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Redondo Beach reports $5.2M estimated general‑fund available balance; council approves carryovers and transfers
Summary
Finance Director Stephanie Meyer told council revenue exceeded estimates and expenditures were below budget, producing an estimated $5.2M available balance; council approved rebudgeting department carryovers and a transfer plan including harbor uplands support, leaving about $3.2M unallocated pending audit.
The Redondo Beach City Council received and filed the city’s unaudited year‑end general fund report for fiscal year 2024–25 and voted to rebudget department carryovers and expended balances.
Finance Director Stephanie Meyer told the council that revenues finished about 3.2% above budget while expenditures were about 2.3% below budget, producing an estimated available general fund balance of approximately $5.2 million (pending the final audit). Property tax remains the city’s largest single source of revenue; the city also followed its auditors’ recommendation to report transient occupancy tax (TOT) on a gross basis and book an offsetting transfer out for payments tied to Marine Avenue hotel arrangements.
Key accounting actions: Staff recommended, and council approved, limited department carryovers for one‑time items, rebudgeting donations and capital encumbrances, and setting aside roughly $2 million to support harbor uplands capital needs (with $1 million offset from the capital projects fund). After those allocations the city expects to leave about $3.2 million unallocated as a precaution for midyear adjustments and anticipated internal‑service fund pressures (including potential additional claims/litigation costs and expected changes to TOT and sales‑tax estimates).
Why it matters: City staff and the Budget & Finance Commission emphasized prudence; staff signaled an expected midyear update (scheduled for March 17) that may include revenue adjustments for TOT and sales tax and internal‑service fund needs. Staff also highlighted a one‑time $3.1 million contribution to the self‑insurance fund and transfers to capital projects recorded in 2024–25.
Council action: Councilmember Castle moved and the council unanimously adopted a resolution (CCDash2602Dash009) authorizing the rebudgeting of departmental carryovers and carryover of expended balances as of 06/30/2025.
Ending: Staff will return with audited numbers and a midyear financial update in March; council signaled support for cautious use of the remaining unallocated balance as the 2026–27 budget cycle approaches.
