City Council Agenda
Memo to:
Manteca City Council
From:
Matthew Boring, Interim Finance Director
Prepared by:
Lana McBroom, Budget Manager
Date:
October 21, 2025
Subject:
Fiscal Year 2024-25 Fourth Quarter Budget Update and Financial Performance Summary - period ending June 30, 2025
Recommendation:
title
Adopt a resolution approving Fiscal Year 2024-25 year-end budget adjustments; and receive and file Fiscal Year 2024-25 Fourth Quarter Budget Update and Financial Performance Summary for the period ending June 30, 2025.
body
Background:
The attached Fiscal Year 2024-25 (FY25) Budget Performance Report presents revenues and expenditures through the fourth quarter, ending June 30, 2025. Year-to-date actuals are compared to both the adopted and amended budgets, as well as the prior year's actuals for the same period.
Accruals are reflected in this year-end report to provide a more accurate representation of revenues earned and expenditures incurred through June 30, 2025, in accordance with accounting standards. These accruals capture transactions not yet received or paid in cash but attributable to the fiscal year. All figures presented are unaudited and subject to adjustment during the year-end closing and audit process.
The amended FY25 budget includes capital outlay and improvement project carryforwards from prior years. These represent previously approved funding for ongoing projects and do not reflect new FY25 spending. Carryforwards are tied to specific funding sources and therefore do not affect the City's structurally balanced budget position.
As of June 30, 2025, citywide revenues totaled $336.5 million, representing 113% of the amended budget and exceeding the prior year by nearly $59 million. This increase was primarily driven by one-time or restricted sources such as developer bond proceeds, internal service reimbursements, intergovernmental revenues, solid waste service charges, and public facility and transportation impact fees. Expen...
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