TITLE:
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FISCAL YEAR 2023-2024 MID-YEAR BUDGET UPDATE
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DEPARTMENT: FINANCE DEPARTMENT
PRESENTED BY: CAROL MOLINA, FINANCE DIRECTOR
CONTACT INFORMATION: CAROL MOLINA, FINANCE DIRECTOR (714) 754-5243
RECOMMENDATION:
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Staff recommends that City Council receive and file the FY 2023-24 mid-year budget update for the current fiscal year that began on July 1, 2023 and ends on June 30, 2024.
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BACKGROUND:
On June 6, 2023, the City Council approved a General Fund (Fund 101) balanced budget of $180.3 million and the All Funds (including Restricted Funds) budget totaled $234 million with a total of 588 Full-Time Equivalents (FTEs) across City Departments.
All City Departments continue to exercise fiscal prudence by monitoring their budgets to ensure there are sufficient appropriations for essential programs; expending actual revenue that has been received or awarded in grants or restricted funds; and making minor adjustments to staffing to better address workload demands and Council priorities.
ANALYSIS:
Overall, the FY 2023-24 Second Quarter Financial Report indicates that revenues and expenditures are consistent with projections made in the FY 2023-24 Amended Budget. Since a significant portion of our revenues and expenses do not occur evenly throughout the year, the remaining third and fourth quarter numbers cannot simply be extrapolated to arrive at the full year's amounts. However, we do utilize the best information available and historical data to provide an estimate of the fiscal year-end performance. As of December 31, 2023, the General Fund recorded 37% of the projected revenues and 53% of budgeted expenditures. These percentages are consistent with projections for this time of the fiscal year.
As of December 31, 2023, total General Fund revenues are $66.3 million and expenditures are $95.5 million, representing 53% of total expenditure budget. City departments strive towards achieving City Council's goals for long-term fi...
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