TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
FROM: Jeffrey Yates, Assistant City Manager
DATE: April 28, 2025
RE:
Title
Receive the FY 2025 Third Quarter Financial Report
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal V: Financially Sound City Providing Exemplary City Services
Executive Summary:
The update presented reflects the City's financial performance through the first three quarters of the fiscal year-from July 2024 through March 2025. The presentation includes a variety of financial data, offering insight into revenue trends, expenditure levels, and other critical fiscal metrics.
This quarterly update plays a vital role in maintaining transparency, promoting accountability, and supporting informed decision-making for both City Council and community stakeholders.
Background:
The City Council adopted the FY 2025 Operating and Capital Budget on June 24, 2024, with the new fiscal year beginning on July 1, 2024. Upon adoption, the budget became available for expenditure. Throughout the fiscal year, the budget is periodically revised to reflect transfers and funding adjustments. These revisions may occur through formal City Council actions-such as Budget Ordinance Amendments, Capital Project Amendments, and Special Revenue Ordinance Amendments-as well as through staff-level budget revisions authorized by the budget ordinance.
Budget Compliance and Oversight
In accordance with state statute, no expenditures may occur without an approved budget. To enforce this, the City utilizes a robust internal control process known as the "pre-audit." Through this process, the Chief Financial Officer certifies that funds are properly appropriated before any expenditure is made. Court rulings have established that any contract executed without a pre-audit certification is invalid, reinforcing the critical nature of this control mechanism.
Expenditure Monitoring and Tren...
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