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 2019 and 2020 (Interim Finance Director Charelian).
RECEIVE REPORT AND PROVIDE DIRECTION
Line
_________________________________________________________
Recommended Action
RECOMMENDATION:
Staff recommends the City Council receive the presentations by each Department and provide direction in advance of the Public Hearing and Budget Adoption scheduled for June 19, 2018.
Body
FISCAL IMPLICATIONS:
The City's FY 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.
The FY 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.
The unreserved General Fund balance on June 30, 2018 is estimated to be $4.1 million. The FY 2019 Budget projects an unreserved General Fund balance on June 30, 2019 (after net transfers out) of $1.8 million. Fund balance is estimated to decrease by $2.3 million primarily due to General Fund subsidies for the Storm Water Fund ($1.2 million) and Street Lighting/Landscape Fund ($187,587). Within the total fund balance, $18.9 million has been designated to policy and economic uncertainty reserves; the balance of unreserved is $1.8 million.
Please note that all annual surpluses and estimated fund balances listed in the Budget and Five-Year Forecast include up-to-date pension rate projections and estimated transfer activity.
BACKGROUND:
The Proposed Two-Year Operating Budget for FY 2018-2019 and FY 2019-2020 was presented to the City Council on May 1, 2...
Click here for full text