CC Resolution 13128 - FY 2024 Mid-Year Financial Update and Budget Adjustments RESOLUTION NO. 13128
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING MID-YEAR BUDGET ADJUSTMENTS TO REFLECT CHANGES IN
PROJECTED REVENUES AND REQUESTED EXPENDITURE NEEDS FOR FISCAL
(FY) YEAR 2024
WHEREAS, the City Council adopted an annual budget for the operation of all
municipal departments and facilities for Fiscal Year (FY) 2024 and a capital improvement
plan (CIP) for 2024-2028 on June 20, 2023; and
WHEREAS, at the March 5, 2024 City Council meeting, staff presented a Mid-Year
Report on the City's General Fund revenues and expenditures for FY 2024 along with
necessary revenue and expenditure adjustments in other funds; and
WHEREAS, staff has reviewed and presented recommended revenue and
expenditure budget adjustments shown in Attachment C of the accompanying staff report;
and
WHEREAS, staff projects that year-end General Fund revenues for FY 2024 will
be less than budget estimates by approximately $1,360,096; and
WHEREAS, staff recommends General Fund expenditure decreases of
$1,695,676 for FY 2024; and
WHEREAS, after all mid-year adjustments, the General Fund will be fully balanced
for FY 2024; and
WHEREAS, staff requests other revenue and expenditure adjustments outside the
General Fund for FY 2024 and shown in Attachment C of the accompanying staff report;
and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Campbell
hereby authorizes Mid-Year General Fund Revenue Budget Adjustments for FY 2024
shown in Attachment C of the accompanying staff report and incorporated by reference.
PASSED AND ADOPTED this 5th day of March 2024, by the following roll call vote:
AYES: Councilmembers: Bybee, Furtado, Scozzola, Lopez, Landry
NOES: Councilmembers: None
ABSENT: Councilmembers: None
APPROVED:
AO
Susan M. Landry, Mayor
ATTEST:
ando
Andrea Sa rs, City Clerk
Reconciliation of FY 2024 Adopted Budget to FY 2024 Amended Budget
Table 1—FY2024 Budget Adjustments Approved Since July 1,2023
Adopted Adjustment Amended
Budget Budget
Adopted Revenues $69,261,824
• Encumbrance Carryover' 896,518
• RES#13077 ORT Grant 400,562
• RES#13050 Medicare Drop Donation 10,000
• RES#13034 AED Donation 8,100
• RES#13046 CCC Gas Line Repair from ARPA 290,180
Sub-Total Revenue Adjustments $1,605,360
Amended Revenues $70,867,184
Adopted Expenditures $69,110,503
• Encumbrance CarryoverM 896,518
• RES#13067 Salary Savings Reclass Plan Checker (17,000)
• RES#13077 ORT Grant 400,562
• RES#13050 Medicare Drop Donation 10,000
• RES#13046 CCC Gas Line Repair from ARPA 290,180
• RES#13082 General Fund Surplus to PD Building 512,000
Sub-Total Expenditure Adjustments $2,092,260
Amended Expenditures $71,202,764
Surplus/(Deficit) $151,321 ($335,580)
(1) Shown as both a revenue and an expenditure since it is charged against Assigned Fund Balance within the
General Fund and does not impact Unassigned Fund Balance when calculating reserve sufficiency.