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