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Page 15 of 15 <br />which is focused on fiscal sustainability. Examining and reviewing actual revenues and <br />expenditures from FY 2023/24 provides staff and the City Council with additional information to <br />adjust the current fiscal year's budget, as needed, as well as refine the long-term financial <br />forecast for more informed fiscal planning. <br /> <br />FISCAL IMPACT <br />The recommendation ratifies the City Council’s actions since the last approved budget <br />adjustment in FY 2023/24; transfers $7.9 million from the General Fund to various Funds as <br />detailed in Table 2; and designates the June 30, 2024, General Fund Balances as outlined in <br />this report. The proposed unrestricted General Fund reserves will be $32.4 million, which is <br />21.1 percent of the budgeted FY 2024/25 General Fund operating expenditures, meeting the <br />target reserve level stated in the City’s Reserve Policy. When combined with restricted and <br />other committed General Fund reserves, the total General Fund reserves will be $53.9 million. <br /> <br />Prepared by: Submitted by: Approved by: <br /> <br />Chris Yi, Financial Services <br />Manager <br />Susan Hsieh, Director of Finance <br /> <br />Gerry Beaudin, City <br />Manager <br /> <br />Attachments: <br />1. Resolution - FY 2024 Year-End Operating Report <br />2. Exhibit A - FY 2024 Estimated Changes in Fund Balance <br />3. FY24 Year-End Operating Report Presentation <br /> <br />Page 244 of 658