The URL can be used to link to this page

2024-06-04 CC Agenda Packet - ITEM C10 - Budget Public HearingCITY OF ELSEGUNDO Public Hearing &Adoption of the Proposed Fiscal Year 2024-25 Annual Operating & CIP Budget June 4, 2024 Changes from 2nd Budget Study Session to Budget Adoption 1. Re -incorporated proposed frozen personnel F/T positions: Human Resources Analyst Two (2) Police Officers Facilities Systems Mechanic (Public Works) Engineering Technician (Public Works) Inspector (Public Works) Aquatics Manager (Recreation, Parks, and Library) 2. Approval of Firefighters Association MOU (May 21, 2024 CC Meeting) ELSEGUNi 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 2 1 General Fund $88,295,510 53.8% $93,034,263 56.3% 2 Water Fund 36.850,000 22.5% 34,630,327 20.9% 3 Transportation Funds 2,229,935 1.4% 2,604,345 1.6% 4 Debt Service POBs 9,497,716 5.8% 9,500,324 5.7% 5 Nastewater Fund 5,200,000 3.2% 5,742,073 3.5% 6 3eneral Fund CIP 8,432,500 5.1% 1.4% 5,160,732 3.1% 7 Equipment Replacement Fund 2,261,969 1,686,456 1.0% 8 Norkers Compensation Fund 3.235,881 2.0% 3,542,207 2.1 % 9 General Liability Fund 3,115,000 1.9% 3,105,000 1.9% 10 Dev. Services Trust 270,000 0.2% 270,000 0.2% 11 Public Safety Special Rev, 1,056,120 0.6% 2,326,200 1.4% 12 Other Special Rev, 935,811 0.6% 977,363 0.6% 13 Rec & Econ Dev Trust Funds 1,050,000 0.6% 1,124,250 0.7% 14 Cultural Dev. Trust Fund 500,000 0.3% 250,000 0.2% 15 Debt Service Fund 367,200 0.2% 35,000 0.0% 16 Solid Waste Fund 600,000 0.4% 300,000 0.2% 17 SeniorHousing Fund 203.099 0.1% 1,038,771 0.6% 0.0% 18 Golf Fund 0 0.0% 0 19 Economic Uncertainty 0 0.0% 0 0.0% 1 ISales & Use Tax $14,750,000 $11,133,191 13,918,801 9 9 $15,487,500 14,000,000 $15,487,500 0 0.0% 2 (Business 3 License Transient Occupancy Tax 14,300,000 14,000,000 0 0.0% 12,750,000 10,413,213 9 13,387,500 13,387,500 0 0.0% 4 Property Tax 12,539,805 10,378,665 9 13,129,176 13,391,759 262,584 2.0% 5 Chevron Tax Reso Agreement 5,500,000 3,476,513 10 5,500,000 5,500.000 0 0.0% 6 Utility User Tax (UUT) 10,634,000 9,199,810 9 11,165,700 11,165,700 0 0.0% 7 Charges for Services 4,952,040 3,876,852 10 5,150,122 5,150,122 0 0.0% 8 Transfers In 50,000 50,000 12 36,000 36,000 0 0.0% 9 Franchise Tax 4,200,000 1,615,333 9 4,536,000 4,536,000 0 0.0% 10 Other Revenues 3,112,944 3,179,296 10 3,379,296 3,379,296 0 0.0% 11 Intergovernmental 130,000 190,604 10 200,000 200,000 0 0.0% 12 License & Permits 2,182,000 2,037,445 9 2,282,372 2,582,372 300,000 13.1% 13 Interest & Rental Income 2,867,620 2,197,496 9 3,871,287 3,871,287 0 0.0% 14 Fines & Forfeitures 327,101 281,033 9 346,727 346,727 0 0.0% 1 eneral Fund $95,281,277 $97,472,672 $2,191,395 2.3% 2 ater Fund 39.315,822 39,315,822 0 0.0% 3 Transportation Funds 3,957,036 3,957,036 0 0.0% 4 Debt Service POBs 9,500,314 9,500,314 0 0.0% 5 Wastewater Fund 7,837,440 7,837,440 0 0.0% 0.0% 6 General Fund/Special Revenue CIP 30,112,501 30,112,501 0 7 Equip. Replcmt. Fund 9,674,613 I 9,674,613 0 0.0% 8 Norkers Comp. Fund 3,418,321 3,418,321 0 0.0% 9 Seneral Liability Fund 3,769,563 3,769,563 0 0.0% 10 Dev. Services Trust 800,000 800.000 0 0.0% 11 Public Safety Spcl. Rev. 2,541,360 2,541,360 0 0.0% 12 Dther Special Rev. 1,253,035 1,253,035 0 0.0% 13 Rec & Econ Dev Trust 136,000 136,000 0 0.0% 14 7,ultural Dev. Trust Fund 272,604 272,604 0 0.0% 15 Debt Service Fund 542,851 542,851 0 0.0% 16 3olid Waste Fund 330,000 330,000 0 0.0% 0.0% 17 3enior Housing Fund 16,295 16,295 0 