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City of San Leandro <br />City Council <br />Meeting Date: March 17, 2025 <br />Agenda Number: 10.a. <br />Agenda Section: ACTION ITEMS <br />File Number: 25-101 <br />File Type: Staff Report <br />Adopt a Resolution to Approve FY 2023-2024 Year-End and 2024-2025 Budget Amendment of <br />One-Time Appropriation of Unspent Funds for the General Fund <br />COUNCIL PRIORITY <br />·Fiscal Sustainability and Transparency <br />SUMMARY <br />FY 2023-2024 Audited financials are provided for review and acceptance by Council. A FY <br />2024-2025 Budget Amendment to appropriate $915,936 in FY 2023-2024 unspent funds is <br />presented for Council discussion and action. <br />RECOMMENDATIONS <br />Staff recommend that City Council accept the FY 2023-2024 audited financials and take action <br />with respect to $915,936 in FY 2023-2024 unspent funds. <br />BACKGROUND <br />The City Council approves annual budgets based on the best revenue and expenditure <br />information available several months prior to the adoption of budget appropriation. The City <br />Council initially approved the FY 2023-2024 budget on May 15, 2023, as part of the City’s <br />biennial budgeting process that covers two fiscal years. As a result, budget adjustments are <br />periodically necessary for circumstances that arise and require additional budget appropriations. <br />The City Council has approved various budget amendments since July 2023, including a <br />mid-cycle adjustment to the biennial budget that was approved on May 20, 2024. Each year, staff <br />present audited financial results with the fiscal year-end financial position. <br />Analysis <br />FY 2023-2024 ended with a General Fund unspent budget balance of $915,936. These available <br />funds are primarily from stronger-than-projected revenues led by better than planned Property Tax <br />($1.6M), Sales Tax ($1.0M), Utility Users Tax ($1.5M), and investment income ($2.7M). These <br />gains were offset by lower than estimated Property Transfer Tax (-$4.4M) for a favorable year-end <br />revenue total that exceeded the Adjusted Budget by $4,690,249. Expenditures were closer to <br />budget, coming in $0.5M under budget. Additionally, on November 4, 2024 Council approved a <br />reappropriation of unspent FY 2023-2024 funds of $4,284,526 to carryover into FY 2024-2025 for <br />previously approved Council initiatives still in progress. When year-end revenue and expenditure <br />Page 1 City of San Leandro Printed on 9/4/2025