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SUBJECT: <br />2024 LRC PROPOSED BUDGET AMENDMENT <br />DATE: <br />OCTOBER 30, 2024 <br />PAGE2OF2 <br />amount was not previously budgeted in the 2024 budget. In addition, there was an <br />increase in the anticipated Principal Bonds ($278,000) to be paid due. These items result <br />in a budget increase of $988,000. <br />These amendments are necessary to keep a balanced budget for the 2024 year as well <br />as allow for planned expenditures through 2032. Revenues did not change from the <br />originally adopted budget. With these amendments, the total fund expenditure for2024 <br />would be $4,734,727. <br />RECOMMENDATION: <br />Staff seeks LRC input on the 2024 Proposed Budget Amendment. The next step in the <br />budget process is for the LRC to vote to advance the 2024 Proposed Budget Amendment <br />to City Council for approval (anticipated December 3). The final step will be an LRC vote <br />(anticipated December 18) following City Council approval. <br />ATTACHMENT(S): <br />1. Proposed 2024 Budget Amendment <br />CITY COUNCIL COMMUNICATION <br />