Agenda Item Wording:
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Public Hearing and adoption of the City of Visalia 2024/25 and 2025/26 multi-year budget. Resolution 2024-26.
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Deadline for Action: 6/30/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Renee Nagel - Finance & Technology Director (559) 713-4375, Amee Swearingen - Budget Analyst (559) 713-4170
Department Recommendation:
That the City Council take the following actions:
* Continue review and discussion of the proposed budget;
* Conduct a required public hearing to receive citizen input; and
* Approve the City Fiscal Year 2024/25 and 2025/26 Budget. Specific items may be requested for separate approval.
Background Discussion:
The City Council has spent the last several months reviewing the Capital Budget and Measure N. Last meeting the operating budget and the budget, as a whole, was presented to Council. Questions not addressed at the June 3rd meeting are addressed at the end of this report.
Staff recommends that the Council adopt a budget by June 30 to comply with the Charter requirements. The charter requires a budget appropriation for all expenditures. However, if Council desires further discussion of the budget, the June 17th public hearing could be continued to a special meeting which would need to be held before June 30th.
Finally, the Visalia Charter states that at any regularly scheduled meeting the City Council may make changes to the adopted budget. That being the case, Council has the ability to reshape the budget as it sees fit throughout the year. As staff often mentions, the budget is a living, breathing document, because fiscal circumstances change constantly and circumstances can dictate that changes to the budget must be made along the way.
The total budget for FY 2024/25 is $295.4 million and FY 2025/26 is $329.9 million as shown in Table 1- Proposed Appropriation.
Table 1
Proposed Appropriati...
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