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File #: 23-12760    Version: 1 Name:
Type: Public Hearings Status: Agenda Ready
File created: 10/25/2023 In control: City Council
On agenda: 6/4/2024 Final action:
Title: Subject: Consider the Recommended Operating and Capital Improvement Program Budgets for Fiscal Year (FY) 2024-25, adoption of the Operating and Capital Improvement Program Budgets for FY 2024-25, establishment of the Appropriation Limit, and related actions.
Sponsors: Kirsten Squarcia
Attachments: 1. Staff Report, 2. A – Draft Resolution – Operating Budget for Fiscal Year 2024-25, 3. B – Draft Resolution – Capital Budget for Fiscal Year 2024-25, 4. C – Draft Resolution – Appropriations Limit for Fiscal Year 2024-25, 5. D - Budget Adjustments Summary and Detail, 6. E - Appropriation Limit for Fiscal Year 2024-25, 7. F – Appropriation Limit Price and Population Factors for Fiscal Year 2024-25, 8. G – Proposed Budget Study Session Supplemental Report, 9. H - Planning Commission Adopted Resolution, 10. I - Adopted FY 2024-25 City Work Program Budget Details

Title

Subject: Consider the Recommended Operating and Capital Improvement Program Budgets for Fiscal Year (FY) 2024-25, adoption of the Operating and Capital Improvement Program Budgets for FY 2024-25, establishment of the Appropriation Limit, and related actions.

 

Recommended Action

1.                     Adopt Resolution No. 24-054 establishing an Operating Budget of $120,495,113 for FY 2024-25, which includes the following changes to the FY 2024-25 Proposed Budget, published on May 1, 2024:

a.                     Approve the operating budget of $120,392,308 outlined in the FY 2024-25 Proposed Budget.

b.                     Approve additional appropriations of $32,500 for the Community Funding Grant Program as included in Attachment D.

c.                     Approve additional appropriations of $3,905 for festival costs as included in Attachment D.

d.                     Approve additional appropriations of $2,050 for the Artist Awards program as included in Attachment D.

e.                     Approve additional appropriations of $64,350 for the animal services contract as included in Attachment D.

f.                     Approve a reduction in revenues of $21,200 due to the elimination of the proposed permit parking and crane lift fees as included in Attachment D.

g.                     Approve additional revenues of $212,614 for SB 1 as included in Attachment D.

h.                     Approve Community Funding Grants for the following organizations, allocating a total of $32,500:

i.                      AINAK: $2,750

ii. Cupertino Little League: $16,000

iii. Cupertino Symphonic Band: $3,000

iv. Rotary Club of Cupertino: $4,000

v. STEMBoost Corporation: $3,000

vi. West Valley Community Services: $3,750

2.                     Adopt Resolution No. 24-055 establishing a Capital Improvement Program Budget of $26,151,380 for FY 2024-25

3.                     Adopt Resolution No. 24-056 establishing an Appropriation Limit of $132,542,385 for FY 2024-25

Presenters: Kristina Alfaro, Director of Administrative Services and Thomas Leung, Budget Manager