City Council

9. YEAR-END UPDATE FOR FISCAL YEAR 2023-2024 This report provides the City Council with an update of the Fiscal Year 2023-2024 preliminary operating results based on actual year-end revenues and expenditures. General Fund operating revenues are approximately $4.5 million higher than the amended budget, whereas General Fund expenditures are approximately $2.2 million lower than the amended budget. The General Fund reserves, excluding impact of the North Hangar Fire Incident, are expected to be at $30 million as of June 30, 2024 (or 32% of the General Fund’s operating expenditures). This reserve level exceeds the City Council’s target reserve policy of 20%. Recommendation: It is recommended that the City Council: 1. Receive and file this report; 2. Approve supplemental appropriations incurred to operate various City programs and services and related General Fund transfers identified in this report; and 3. Approve appropriations for carryover purchase orders identified in this report. Fiscal Impact: There are sufficient revenues or reserves in respective funds to fund the supplemental appropriations, transfers, and carryover appropriations identified in this report.