Stockton council accepts FY23-24 third-quarter budget report; authorizes carryovers

The Stockton City Council accepted the fiscal year 2023–24 third-quarter budget status update and authorized staff-recommended amendments and carryovers at its Oct. 1 meeting.

Budget officer Alza Arroyo presented the report covering fiscal activity from July 1, 2023, through March 31, 2024. She reported general fund year-to-date revenues of $188,400,000, equal to about 61.7% of the $305,500,000 budget, and a projected year-end revenue of $316,900,000. Third-quarter expenditures were $194,600,000 (about 57% of a $341,000,000 budget) with a projected year-end expenditure of $311,600,000, which staff said is roughly 8.6% under budget.

Arroyo identified major variances: increases in point-of-sale tax receipts and decreases in utility-user, business-license and property-tax projections compared to the prior quarter. She noted that capital (multi-year) expenditures typically post in the fourth quarter and that payroll vacancy savings contributed to current under-spending.

As part of the recommendations, staff asked the council to adopt one budget amendment and to authorize continuation of up to $6,800,000 in fiscal year 23–24 appropriations into fiscal year 24–25. The council approved the recommendation by a 7-0 vote.

Vice Mayor Walmsley asked whether public-works savings were staffing or project-related; staff replied they were operating budget savings. The mayor noted the item was informational and that formal adoption of the recommended resolution would implement the amendment steps described in the staff report.