City Council Agenda
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Memo to: |
Manteca City Council |
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From: |
Shay Narayan, Director of Finance |
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Prepared by: |
Lana McBroom, Acting Budget Manager |
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Date: |
April 16, 2024 |
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Subject: |
Fiscal Year 2023-24 Budget Amendments |
Recommendation:
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Adopt a resolution approving amendments to Fiscal Year (FY) 2023-24 Budget and Capital Improvement Plan.
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Background:
The City’s Fiscal Year (FY) 2023-24 budget was adopted on June 20, 2023, by Resolution R2023-85. The City’s Mid-Year Budget Update was adopted on February 20, 2024, by Resolution R2023-36.
During the budget development process for FY 2024-25, discussions with departments have identified cost savings in the current fiscal year that are significant enough to cover several FY 2024-25 capital needs in the current fiscal year.
There are several benefits to utilizing savings from current fiscal year’s budget:
• The City can allocate funds that would otherwise go unspent towards necessary capital investments, maximizing the utility of available resources.
• Avoiding budget surplus at year end demonstrates proactive planning and responsible financial stewardship.
• Since funds are already available, implementation of essential capital improvements and needs can be obtained faster with no need to wait for next fiscal year.
• Leveraging savings from current year’s budget promotes financial prudence, efficiency, and strategic planning.
If approved by Council, this budget update will provide staff fiscal direction for the remainder of FY 2023-24.
Fiscal Impact:
The table below outlines the proposed budget amendments utilizing FY 2023-24 cost savings; see attached exhibit for detailed changes.
Documents Attached:
1. Attachment 1 - Resolution
2. Attachment 2 - Exhibit “A” to Resolution - Appropriation Amendments to Operating and Capital Improvement Plan expenditures