City Council

12.\nYEAR-END UPDATE FOR FISCAL YEAR 2024-2025 This report provides\nthe City Council with an update of the Fiscal Year 2024-2025 preliminary\noperating results based on actual year-end revenues and expenditures.\nGeneral Fund operating revenues are approximately $3 million higher\nthan the amended budget, whereas General Fund expenditures are\napproximately $2.6 million lower than the amended budget. Therefore,\ninstead of ending the year with a $1.3 million deficit, the year ended with a\n$4.4 million surplus. The General Fund reserves, excluding impact of the\nNavy North Hangar Fire Incident, are expected to be at $35 million as of\nJune 30, 2025 (or 38% of the General Fund’s total recurring operating\nexpenditure). This reserve level exceeds the City Council’s target reserve\npolicy of 20%.\nRecommendation: It is recommended that the City Council: 1. Receive\nand file this report; 2. Approve revenue budget and expenditure\nappropriation of $2,500,000 for the Navy North Hangar Fire incident\nabove-ground cleanup work authorized under the seventh amendment to\nthe Navy's Co-Operative Agreement; 3. Approve supplemental\nappropriations incurred to operate various City programs and services\nidentified in this report; and 4. Approve appropriations to carryover for\npurchases identified in this report. Fiscal Impact: There are sufficient\nrevenues or reserves in respective funds to fund the supplemental\nappropriations and carryover appropriations identified in this report.