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Indio finance director presents FY24–25 midyear budget update; council receives report
Summary
Finance Director Ruby Walla presented the city’s FY24–25 midyear budget overview, noting modest revenue shortfalls in sales/use tax and Measure X, an anticipated $1.1 million surplus and a $500,000 transfer to the rainy day fund. The council received the report to guide the coming budget cycle.
The City of Indio’s finance director presented a midyear overview of the FY24–25 general fund on the council agenda, and the council accepted the report as a receiving file.
Finance Director Ruby Walla told the council she would “discuss the 20 24 25 budget and provide an update at midyear.” Walla said staff had used conservative revenue projections during adoption and that midyear was being used to track trends heading into the next budget cycle and the strategic planning process.
Walla identified several specific trends: sales and use tax and Measure X transaction/use tax were each trending below budget by about $400,000; transient occupancy tax (TOT) also showed a decrease compared with the budget projection, while property tax was showing an increase. Walla reiterated timing and seasonality as factors in several revenue categories and said staff would continue monitoring receipts.
Walla presented a summary showing total general fund expenditures and revenues and described a working projection of roughly a $1.1 million surplus at year end. She said the council-dedicated plan included placing $500,000 of the surplus into the city’s rainy day fund, keeping the city on track to meet a 15% reserve-policy target; a figure of $18.5 million in reserves was cited in the presentation.
Walla also noted large planned transfers out of the general fund that were budgeted for capital projects and obligations; the presentation cited transfers out of about $18.5 million (for items including a planned public safety administration building and roads/rehab projects).
Council members asked clarifying questions during and after the presentation. Mayor Miller and Council members asked about Cal Fire billings and timing; Walla said invoicing timing (quarterly and post-quarter processing) could make displayed expenditure percentages appear low at midyear. Council members also noted that higher-than-expected concert ticket sales could improve TOT and related revenue for the city.
Walla closed by outlining the next steps: departmental budget development in March, review and analysis by staff in April, a May study session and an adoption goal in June. The council accepted the midyear budget report as a receiving file during the meeting; no additional appropriations were requested at midyear.
The midyear presentation will inform strategic planning and the FY25–26 budget development process.
