PREPARED BY: ARTURO CASTILLO DATE OF MEETING: 09/03/2024
SUBJECT:
TITLE
CONSIDER ADOPTING RESOLUTION APPROVING AMENDMENT NO. 1 TO THE GENERAL FUND DESIGNATED RESERVES (GFDR) FUND BALANCE OF $5,171,279 FOR FISCAL YEAR 2024-25 TO REFLECT ALL COUNCIL APPROVED APPROPRIATIONS AND REMAINING BALANCE THROUGH JUNE 30, 2024, EFFECTIVE SEPTEMBER 3, 2024
CEQA: This proposed action is not a project as defined by CEQA.
Label
CITY MANAGER RECOMMENDATION
Recommendation
Adopt Resolution
Body
Council Priority Workplan Compliance Statement:
Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency is an adopted City Council Priority contained in the adopted Fiscal Year 2023-2025 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
Amendment No. 4 to the City’s FY 2023-24 General Fund Designated Reserves (GFDR) Fund Balance, which reflected all City Council approved allocations totaling $7,606,461 through December 31, 2023, was previously adopted via Resolution 2023-165 on December 13, 2023.
Initially, the FY 2023-24 GFDR Fund Balance of $7,606,461 included projected proceeds from the sale of land, located on Vale Road from the Lytton Rancheria of California to the City of San Pablo in the amount of $3,050,000. However, on December 28, 2023, the actual sale proceeds received by the City following close of escrow was $3,045,137 resulting in a difference of $4,863, and leaving an adjusted remaining unappropriated GFDR balance of $5,393,923 (i.e., $5,398,786 less $4,863). Thereafter, the City Council approved Amendment No. 5 to the FY 2023-24 GFDR Fund Balance, accounting for all City Council-approved appropriations and the correct proceeds for the sale of land (via Resolution 2024-003 adopted on January 16, 2024), totaling the FY 2023-24 GFDR at $7,601,598.
Total FY 2023-24 GFDR Appropriations thru June 30, 2024
For summary purposes, the following amounts totaling $2,430,319 have been appropriated and expensed via City Council action (via adopted resolutions) during the FY 2023-24 period through June 30, 2024, resulting in a remaining unappropriated GFDR balance of $5,171,279 from the previously allocated expense items, as follows:
|
FY 2023-24 Total Appropriations from GFDR Fund Balance thru 06/30/24 |
|
Reso No. |
Reso Date |
Project Description |
Appropriation |
|
Reso 2023-165 |
12/13/23 |
Sec 115 Trust with PARS |
$1,000,000 |
|
Reso 2023-129 |
08/07/23 |
2600 Moraga Demo Contract Award |
$1,199,035 |
|
Reso 2023-140 |
09/18/23 |
PD Elevator Repair |
$8,640 |
|
Reso 2024-005 |
01/16/24 |
Legal Contract Services - Civica Law Firm |
$20,000 |
|
Reso 2024-004 |
01/16/24 |
Legal Contract Services - Telecom Law Firm |
$30,000 |
|
Reso 2024-011 |
02/05/24 |
Economic Development Master Plan |
$60,000 |
|
Reso 2024-056 |
05/06/24 |
CORE Homeless Outreach Services |
$112, 644 |
|
|
|
Total FY 2023-24 GFDR Appropriations: |
$2,430,319 |
FY 2023-24 GFDR Fund Balance Allocations - One-Time Budget Balancing Measures
From the remaining FY 2023-24 unappropriated GFDR Fund Balance of $171,279, the following one-time budget balancing measures of $5,000,000 were allocated, and included in the FY 2025-26 Two-Year GF Operating Budget Adoption on May 20, 2024 via Resolution 2024-064, which includes the following new GDFR allocations and adjusted balance, as follows:
1. GFDR allocation in the amount of $1,961,291 for FY 2024-25 One-time Budget Balancing Measure
2. GFDR allocation in the amount of $3,038,709 for FY 2025-26 One-time Budget Balancing Measure
__________________________________________________________________
Total GFDR Allocation for One-Time Budget Balancing for FY 2025-26: $5,000,000
Note: Future appropriation of $5M in One-Time Budget Balancing Funds for FY 2024-25 and FY 2025-26 will be approved by adopted Council Resolution prior to the end of each fiscal year period (June 30).
FY 2024-25 GFDR Fund Balance (Amendment #1)
Following these allocations for one-time budget balancing measures and included in the most recent FY 2025-26 budget adoption on May 20, 2024, a remaining FY 2023-24 GFDR Fund Balance of $5,171,279 is reflected as part of this proposed Amendment No. 1 for FY 2024-25, updated for all allocations and appropriations approved through June 30, 2024, effective September 3, 2024, as follows:
|
CITY OF SAN PABLO |
|
GENERAL FUND DESIGNATED RESERVE (GFDR) FUND BALANCE |
|
PROPOSED FY 2024-25 (AMENDMENT 1) |
|
September 3, 2024 |
|
|
|
|
DESCRIPTION |
FY2024-25 Proposed Amendment # 1 |
|
FY 23-24 GFDR Carryover Balance (See Details Below) |
$ 5,171,279 |
|
Total GFDR Fund Balance |
$ 5,171,279 |
|
|
|
|
GFDR FUNDING USES |
|
|
Major Operating Contingencies |
|
|
FY 2024-25 One-time Budget Balancing Measure (Reso No. #2024-064) |
$ 1,961,291 |
|
FY 2025-26 One-time Budget Balancing Measure (Reso No. #2024-064) |
$ 3,038,709 |
|
Subtotal - Operating Contingencies |
$ 5,000,000 |
|
Total GFDR Allocations |
$ 5,000,000 |
|
NET AVAILABLE FY 24-25 GFDR |
$ 171,279 |
|
|
|
|
Details of FY 23-24 GFDR Carryover Balance |
|
|
Future One-Time Budget Balancing Measures (2025-2026) |
$ 5,171,279 |
|
FY 23-24 GFDR Carryover Balance |
$ 5,171,279 |
FISCAL IMPACT
This action authorizes and approves Amendment No. 1 of the FY 2024-25 GFDR Fund Balance through June 30, 2024, effective September 3, 2024. Any future appropriation of GFDR Funds requires approval by majority vote of the City Council via adopted resolution.
Attachment:
Att A - Resolution