City Council Agenda
Memo to:
Manteca City Council
From:
Matthew Boring, Interim Finance Director
Prepared by:
Lana McBroom, Budget Manager
Date:
May 6, 2025
Subject:
Fiscal Year 2024-25 Q3 Budget Performance Summary Report - period ending March 31, 2025
Recommendation:
title
Receive and file Fiscal Year 2024-25 Q3 Budget Performance Summary Report by Fund for the period ending March 31, 2025.
body
Background:
The attached Fiscal Year 2024-25 (FY25) Budget Performance Report provides the revenues and expenditures through Q3, period ending March 31, 2025. Year-to-date actuals are compared to budget and previous year actuals, for the same time frame. No accruals are recorded on the report. Revenue is essentially reported when cash is received, and expenditures are reported when cash payments are made, except for fiscal year-end when accruals are recorded per accounting standards. Many revenue and expenditure transactions do not occur at uniform time or equal intervals throughout the year. Understanding the information presented in the report requires consideration of cash flow factors of major revenues and expenditures. For instance, while expenditure outflows for normal operations tend to be relatively even, the cash flow timing of capital expenditures and major revenues, such as property taxes, are not distributed as evenly.
It is also important to note the amended FY25 budget includes capital outlay and improvement project carryforwards from prior years. These are previously approved, assigned funds for ongoing projects and do not represent new spending. While included in the budget totals, carryforwards are tied to specific funding sources and do not impact the calculation of a structurally balanced budget.
As of the close of Q3 (March 31, 2025), the City's financial performance remains aligned with budget projections, with revenues and expenditures tracking within expected ranges. The attached Budget Performance Summary provides a high-lev...
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