TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Senior Financial Analyst
SUBJECT:Title
Presentation of the Fiscal Year 2019-2020 Budget Addendum for the Second Year of the Biennial Budget (Finance Director Charelian).
DISCUSS AND PROVIDE DIRECTION
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive this report on the recommended modifications for the second year (FY 2019-2020) of the biennial budget.
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FISCAL IMPLICATIONS:
The biennial budget adopted in June 2018 included fiscal years (FY) 2018-2019 and 2019-2020. The first year of the budget (FY 2018-2019) was adopted by resolution and the second year (FY 2019-20) was approved as a spending plan. The FY 2019-2020 approved budget will be adopted on June 4, 2019, with modifications directed by the City Council.
In March 2019, staff presented a mid-year budget report for FY 2018-2019. General Fund revenues at year-end are projected at $76,305,699 and expenditures at $73,777,030, resulting in a projected year-end surplus of $2.5 million. Projected year-end transfers to other funds, including the Stormwater Fund, Street Lighting Fund, and Pension Stabilization Trust Fund, total approximately $1.6 million. In addition, the budget included transfers out to the CIP Fund ($547,600) and IT Fund ($600,299) for one-time projects. Taking into account year-end projections and all anticipated transfers, the unreserved General Fund balance is projected to be $5.5 million at fiscal year-end.
The FY 2019-2020 Proposed Budget was prepared starting with the budget as approved in June 2018 and then modified to reflect more recent revenue projections, technical changes to meet operational needs, and the carryforward of one-time purchases and projects not completed in the current fiscal year. The FY 2019-...
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