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CC 2022-06-14_11b FY 2022-23 MidCycle Budget Update Report_PP Presentation Consideration FY 2022-23 Mid-Cycle Budget Update Report 06/14/2022 1 Budget Timeline 2021-23 Biennial Operating Budget – 6/8/21 3 Quarterly updates for the FY 2021-22 budget have been provided Council Goals & Priorities – 5/10/22 Investing in the Future Investing in City Infrastructure and Facilities Investing in People 5-Year Capital Improvement Program Budget and Local Sales Tax Program Review – 5/24/22 $69.9 million CIP and $13.9 million Local Sales Tax 5-year programs 2022-23 Mid-Cycle Update for Operating Budget – 6/14/22 06/14/2022 2 Tonight Discuss, consider, and adopt FY 2022-23 Mid-Cycle budget update and corresponding Resolutions Discuss, consider, and direct the appropriation of up to $2,150,000 of the Reserve Fund Balance 06/14/2022 3 Overview Total FY 2022-23 Budget - $47.3 million General Fund – $21.9 million Revenue estimates Expenditure requests Appropriation of Excess Available General Fund Balance Infrastructure Projects Pavement Management Program (PMP) Sidewalk Improvements Unfunded CIP’s Reducing the City’s CalPERS Unfunded Accrued Liability (UAL) Employee Retention Incentive Program 06/14/2022 4 2022-23 Budget – All Funds 06/14/2022 Notes: 5 General Fund Budget & Available Fund Balance (thousands) 06/14/2022 Notes: 6 06/14/2022 2022-23 General Fund Revenues $20.9 million total 7 General Fund Revenue Variances 6/8/2021 8 2022-23 General Fund Expenditures by Department 06/14/2022 $21.9 million total 9 2022-23 General Fund Expenditures by Department 06/14/2022 10 Salaries & Benefits Variances 6/8/2021 11 Services & Supply Variances 06/14/2022 12 Vehicle Replacement Requests $375,503 06/14/2022 Transfer to Capital Improvement Program (CIP) $802,785 13 APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE At the end of FY 2022-23, the projected fund balance is approximately $2,585,000 greater than the 20% goal The act of allocating excess reserves adds to budgeted expenditures, the amount available to spend while keeping the reserve at 20% is $2,150,000 6/8/2021 14 APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE OPTIONS Infrastructure Projects: Pavement Management Program (PMP) Sidewalk Improvements Unfunded CIP’s Short Street Plaza Project Recreation Services/Mark M. Millis Community Center Building Project 6/8/2021 15 APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE OPTIONS Reducing the City’s CalPERS Unfunded Accrued Liability (UAL) by making additional direct payments to CalPERS Allocate some or all of the $2.15 million of excess General Fund Balance to pay down the UAL further in FY 2022-23 A payment of $2.15 million to CalPERS would be anticipated to provide $170,000 in savings annually beginning in FY 2024-25 6/8/2021 16 APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE OPTIONS – Employee Retention Incentive Program 6/8/2021 17 Other Budget Requests 06/14/2022 Enterprise Funds, Water & Sewer – updated to reflect the rate adjustment approved by Council 03/08/2022 Special Revenue Funds: Anticipated increase in gas tax revenue: Fund 220 Streets Fund 225 Transportation Fund 240 Tourism Business Improvement District (TBID) changed reflected in Consent item 8.g. Reflect changes related to CIP projects: Fund 214 Park Improvements Fund 218 Local Sales Tax Fund 224 Transportation Facility Impact Fund 241 Water Availability 18 Questions? 06/14/2022 19 Backup Slides 06/14/2022 20 06/14/2022 21