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Page 1 of 15 <br />Item #16 <br /> CITY COUNCIL AGENDA REPORT <br /> <br />November 19, 2024 <br />Finance <br /> <br />TITLE: ADOPT A RESOLUTION TO ACCEPT THE FY 2023/24 YEAR-END FINANCIAL <br />AND PROGRAM DELIVERY REPORT FOR THE CAPITAL IMPROVEMENT <br />PROGRAM (CIP) <br /> <br />SUMMARY <br />This year-end report presents the unaudited results of the Fiscal Year 2023/24 Capital <br />Improvement Program (CIP). The audited information will be reflected in the City's Annual <br />Comprehensive Financial Report (ACFR) which will be presented to the City Council after the <br />City's independent auditor has issued its opinion on the ACFR and the Audit Committee has <br />reviewed it; this is expected to occur in December 2024 or January 2025. If there are any <br />differences in the financial information presented in this report and the ACFR due to the audit, <br />those changes will be highlighted at that time. <br /> <br />RECOMMENDATION <br />Adopt a resolution to accept the Fiscal Year 2023/24 year-end financial and program delivery <br />report for the Capital Improvement Program (CIP) and approve the carryforwards as included <br />in the report. <br /> <br />BACKGROUND <br />Annually, staff presents the year-end financial report for the Capital Improvement Program to <br />the City Council for approval. This year, the report has been expanded to provide more <br />information, specifically related to program delivery accomplishments. <br /> <br />The report summarizes the actual results of the financial activities and program delivery <br />updates for the CIP Budget and recognizes budget carryforwards to the following year. The <br />City's ACFR is still in progress; therefore, the financial information included in this report is <br />unaudited. The audited information will be reflected in the ACFR and will be presented to the <br />City Council once the City's independent auditor has issued its opinion on the ACFR and the <br />Audit Committee has reviewed it; this is expected to occur in December 2024 or January 2025. <br />If there are any differences in the financial information presented in this report and the ACFR <br />as a result of the audit, those changes will be highlighted at that time. <br /> <br />DISCUSSION <br />This report presents the status of the CIP Budget as of June 30, 2024. It provides a summary <br />of the actual expenditures, the amended budget which is the original budget plus any <br />amendments approved by the City Council through June 30, 2024, and the recommended <br />carryforwards from FY 2023/24 to FY 2024/25. Projects can have more than one funding <br />source, and expenditures can be cyclical or multiyear in nature, which is reflected in the <br />carryforwards. <br /> <br />It should be noted that during the development of the FY 2024/25 Capital Budget, staff <br />Page 258 of 658