Title
Briefing of the 2024 Year-End General Fund Financial Position
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive a briefing of the 2024 year-end General Fund financial position.
Report
Issue:
Whether to receive a briefing of the 2024 year-end General Fund financial position.
Staff Contact:
Joan Lutz, Senior Budget and Finance Manager, 360.753.8760
Presenter(s):
Jay Burney, City Manager
Joan Lutz, Senior Budget and Finance Manager
Background and Analysis:
The General Fund represents the primary operating budget through which our community's core services are financed. The 2024 year-end financial position captures the outcome of the fiscal year's revenue collections, expenditure management and non-recurring fiscal adjustments.
Throughout 2024, we focused on maintaining a stable portfolio amid economic uncertainties and shifting policies. Our goal was to ensure the General Fund supports operational needs while remaining flexible enough to handle unexpected challenges. In recent years, budget sustainability has become crucial to maintaining community services, making the detailed evaluation of the year-end balance essential for strategic planning.
We will discuss the preliminary 2024 General Fund ending fund balance and potential factors that could impact it.
Climate Analysis:
No specific climate impacts are identified.
Equity Analysis:
The General Fund funds services that impact every resident in Olympia. Equity considerations help guide fiscal strategies, with a focus on minimizing disproportionate impacts on historically underserved communities.
Financial Impact:
This presentation does not have specific financial impacts.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda item as it concerns City finances and debt management.
Options:
1. Receive a briefing of the 2024 year-end General Fund financial position.
2. Do not receive...
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