TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Jennifer Terry, Finance Manager
SUBJECT:
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Fiscal Year 2024/25 Third Quarter Financial Status Report and Proposed Budget Adjustments
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RECOMMENDATION
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Receive and file the report;
Approve the adjustments to the Fiscal Year 2024/25 Operating Budget as referenced in the Fiscal Impact section of this report;
Approve the use of Sustainability Reserves and establish appropriations for previously approved Capital Improvement Projects; and
Approve the Updated Schedule of Authorized Positions List.
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PRIOR ACTION/VOTE
On June 6, 2023, the City Council, the Boards of Directors of the Murrieta Fire District, the Community Services District, the Murrieta Library District, the Housing Authority, and the City Council acting as Successor to the Redevelopment Agency, adopted a series of Resolutions (23-4671, MFD 23-219, CSD 23-276, MLB 23-17, RSA 23-29, and MHA 23-43) approving the Operating Budgets for Fiscal Years FY 2023/24 and 2024/25 (Vote: 4-0-1).
Subsequently, the City Council, the Boards of Directors of the MFD, CSD, MLD, SA, and the HA approved amendments to the Fiscal Year 2024/25 Operating Budget on August 20, 2024, November 19, 2024, December 3, 2024, and March 4, 2025 (Vote: 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
The City of Murrieta (City) adopts a biennial budget every two years, starting in odd-numbered years. The budget period runs from July 1 to June 30. The Government Finance Officers Association (GFOA) recommends that all governments implement a formal process to compare the budget to actual results to monitor financial performance. To comply with these best practices, staff prepares quarterly budget reports for the City Council to review and consider. These reports ensure tr...
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