City Council

b. RESOLUTION ADOPTING THE ANNUAL OPERATING AND CAPITAL\nBUDGET FOR FISCAL YEAR 2024-25 (YEAR 1) AND RESOLUTION\nESTABLISHING THE ANNUAL APPROPRIATIONS LIMIT FOR FISCAL YEAR\n2024-25\nSummary:\nThe City Council will consider adopting the first year of a biennial budget for\nFiscal Year (FY) 2024-25. The City Council reviewed the proposed FY 2024-25\n(Year 1) Operating and Capital Budget (Operating Budget) at the budget\nworkshop held on May 14, 2024. The Operating Budget, as presented, is\nstructurally balanced per City policy. In addition, the City Council will also\nconsider a resolution adopting the annual appropriations limit for Year 1, known\nas the Gann limit.\nStrategic Plan Goal(s):\nGoal No. 1 Financial Stability: Ensure the City’s long-term financial stability\nand resilience\nGoal No. 2 Community Safety: Maintain community safety by supporting\npublic safety services and increasing emergency preparedness.\nGoal No. 3 Economic & Downtown Development: Improve the local economy,\nsupport local businesses, and create a vibrant downtown core.\nGoal No. 4 Infrastructure: Maintain and improve the City’s physical\ninfrastructure, water system, and recreational spaces.\nGoal No. 5 High-Functioning Government: Strengthen internal communication,\nrecruitment, retention, systems and processes to increase the\neffectiveness and efficiency of city services.\nRecommendations:\n1. Adopt a resolution, entitled:\nA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL,\nCALIFORNIA, ADOPTING THE ANNUAL OPERATING AND CAPITAL\nBUDGET FOR FISCAL YEAR 2024-25 (YEAR 1) AND APPROVING THE\nANNUAL OPERATING AND CAPITAL BUDGET FOR FISCAL YEAR\n2025-26\n2. Adopt a resolution, entitled:\nA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL,\nCALIFORNIA, APPROVING AND ADOPTING THE ANNUAL\nAPPROPRIATIONS LIMIT FOR FISCAL YEAR 2024-25