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08-19-24-SWS
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08-19-24-SWS
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Page 1 of 4 <br /> <br />AGENDA ITEM – 3B <br /> <br />MEMORANDUM <br /> DATE: August 19, 2024 <br />TO: Honorable Mayor and City Councilmembers <br />Jessica Jagoe, Interim City Administrator <br />FROM: Joua Yang, Finance Director <br />SUBJECT: Preliminary 2025-2029 Capital Improvement Plan (CIP) <br />Preliminary 2025 General Fund Budget <br /> <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br /> Council Should Consider <br />Provide feedback on the Preliminary 2025-2029 CIP Plan. <br />Provide feedback on the Preliminary General Fund budget for the 2025 fiscal year. Background – CIP Plan <br />Annually, the City prepares a five (5) year Capital Improvement Plan for budgeting and <br />forecasting. The focus of the CIP is on the maintenance and protection of the City’s existing assets, <br />redevelopment, and investment in new initiatives. The CIP is part of the budget process, but it is <br />not a budget, it is a plan, and one that changes often. The CIP does not commit the Council to the <br />proposed projects, nor implement the assumptions made during the preparation; however, this is <br />the basis for the 2025 Budget as we continue with its preparation. <br /> <br />At the July 22, 2024 Special Work Session, Council discussed the preliminary CIP at length <br />(Attachment A) and today will be a continuation of that discussion. Since that initial discussion, <br />staff has made updates to various components of the CIP Plan, per Attachments B, that will be <br />discussed further. <br /> <br />Background – General Fund Budget <br />Annually, City staff prepares and submits a preliminary budget to the City Council for review and <br />feedback. Attached to this memo is the City’s preliminary General Fund budget for the 2025 fiscal <br />year. Each department provided their respective forecasts for this budget. <br /> <br />The proposed 2025 budget is $6,701,270, an increase of $580,349 or 9.5%. For the purpose of this <br />discussion, there is a 13.9% or $740,349 tax levy increase reflected in the budget, all for the General <br />Fund. As presented, the General Fund Budget is underfunded by $249,062 ($182,070 + $66,992), <br />which is more than the budget shortfall projected in the 2024 budget of $182,070. This practice is <br />not sustainable in the long term. A tax levy increase of 17.4% or $922,419 would be needed to
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