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 Proposed Budget for Fiscal Year 2019-2020 (Finance Director Charelian).
RECEIVE REPORT AND PROVIDE DIRECTION
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Recommended Action
RECOMMENDATION:
Staff recommends the City Council receive the presentation and provide direction in advance of the Public Hearing and Budget Adoption scheduled for June 4, 2019.
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FISCAL IMPLICATIONS:
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 2019-2020 Proposed Budget includes expenditures across all funds totaling $130,116,677. The General Fund is balanced with revenues of $76,012,686 and expenditures of $75,662,429, resulting in a projected surplus of $350,257. Any unspent funds at year-end will revert to unreserved fund balance.
The FY 2019-2020 Budget also includes transfers out to other funds totaling nearl...
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