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File Number: 25-105 FY 2024-2025 Mid-Year Financial Report as of December 31, 2024 (Attachment B), provides a revenue and expenditure summary for the General, Enterprise, Internal Service, and Parking Fund. The report provides detailed revenue and expenditure comparisons to the prior year while also focusing on variances from financial plans and budgeted allocations. Mid-year revenue in FY 2024-2025 totals $53,223,000, 37% of the budget of $144,309,000 compared with 39% in 2023-2024. Mid-year expenditures total $63,964,000, 39% of the anticipated total of $162,754,000, compared with 37% in 2023-2024. Expenditures are expected to stay within the 2024-2025 budget appropriations. Nevertheless, costs will continue to be closely monitored throughout the year. Enterprise, Internal Services, and Special Revenue Funds mid-year revenue and expenditure variances to both budget and compared to FY 2024-2025 are within anticipated levels. Several budget adjustments are proposed for Shoreline to align revenue and to account for unexpected expenditures associated with the Shoreline development . Budget Amendments The City Council approves budgets based on the best revenue and expenditure data available prior to adoption of the budget appropriations. As a result, budget adjustments are periodically necessary for changes that arise requiring amendments to revenue projections and/or expenditure budget appropriations. The City Council approved the FY 2024-2025 mid-cycle budget amendments on May 20, 2024. Based on current financial trends, staff propose FY 2024-2025 budget revisions to revenues and expenditures funds as follows: General Fund The General Fund finances the operations of the City having no special or dedicated revenue sources and pays for basic municipal services. The FY 2024-2025 Amended General Fund budget projects revenues totaling $144,309,647 with a proposed reduction adjustment of $905,287 revising it to $143,404,360. The Amended FY 2024-2025 General Fund Expenditure Budget is $162,753,847 including FY 2023-2024 approved budget carryover for purchase order encumbrances and ongoing initiatives previously approved by City Council. No General Fund expenditure adjustments are proposed. General Fund Revenue It is still early in the fiscal year and revenue trends are still developing. For example, remittances for certain taxes (e.g., Sales Tax, Utility Users Tax, etc.) allow tax remitters 30 days to pay , which results in a lag in terms of when revenue is received and recorded. After a thorough review of current revenue trends in comparison to prior year revenue trends at the same point, staff recommend amending the General Fund revenue projections by a net decrease of $905,287 from what was projected at the time of adoption on May 20, 2024. Highlights of the significant revisions for key revenue sources are outlined below with detailed changes in Attachment C . Property Tax - (2024-2025 Amended Budget of $31,266,510, adjusted by $658,375 or 2% to $31,924,885) Property Tax is the City’s second largest revenue source and represents approximately 21% of total General Fund revenue. Secured Tax, the VLF Swap, and Page 2 City of San Leandro Printed on 9/4/2025