18 3olf Fund 0 0 0 0.0% 19 conomic Uncertainty 0 0 0 0.0% 5/30/2024 Proposed FY 2024-25 General Fund General Fund Revenues $93, 034, 263 General Fund Expenditures $97,472,672 City of El Segundo 1 350 Main St. El Segundo, CA 90245 7 1i1„,1 GUtf Proposed FY 2024-25 Appropriations (General Fund) -Detail • Transfers Out = $14,996,546 ➢ Debt Service Fund (POB Payments): $9,500,314 ➢ GF CIP Fund: $4,996,232 ➢ Solid Waste Fund: $330,000 ➢ Senior Housing Fund: $200,000 ELSEGUNi 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 8 Description Adopted $27,919,350 Estimated Beginning Unassigned Fund Balance on July 1, 2024 Proposed FY 2024-25 Revenues 93,034,263 Proposed FY 2024-25 Appropriations (excludes General Fund CIP) (92,476,440) Estimated Ending Fund Balance (June 30, 2025) 28,477,173 25% Reserve Requirement (based on proposed recurring appropriations) 23,119,110 Estimated Ending Unassigned Fund Balance after meeting 25% reserve $5,3589063 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 Proposed FY 2024-25 Unassigned Fund Balance Reserves is Recommended use of $5,358,063 ➢ $4,996,232 for Proposed GF CIP projects ➢ $361,831 (approx.) remaining reserves /surplus ELSEGUN 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 10 10-Year Proposed- Revised General Fund Financial Forecast General Fund Ten -Year Projection $140, 000,000 $ 35,000,000 $120,000,000 $ 30,000,000 $100,000,000 $25,000,000 $ 80, 000,000 $ 20,000,000 $60,000,000 $15,000,000 $40,000,000 510,000,000 $20,000,000 $5,000,000 $0 $0 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 � Revenues � Appropriations Fund Balance 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 11 Proposed FY 2024-25 Reserves • General Fund Reserve: 25% ($23.1 M) • Economic Uncertainty Reserve: 2M • OPEB Reserve: $33.41VI • Pension Trust Reserve: $5.81VI • General Fund CIP Reserve: 400k 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 12 ELSEGUN Proposed -Revised FY 2024-25 CIP Projects for All Funds • Carryover projects in progress or about to begin = $24,10349150 • New Projects = $15,1379732 • $3,250,000 Proposed Transportation Funds Appropriations • $5,500,000 Proposed Enterprise Funds Appropriations • $ 991,500 Proposed Special Revenue Funds Appropriations • $ 400,000 Proposed Stormwater Fund Appropriations • $4,996,232 Proposed General Fund Appropriations $39,171,882 (Total) ELsEGUNi 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 13 Proposed -Revised FY 2024-25 General Fund CIP • (#25) $ 21,232 • (#27) $ 100,000 • (#29) $ 250,000 • (#32) $ 100,000 • (#35) $ 80,000 • (#36) $ 100,000 • (#37) $ 100,000 • (#38) $ 130,000 • (#39) $ 50,000 • (#45) $ 4,000,000 • (#51) $ 65,000 $4,996,232 Library Southwall Waterproofing EV Charging Station HVAC (Citywide) Main Street Banner Poles Replacement Fire Alarm Panels (Citywide) Citywide Misc. Repair Plumbing (Citywide) Miscellaneous Electrical (Citywide) Miscellaneous Equipment (Citywide) Recreation Park Projects Phase I Reserve Downtown Beautification (Total) ELSEGUNi 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 14 Proposed FY 2024-25 Budget Wrap -Up Recommended Actions: Adopt resolution approving the proposed FY 2024-2025 Citywide operating budget, capital improvement program budget, various financial policies, and Gann appropriations limit. 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 15 ELSEGUNi Questions ELSEGUNi 5/30/2024 City of El Segundo 1 350 Main St. El Segundo, CA 90245 16