City Council

5. Approve Financial Statements for the 4th Quarter Ended June 30, 2024\nRecommendation: That the City Council:\n1. Receive and file the Financial Statements for the 4th Quarter Ended\nJune 30, 2024; and\n2. Approve the following Fiscal Year 2023-24 Budget Adjustments:\na. Transfer $5,900 from Continuity Staffing Reserve operating account\n(001.199.999.5353) to the Economic Development Department’s Salaries\n& Wages operating account (001.111.406.5100) to reflect a backfilled\nposition.\nb. Increase the Economic Development Department’s Insurance Internal\nService Fund Allocation operating accounts by $30,716 to reflect higher\nthan anticipated Insurance charges ($6,505 in 001.111.406.5530 and\n$24,212 in 001.111.999.5530).\nc. Transfer $97,928 to the Land Development Department Salaries &\nWages operating account (001.163.999.5100) from other Public Works\nDepartments’ Salaries & Wages operating accounts ($26,114 from\n001.164.601.5100), ($13,057 from 001.164.602.5100), ($32,643 from\n001.165.999.5100), ($16,974 from 001.167.999.5100), and ($9,140 from\n340.199.164.5100) to realign the budget based on personnel allocation\ncharges.\nd. Increase the Gas Tax revenue account (100.199.000.4706) by $100,035\nto reflect higher than anticipated revenue.\ne. Increase the General Fund’s Operating Transfers In revenue account\n(001.199.000.6100) by $100,035 to reflect a higher transfer than\nanticipated from the Gas Tax Fund.\nf. Increase the Gas Tax Fund’s Operating Transfer Out account\n(100.164.999.7001) by $100,035 to reflect a higher transfer than\nanticipated to the General Fund.\ng. Increase the CDBG Fund’s Operating Transfer Out account\n(140.199.999.7210) by $285,931 to reflect a higher transfer than\nanticipated to the CIP Fund.\nh. Increase the Supplemental Law Enforcement Services revenue account\n(160.199.000.4085) by $37,602 to reflect higher than anticipated revenue.\ni. Increase the General Fund’s Operating Transfers In revenue account\n(001.199.000.6160) by $37,602 to reflect a higher transfer than\nanticipated from the Supplemental Law Enforcement Services Fund.\nj. Increase the Supplemental Law Enforcement Services Fund’s Operating\nTransfer Out account (160.199.999.7001) by $37,602 to reflect a higher\ntransfer than anticipated to the General Fund.\nk. Increase the Retiree Medical Contribution operation account\n(001.199.999.5387) by $643,733 to reflect higher than anticipated OPEB\ncosts.\nl. Decrease the Operating Transfer In revenue account\n(210.265.000.6001) by $27,767 to reflect the reconciled budget amount\nthat matches the corresponding Transfer Out from the General Fund.\nm. Increase the Insurance Fund’s Reimbursements revenue account\n(300.199.000.4076) by $396,641 to reflect a liability claim reimbursement\nreceived on 5/29/24.\nn. Increase the Insurance Fund’s Claims operating account\n(300.199.999.5207) by $317,955 to reflect higher than anticipated claims\nexpenses.\no. Increase the Insurance Fund’s Incurred but Not Reported (IBNR)\noperating account (300.199.999.5431) by $580,353 to cover the costs of\nthe anticipated claims expenses.\np. Increase the Support Services Replacement Fund Depreciation account\n(335.199.999.5360) by $32,394 to cover the costs of depreciating assets\nwithin this Fund\nAttachments: Agenda Report\nCity Fund Summaries