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24-1436RESOLUTION NO. 24-1436 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE, CALIFORNIA, AMENDING THE ADOPTED ANNUAL BUDGET FOR FISCAL YEAR 2024/2025 WHEREAS, on June 21, 2023, the City of Menifee ("City") formally adopted its first two-year (biennial) budget plan identifying the projected revenues and expenditures for the upcoming two fiscal years (Fiscal Year ("FY") 2023/2024 and FY2024/2025); and WHEREAS, the biennial budget process incorporates two mid-year reviews at approximately six-month intervals to revisit and recalibrate the budget estimates and projections as necessary, as well as one mid-cycle review at the end of Year 1 during which the City Council of the City of Menifee ("City Council") receives an update on revenue and expenditure assumptions, fund balances and possible recommended adjustments to the budget; and WHEREAS, incorporated as part of the biennial budget processes are various public meetings, intended to provide the public an opportunity for engagement in the budget development process, and to provide any feedback; and WHEREAS, on May 15, 2024, the City Council reviewed the recommended FY 2024/2025 mid-cycle budget adjustments, including adjustments to the Operating Budget and Capital Improvement Program ("CIP") for the upcoming fiscal year; overall, the FY2024/2025 mid-cycle adjustments reflect some revenue and expenditure adjustments required to meet existing commitments and/or mission critical operations/projects; and WHEREAS, the City Council has reviewed the revised budget as prepared and submitted by the City Manager of the City of Menifee ("City Manager"), and as modified by the City Council, for FY2024/2025 ("Amended Annual Budget"). NOW, THEREFORE, the City Council of the City of Menifee, California, does hereby RESOLVE, DETERMINE and ORDER as follows: SECTION 1: The City Council hereby approves and adopts the Amended Annual Budget as presented herewith. SECTION 2: In connection with its approval of the Amended Annual Budget, the City Council provides the following additional authorizations, directions, and determinations: A.The operating and capital budget amounts are hereby authorized for the 2024/2025 fiscal year by fund, as listed on Exhibit A. B. From the effective date of the Amended Annual Budget, the total amount as stated therein for each fund shall be appropriated subject to expenditure pursuant to all applicable ordinances of the City and statutes of the State. C.Appropriations are approved at the fund level. The City Manager, or if designated by City Manager, the Chief Financial Officer and/or the Deputy Finance Director, may transfer appropriations between departments and within their respective funds, as long those appropriations do not exceed their fund appropriation total, unless approved by Council. D.At the close of the fiscal year, unexpended appropriations in the operating budget will be unencumbered, except as listed in sub-paragraphs E, F, and G, below.2