12. MID-YEAR BUDGET UPDATE FOR FISCAL YEAR 2024-2025 This report provides the City Council with a Mid-Year Budget Review of Fiscal Year 2024-2025, which projects General Fund operating revenues to be $1.57 million higher than the adopted budget and General Fund operating expenditures to be $1.5 million higher than the amended budget. The report also projects the General Fund's reserves to be $29 million as of June 30, 2025 (or 29% of General Fund operating expenditures), excluding the Navy North Hangar Fire incident responses, which the City anticipates a full reimbursement from the Navy. The projected reserve level continues to meet the City Council's minimum reserve policy of 15%. - City of Tustin, CA

Meeting: Regular Meeting of the City Council/Closed Session-4:30 pm/Regular Meeting-6:00 pm

Meeting Time: February 18, 2025 at 6:00pm PST

Agenda Item

12. MID-YEAR BUDGET UPDATE FOR FISCAL YEAR 2024-2025 This report provides the City Council with a Mid-Year Budget Review of Fiscal Year 2024-2025, which projects General Fund operating revenues to be $1.57 million higher than the adopted budget and General Fund operating expenditures to be $1.5 million higher than the amended budget. The report also projects the General Fund's reserves to be $29 million as of June 30, 2025 (or 29% of General Fund operating expenditures), excluding the Navy North Hangar Fire incident responses, which the City anticipates a full reimbursement from the Navy. The projected reserve level continues to meet the City Council's minimum reserve policy of 15%.