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City of San Leandro <br />City Council <br />Meeting Date: March 17, 2025 <br />Agenda Number: 5.h. <br />Agenda Section: CONSENT CALENDAR <br />File Number: 25-105 <br />File Type: Staff Report <br />Adopt a Resolution to Accept the FY 2024-2025 Mid-Year Financial Report as of December 31, 2024, <br />and to Approve Proposed Adjustments to the 2024-2025 Budget <br />COUNCIL PRIORITY <br />SUMMARY <br />The FY 2024-2025 Mid-Year Financial Report is for information only. Staff recommends City <br />Council review and approval of the proposed adjustments to the FY 2024-2025 Budget. <br />RECOMMENDATIONS <br />Staff recommends the City Council adopt a resolution to accept the 2024-2025 Mid-Year <br />Financial Report, which is as of December 31, 2024, and that the City Council approve the <br />proposed Adjusted Fiscal Year 2024-2025 Budget, including revenue and expenditure <br />appropriations. <br />BACKGROUND <br />The City budgets on a biennial cycle every two years. At the mid-point of each biennial, Staff <br />review revenues and expenditures while evaluating priorities and services to formulate a <br />mid-cycle budget adjustment. At the mid-point of the second budget year, Staff may also propose <br />adjustments to ensure budget alignment with revenue and expenditure projections. The City <br />Council adopted the FY 2023-2024 and FY 2024-2025 General, Enterprise, Internal Service, and <br />Parking Fund budgets on May 15, 2023. On May 20, 2024, the City Council reviewed mid-cycle <br />adjustments, and approved amendments to the FY 2024-2025 budget. The approved budgets <br />feature the annual expenditure and resource allocation plan that guides the implementation of City <br />Council budget policies and priorities. The budget provides funding direction for a broad range of <br />services that meet the needs of the community in accordance with City Council policies. <br />This financial review provides the mid-year budget update to the City Council for the current fiscal <br />year. Analysis of the revenues collected and all expenditures through December 31, 2024, <br />measure operational adherence to the budget allocation plan. <br /> Analysis and Discussion <br />FY 2024-2025 Mid-Year Financial Report <br />Page 1 City of San Leandro Printed on 9/4/2025