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Daly City council approves FY25 midyear operating and capital adjustments; adds network administrator and refinancing for pedestrian and parking projects
Summary
Council accepted the FY24 annual financial report, the quarter‑end investment report and approved midyear adjustments to the FY25 operating and capital budgets, including an added network administrator position consistent with the IT plan and funding for three CIP projects.
Daly City Council approved several financial and budget actions on Feb. 24, including acceptance of the fiscal year 2024 annual comprehensive financial report, the quarter‑end investment report and midyear adjustments to the fiscal year 2025 operating and capital budgets.
On the operating side staff recommended and council accepted an $800,000 increase to expected general fund revenues and an approximately $246,789 increase in general fund expenditures; those adjustments reduce the budgeted general fund deficit in the FY25 adopted budget. The midyear review also included three personnel actions: reclassification of a custodian to building maintenance worker, addition of one network administrator position to support recommendations from the recently presented IT master plan, and an adjustment to the chief of operations salary range. Staff said existing salary savings can fund the two position changes for FY25 and the network administrator is intended to address near‑term IT and cybersecurity needs.
Council also approved midyear capital improvement program (CIP) adjustments. Notable additions funded from unallocated CIP and Measure A included: a $500,000 allocation (from unallocated general CIP funds) for City Hall parking lot expansion to support a new childcare/event center; a $100,000 allocation to replace above‑ground diesel storage and dispensing at Fire Station 95; and approximately $579,000 from Measure A to complete the John Daly Boulevard–Skyline Boulevard pedestrian connection (total project requests reported as approximately $600,000 from unallocated general CIP and $579,000 from Measure A).
Council members asked about outreach and public visibility for the budget study session and staff said dates will be set and posted in coming weeks. City Treasurer reported the city’s book value of invested funds increased to about $249 million as of Dec. 31 and an average portfolio yield near 4%. The treasurer said about $55 million is invested in higher‑yield term accounts and that those purchases produced roughly $1.5 million in interest through December.
Formal actions at the meeting included acceptance of the FY24 annual comprehensive financial report, acceptance of the quarter‑end investment report, approval of the FY25 midyear operating budget adjustments, and approval of the FY25 midyear CIP adjustments and appropriations as presented by staff. Staff will bring more detailed budget and implementation materials to upcoming study sessions ahead of the City’s June budget adoption schedule.
