Laserfiche WebLink
File Number: 24-086 <br />Staff proposes preserving $2,325,119 to reimburse the fund balance for projected ongoing <br />structural deficits that will require use of reserves. Annual budget deficits as part of ensuring the <br />City is providing adequate services are part of a planned reduction in available fund balance. <br />The fund balance is projected to have a negative $3.5 million balance by Fiscal Year 2027-2028. <br />The proposed reimbursement would replenish the General Fund balance to reduce this projection <br />to negative $1.2 million, a 46 percent reduction, which will help address a structural imbalance <br />while staff continues to seek efficiencies, expenditure reductions, and revenue growth as part of <br />fiscal sustainability efforts to support city services and operations. <br />Committee Review and Actions <br />On February 28, 2024, this item was presented to the City Council Finance Committee where the <br />Committee provided partial approval of Staff’s recommendation. <br />Financial Impacts <br />This Council action will require an appropriation of $9,258,000 for these projects from Fiscal Year <br />2022-2023 unspent funds that currently reside in the General Fund’s undesignated fund balance. <br />ATTACHMENTS <br />Attachment A: Resolution Approving 2023-2024 Budget Amendment <br />Attachment B: Budget Amendment Detail <br />PREPARED BY <br />T. Michael Yuen, Finance Director <br />Page 4 City of San Leandro Printed on 3/14/2024