Title
An Ordinance approving Amendment No. 6 to the budget for the Fiscal Year ending June 30, 2025, as adopted by Ordinances 9936, 9937, 9938, 9939, and 9940, by amending the authorized expenditures for the City. (F&BC 2/3/25)
Body
Issue/Request:
An Ordinance approving Amendment No. 6 to the budget for the Fiscal Year ending June 30, 2025, as adopted by Ordinances 9936, 9937, 9938, 9939, and 9940, by amending the authorized expenditures for the City.
Key Issues:
-The final audit for FY24 has been completed and the Unallocated General Fund balance above the 35% reserve has been identified, $12,721,650
-The City Manager has presented a plan to invest the available money as presented to the Finance and Budget Committee by submitting the following transfers from the General Fund:
-$10,000,000 to the Green Street Improvement fund for the Green Street Project
-$2,500,000 to the Vehicle Equipment Replacement Program (VERP) fund towards the shortage in the fund
-$300,000 to the General Capital Projects Fund for future Gateway monuments
-Increase the spending authority of the Finance department $12,800,000 to facilitate the accounting for the transfer. This will take the Unallocated General Fund balance $78,350 below the 35% level
-The Joint Operations Facility project has identified a need to update certain components of the City's radio communications equipment
-Transfer $2,965,000 from the Public Safety Sales Tax fund to the General Capital Projects Fund for the Joint Operations Facility Communications work
Presenter
Rick Gentry, Budget Manager
Recommendation
Recommendation: Staff recommends approval
Committee Recommendation
Committee Recommendation: A motion was made by Mayor Pro Tem Lopez, seconded by Councilmember Rader, that Bill No. 25-036 be recommended for approval to the City Council. The motion carried by a unanimous 3-0 vote.