City Council

17. REVISED FUND BALANCE FOR THE FISCAL\nYEAR 2023-24, MID-YEAR BUDGET\nMODIFICATIONS FOR THE FISCAL YEAR 2023-\n24, AND A RESOLUTION APPROVING SALARY\nSCHEDULES\nRecommendations:\n(1) Update the Fiscal Year 2023-24 Adopted Budget by\naccepting June 30, 2024, ending fund balances;\n(2) Modify the Fiscal Year 2024-25 Adopted Budget\nand approve the additional appropriations and\nadjustments as recommended in the report with any\nchanges approved by the City Council;\n(3) Approve retaining estimated Property Tax\nrevenues above budget in the General Fund instead of\ntransferring them to the Housing Fund;\n(4) Approve transferring revenues estimated to be\ngenerated above the budget from Transient\nOccupancy Tax in the Capital Improvement Fund to\nthe General Fund;\n(5) Approve key measures to balance the General\nFund including a transfer from the Capital\nImprovement Fund, recognizing estimated salary\nsavings, and a salary freeze of certain identified\npositions;\n(6) Approve the closing out of Capital Projects across\nvarious Funds as outlined in the tables below and\noutlined in Attachment 3 totaling $16,005,183.\nUnencumbered funds will remain in the Capital\nProjects Fund;\n(7) Reduce the budgeted transfer for Fiscal Year 2024-\n25 from the Street Lighting Fund to the Wildfire\nMitigation Fund by $500,000 as a correction to prior\nyear;\n(8) Approve a transfer from the Wastewater CIP Fund\nto the Wastewater Operating Fund for $213,500 to\npay one-time invoice from the South Orange County\nWastewater Authority for the annual use audit\nsettlement and additional cash payout from the prior\nfiscal year;\n(9) Approve a transfer from the Capital Improvement\nFund to the Gas Tax Fund of $300,000 to fund\nongoing projects; and\n(10) Adopting the salary schedules for Fiscal Year\n2024-25 by adopting the Resolution titled, "A\nRESOLUTION OF THE CITY COUNCIL OF THE\nCITY OF LAGUNA BEACH, CALIFORNIA,\nSETTING PAY RANGES FOR CITY\nEMPLOYEES," which updated the compensation for\nemployees.