TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Fiscal Year 2024-25 Midyear Budget Review.
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RECOMMENDATION
recommendation
Adopt Resolution No. 2025-012, authorizing the Midyear Budget adjustments for FY 2024-25 as detailed in the attached Exhibits A, B, and C.
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FISCAL IMPACT
Following the City Council's approval of the FY 2024-25 Mid-Term Budget on January 21, 2025, staff conducted a midyear review. Based on this analysis, staff recommends additional adjustments to address updates in Revenues, Expenditures, and Transfers In/Out.
* Revenue Estimates (Exhibit A):
o Decrease the General Fund revenues estimate by $3,420,211 and all other funds by $12,839,480 for a total decrease of $16,259,691. (Exhibit A)
* Expenditure Appropriation (Exhibit B):
o Increase $811,256 to the General Fund budget
o Increase $250,000 to the Sewer Fund budget
o Transfer $2.5 million from the Employee Benefits Fund and $4.5 million from the Equipment Management Fund to the General Fund for a total of $7.0 million to cover one-time costs
* Decrease $3,280,949 to the current General Fund appropriation and other funds due to the elimination of allocated pension costs. (Exhibit C)
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further 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 City Council adopted a biennial budget for FY 2023-24 and FY 2024-25 in June 2023, with a mid-term update for FY 2024-25 approved on January 21, 2025. This update reflected net revenues of $143 million, net expenditures of $142.8 million, and a surplus of $146,026.
In accordance with the City's budget policy, the adopted budget can be amended during the fiscal year to address unfo...
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