Temple City council receives FY 2023–24 fourth-quarter financial review, authorizes budget estimate revisions

At its regular meeting, the Temple City City Council voted unanimously to receive the fiscal year 2023–24 fourth-quarter financial review and to authorize staff to revise revenue and expenditure budget estimates as shown in staff Attachment A.

City Manager Mr Cook told the council the audited fund balance at the end of FY 2022–23 was $26.3 million and staff currently estimate the June 30, 2024 fund balance at about $29.5 million. He said the estimate includes ARPA pre‑expenditures and that the city allocated approximately $8.5 million in ARPA funding to projects such as roof and HVAC work, council chamber improvements, Live Oak Park projects and other capital items. Staff reported a slight surplus driven by revenues modestly above projections and expenditures slightly under budget, and noted that some remaining capital draws (about $1.5–2 million) will reduce reserves but leave a significant fund balance.

During the discussion council members asked for clarifications on capital-project accounting and whether planning and entitlement activity explains some increases in Public Works engineering fees. The city manager explained the timing lag between entitlement and construction activity and said staff will continue reporting conservatively on revenues and expenditures. He also reported current investment yields near 4.35% on reserves.

Mayor Chavez moved the motion to receive the report and authorize budget estimate revisions; the motion was seconded and approved by roll call with Council members Chen, Man, Sternquist, Mayor Pro Tem Vince and Mayor Chavez voting yes.

The council did not change fundamental policy in the vote; the approved action authorizes staff to adjust estimates in the budget and to continue work on authorized capital projects. Staff said they will return with further updates as projects progress.