TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Director of Finance
PREPARED BY: Geovanny Calvopina, Financial Analyst
SUBJECT: Fiscal Year 2023/24 First Quarter Financial Status Report
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RECOMMENDATION
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Accept the report;
Adjust the Fiscal Year 2023/24 Operating Budget as defined in the Fiscal Year 2023/24 First Quarter Proposed Budget Amendments;
Adjust the Fiscal Year 2023/24 Capital Improvement Budget as defined in the Fiscal Year 2023/24 First Quarter Proposed Budget Amendments for projects 08094,13058, and 21034; and
Authorize use of General Fund Continuing Operations Reserves, which were set aside for the four public safety labor negotiations.
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PRIOR ACTION/VOTE
On June 6, 2023, the City Council; the Board of Directors of the Murrieta Fire District (MFD), the Community Services District (CSD), the Murrieta Library District (MLD), the Housing Authority (MHA); and the City Council acting as Successor to the Redevelopment Agency (RSA) 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).
On August 15, 2023, the City Council; the Board of Directors of the MFD, the CSD, the MLD, the MHA; and the RSA, adopted a series of Resolutions (23-4699, MFD 23-221, CSD 23-278, MLB 23-18, and RSA 23-30) approving the Capital Budget for FY 2023/24 (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 adopts a biennial budget every two years, starting in odd-numbered years, with a fiscal year from July 1, to June 30. The Government Finance Officers Association (GFOA) advises that all governments implement a formal process for comparing budget to actual results to monitor financial performance. To comply with these best manag...
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