DATE: November 5, 2025
TO: Honorable Mayor and City Councilmembers
FROM: Financial Services Department
TITLE: FY 2024-25 FOURTH QUARTER FINANCIAL STATUS REPORT
RECOMMENDATION
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Staff recommends that the City Council accept the Fourth Quarter Financial Status Report, approve the attached budget adjustments and adopt resolutions approving the corrected GANN Appropriations Limits for Fiscal Years 2024-25 and 2025-26.
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BACKGROUND AND ANALYSIS
On June 5, 2024, the City Council adopted the FY 2024-25 budgets. 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.
This report summarizes the preliminary results of the General Fund and other major operating funds for the fiscal year ending June 30, 2025. It compares budget and actual results for revenues and expenditures and also provides financial status updates for the City's Enterprise Funds, including Water Utilities and Harbor. The report is preliminary and unaudited; final reports will be presented in December 2025 following completion of the City's annual audit.
Actual revenues for the year totaled $234.3 million, while actual expenditures reached $233.8 million, resulting in a preliminary surplus of $0.5 million. Expenditures exceeded the originally adopted General Fund budget primarily due to midyear budget amendments approved by Council. These amendments increased total appropriations by $31.5 million, including $2.4 million carried forward from the prior year, $22.0 million in Council-approved adjustments, $2.3 million in mutual aid expenditures, $2.7 million for CalPERS unfunded liability payments, and $1.0 million for employee separation payouts. Major Council-approved expenditure adjustments includ...
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