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La Palma adopts midyear budget amendments; reserves remain healthy
Summary
Council adopted midyear adjustments and a resolution amending the FY 2024–25 budget, citing $2.7 million carryover from FY 2023–24 and reserves of about $22.9 million (158% of general fund annual expenditures). Proposed appropriations include medians ($184,000), a police message-board grant ($88,000) and $150,000 for a water-fund lead-service-line inventory.
La Palma — The City Council adopted midyear budget adjustments and a resolution amending the fiscal-year 2024–25 budget at its March 4 meeting, after staff reviewed revenue and appropriation updates.
Finance staff reported that FY 2023–24 actual revenues, transfers and expenditures produced approximately $2.7 million in excess of transfers and expenditures, and that the city maintains healthy reserves. "We have $22,900,000 in reserve...which represents 158% of your general fund annual expenditures," the presenter said, noting that figure reflects the proposed appropriations.
Revenue additions identified in the staff presentation include an $88,000 state grant for police message boards; on the expenditure side, staff proposed $184,000 for median change orders, $88,000 in matching appropriations for message boards and a $150,000 appropriation in the water fund for a federally mandated lead service line inventory. Smaller adjustments were proposed for part-time costs and background checks related to hiring.
With the adjustments, staff said the amended budget would show a projected surplus of $82,800. Council member Janaki O'Conklin moved to adopt the midyear report and resolution amending the FY 2024–25 budget; the motion passed 5–0 on roll call.
Staff will file the midyear report and implement the approved appropriations as described in the staff materials.
