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Home My WebLink AboutRES 23-7369 (BUDGET ADOPTION 2023-24) Page 1 of 1 RES NO. 23-7369 CITY OF HERMOSA BEACH RESOLUTION NO. 23-7369 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH, CALIFORNIA ADOPTING THE BUDGET FOR THE FISCAL YEAR 2023–24 WHEREAS, a budget for the fiscal year 2023–24 has been prepared by the City Manager, and; WHEREAS, said budget incorporates expenditures for operating purposes, capital outlay and capital improvement projects, and; WHEREAS, said final budget will include the appropriations limit and total annual appropriations subject to limitation as required by Section 37200 of the Government Code, and; WHEREAS, the City Council has examined said budget and, after due deliberation and consideration, has made such amendments to the budget as it deems advisable. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That the City Council does hereby approve and adopt the revised budget for the 2023–24 Fiscal Year as presented in the documents entitled “City of Hermosa Beach Budget Summary 2023–24”, and attached as “Exhibit A.” SECTION 2. This Resolution shall take effect immediately. The City Clerk shall certify to the passage and adoption of this Resolution; shall enter the same in the book of original Resolutions; and shall make a minute of the passage and adoption thereof in the records of the proceedings of the City Council meeting at which the same is passed and adopted. PASSED, APPROVED and ADOPTED on this 13th day, June 2023. Mayor Raymond A. Jackson PRESIDENT of the City Council and MAYOR of the City of Hermosa Beach, CA ATTEST: APPROVED AS TO FORM: ________________________________ ________________________________ Myra Maravilla, MPA, CMC Patrick Donegan, City Clerk City Attorney DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Major Fund Special Revenue Funds LIGHTING GENERAL LANDSCAPING STATE GAS FUND FUND TAX FUND 001 105 115 ESTIMATED REVENUE Taxes $38,301,815 $457,649 $0 Licenses/Permits $1,238,386 $0 $0 Fines/Forfeitures $1,747,450 $0 $0 Use of Money/Property $1,381,583 $4,347 $29,255 Intergovernmental/State $106,199 $0 $1,049,690 Intergovernmental/County $0 $0 $0 Intergovernmental/Federal $0 $0 $0 Current Service Charges $9,274,197 $0 $0 Other Revenue $68,621 $0 $0 TOTAL ESTIMATED REVENUE $52,118,251 $461,996 $1,078,945 INTERFUND TRANSFERS IN $1,727,688 $468,524 $0 ESTIMATED FUNDS AVAILABLE $53,845,939 $930,520 $1,078,945 FUND BALANCE 7/1/23 $15,543,370 $30,329 $1,309,457 TOTAL FUNDS AVAILABLE $69,389,309 $960,849 $2,388,402 APPROPRIATIONS Operating Budget $49,895,086 $949,795 $50,000 Capital Outlay $58,725 $0 $0 Capital Improvements- PY $300,000 $0 $1,134,511 Capital Improvements $0 $0 840,000 TOTAL APPROPRIATIONS $50,253,811 $949,795 $2,024,511 INTERFUND TRANSFERS OUT $4,436,047 $11,054 $357,865 TOTAL APPROPRIATIONS/TRANSFERS OUT $54,689,858 $960,849 $2,382,376 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $14,699,451 (a)$0 $6,026 (a) CLASSIFICATIONS