REPORT TO COUNCIL
SUBJECT
Title
Study Session: Review of the Proposed FY 2024/25 & FY 2025/26 Biennial Capital Improvement Program Budget and FY 2024/25 Operating Budget Amendments
Report
COUNCIL PILLAR
Enhance Community Engagement and Transparency
BACKGROUND
City Charter Section 1302 Budget - Submission to City Council requires that at least thirty-five days prior to the beginning of each fiscal year, or at such prior date thereto determined by the City Council, the City Manager shall submit to the City Council the proposed budget.
This budget continues the biennial budget process that alternates between an operating and capital budget. This year's budget focuses on the capital infrastructure, supporting the facilities that serve our residents and community. Amendments to the FY 2024/25 Adopted Operating Budget are also included. The Proposed Budget is attached to the memorandum and can be found online at: https://www.santaclaraca.gov/home/showpublisheddocument/83797/638500031070970327.
The City Council approves a set of Budget Principles each year. These Budget Principles provide a general framework and approach for developing the City's budget, ensuring fiscal stability by considering both the short and long-term impacts of any funding decisions. The proposed principles for FY 2024/25 are consistent with those approved last year with the Budget Stabilization Reserve (BSR) continuing to be set at a minimum of 15% of expenditures; this is an exception to the Council policy that would set the BSR at 25% of expenditures. The proposed FY 2024/25 Budget Principles can be found in the Budget and Fiscal Policies section of this document.
On May 7, 2024, the first Study Session was held to allow the City Council and public to review and provide input on the Proposed Budget. Responses to questions from that Study Session are included in this report. The Public Hearing and the planned budget adoption are scheduled for June 25, 2024.
DISCUSSION
The annual budget...
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