Title
Adoption of Resolution Amending the Fiscal Year (FY) 2024-25 Budget;
Adoption of Resolution Approving Workforce Changes for FY 2024-25; and
Recommendation to Reaffirm and Adopt a Revised City of Alameda Purchasing Policy. (Finance 10024056)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
This report provides a review and update to the Fiscal Year (FY) 2024-25 Operating Budget through June 30, 2025. 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 $860,673, from $139.9 million to $140.9 million, and increase the General Fund operating expense budget by $559,554. Overall, the General Fund revenue adjustments exceed expense adjustments by $293,534.
For non-General Fund programs, staff project an increase in revenues of $382,994 excluding transfers in, and propose an additional $2,638,820 in expense appropriations, excluding transfers out.
Further, staff recommends to add one position, upgrade one permanent and one limited term position to permanent higher classifications, and downgrade one classification position to a lower classification. Overall, these workforce changes keep the overall position count neutral.
Finally, staff recommends adoption of an updated version of the City's Purchasing Policy to reflect recent changes in state law.
BACKGROUND
The City Council adopted the Biennial Budget for FYs 2023-24 and 2024-25 on June 20, 2023. This report updates the FY 2024-25 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 ...
Click here for full text