REPORT TO COUNCIL
SUBJECT
Title
Action on FY 2023/24 Budget Year-End Report and Approve the Related Budget Amendments
Report
COUNCIL PILLAR
Enhance Community Engagement and Transparency
EXECUTIVE SUMMARY
To close out each fiscal year, a Budget Year-End Report is prepared that reconciles funds based on actual year-end performance and brings forward associated budget adjustments. This report includes changes to fund balances assumed in the development of the FY 2024/25 budget, other adjustments to account for needed changes resulting from actual year-end performance, and recommendations to allocate any additional fund balance above the amounts assumed in the budget or balancing actions if those fund balances drop below the levels assumed in the budget.
This report provides the year-end financial condition of the City of Santa Clara (City) on a budgetary basis for the fiscal year ended June 30, 2024, and a summary of year-end performance for the General Fund, Special Revenue Funds, Enterprise Funds, Internal Service Funds, Debt Service Funds, and Capital Funds. The report includes the recommended approval of a limited number of FY 2023/24 budget amendments to address expenditure overages at year-end, FY 2024/25 budget amendments necessary based on the final FY 2023/24 results, capital project carryover adjustments, and the recommended allocation of the General Fund balance.
In FY 2023/24, the City's General Fund revenues ended the year above the budgeted estimate and expenditures were below budget, generating additional fund balance available for allocation. Performance in other funds typically met or exceeded expectations.
BACKGROUND
The budgetary year-end close process accounts for the year-end revenues and expenditures as well as the resulting ending reserves and fund balances for each budgeted fund. The funds are reconciled to the budgetary fund balances in the Annual Comprehensive Financial Report (ACFR).
This report includes the following recomme...
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