OF FUND BALANCE: Restricted Previous Balance Current Balance General Plan Maintenance Fee $0 $85,000 PEG Fees, Cable Franchise $145,593 $204,414 CASp Fees $57,613 $66,700 Marquee Donation $50,000 $50,000 Committed In Lieu Fee/ Parking Facility $462,400 $462,400 Assigned Contingencies $7,588,784 $9,979,017 Reserve for FEMA Claims $0 $1,030,568 20-21 Year End Balance $18,460 $0 21-22 Year End Balance $3,835,617 $0 Retirement Rate Stabilization $1,021,575 $1,021,575 Retirement Trust $829,060 $829,060 Compensated Absences $294,170 $294,170 2018-19 Prop A Fund Exchange- Engineer Funding $190,321 $58,546 21-22 Prop A Fund Exchange- Engineer $259,777 $128,001 22-23 Prop A Fund Exchange $490,000 $490,000 CIP Carry Forward $300,000 $0 $15,543,370 $14,699,451 Available Fund Balance 6/30/24 $0 $0 $6,026 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 1 Exhibit ADocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Special Revenue Funds PROP A AB 939 OPEN SPACE TYCO FUND FUND FUND 117 121 122 ESTIMATED REVENUE Taxes $0 $0 $0 Licenses/Permits $0 $0 $0 Fines/Forfeitures $0 $0 $0 Use of Money/Property $9,310 $0 $427,886 Intergovernmental/State $0 $0 $0 Intergovernmental/County $0 $96,123 $0 Intergovernmental/Federal $0 $0 $0 Current Service Charges $64,000 $0 $0 Other Revenue $0 $0 $0 TOTAL ESTIMATED REVENUE $73,310 $96,123 $427,886 INTERFUND TRANSFERS IN $0 $0 $0 ESTIMATED FUNDS AVAILABLE $73,310 $96,123 $427,886 FUND BALANCE 7/1/23 $298,722 $0 $2,298,999 TOTAL FUNDS AVAILABLE $372,032 $96,123 $2,726,885 APPROPRIATIONS Operating Budget $138,526 $0 $0 Capital Outlay $0 $0 $0 Capital Improvements- PY $0 $0 $2,494,273 Capital Improvements $0 $0 $227,200 TOTAL APPROPRIATIONS $138,526 $0 $2,721,473 INTERFUND TRANSFERS OUT $0 $44,963 $0 TOTAL APPROPRIATIONS/TRANSFERS OUT $138,526 $44,963 $2,721,473 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $233,506 $51,160 $5,412 Available Fund Balance 6/30/24 $233,506 $51,160 $5,412 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 2 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Special Revenue Funds PARK/BAYVIEW DRIVE RECREATION DISTRICT ADMIN FACILITY TAX EXPENSE FUND FUND 125 135 ESTIMATED REVENUE Taxes $0 $0 Licenses/Permits $0 $0 Fines/Forfeitures $0 $0 Use of Money/Property $12,700 $226 Intergovernmental/State $0 $0 Intergovernmental/County $0 $0 Intergovernmental/Federal $0 $0 Current Service Charges $0 $0 Other Revenue $60,966 $5,000 TOTAL ESTIMATED REVENUE $73,666 $5,226 INTERFUND TRANSFERS IN $0 $0 ESTIMATED FUNDS AVAILABLE $73,666 $5,226 FUND BALANCE 7/1/23 $352,697 $5,700 TOTAL FUNDS AVAILABLE $426,363 $10,926 APPROPRIATIONS Operating Budget $0 $1,900 Capital Outlay $0 $0 Capital Improvements- PY $183,361 $0 Capital Improvements $240,000 $0 TOTAL APPROPRIATIONS $423,361 $1,900 INTERFUND TRANSFERS OUT $0 $3,000 TOTAL APPROPRIATIONS/TRANSFERS OUT $423,361 $4,900 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $3,002 $6,026 Available Fund Balance 6/30/24 $3,002 $6,026 