City Council

8. 2023-24 MID-YEAR BUDGET UPDATE - The 2023-24 Budget was approved by the City\nCouncil on June 19, 2023. Based on economic changes and organizational challenges that have\noccurred since then, the Finance Division is providing a mid-year financial update report for the\n2023-24 fiscal year. Updated estimates have resulted in an expenditure increase of $610,588 in\nthe General Fund balanced by an increase of $610,588 of revenue or transfers for a zero net\nimpact to the General Fund.\nRecommendation: That the City Council approve resolution 24-XX titled, "A RESOLUTION OF\nTHE CITY COUNCIL OF THE CITY OF LA VERNE, CALIFORNIA, AMENDING THE FISCAL\nYEAR 2023-24 ADOPTED BUDGET TO ADJUST FOR THE MID YEAR ECONOMIC\nCHANGES."