TO: MAYOR AND CITY COUNCIL MEMBERS, CITY OF CHINO
FROM: LINDA REICH, CITY MANAGER
SUBJECT
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Mid-Term Budget Update for Fiscal Year 2024-25 and Appropriations Limit.
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RECOMMENDATION
recommendation
1) Adopt Resolution No. 2025-006, adopting the Mid-Term Budget Update for Fiscal Year 2024-25; 2) adopt Resolution No. 2025-007, adopting the Appropriations Limit for Fiscal Year 2024-25; and 3) authorize the City Manager to execute all necessary documents on behalf of the City.
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FISCAL IMPACT
On June 20, 2023, the City Council adopted the FY 2023-25 Two-Year Budget. Fiscal Year 2023-24 (FY24) has completed, and the audit process is in progress. The second year of the two-year budget for FY 2024-25 (FY25) began on July 1, as previously approved by the City Council. However, there are Mid-Term updates recommended with this report to reflect the impacts of negotiations, the classification and compensation study, operating needs, reprioritization of capital projects, and the passage of Measure V by the citizens of Chino.
The Mid-Term FY25 General Fund Budget shows net revenues of $143 million, which includes $26 million in Measure V revenue and a net expenditure budget of $142.8 million. The Mid-Term revenues exceed expenditures resulting in an operating budget surplus of $146,026. The ending estimated balance is projected at $35 million for June 30, 2025.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above furthers the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Financial Stability
* Responsible Long-Range Planning
Revenue:
Expenditure: See Attached Schedule
Transfer In:
Transfer Out:
BACKGROUND
The Mid-Term budget document is not as comprehensive as the original two-year document, which included goals and objectives for each department along with many narrative summaries, which is consistent with the pu...
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