City Council

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