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 2023-2024 Quarterly Budget Update (Finance Director Charelian).
A) RECEIVE REPORT
B) APPROPRIATE FUNDS
C) APPROVE STAFFING ADJUSTMENTS
Body
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RECOMMENDATION:
Staff recommends that the City Council receive the report and: 1) appropriate $1,998,952 from the Insurance Fund and $6,741 from the Pension Fund for Fiscal Year (FY) 2022-2023; and 2) approve staffing adjustments.
FISCAL IMPLICATIONS:
Fiscal implications are discussed within this report.
BACKGROUND:
The City Council adopted the FY 2023-2024 Budget on June 6, 2023. In an effort to keep the City Council and community fully informed of the City's fiscal performance, staff is providing a presentation of financial information to the City Council ahead of the traditional mid-year report that will be presented in February 2024.
DISCUSSION:
The City Council and staff respond to the community's needs in part through the budget. The budget is both a spending plan for the City's available financial resources and the legal authority for the City's various departments to spend available resources to meet the needs of Manhattan Beach residents.
Fiscal Year (YR) 2022-2023 Year-End Results and Budget Adjustments
City staff recently completed the FY 2022-2023 annual audit and are currently preparing the Annual Comprehensive Financial Report (ACFR). The audit results and the FY 2022-2023 ACFR financial statements will be presented and discussed with the Finance Subcommittee in December.
The City's Financial Policies state in Section 9 - Operating Budget Policies that "in no case may total expenditures of a particular fund exceed that which is appropriated by the City Council w...
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