TO:
Honorable Mayor and Members of the City Council
THROUGH:
David N. Carmany, City Manager
FROM:
Bruce Moe, Finance Director
SUBJECT:Title
Introduction of Fiscal Year 2013-2014 Proposed Operating Budget
RECEIVE AND FILE
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council accept a presentation of the Fiscal Year 2013-2014 Proposed Operating Budget.
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FISCAL IMPLICATIONS:
The City's fiscal year 2013-2014 budget (expenditures) totals $127.2 million across all funds. The General Fund budget totals $58.6 million, and reflects a use of unreserved fund balance of $1,065,307. While the operating portion of the General Fund is balanced with a surplus of $344,053, one-time capital projects and equipment totaling $1,409,360 result in the use of fund balance of $721,254.
The fiscal year 2012-2013 General Fund budget is expected to realize a surplus (revenues in excess of expenditures) of $2 million, which will result in an estimated beginning fund balance on July 1, 2013 of $18.1 million The FY 2013-2014 budget projects a General Fund balance on June 30, 2014 (after net transfers out) of $15.7 million. That amount has been designated to policy and economic uncertainty reserves. The ending fund balance includes a transfer of $1.1 million from the General Fund to the Capital Improvements Fund as part of the FY 2013-2014 budget.
It is important to note that the FY 2013-2014 budget fully allocates General Fund balances to reserves and CIP projects. As a result, any mid-year appropriations may require transfers in from CIP fund balance or the temporary use of policy reserves, depending upon the amount and timing of the need.
DISCUSSION:
Staff is pleased to present the proposed operating budget for Fiscal Year 2013-2014. The budget is the culmination of several months of work on the part of all departments as well as Finance staff.
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