Title
FIRST QUARTER BUDGET UPDATE
Recommendation
Summary:
The Finance Department prepares quarterly financial reports to review the status of revenues and expenditures for the City’s General Fund and to monitor budgetary trends in other City funds. This report contains information on revenues, expenditures, and estimated fund balance for the first quarter of Fiscal Year 2024-25. The FY 2024-25 first quarter financial report provides an analysis of the City’s financial activity from July through September 2024. A $5.0 million unrestricted General Fund operating surplus is projected for FY 2024-25 based on information currently available for the end of the first quarter. Recommended budget adjustments for revenues and expenditures are outlined in this report and will be reflected in the proposed first quarter budget amendment.
Recommended Action:
Review and discuss the report on the first quarter of Fiscal Year 2024-25 and provide any recommendations for consideration by the City Manager and City Council.