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Belvedere receives midyear budget update; council approves $20,000 CIP amendment
Summary
City finance staff reported a stronger-than-budgeted beginning fund balance and recommended a $20,000 amendment to the Capital Improvement Fund for lane design and engineering; council approved the amendment and accepted the midyear report.
The City Council received its midyear budget review for fiscal year 2024–25 on Feb. 10 and approved a proposed $20,000 amendment to the Capital Improvement Fund to cover additional design and engineering work for lane projects.
Finance staff reported the General Fund began the year with a higher balance than budgeted ($6.53 million actual vs. $5.66 million budgeted). The finance committee recommended allocating $550,000 of the unassigned balance to a critical infrastructure reserve to help fund a multi-year Beach Road stabilization project. Revenues were tracking above expectations (about 58–59% of budget through Dec. 31), while expenditures were slightly below (about 44–46%). The finance director projected a June 30, 2025 ending general fund balance of roughly $4.74 million, which meets the council’s reserve policy goal (50% of projected FY 25–26 forecasted expenditures).
Why it matters: The midyear review gives council and the public an updated view of revenues and spending and confirms the city remains on track under its reserve policy. The requested $20,000 CIP amendment is targeted to lane design and engineering and was described as necessary because bids and additional engineering work for Park Lane and Cedar Lane exceeded earlier estimates.
Details presented: Staff provided line-item context: Park Lane construction low bid ($186,000) exceeded the city’s earlier estimate (about $110,000), and additional design and engineering for Park Lane and Cedar Lane drove the requested $20,000 increase in the lane-design budget. The report also summarized pension-related work: the city’s Section 115 trust has received $2.55 million in contributions and is intended to hedge long-term pension liabilities.
Council discussion: Council members asked about the need for the $20,000 amendment given current year spending levels and whether other CIP line items contained unspent balances that could be reallocated. Finance staff explained project-level constraints and earmarked revenue sources limit some transfers; staff also explained that some projects are expected to proceed in warmer months and that some funds from prior-year unspent project budgets rolled into the current year. Council asked staff to report on fee-study outcomes and housing-element consultant expenditures in follow-up reports.
Action: A council member moved to approve Resolution 2025-05, amending the FY 2024–25 Capital Improvement Fund to increase the lane design and engineering appropriation by $20,000; the council approved the amendment on a voice vote and acknowledged receipt of the midyear budget report.
