Final 2024-25 fiscal budget also reviewed, final review slated for next meeting on June 25
The Folsom City Council received an in-depth third quarter financial report for Fiscal Year 2023-24 during Tuesday’s meeting. The presentation covered the city’s General Fund, Housing Special Revenue Fund, major enterprise operating funds, and the Risk Management Internal Service Fund, offering detailed insights into revenue, expenditure trends, and year-end projections.
General Fund Performance
The unaudited financial position through the third quarter revealed a projected year-end General Fund revenue of $114.51 million and expenditures of $113.86 million. This results in a $643,000 increase in the unassigned fund balance, which will reach $23.79 million, though the percentage of expenditures will slightly decrease from 21.36% to 20.89%.
General Fund operating revenues reached $63.3 million, marking a 1.6% increase from the previous year. Property tax revenues saw a significant 9.01% increase, while sales tax revenues dropped by 7.4%, attributed to declines in general retail, construction, and transportation sectors. Other notable revenue sources, such as Transient Occupancy Tax and Charges for Services, showed positive trends.
Expenditures Overview
General Fund expenditures increased by 3.9% compared to the previous year, totaling $34.3 million through the third quarter. Departmental expenditures varied, with the Parks & Recreation and Community Development departments exceeding their budgets due to increased utility costs, supply costs, and contracted services. Overall, expenditures are projected to be $113.86 million, slightly over budget by 2.81%.
Enterprise Funds Highlights
The city’s Water Fund is expected to end the year with $19.99 million in program revenues and $17.2 million in operating expenses, resulting in a working capital of $23.66 million. The Wastewater Fund will see revenues of $13.06 million and expenses of $6.29 million, ending with a working capital of $17.58 million. The Solid Waste Fund is projected to generate $27.58 million in revenues with $18.87 million in expenses, concluding the year with $14.05 million in working capital.
Other Financial Highlights
The City Housing Fund held a cash balance of $16.49 million as of March 31, 2024. The Risk Management Internal Service Fund, responsible for employee and retiree insurance expenses, projected total expenditures of $21.01 million, marking a $1.21 million increase from the previous year, primarily in health and liability insurance costs.
The financial report is presented to underscore the city’s fiscal health, highlighting areas of growth and potential challenges as it navigates into the final quarter of the fiscal year. To read the entire report in full detail, CLICK HERE.
2024-2025 Budget discussions to finalize June 25
The third quarter report wasn’t the only topic on finances as Tuesday night’s meeting. One of the key agenda items was the review and potential of the approved and accepted budget of the the 2024-2025 fiscal year budget for the City of Folsom. After lengthy deliberation Tuesday night and a small selection of changes and adjustments, council members will do a final review and discussion of the proposed budget with corrections at it’s June 25 regular meeting, which is prior to the deadline of budget approval which is June 28.
