PREPARED BY: HEATHER ROWDEN DATE OF MEETING: 05/20/2024
SUBJECT:
TITLE
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN PABLO ADOPTING THE FY 2024-25 AND FY 2025-26 BIENNIAL OPERATING BUDGET AND CAPITAL IMPROVEMENT PROGRAM (CIP) BUDGET
CEQA: This proposed action is not a project as defined by CEQA.
Label
CITY MANAGER RECOMMENDATION
Recommendation
Adopt Resolution
BODY
COMPLIANCE STATEMENTS
Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency and New Strategic Budget Initiatives to Address New Structural Deficits Forecasted to FY 2025-2027 are adopted City Council Priorities contained in the adopted Fiscal Year 2023-2025 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
As required by Municipal Code ?? 3.04.240 and 3.04.250, the City Manager presented the Preliminary Draft FY 2024-25 and FY 2025-26 Biennial Operating Budget and Capital Improvement Program (CIP) Budget to City Council at a duly noticed Public Hearing on May 1, 2024. The Preliminary Draft Budgets were also presented to the Budget, Fiscal and Legislative Standing Committee on April 29, 2024.
Fiscal Year 2024-25 and Fiscal Year 2025-26 Biennial Budget
The Biennial Operating Budget and the Capital Improvement Program serve as a guide to the community and staff for the City Council's financial priorities and goals for the upcoming fiscal years. These financial documents are updated with the most current economic, revenue and expenditure information and projections available to City staff.
In December, the Council received a Long-Term Financial Forecast prepared by PFM Asset Management. This report showed a 10 year cumulative General Fund deficit of $44.1M beginning with a $2.1M deficit in FY2024-25. The long-term forecast used the FY2023-24 budget as a starting point and assumed historical/economic trends known at the time. As presented to Council previously, staff worked diligently to reduce the projected deficit, however certain costs out of sta...
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