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Council adopts midyear budget adjustments; city projects modest surplus for FY25
Summary
Council approved Resolution 25.004 making midyear budget adjustments across funds. Staff reported a projected general fund surplus after adjustments and described changes in special revenue and capital funds; the STAR program will be transitioned to the school district.
The City Council on Feb. 25 adopted Resolution No. 25.004 approving midyear budget adjustments for fiscal year 2024–25, Finance Director Kim Sow reported.
Sow said staff reviewed revenues and expenditures and recommended several adjustments across funds. Key items in the packet included a $441,070 increase to the General Fund operating budget (largely reallocations and needed expenditures), $849,200 in special revenue adjustments (including allocation of the remaining STAR program balance of about $710,000, which will be shifted to the Paramount Unified School District), and approximately $228,350 of additions to the Water Fund — which includes $100,000 to repair meter leaks discovered during AMI meter replacements. Capital Projects Fund adjustments produced a net $250,390 change reflecting both increases and realignments among CIP projects.
Sow explained the city began the fiscal year with adopted general fund revenue estimates of about $45.975 million and a projected surplus; after midyear changes staff still projects a surplus for the fiscal year ending June 30, 2025. She said the city maintains a strong fund-balance policy with a large committed reserve and that the midyear update provides more current numbers ahead of the next year’s budget process.
Council members asked clarifying questions about specific line items, including the meter-leak repairs and program reallocations. The council then voted to adopt Resolution 25.004 by unanimous roll call.
