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Council approves transfer of excess general‑fund balance to capital projects after audit
Summary
After the audited close of fiscal year 2023–24, the council approved transferring $1.9 million of unassigned general-fund balance to the capital projects fund; staff presented the second‑quarter financial update and projections.
The Folsom City Council voted March 25 to transfer the portion of the general fund’s unassigned fund balance that exceeds the council’s 20% reserve cap to the capital projects fund, and heard the city manager’s fiscal year 2024–25 second‑quarter financial update.
Stacy Timani, Chief Financial Officer, presented the audited year‑end figures for fiscal 2023–24 and a second‑quarter update covering October through December 2024. Timani said the final audited unassigned general‑fund balance for 2023–24 was $24.9 million, or 21.57% of expenditures, and that the city proposes transferring the amount above the 20% target — $1.9 million — to the…
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