TO:
Honorable Mayor and Members of the City Council
THROUGH:
Mark Danaj, City Manager
FROM:
Bruce Moe, Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Financial Analyst
SUBJECT:Title
Public Hearing and Adoption of the Fiscal Year 2017-2018 Operating Budget and Gann Appropriation Limit (Finance Director Moe).
CONDUCT PUBLIC HEARING; ADOPT RESOLUTION NOS. 17-0072 AND 17-0073; APPROPRIATE; AUTHORIZE CITY MANAGER TO APPROVE JOB SPECIFICATION AND SALARY
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council a) conduct a Public Hearing; b) adopt Resolution No. 17-0072 establishing the Appropriation Limit for FY 2017-2018; c) adopt Resolution No. 17-0073 adopting the FY 2017-2018 Operating Budget; d) appropriate $325,000 from the Insurance Reserve Fund in FY 2016-2017; and e) appropriate $2,500 from the AB2766 Air Quality Fund in FY 2016-2017.
Additionally, staff recommends that the City Council authorize the City Manager to approve the job specification and salary for the new classification of Building Supervisor, which is scheduled to be approved as part of the Fiscal Year 2017-2018 budget adoption.
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FISCAL IMPLICATIONS:
The FY 2017-2018 budget, including all funds, estimates revenues of $120,773,650 and expenditures of $125,661,039. Within those figures, the General Fund has revenues of $71,013,648 and expenditures of $70,400,265, resulting in an estimated year-end surplus of $613,383. The estimated fund balance at June 30, 2018 is $20,653,510 and includes $14,080,053 in financial policy reserves and $4,000,000 in Economic Uncertainty Reserves. The remaining fund balance of $2,573,457 is undesignated. These figures incorporate all City Council-directed changes identified through the FY 2017-2018 budget study sessions, as well as staff-recommended changes and corrections to the budget. All modifications to the Proposed Budget are listed as Exhibit "A" to Resol...
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