Agenda Item Wording:
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Review and discuss the proposed Fiscal Year 2024/25 & 25/26 Measure N Budget and continue with the amended expenditure plan previously approved.
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Deadline for Action: 6/30/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Renee Nagel, Finance and Technology Director; Amee Swearingen, Budget Analyst
Department Recommendation:
City Council review and provide comments on the City Manager's recommended Measure N budgets for FY 2024/25 and 2025/26.
The Measure N Budget has to be adopted by June 30, 2024 to be able to spend in FY 2024/25. The City does a biannual budget and is currently in the process of preparing a two-year budget to bring forward to Council In June for adoption. In order for staff to incorporate the Measure N budget in with the rest of the City's budget, staff has prepared a recommended budget for FY 2024/25 and FY 2025/26 for Council's review. If approved, staff will then continue with the Measure N budget process as outlined in the report.
Background Discussion:
In November of 2016, the voters of Visalia passed a 1/2 cent Sales Tax Override, Measure N - The Visalia Essential City Services Measure. Sales Tax from Measure N will provide for essential city services such as police and fire, as well as maintenance of parks and roads. The measure uses a detailed, 10-year plan which includes hiring of personnel, construction of capital projects and equipment purchases.
As part of the measure, Council adopted an Accountability Ordinance (Ordinance 16-21) to establish accountability measures as outlined:
Revenues:
* 10% of budgeted revenues must be deposited in an Uncertainty Fund. Money can only be accessed during a fiscal emergency;
* 10% of budgeted revenues must be deposited into the following categories:
o 2% Youth Programs
o 8% Maintenance and Emerging Needs
Expenditures:
* Money shall not be used for debt s...
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