BUDGET SUMMARY
BUDGET AT A GLANCE
Introduction The City’s Budget consists of three major components: its General Fund Budget (general operations), Capital Improvement Program (CIP) Budget, and Special Funds Budget.
The General Fund Budget is the City’s fiscal operating blueprint. The Fiscal Year (FY) 2023- 24 and 2024-25 General Fund operating budgets are based on revenue projections and transfers-in of $253,465,202 and $263,357,393 respectively. Departmental operating expenditures and transfers-out for FY 2023-24 and 2024-25 are budgeted at $253,456,766 and $263,133,648. The FY 2023-24 and 2024- 25 operating budgets continue the City’s commitment to fiscal responsibility and effective management. Inflation adjusted appropriations, as budgeted, are $789 per capita, above the 10-year average of $774 per capita. As population grows, it escalates further pressure on demand for services citywide. The budget is balanced in both fiscal years and focuses on key community priorities such as education, programs and services, traffic, and public safety. The CIP Budget details the acquisition or construction of major capital facilities, infrastructure, or equipment. The CIP Budget is used to account for the receipt and disbursement of funds for specific project related purposes that often span more than one year. Special Funds budgets are used to account for the receipt and disbursement of funds restricted by law or administered for specific purposes. The CIP and Special Funds budgets are detailed in later sections of this document.
A financial summary of the City’s General and Special Funds is provided on the following pages.
Proposed to Adopted As part of the budget overview, the City of Irvine provides a summary of changes made between the proposed and adopted budget. In the FY 2023-25 Budget, there was only one financial change made after the proposed budget was created, which was also brought forth to the City Council at the budget adoption. The proposed budget included updates to the City’s revenues from the Cost of Services Study, which is conducted every three to five years to update fees to align with the changes in the cost to provide services. Subsequent to the proposed budget, the City implemented a phased approach that adjusted overall Development Engineering fee increases from an average of 77 percent to 12 percent, and overall Building & Safety fee increases from an average of 30 percent to 13 percent. This change will facilitate recovery of service delivery costs over time, while mitigating impacts to stakeholders who pay the fees. All other fee categories were implemented as proposed in the Cost of Services Study. The impact of this change decreased the budgeted revenues in the Development Engineering Fund and Building & Safety Fund; however, both funds have enough fund balance to sustain the approved phased approach.
FY 2023-25 Adopted Budget
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