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
Marcelo Serrano, Management Analyst
SUBJECT:Title
Fiscal Year 2020-2021 Budget Update and Appropriation of Funds (Finance Director Charelian).
a) RECEIVE REPORT
b) APPROPRIATE FUNDS
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive the report and approve 1) Appropriate $496,700 from the General Fund for COVID-related expenditures 2) Budget adjustments related to canceled Special Events for $293,600 and 3) Revenue adjustment for $817,472 in the Streets & Highways Fund for grant funds awarded.
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FISCAL IMPLICATIONS:
Fiscal implications are discussed within this report.
BACKGROUND:
During the month of March 2020, City staff began estimating the impacts of the COVID-19 Stay at Home order on the budget. Previous to the start of the pandemic, the budget trajectory was positive, but the spread of COVID-19 necessitated modifications to budget projections for the operational and economic effects of community health interventions. Staff has actively monitored the situation as it has evolved, specifically identifying effects on budget performance, trends, and adjustments required. In an effort to keep the City Council and community fully informed of the City's fiscal performance, staff is providing a presentation of financial information to the City Council ahead of the traditional mid-year report.
DISCUSSION:
The City Council and staff respond to the community's needs in part through the Budget. The budget is both a spending plan for the City's available financial resources and the legal authority for the City's various departments to spend available resources for public purposes and meet the needs of Manhattan Beach residents.
Fiscal Year (FY) 2019-2020 Preliminary...
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