Pleasanton City Council To Hear FY 2023-24 Year-End Budget

PLEASANTON, CA — The Pleasanton City Council will heard details of the 2023-24 Operating Budget, which played a large role in the 2024 election and the decision whether or not to approve a half-cent sales tax. The current fiscal information is unaudited, and audited information will be included in the city’s Annual Comprehensive Financial Report once it has been reviewed by an independent auditor and the city’s Audit Committee.

The city’s General Fund has revenues of $151.8 million for FY 2023/4, which is 0.7% lower than the revenues of the previous fiscal year. Expenditures for 2023/4 are $142.5 million, which are 6.7% higher than those of the prior year.

Despite a $9.3 million surplus, the city still forecasts a structural deficit in the General Fund, one it was hoping to address with the failed Measure PP. According to a staff report, the city projects insufficient revenues to cover all funding needs, insufficient funding for many program areas, approximately $13 million in projected average annual deficit, and $22 million if there’s a recession. The city also anticipates a roughly $900 million funding gap for both the General Fund and Enterprise Fund over 10 years, and over $200 million in unfunded retiree medical and pension liabilities.