City of Fremont FY 2024/25 Proposed Operating Budget Presentation (5/14/24)

The City of Fremont’s budget is both a spending plan for the City’s available financial resources and the legal authority for City departments to spend the resources for public purposes. The General Fund provides the majority of resources for most of the services cities typically deliver, including the public safety, maintenance, and general government functions required to support direct services to the community. Fremont has a long history of strong fiscal stewardship, transparency, and accountability with regard to use of taxpayer dollars. Working together, the City Council and City staff ensure the budget and financial policies reflect the community’s priorities.
Fiscal Year 2024-25 Proposed Budget
The national economy continues to expand at a moderate rate with GDP growth slowing slightly and unemployment remaining historically low. However, this growth is tempered by issues such as high interest rates, which discourage borrowing, affecting property tax revenues.
The 2024-25 proposed budget addresses some of our most immediate needs and our ability to improve on the current level of services depend on continued revenue growth and sustained fiscal discipline by the City’s leadership. This proposed budget continues to incorporate the City Council’s highest priorities by maintaining funding for addressing and preventing homelessness, ensuring public safety, and prioritizing environmental sustainability. It’s noted that this year’s budget addresses a near-term revenue shortfall brought about by the overpayment of sales tax revenue by the State to the City during Fiscal Year 2022-23. Combined with reduced ongoing sales tax revenue estimates, those reallocations will require the use of one-time funds to maintain the current level of services to the community in Fiscal Year 2024-25.