HomeMy WebLinkAboutCC Res 7540 2024-06-24 RESOLUTION 7540
A RESOLUTION OF THE SEAL BEACH CITY COUNCIL ADOPTING THE
FISCAL YEAR 2024-25 OPERATING AND CAPITAL IMPROVEMENT
BUDGET, SETTING THE APPROPRIATION LIMIT FOR FISCAL YEAR
2024-25, AUTHORIZING USE OF THE COST RECOVERY SCHEDULE IN
FISCAL YEAR 2024-25, AND APPROVING THE FISCAL YEAR 2024-25
STATEMENT OF INVESTMENT POLICY
RECITALS
WHEREAS, on May 14, 2024, May 15, 2024, and May 20, 2024, the City Council
conducted Budget Workshops to study and solicit public input on the Proposed
Fiscal Year 2024-25 Operating and Capital Improvement Budget; and,
WHEREAS, Pursuant to Seal Beach City Charter Article X, the City Council held a
duly noticed public hearing on June 24, 2024, to consider adopting the Fiscal Year
2024-25 Operating and Capital Improvement Budget. Copies of the proposed
budget have been available for inspection by the public in the City Clerk's Office
and on the City's website at least 10 days prior to the public hearing; and,
WHEREAS, on November 6, 1979, the voters of California added Article XIII B to
the State Constitution placing various limitations on the appropriations of the State
and local governments. Article XIII B provides that the appropriations limit for the
Fiscal Year 2024-25 shall not exceed the appropriations limit for the prior year
adjusted for the change in the cost of living and the change in population. The
proposed appropriations limit for Fiscal Year 2024-25 is $39,060,518, which has
been adjusted for the change in the cost of living and the change in population;
and,
WHEREAS, at the duly noticed workshops and the public hearing held on June 24,
2024, the City Council provided an opportunity for the public to comment on the
Proposed Fiscal Year 2024-25 Operating and Capital Improvement Budget and
the appropriations limit.
NOW THEREFORE, THE SEAL BEACH CITY COUNCIL DOES HEREBY
RESOLVE:
SECTION 1. That certain document entitled "City of Seal Beach Fiscal Year
2024-25 Operating and Capital Improvement Budget," a copy of
which is on file in the office of the City Clerk and available on the
City's website at https://www.sealbeachca.gov/Departments/-
Finance/Budget, which may hereafter be amended by the Council,
is hereby approved as the operating and capital improvement
budget for the City of Seal Beach for the Fiscal Year 2024-25,
beginning July 1, 2024 and ending June 30, 2025.
SECTION 2. Appropriations in the amount not to exceed $94,598,887 are
authorized for the purpose of carrying on the business of the City.
The City Manager is hereby authorized to make appropriation
transfers within and between any item, account, program,
department, or fund, in accordance with Fiscal Policy, as long as
such transfers do not increase the adopted annual budget
appropriations.
SECTION 3. The Operating Budget for Fiscal Year 2024-25 shall be considered
amended upon the close of Fiscal Year 2023-24 to include and re-
appropriate all encumbrances carried forward.
SECTION 4. The Capital Improvement Program Budget for Fiscal Year 2024-25
shall be considered amended upon the close of Fiscal Year
2023-24 to include the re-appropriated funds for all previously
approved capital projects that have not been completed.
SECTION 5. The City Council hereby authorizes the City Manager to issue salary
adjustments as provided in all applicable Memoranda of
Understanding for represented employees and the contracts for
Executive Management Employees, effective on July 1, 2024.
SECTION 6. The City Council hereby approves the Financial and Budget Policies
in the Proposed Fiscal Year 2024-25 Operating and Capital
Improvement Budget.
SECTION 7. Pursuant to Seal Beach Municipal Code Section 3.20.005, the City
Council hereby authorizes the City Manager to delegate spending
authority to Department Heads. Other than the Director of Public
Works and the Director of Finance/City Treasurer this authority
shall not exceed $15,000 per purchase or contract. For the Director
of Public Works, the limit is established per the City's Charter
Section 1010. For the Director of Finance/City Treasurer, other than
for Finance Department expenditures which are set at $15,000,
there is additional authority to authorize purchases for City
Departments up to the City Manager's established contract signing
authority.
SECTION 8. The City Council hereby establishes an appropriations limit of
$39,060,518 for Fiscal Year 2024-25, in full compliance with Article
XIIIB of the State Constitution.
SECTION 9. The City Council hereby approves the use of the Fiscal Year
2024-25 Cost Recovery Schedule, which includes the annual
update of the annual percentage change in the all-urban Consumer
Price Index for Los Angeles-Long Beach-Anaheim, CA (CPI).
Section 10. The City Council hereby approves the Fiscal Year 2024-25
Statement of Investment Policy attached hereto and incorporated
herein by this reference.
Section 11. The City Council hereby reauthorizes the delegation of its
Investment authority and the management of the investment
program to the Director of Finance/City Treasurer for a period of
one year following the date this Resolution is adopted.
PASSED, APPROVED, AND ADOPTED by the Seal Beach City Council at a
regular meeting held on 24th day of June 2024, by the following vote:
AYES: Council Members: Kalmick, Moore, Steele, Landau, Sustarsic
NOES: Council Members:
ABSENT: Council Members:
ABSTAIN: Council Members:
Schelly Sustarsic, Mayor
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Gloria . Har er, Ci y Clerk (&Ji
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C011NT"1
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Gloria Harper, City Clerk of the City of Seal Beach, do hereby certify that the
foregoing resolution is the original copy of Resolution 7540 on file in the office of
the City Clerk, passed, approved, and adopted by the Seal Beach City Council at
a regular meeting held on 24th day of June 2024.
loria D. Har r, City Clerk