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The San Ramon City Council is set to resume discussions on the city’s financial outlook and proposed budget for the upcoming fiscal year on Tuesday, along with a draft capital improvement program update for the next five years and an audit report of the city’s finances during the 2022-23 fiscal year.
City staff and councilmembers are set to continue considering how to proceed with the budget process for the 2024-25 fiscal year amid a projected $14.1 million deficit projected in the upcoming year that was discovered by city staff in the early stages of budgeting and came to the council at their April 23 meeting.
At their last meeting on the topic, the council reluctantly approved a proposed $8.1 million in budget cuts for the upcoming year aimed at addressing the deficit, as well as restoring funding for a number of areas.
In the upcoming meeting, the council will also discuss an audit report of spending over the 2022-23 fiscal year, with the annual third-party review conducted by consultants from Maze & Associates.Â
According to the report, funds available for expenses for the fiscal year ending in June 2023 were $2.9 million above what was projected in that year’s budget, thanks in large part to an increase in property and sales taxes that came in at $2.7 million above budget. In addition, expenses were below budget by $2.4 million, thanks in large part to $1.6 million in allocated funds for vacant positions.
While transfers out of the city’s General Fund amounted to $6.5 million more than funds that were transferred in, the fund ultimately increased by $2.5 million by the end of the year due to revenue exceeding expenditures by $9 million. Overall, the general fund and the Dougherty Valley fund increased by $3.9 million compared with the 2021-22 fiscal year, with reserve funding at 45% or $26.3 million at the end of 2022-23.
City staff will also seek input from the council on a draft capital improvement program for 2024 to 2029, with 78 projects total included in the plan, nine of which are set to be new ones kicking off this year. The first year of funding is included in a draft capital budget for 2024, amounting to $11,859,662 in total expenses for the upcoming fiscal year and more than $73 million proposed in spending on capital projects over the course of five years.
The San Ramon City Council is set to meet at 7 p.m. on Tuesday (May 28). The agenda is available here.
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