Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Reserves topic
No spam. Unsubscribe anytime.
Council approves allocation of $1.03 million in one-time excess reserves, prioritizes Beach Road
Summary
Council authorized a budget amendment to allocate $1,030,000 of FY24–25 excess reserves, including $830,000 for Beach Road stabilization, $100,000 for a BCDC shoreline cleanup, $50,000 for storm-drain/retaining-wall assessment, and $50,000 for police facility improvements.
Finance staff told the council that the city's general fund balance at the completion of the FY24–25 audit was $7,400,000 and that, under the reserve policy, $1,380,000 was identified as excess reserves available for appropriation. Helga (finance staff) presented the recommended allocation of $1,030,000 in one-time funds.
"At the completion of the fiscal year 24 25 audit... the city's general fund balance was 7,400,000," Helga said as she outlined staff recommendations. The proposed allocations included $830,000 for the Beach Road Stabilization Project (raising the city's share of that project and reducing the need for further general-fund transfers), $50,000 to advance a storm-drain and retaining-wall assessment, $100,000 to meet a BCDC-mandated shoreline cleanup on the city-owned 'strip', and $50,000 for preliminary police department facility improvements.
Council members asked clarifying questions about current critical infrastructure fund balances, how the surplus rolled forward, and whether the BCDC cleanup involved private improvements on public shoreline. Staff responded that the strip contained private improvements on public land without clear revocable licenses and that the allocations were intended to keep the city's reserve ratio above the 50% policy threshold over the five-year forecast. A motion to authorize a budget amendment to allocate the FY24–25 excess reserves carried on a voice vote.
