TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Interim Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Financial Analyst
SUBJECT:Title
Presentation of Proposed Two-Year Operating Budget for Fiscal Years 2018-2019 and 2019-2020 (Interim Finance Director Charelian).
RECEIVE REPORTS
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive a presentation of the Proposed Two-Year Operating Budget for Fiscal Years 2019 and 2020.
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FISCAL IMPLICATIONS:
This budget covers a two-year period: fiscal years 2018-2019 and 2019-2020. The first year of the budget will be adopted by City Council this year, with the second year being approved. Then, in June 2019 prior to FY 2019-2020, the City Council will review and adopt the 2019-2020 budget.
The City's fiscal year 2019 budget includes expenditures across all funds totaling $149,118,024. The General Fund is balanced with revenues of $75,505,117 and expenditures of $74,731,871 resulting in a projected surplus of $773,246. These funds are available for further allocation by the City Council.
The fiscal year 2020 budget includes expenditures across all funds totaling $126,767,881. The General Fund is balanced with revenues of $75,199,750 and expenditures of $74,667,671 resulting in a projected surplus of $532,079. These funds are also available for further allocation by the City Council.
The FY 2017-2018 year-end General Fund balance is estimated to be $4,081,580. The FY 2019 budget projects a General Fund balance on June 30, 2019 (after net transfers out) of $1,769,359. Fund balance is estimated to decrease by $2,312,221 primarily due to General Fund subsidies for Storm Water ($1,248,046) and Street Lighting/Landscape Districts ($187,587). Within the fund balance, $18.9 million has been designated to policy and economic uncertainty reserves. The balanc...
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