City Council

5. AMENDED BUDGET REVIEW AND RESOLUTION ADOPTING FY 2023-24 AND FY\n2024-25 BUDGET ADJUSTMENTS – F2M23-17, R2M24-20\nOn June 26, 2023, the City Council adopted the Fiscal Years 2023-24 and 2024-25\nBudget. Staff is presenting an Amended Budget Review to update the City’s financial\nprojections and appropriations for both fiscal years. During the fiscal year, unforeseen\nfinancial needs and opportunities typically arise, which require City Council approval of\nrecommended adjustments to projected revenues and expenditures. Staff is presenting\nan Amended General Fund Budget with slight unappropriated surpluses for both fiscal\nyears due to one time savings from grants and billings. Historically, these surpluses have\nbeen allocated towards important needs such as reserve funds, capital repair and\nreplacement, pension and retirement obligations, and acquisition of necessary equipment.\nAppropriations from these surpluses are typically made through Council-approved budget\nadjustments.\nRecommended Action: City Council receive and file the Amended Budget Review\nfor Fiscal Year 2023-24 and 2024-25 and related reports; and, adopt Resolution No.\nR2M24-20 entitled: A Resolution of the Alhambra City Council adopting Fiscal Years 2023-\n24 and 2024-25 Budget adjustments of the City of Alhambra, Golf Course Clubhouse\nCorporation, Alhambra Capital Improvements Corporation, Alhambra Parking Authority,\nAlhambra Facilities Financing Authority and the Alhambra Public Financing Authority\nadopting the Fiscal Year 2023-24 and 2024-25 budget adjustments.\n4\n5-13-24