TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Libby Bretthauer, Financial Services Manager
Julie Bondarchuk, Financial Controller
Marcelo Serrano, Budget and Financial Analyst
SUBJECT:Title
Fiscal Year 2022-2023 Mid-Year Budget Report, Including Funding Appropriations and Staffing Adjustments; Proposed Implementation of Voter Approved Measure A Increasing Transient Occupancy Tax to 14%; and Fiscal Year 2023-2024 Budget Development Calendar (Finance Director Charelian).
(Estimated Time: 45 Min.)
A) RECEIVE REPORT
B) APPROPRIATE FUNDS
C) APPROVE STAFFING ADJUSTMENTS
D) AUTHORIZE STAFF TO DRAFT ORDINANCE IMPLEMENTING VOTER APPROVED MEASURE A THAT APPROVED AN INCREASE IN THE TRANSIENT OCCUPANCY TAX TO 14%
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: 1) receive the Mid-Year Budget Report for Fiscal Year (FY) 2022-2023 and FY 2023-2024 budget development calendar; 2) appropriate $723,722 from the General Fund and approve other FY 2022-2023 budget change requests; 3) approve FY 2022-2023 staffing adjustments identified in the staff report; and 4) authorize staff to draft an ordinance implementing voter approved Measure A (2019) to increase the Transient Occupancy Tax from 12% to 14%.
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FISCAL IMPLICATIONS:
Every January, City staff analyzes year-to-date activity and prepares mid-year projections for revenues and expenditures to evaluate potential budget variances and forecast year-end results. This report focuses on these mid-year projections and explains budget variances to provide a current representation of the City's fiscal position.
Current trends indicate the City's General Fund operating budget will result in Fiscal Year (FY) 2022-2023 revenues exceeding expenditures by nearly $2.0 million as a result of several revenue streams trending higher than the adopted budget, which i...
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