City Council

J. Receive and File the First Quarter Budget Report and Adopt Resolution No. 2025- 66 Amending the FY 2025-26 Operating and CIP Budgets The financial position of the City for the General Fund for FY 2024-25 (unaudited) and FY 2025-26 through September 30, 2025 (1st Quarter) is summarized in the report.  Additionally, carryover appropriations for the Capital Improvement Program are included. The actions proposed in the report include the adoption of Resolution No. 2025-66, which amends the FY 2025-26 Operating and Capital Improvement Program budgets. In summary, the data presented has shown that the actual revenue for the General Fund in FY 2025 exceeded the estimated budget by $2.1 million, while expenditures were $0.7 million lower than the budgeted appropriations.  The General Fund’s fund balance underwent a net increase of $2.6 million in Fiscal Year 2025, increasing from $34.4 million to $37.0 million. In addition, a total of $42.5 million in prior year appropriations across 16 funds will be carried forward to FY 2025-26 for 30 Capital Improvement Program (CIP) projects. Additionally, first quarter receipts for FY 2025-26 comprise 7.7 percent of total revenue and expenditures for the same period total 19.0 percent, representing 25.0 percent of the year. Recommendation: That the City Council take the following actions: 1. Receive and file the 1st Quarter Budget report; and 2. Adopt Resolution No. 2025-66, entitled:  A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD, CALIFORNIA, AMENDING THE FY 2025-26 OPERATING BUDGET AND CAPITAL IMPROVEMENT PROGRAM BUDGETS Staff Report