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Page 3 of 13 <br />Staff reviewed all revenue sources using more up-to-date information and proposed <br />adjustments as appropriate. Proposed expenditure adjustments reflect necessary budget <br />updates and have been kept to a minimum whenever possible. <br /> <br />Exhibit A to the attached Resolution outlines the recommended adjustments to various funds <br />and their financial impacts. The discussion section of this report also summarizes the <br />recommended adjustments and their respective impacts on the budget and fund balances. <br /> <br />Staff regularly monitors expenditures, cautiously forecasts revenues, and recommends <br />addressing changes whenever appropriate to maintain a balanced budget. The Mid-Year <br />Budget report helps staff address budget variances in a timely manner. <br /> <br />DISCUSSION <br />FY 2025/26 Mid-Year Budget Update and Proposed Adjustments <br /> <br />General Fund Overview <br />As described below, staff recommends decreasing revenue and expenditure totals by $0.06 <br />million and $0.57 million, respectively, and increasing the net transfer total by $0.50 million. <br />Adjustments to the net transfer include increasing the transfer from the Capital Reserve Fund <br />by $0.50 million. The Adopted FY 2025/26 included using $1.00 million from the Section 115 <br />Pension Trust; however, with the recommended mid-year adjustments, funds from the Section <br />115 Pension Trust are no longer needed. <br /> <br />As a result of these changes, along with the use of $0.35 million in program reserves, staff <br />expects the General Fund will have a year-end revenue over expenditure net total of just over <br />$0.02 million, as shown in Table 1 below. (Table 2 includes more details.) <br /> <br />Table 1. General Fund Overview <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Page 72 of 144