On Tuesday, the Oakley City Council will hold a budget study session to discuss Fiscal Year 2024-25 which shows a nearly $3 million budget shortfall, however, a nearly balanced budget over 10-years.
The reason for the fiscal year 2024-25 shortfall is due to one-time transfers of $4 million to the library project and $2.1 million to streets for the Cypress project. The city also added 1 police officer in July while reclassifying 2 positions.
According to the city manager Josh McMurray, who provided some detail ahead of the meeting, confirmed they are proposing taking $4 million from the fund balance to allocate to the Library and Community Project.
“That’s why we show it as a negative this next fiscal year, only because that one time transfer puts expenditures over revenue for next year. We still have excess fund balance after that transfer,” explained McMurray. “Our 10-year plan is still positive except on year 10, which is only by a few hundred thousand and a lot can change in ten years.”
He also added the City of Oakley still have a 30% reserve and are financially healthy but cautioned the community to keep in mind this was only a work session and the full budget and 10-year plan will return on June 11.
Within the budget, its showing $32.13 million in revenue while expenses are $35.11 for a net budget deficit of $2.97 million in fiscal year 2024-25.
Within the 10-Year Plan, some tidbit include:
- 2 police officers (2027 & 2029)
- 1 police officer (2031 & 2033)
- Each officer = one-time cost for vehicle with upfit
- Includes 15% increase to storm water transfer of $100k in 2025
- Includes $500k in additional expenses in FY 2028 to account for new library building ($300k for staff + $200k for operating
- Final Year – $240k is needed to balance budget.
Other Items:
- The Oakley City Council is being asked to adopt it’s 55-acre Regional Park Master Plan at a cost of $128 million. This project will transform a 55-acre site at the north end of Sellers Avenue that was deeded to the City as part of the development agreements related to the Emerson and Gilbert Ranch Subdivision projects. The design and concept has taken multiple shapes over the years from baseball and softball fields, soccer fields to now a focus on utilizing delta water access. — Full Story plus staff report (Item 4.8)
- The City Council is being tasked with approving to re-allocate or un-fund certain capital improvement projects for fiscal year 2023-2024. (Item 6.1)
If You Go:
Oakley City Council Meeting
Tuesday, May 14
6:30 pm
3231 Main St, Oakley CA
Agenda – click here
