HomeMy WebLinkAboutStaff Report 2405-3104CITY OF PALO ALTO
Finance Committee
Regular Meeting
Tuesday, June 04, 2024
Agenda Item
4.Continue Discussion on the Fiscal Year (FY) 2025 Budget Wrap-Up and Recommended FY
2025 Budget including the FY 2025 Municipal Fee Schedule for City Council Adoption
New Item Added, Presentation
Finance Committee
Staff Report
Report Type: ACTION ITEMS
Lead Department: Administrative Services
Meeting Date: June 4, 2024
Report #:2405-3104
TITLE
Continue Discussion on the Fiscal Year (FY) 2025 Budget Wrap-Up and Recommended FY 2025
Budget including the FY 2025 Municipal Fee Schedule for City Council Adoption
RECOMMENDATION
This item allows for the Finance Committee to continue its discussion from their May 21, 2024
“Discussion on the Fiscal Year (FY) 2025 Budget Wrap-Up and Recommended FY 2025 Budget
including the FY 2025 Municipal Fee Schedule for City Council Adoption” and any further
recommended revisions to the FY 2025 Proposed Budget for City Council Adoption scheduled
June 17, 2024.
The May 21, 2024 Finance Committee Agenda and materials can be found here:
https://cityofpaloalto.primegov.com/Portal/Meeting?meetingTemplateId=14280
ENVIRONMENTAL REVIEW
This is not a project under Section 21065 for purposes of the California Environmental Quality
Act (CEQA).
APPROVED BY:
Lauren Lai, Administrative Services Director
June 4, 2024 www.cityofpaloalto.org/budget
FY 2025 Proposed Budget
Continue Budget Wrap Up
Finance Committee
Item #4
1
www.cityofpaloalto.org/budget
•Option: Reduce Real Property Investment Reserve from
$2.5 million to $1.0 million annually
•Option (offset):
•Reduce Gas Tax Equity Transfer (i.e. from $2 million to $1 million)
•Reduce use of Uncertainty Reserve and/or Budget Stabilization
Reserve
•Increase appropriations (spending)
•Combination of the above
FINANCE COMMITTEE WRAP-UP OUTLINE
2