HomeMy WebLinkAbout19 - Fiscal Year 2025-26 Budget Adoption, Budget Public Hearing, Recommendations from the Finance Committee, and Proposed Budget Revision Items - PowerPointFY 2025-26 BUDGET ADOPTION
CITY COUNCIL
J U N E 10, 2025
9 1�
Thursday, January 23, 2025
Saturday, February 1, 2025
Tuesday, March 11, 2025
Finance Committee Meeting
Special City Council Meeting
City Council Study Session
Long -Range Financial Forecast (LRFF)
update
City Council Planning Session
Early Look at CIP Budget
Thursday, March 13, 2025 Finance Committee Meeting Overview of FY 2025-26 Revenue
Projections
Thursday, April 10, 2025 Finance Committee Meeting Proposed FY 2025-26 Expenditure Budget
Review
Thursday, May 8, 2025
Tuesday, May 27, 2025
Thursday, May 29, 2025
Tuesday, June 10, 2025
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Finance Committee Meeting
Joint City Council/Finance
Committee Study Session
Finance Committee Meeting
City Council Public Hearing
Follow-up Discussion of Proposed Budget
and Performance Metrics
FY 2025-26 Operating Budget Review
Finalize Recommendations to City Council
Adoption of FY 2025-26 Budget
2
✓ Updated comprehensive savings plans for long-term needs.
✓ Upheld the City's AAA credit rating to maintain a well -controlled expenditure framework.
✓ Maintained pension paydown strategy that is anticipated to result in eliminating the City's
pension liability in Fiscal Year 2032-33.
• $40 million per year from the baseline budget. Additionally, a $5 million payment is
recommended towards the pay down plan which is allocated at FY26 year-end.
✓ Structural General Fund budget surplus of $12.2 million
✓ On May 29t", the Finance Committee voted to recommend the City Manager's Proposed
Budget for City Council consideration as presented.
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GENERAL FUND
Expenditures
1 Police OT for Additional Enforcement at CdM during Peak Season
Budget
Increase (Decrease)
$ 91,679
2
Police Tow Related Fees for Tow Operator Reimbursements
$
100,000
3
Updated Newport Beach Fire Association NBFA MOU
$
2,178,151
4
Updated Association of Newport Beach Ocean Lifeguards ANBOL MOU
$
591,660
5
6
Junior Lifeguard Video Production Services
Expansion of the Police Mounted Program
$
$
25,412
20,000
7
Fire Department On -Call Health Screen Services
$
91,000
Total General Fund Changes:
$
IL097,9021
OTHERFUNDS
Expenditures
1 Neighborhood Enhancement Fund - Landscape Enhancement Program (261-01)
$
900,000
2
Balboa Village Parking Management Fund - Balboa Peninsula Trolley Program (25T13)
$
121,500
3
Gas Tax Fund - Bristol Street North Pavement Rehab (25R11)
$
1,388,000
4
SB1 RMRA Gas Tax Fund - Newport Blvd and Via Lido Pavement Rehab (25R12)
$
80,000
5
Tidelands Fund - Environmental Habitat Restoration - Monitoring and Maintenance (25X12)
$
200,000
6
Environmental Liability Fund - Habitat Restoration, Monitoring and Maintenance (25X12)
$
14,500
Total Expenditure Budget Changes
Revenue
1 Measure M Funding for Newport Dunes Infiltration Basin & Big Canyon Restoration Project
$
$
2,115,000
8,373,046
Total Revenue Budget Changes
Total Other Fund Changes:
$
$
8,373,046
6,258,046
Beginning Unrestricted Fund Balance -
Operating Revenues & Transfers In
Operating Expenditures & Transfers Out
Repayment of Advances
Preliminary Ending Unrestricted Fund Balance
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332,457,397
(321,498,570)
1,250,000
12,208,827
• Proposed General Fund budget is balanced.
• General Fund revenue projections continue to be strong for FY 2025-26.
• Proposed Budget includes additional funding for:
• $6.4 million of discretionary pension paydown.
• $5 million increase in transfer from General Fund to Facilities Financing
Planning Fund (FFP) for capital improvement projects.
• General Fund surplus amounts to $12.2 million.
• Thanks to careful fiscal management, the City has generated a strong
surplus, enabling additional discretionary contributions to capital
improvement projects and supporting an aggressive pension paydown plan.
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• It is recommended that the City Council conduct a public hearing
regarding the City Manager's Proposed Budget for Fiscal Year 2025-
26, and approve the recommendations outlined in the agenda report.
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