Title
Receive the Parks Division General Fund Year-End Financial Report for Fiscal Year (FY) 2024-25 and the Budget Comparison for FY 2025-26.
Report
RECOMMENDATION:
It is recommended that the Parks Commission receive the Parks Division General Fund Year-End Financial Report for Fiscal Year (FY) 2024-25 and the Budget Comparison for FY 2025-26.
SUMMARY:
The Parks Division closed Fiscal Year 2024-25 with higher-than-anticipated revenues and modest underspending, resulting in a reduced General Fund Contribution compared to the adopted budget. These results reflect strong operational performance and cost control, despite staffing vacancies and rising service demands.
For Fiscal Year 2025-26, the adopted budget reflects a strategic reduction in expenditures and General Fund reliance. Staffing levels have been adjusted, and capital purchases deferred, to accommodate increases in labor costs. The Division will monitor revenue trends closely and may request mid-year budget adjustments if current patterns continue.
Attachments A and B provide detailed financial comparisons and actuals.
DISCUSSION:
In Fiscal Year 2024-25, total revenues collected by the Parks Division amounted to $1,904,199, exceeding the adopted budget by $265,963. Much of this revenue, $1,747,679, was generated through park operations, while $13,629 came from leases and $5,100 from the sale of capital assets. Additionally, the Division received $137,791 through a grant from the California Division of Boating and Waterways (DBW).
Total expenditures for the year were $10,214,799, which came in $45,664 under budget. Of this amount, $7,539,079 was directly attributable to park operations, and $2,675,720 represented indirect costs, including general liability and property insurance, vehicle replacement charges, and cost allocation plan expenses. A notable contributing factor to the savings was a shortfall in salary and benefit expenses, which were $829,272 under budget due to multiple staff vaca...
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