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).
DISCUSS AND PROVIDE DIRECTION
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Recommended Action
RECOMMENDATION:
Staff recommends the City Council continue discussing the Proposed Operating Budget for fiscal years 2019 and 2020, and provide direction in advance of the Public Hearing and Budget Adoption scheduled for June 19, 2018.
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FISCAL IMPLICATIONS:
The City's FY 2019 Proposed 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 Proposed 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 Proposed Budget projects an unreserved General Fund balance on June 30, 2019 (after net transfers) of $1.8 million. The decrease is primarily due to transfers to the Storm Water Fund (approximately $1.2 million) and the Street Lighting/Landscape Fund ($187,587). Total fund balance includes $18.9 million designated to policy and economic uncertainty reserves.
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 2019 and FY 2020 was presented at the City Council Meeting on May 1, 2018. The overview presentation outlined budgeted revenues, e...
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