COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Jill Olsen, Administrative Services Director
SUBJECT:Title
Discussion and Action: Resolution No. 25-3843 Adopting a Tentative Budget for Fiscal Year 2025-26 (Jill Olsen)
Body
FUNDING SOURCE:
Various Departments and Funds
PURPOSE:
To consider adoption of a resolution adopting the Fiscal Year 2025-26 Tentative Budget as reflected on the attached State budget forms.
BACKGROUND:
Budget work sessions were held with City Council on April 10 and May 15, 2025, to review the proposed Fiscal Year (FY) 2025-26 budget.
No changes were made after the May 15, 2025, work session.
The Tentative Budget was prepared with an estimated expenditure total of $277,326,640. The revenues include all resources available in all funds, including some carryforward amounts included for operating and Capital Improvement Plan items that will not be complete by June 30, 2025.
Attached for Council adoption are the Fiscal Year 2025-26 state budget forms for the Tentative Budget. Once the Tentative Budget is adopted, the expenditures may not be increased upon final adoption; however, they may be decreased.
If Council adopts the tentative budget at this meeting, the budget forms will be published on or about June 10 and June 17, 2025. A public hearing and special meeting will be held on June 24, 2025, for the Truth in Taxation requirements and to adopt the final budget. Council is scheduled to adopt the property tax levy at the Council meeting on July 8, 2025.
COMMUNITY IMPACT:
The budget is developed as a spending plan for outlining priorities and providing services to the community.
FISCAL IMPACT:
Projected expenditures of $277,326,640 which sets the maximum allowed for the FY 2025-26 budget.
ATTACHMENTS:
Resolution No. 25-3843
Official Budget Forms-Fiscal Year 2025-26 Tentative Budget (Schedules A-G)
General Fund Five-Year Forecast
Tentative Budget Adoption Presentation FY25-26
SUGGESTED MOTION:Recommended Action
I move to adopt Resolution No. 25-3843 adopting the Fiscal Year 2025-26 Tentative Budget.