TO:
Honorable Mayor and Members of the City Council
THROUGH:
Mark Danaj, City Manager
FROM:
Bruce Moe, Finance Director
SUBJECT:Title
Introduction of Fiscal Year 2015-2016 Proposed Operating Budget (Finance Director Moe).
RECEIVE REPORT
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive a presentation of the Fiscal Year 2015-2016 Proposed Operating Budget.
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FISCAL IMPLICATIONS:
The City's fiscal year (FY) 2015-2016 budget includes expenditures across all funds totaling $120,552,546. The General Fund is balanced with revenues of $63,706,793 and expenditures of $63,328,305, resulting in a projected surplus of $378,488.
The FY 2014-2015 year-end General Fund balance is estimated to be $18.6 million. The FY 2015-2016 budget projects a General Fund balance on June 30, 2016 (after net transfers out) of $18.1 million. Fund balance is estimated to decrease by $506,125 primarily due to General Fund subsidies for Storm Water ($841,266) and Street Lighting/Landscape Districts ($217,649). Within the fund balance, $16.7 million has been designated to policy and economic uncertainty reserves. The balance of $1.4 million is unreserved and available to be allocated for one time purposes at the direction of the City Council.
DISCUSSION:
By way of an overview of the budget, staff recommends that City Council review the City Manager's Budget Message, located in the Introduction Section of the budget document. It serves as an executive summary for the spending plan for FY 2015-2016. Staff will present the budget highlights during the Council meeting.
A five year forecast (FY 2016-2020) is being prepared and will be provided in advance of the City Council meeting. A detailed explanation of the forecast will be presented during the budget overview. The projection will take into account known changes on the horizon (such as CalPERS pension contributi...
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