Title
Adoption of Resolution Amending the Fiscal Year (FY) 2023-24 Budget; and
Adoption of Resolution Approving Workforce Changes for FY 2023-24. (Finance 10024056) [City Council and SACIC]
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
This report provides a review and an update to the Fiscal Year (FY) 2023-24 budget and revenue and expenditure projections through June 30, 2024. Budget adjustments are proposed for the General Fund, special revenue funds, capital projects fund, debt service fund, internal service funds, enterprise fund, and trust/fiduciary funds. The proposed adjustments would increase the General Fund revenue projection by $2.5 million, from $128.8 million to $131.4 million, increase the General Fund operating expense budget by $1.7 million and increase capital transfers out of the General Fund by approximately $270,000. Overall, the General Fund revenue adjustments exceed expense adjustments by approximately $540,000.
For non-General Fund programs, staff project an increase in revenues of $3,891,026 excluding transfers in, and propose an additional $7,330,667 in expense appropriations, excluding transfers out. Further, staff recommends the addition of two new positions, upgrade of one position, and a departmental transfer of one position.
BACKGROUND
City Council approved Resolution No. 16060, adopting the Biennial Budget for FYs 2023-25 on June 20, 2023. This report updates the FY 2023-24 financial projections for the General Fund and proposes current year budget adjustments for various City of Alameda (City) funds to reflect and respond to the City's current financial condition, address urgent and unforeseen needs, and incorporate technical corrections.
The list of budget adjustments to the General Fund and other funds is attached as Exhibit 1 and the updated General Fund Budget Summary is attached as Exhibit 2.
DISCUSSION
I. General Fund Revenues
General Fund revenues in FY 2023-24 are projected to in...
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