY24/25
Expense
Budget
FY24/25
Estimate
Fund
Balance
Proposed
Revenue
Adjustment
Proposed
Expense
Adjustment
Revised
FY24/25
Fund
Balance
General Fund $4,117,214 $24,498,468 $24,014,509 $4,601,173 $907,000 $64,252 $5,443,921
Special Revenue Funds 58,246,069 35,286,071 41,126,852 52,405,288 (7,614,640)450,795 44,339,853
Capital Projects Funds 39,506,936 468,851 24,750,565 15,225,222 120,000 0 15,345,222
Total:$101,870,219 $60,253,390 $89,891,926 $72,231,683 ($6,587,640)$515,047 $65,128,996
Reserves
$47,516,531
Special
Projects
Fund
$32,731,249
Emergency
Contingency
$4,784,314
Economic
Uncertainty
$500,000
Endowment
Fund
$9,500,968
CORRECTION OF
ACCOUNT NUMBER
Update:
1010-000-G000-46550 for
Lunch at Library Grant to
1010-000-G0034-46550
CORRECTION OF
ACCOUNT NUMBER
Update:
1010-000-G000-46550 for
Lunch at Library Grant to
1010-000-G0034-46550
QUESTIONS?