Stockton reports $37 million variance in FY23-24; council allocates $23.2 million to priority projects

Emailed Arroyo, the city's budget officer, presented Stockton's fourth-quarter FY2023-24 budget status, describing preliminary, unaudited numbers and recommending budget amendments and allocations.

Arroyo reported approved general-fund revenues of $305,400,000 and year-end actual revenues of $325,600,000, with actual expenditures of $335,300,000. She said the net position was negative $9,700,000 but that combined revenue and expenditure variances produced a $37,040,000 variance from the adopted budget. The presentation attributed much of the revenue uptick to investment proceeds, program revenues and higher business-license collections.

Staff recommended programming $13,800,000 to reserves and $23,200,000 for council priority projects. The staff-recommended priority allocations included $11,700,000 toward completing the new city hall, $125,000 for the Stockton YES program, $100,000 for a classification-and-compensation study, $1,000,000 for West Lakes Fire Station landscaping/blight mitigation, $2,000,000 to the redevelopment fund, $2,800,000 for a satellite animal shelter and veterinary clinic facility, $2,500,000 for Banner Island Ballpark renovations (MLB-required), and $3,000,000 in general council priority funds. Staff also recommended the addition of one full-time fire prevention inspector (effective Jan. 1, 2025) funded within the fire prevention development services fund.

Council approved the recommended status report and budget amendments by roll call vote 7-0. Staff noted that numbers are preliminary and unaudited and that some appropriations will carry forward to FY24-25 for projects that did not fully spend their budgets.