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 3 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Special Revenue Funds BEACH DRIVE DISTRICT ADMINISTRATIVE COMMUNITY / DEV PROPOSITION PROPOSITION EXPENSE BLOCK GRANT A C FUND FUND FUND 139 140 145 146 ESTIMATED REVENUE Taxes $0 $0 $554,063 $459,580 Licenses/Permits $0 $0 $0 $0 Fines/Forfeitures $0 $0 $0 $0 Use of Money/Property $168 $0 $20,309 $64,869 Intergovernmental/State $0 $0 $0 $0 Intergovernmental/County $0 $0 $0 $0 Intergovernmental/Federal $0 $366,406 $0 $0 Current Service Charges $0 $0 $732 $0 Other Revenue $4,000 $0 $0 $0 TOTAL ESTIMATED REVENUE $4,168 $366,406 $575,104 $524,449 INTERFUND TRANSFERS IN $0 $0 $0 $0 ESTIMATED FUNDS AVAILABLE $4,168 $366,406 $575,104 $524,449 FUND BALANCE 7/1/23 $3,989 $3,192 $68,079 $1,633,248 TOTAL FUNDS AVAILABLE $8,157 $369,598 $643,183 $2,157,697 APPROPRIATIONS Operating Budget $1,500 $0 $177,857 $300,000 Capital Outlay $0 $0 $0 $0 Capital Improvements- PY $0 $233,089 $0 $1,487,678 Capital Improvements $0 $133,317 $0 $200,000 TOTAL APPROPRIATIONS $1,500 $366,406 $177,857 $1,987,678 INTERFUND TRANSFERS OUT $2,500 $0 $0 $0 TOTAL APPROPRIATIONS/TRANSFERS OUT $4,000 $366,406 $177,857 $1,987,678 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $4,157 $3,192 $465,326 $170,019 Available Fund Balance 6/30/24 $4,157 $3,192 $465,326 $170,019 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 4 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Special Revenue Funds MEASURE R MEASURE M MEASURE W GRANT FUND FUND FUND FUND 147 148 149 150 ESTIMATED REVENUE Taxes $344,685 $390,643 $157,832 $0 Licenses/Permits $0 $0 $0 $0 Fines/Forfeitures $0 $0 $0 $0 Use of Money/Property $14,237 $29,103 $8,254 $636,865 Intergovernmental/State $0 $0 $0 $0 Intergovernmental/County $0 $0 $0 $0 Intergovernmental/Federal $0 $0 $0 $0 Current Service Charges $0 $0 $0 $0 Other Revenue $0 $0 $0 $0 TOTAL ESTIMATED REVENUE $358,922 $419,746 $166,086 $636,865 INTERFUND TRANSFERS IN $0 $0 $0 $0 ESTIMATED FUNDS AVAILABLE $358,922 $419,746 $166,086 $636,865 FUND BALANCE 7/1/23 $627,357 $1,070,979 $335,262 $2,770,933 TOTAL FUNDS AVAILABLE $986,279 $1,490,725 $501,348 $3,407,798 APPROPRIATIONS Operating Budget $0 $0 $0 $50,675 Capital Outlay $0 $0 $0 $0 Capital Improvements- PY $595,345 $678,750 $308,110 $3,162,300 Capital Improvements $300,000 $690,000 $167,000 $189,849 TOTAL APPROPRIATIONS $895,345 $1,368,750 $475,110 $3,402,824 INTERFUND TRANSFERS OUT $0 $0 $0 $0 TOTAL APPROPRIATIONS/TRANSFERS OUT $895,345 $1,368,750 $475,110 $3,402,824 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $90,934 $121,975 $26,238 $4,974 Available Fund Balance 6/30/24 $90,934 $121,975 $26,238 $4,974 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 5 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Special Revenue Funds SUPPLEMENTAL AIR QUALITY LAW ENFORCEMENT AMERICAN RESCUE IMPROVEMENT SERVICES FEMA CARES ACT PLAN ACT FUND FUND FUND FUND FUND 152 153 157 158 159 ESTIMATED REVENUE Taxes $0 $128,805 $0 $0 $0 