Uh all these uh trees.

Let me get you guys uh time in.

Trees are an essential part of our community that provide tremendous benefit uh every single day.

They improved medal now call the budget review committee session of Thursday, May 16th, 2024 to order.

Now we please call the roll.

Council President Pro Tem Lakama, Lakava, excuse me.

Present.

Committee member Campbell here.

Committee member Whitburn.

Here.

Committee member Foster.

Committee member Von Wilbert.

Committee member Campillo.

Committee member Moreno.

Present.

Vice Chair Council President Ilo Rivera.

Present.

And Chair, Committee Member Lee.

Here.

Also attending the meeting today, Charles Mattica from the Independent Budget Analyst Office, Deputy City Attorney Brett Bartalata from the City Attorney's Office, Department of Finance Director Rolando Charvel, and Director of Policy for Mayor Todd Gloria, Matt Yagegen.

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Chair.

Thank you.

A quorum is now present as a note to the public.

We will be hearing non-agenda public comment at the end of the meeting today.

Uh so first off, we will move to commit committee members, mayoral staff, city attorney, and independent budget analyst comments.

If there are any and currently seeing none.

Thank you.

We will now take up our discussion agenda.

Uh Natalie, will you please introduce item one?

Item number one, fiscal year 2024 third quarter budget monitoring report.

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Chair.

Thank you.

We're gonna go ahead and turn this over for the first item to our city's chief financial officer, Matt Vespe.

Thank you.

Uh good afternoon, committee chair, members of the committee.

Uh my name is Matt Vespee, Chief Financial Officer.

Uh this afternoon, we're here to present the fiscal year 2024 third quarter budget monitoring report, as well as the uh May revision to the fiscal year 2025 proposed budget.

As we go through the information, uh we'll get into a pretty significant level of detail, but gonna just overview to start.

In the fiscal year 24 third quarter monitoring report, what you'll see is that our projections have uh we we are projecting excess equity, the cash remaining at the end of the current year, uh, to meet our expectations of the fiscal year 2025 proposed budget.

If you recall, uh during the mid-year budget monitoring report, we projected our revenues to be below budget and our expenditures to be over budget, and the result of that was a a pretty significant decrease in our excess equity.

Uh following the mid-year budget monitoring report, we took significant action and swift action to contain our expenditures.

Uh that included a process of executive level approval to fill positions as well as slowing non-discretionary um sorry uh discretionary uh expenditures.

All of those have resulted in an improved projection for fiscal year 2024, creating uh excess equity available that meet the uh assumptions in the proposed budget.

Uh and result is the fiscal year twenty five proposed budget remains balanced.

We also have some additional resources that we've identified uh that have allowed us to include uh some restoration of some of the proposed budget reductions in the proposed budget.

Uh we feel that those restoration of services are responsive to the conversations uh that occurred during the budget review committee hearing, and we have also provided funding to as a result of our labor negotiations with our public safety unions.