DATE: January 8, 2025
TO: Honorable Mayor and City Councilmembers
FROM: Financial Services Department
TITLE: FY 2024-25 FIRST QUARTER FINANCIAL STATUS REPORT
RECOMMENDATION
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Staff submits the first quarter Financial Status Report and recommends that the City Council accept the report and approve the budget adjustments.
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BACKGROUND AND ANALYSIS
The City Council adopted the FY 2024-25 budgets on June 5, 2024. The approved General Fund includes $216.28 million in revenues, with recurring expenditures totaling $215.45 million and an additional $3.26 million allocated for one-time costs, bringing the total General Fund budget to $218.71 million. Across all funds, the City adopted a budget of $594.18 million in revenues and $604.56 million in expenditures.
The report summarizes the preliminary General Fund results as of September 30, 2024, and is not intended to be inclusive of all transactions. It compares budget and actual for revenues and expenditures. The financial status of the Measure X fund, the Water Utilities funds, and Harbor enterprise funds are also included. The report is intended only to provide the City Council and the public with a preliminary overview of the state of the City’s general fiscal condition as of September 30, 2024.
FISCAL IMPACT
There is no fiscal impact.
COMMISSION OR COMMITTEE REPORT
Does not apply.
CITY ATTORNEY’S ANALYSIS
Does not apply.
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Prepared by: Jill Moya, Financial Services Director
Reviewed by: Michael Gossman, Assistant City Manager
Submitted by: Jonathan Borrego, City Manager
ATTACHMENTS:
1. Staff Report
2. Quarterly Financial Status Report
3. Attachment A