Licenses/Permits $0 $0 $0 $0 $0 Fines/Forfeitures $0 $0 $0 $0 $0 Use of Money/Property $3,507 $16,079 $0 $0 $0 Intergovernmental/State $25,000 $0 $0 $0 $0 Intergovernmental/County $0 $0 $0 $0 $0 Intergovernmental/Federal $0 $0 $0 $0 $0 Current Service Charges $0 $0 $0 $0 $0 Other Revenue $0 $0 $0 $0 $0 TOTAL ESTIMATED REVENUE $28,507 $144,884 $0 $0 $0 INTERFUND TRANSFERS IN $0 $0 $0 $0 $0 ESTIMATED FUNDS AVAILABLE $28,507 $144,884 $0 $0 $0 FUND BALANCE 7/1/23 $128,051 $485,706 ($ (1,030,568) $310,537 $997,769 TOTAL FUNDS AVAILABLE $156,558 $630,590 ($ (1,030,568) $310,537 $997,769 APPROPRIATIONS Operating Budget $10,000 $128,090 $0 $0 $0 Capital Outlay $0 $61,000 $0 $0 $0 Capital Improvements- PY $0 0 $0 $0 $0 Capital Improvements $0 0 $0 $0 $0 TOTAL APPROPRIATIONS $10,000 $189,090 $0 $0 $0 INTERFUND TRANSFERS OUT $0 $0 $0 $310,537 $997,769 TOTAL APPROPRIATIONS/TRANSFERS OUT $10,000 $189,090 $0 $310,537 $997,769 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $146,558 $441,500 ($ (1,030,568) $0 $0 Available Fund Balance 6/30/24 $146,558 $441,500 ($ (1,030,568) $0 $0 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 6 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Special Revenue Funds ASSET SEIZURE/ SEWER STORM DRAIN FORFEITURE FUND FUND FUND 160 161 170 ESTIMATED REVENUE Taxes $0 $0 $0 Licenses/Permits $0 $0 $0 Fines/Forfeitures $0 $0 $0 Use of Money/Property $123,006 $93,191 $24,337 Intergovernmental/State $0 $0 $0 Intergovernmental/County $8,000 $0 $0 Intergovernmental/Federal $0 $0 $0 Current Service Charges $1,196,842 $0 $0 Other Revenue $0 $0 $0 TOTAL ESTIMATED REVENUE $1,327,848 $93,191 $24,337 INTERFUND TRANSFERS IN $0 $700,000 $0 ESTIMATED FUNDS AVAILABLE $1,327,848 $793,191 $24,337 FUND BALANCE 7/1/23 $3,670,459 $2,619,535 $627,630 TOTAL FUNDS AVAILABLE $4,998,307 $3,412,726 $651,967 APPROPRIATIONS Operating Budget $582,929 $521,215 $7,480 Capital Outlay $0 $0 $600 Capital Improvements- PY $2,653,406 $2,139,525 $0 Capital Improvements 278,540 -$0 TOTAL APPROPRIATIONS $3,514,875 $2,660,740 $8,080 INTERFUND TRANSFERS OUT $0 $0 $0 TOTAL APPROPRIATIONS/TRANSFERS OUT $3,514,875 $2,660,740 $8,080 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $1,483,432 $751,986 $643,887 Available Fund Balance 6/30/24 $1,483,432 $751,986 $643,887 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 7 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Special Revenue Funds RTI FIRE RTI UNDERSEA CABLE PROTECTION UNDERSEA CABLE TIDELANDS FUND FUND FUND 180 190 191 ESTIMATED REVENUE Taxes $0 $0 $0 Licenses/Permits $0 $0 $0 Fines/Forfeitures $0 $0 $0 Use of Money/Property $0 $266,194 $18,072 Intergovernmental/State $0 $0 $0 Intergovernmental/County $0 $0 $0 Intergovernmental/Federal $0 $0 $0 Current Service Charges $0 $0 $0 Other Revenue $9,794 $0 $0 TOTAL ESTIMATED REVENUE $9,794 $266,194 $18,072 INTERFUND TRANSFERS IN $0 $0 $0 ESTIMATED FUNDS AVAILABLE $9,794 $266,194 $18,072 FUND BALANCE 7/1/23 $0 $1,078,302 $590,082 TOTAL FUNDS AVAILABLE $9,794 $1,344,496 $608,154 APPROPRIATIONS Operating Budget $0 $0 $0 Capital Outlay $0 $0 $0 Capital Improvements- PY $0 $813,484 $550,335 Capital Improvements $0 $290,000 55,000 TOTAL APPROPRIATIONS $0 $1,103,484 $605,335 INTERFUND TRANSFERS OUT $0 $0 $0 TOTAL APPROPRIATIONS/TRANSFERS OUT $0 $1,103,484 $605,335 DEBT SERVICE PAYMENT ESTIMATED FUND BALANCE 6/30/24 $9,794 $241,012 $2,819 Available Fund Balance 6/30/24 $9,794 $241,012 $2,819 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 8 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Debt Service Fd Special Revenue Funds Agency Funds GREENWICH BAYVIEW DRIVE LOWER PIER CAPITAL VILLAGE N DISTRICT DISTRICT LEASE REVENUE IMPROVEMENT UNDERGROUND REDEMPTION REDEMPTION BOND FUND FUND UTILITIES FUND FUND 201 301 313 609 610 ESTIMATED REVENUE Taxes $0 $0 $0 $0 $0 Licenses/Permits $0 $0 $0 $0 $0 Fines/Forfeitures $0 $0 $0 $0 $0 Use of Money/Property $0 $387,144 $0 $3,200 $122 Intergovernmental/State $0 $0 $0 $0 $0 Intergovernmental/County $0 $0 $0 $0 $0 Intergovernmental/Federal $0 $0 $0 $0 $0 Current Service Charges $0 $0 $0 $0 $0 Other Revenue $0 $0 $0 $0 $0 TOTAL ESTIMATED REVENUE $0 $387,144 $0 $3,200 $122 INTERFUND TRANSFERS IN $664,416 $883,499 $0 $0 $0 ESTIMATED FUNDS AVAILABLE $664,416 $1,270,643 $0 $3,200 $122 FUND BALANCE 7/1/23 $64,184 $13,547,754 $120,898 $170,922 $31,289 TOTAL FUNDS AVAILABLE $728,600 $14,818,397 $120,898 $174,122 $31,411 APPROPRIATIONS Operating Budget $0 $0 $0 $0 $0 Capital Outlay $0 $181,836 $0 $0 $0 Capital Improvements- PY $0 $7,562,287 $0 $0 $0 Capital Improvements $0 2,841,938 $0 $0 $0 TOTAL APPROPRIATIONS $0 $10,586,061 $0 $0 $0 INTERFUND TRANSFERS OUT $0 $0 $0 $0 $0 TOTAL APPROPRIATIONS/TRANSFERS OUT $0 $10,586,061 $0 $0 $0 DEBT SERVICE PAYMENT $728,600 $0 $0 $0 $0 ESTIMATED FUND BALANCE 6/30/24 $0 $4,232,336 $120,898 $174,122 $31,411 Reserved for New Corporate City Yard Construction $1,889,278 (with contingency) Reserve for Capital Facilities $841,393 Available Fund Balance 6/30/24 $0 $1,501,665 $120,898 $174,122 $31,411 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 9 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Agency Funds BEACH DRIVE BEACH DRIVE MYRTLE LOMA DISTRICT DISTRICT AVENUE DRIVE REDEMPTION RESERVE ASSESSMENT ASSESSMENT FUND FUND FUND FUND 611 612 617 618 ESTIMATED REVENUE Taxes $0 $0 $0 $0 Licenses/Permits $0 $0 $0 $0 Fines/Forfeitures $0 $0 $0 $0 Use of Money/Property $1,288 $178 $0 $0 Intergovernmental/State $0 $0 $0 $0 Intergovernmental/County $0 $0 $0 $0 Intergovernmental/Federal $0 $0 $0 $0 Current Service Charges $0 $0 $0 $0 Other Revenue $0 $0 $0 $0 TOTAL ESTIMATED REVENUE $1,288 $178 $0 $0 INTERFUND TRANSFERS IN $0 $0 $0 $0 ESTIMATED FUNDS AVAILABLE $1,288 $178 $0 $0 FUND BALANCE 7/1/23 $81,415 $1,595 $46,762 $114,807 TOTAL FUNDS AVAILABLE $82,703 1,773 $46,762 $114,807 APPROPRIATIONS Operating Budget $0 $0 $0 $0 Capital Outlay $0 $0 $0 $0 Capital Improvements- PY $0 $0 $0 $0 Capital Improvements TOTAL APPROPRIATIONS $0 $0 $0 $0 INTERFUND TRANSFERS OUT $0 $0 $0 $0 TOTAL APPROPRIATIONS/TRANSFERS OUT $0 $0 $0 $0 ADJUST FUND BALANCE FOR FIXED ASSET ADDITIONS ESTIMATED FUND BALANCE 6/30/24 $82,703 $1,773 $46,762 $114,807 Available Fund Balance 6/30/24 $82,703 $1,773 $46,762 $114,807 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 10 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 Agency Fund Internal Service Funds BAYVIEW DRIVE EQUIPMENT RESERVE INSURANCE REPLACEMENT TOTAL FUND FUND FUND (MEMORANDUM 619 705 715 ONLY) ESTIMATED REVENUE Taxes $0 $0 $0 $40,795,072 Licenses/Permits $0 $0 $0 $1,238,386 Fines/Forfeitures $0 $0 $0 $1,747,450 Use of Money/Property $587 $0 $0 $3,576,017 Intergovernmental/State $0 $0 $0 $1,180,889 Intergovernmental/County $0 $0 $0 $104,123 Intergovernmental/Federal $0 $0 $0 $366,406 Current Service Charges $0 $3,593,757 $2,203,341 $16,332,869 Other Revenue $0 $0 $0 $148,381 TOTAL ESTIMATED REVENUE $587 $3,593,757 $2,203,341 $65,489,594 INTERFUND TRANSFERS IN $0 $0 $1,719,608 $6,163,735 ESTIMATED FUNDS AVAILABLE $587 $3,593,757 $3,922,949 $71,653,328 FUND BALANCE 7/1/23 $4,884 $3,188,754 $9,832,982 $63,787,369 TOTAL FUNDS AVAILABLE $5,471 $6,782,511 $13,755,931 $134,689,390 APPROPRIATIONS Operating Budget $0 $3,826,809 $2,722,255 $59,364,117 Capital Outlay $0 $0 $1,050,969 $1,353,130 Capital Improvements- PY $0 $0 $0 $24,296,454 Capital Improvements $0 $0 $0 $6,452,844 TOTAL APPROPRIATIONS $0 $3,826,809 $3,773,224 $91,466,545 INTERFUND TRANSFERS OUT $0 $0 $0 $6,163,735 TOTAL APPROPRIATIONS/TRANSFERS OUT $0 $3,826,809 $3,773,224 $97,630,280 DEBT SERVICE PAYMENT $728,600 ADJUST FUND BALANCE FOR $1,050,969 $1,050,969 FIXED ASSET ADDITIONS 2 ESTIMATED FUND BALANCE 6/30/24 $5,471 $2,995,702 $11,033,676 $37,381,479 Designated Building Maintenance Funds $551,840 Investment in Fixed Assets $5,728,229 Assigned reserve for Police Department Radio Equipment/South Bay $30,000 Interoperability Project. Records Technology Fee $754,186 Assigned reserve for Accounting ERP $333,645 Available Fund Balance 6/30/24 $5,471 $2,955,702 $3,635,776 $12,553,457 CITY OF HERMOSA BEACH BUDGET SUMMARY Preliminary Budget 2023-24 11 DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220 State of California ) County of Los Angeles ) ss City of Hermosa Beach ) June 14, 2023 Certification of Council Action RESOLUTION NO. 23-7369 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH, CALIFORNIA ADOPTING THE BUDGET FOR THE FISCAL YEAR 2023–24 I, Myra Maravilla, City Clerk of the City of Hermosa Beach do hereby certify that the above and foregoing Resolution No. 23-7369 was duly approved and adopted by the City Council of said City at its regular meeting thereof held on the 13th day of June 2023 and passed by the following vote: AYES: MAYOR JACKSON, MAYOR PRO TEMPORE MASSEY, COUNCILMEMBERS SAEMANN, and DETOY NOES: NONE ABSTAIN: NONE ABSENT: FRANCOIS ________________________________ Myra Maravilla, MPA, CMC City Clerk DocuSign Envelope ID: 7F5C8ADE-BF2C-47C9-8179-40C6C1AF4220