TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Libby Bretthauer, Senior Financial Analyst
Marcelo Serrano, Management Analyst
SUBJECT:Title
Fiscal Year 2020-2021 Mid-Year Budget Report and Update on Fiscal Year 2021-2022 Budget Development (Finance Director Charelian).
a) RECEIVE REPORT
b) APPROPRIATE FUNDS
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive the Mid-Year Budget Report for Fiscal Year 2020-2021 and Update on 2021-2022 budget development.
Body
FISCAL IMPLICATIONS:
Current trends indicate the City's General Fund operating budget will finish Fiscal Year (FY) 2020-2021 with revenues exceeding expenditures by $557,105. Expenditures are lower due to vacant staffing positions, and reduced costs for Contract-Professional Services and Materials-Supplies as a result of various operations modified or canceled due to COVID restrictions.
The FY 2020-2021 Adopted Budget included a General Fund transfer to the Proposition "A" Fund to alleviate a funding deficit for Dial-A-Ride and other transit programs. Once approved by the City Council, the City Funds Exchange Agreement with the City of Lancaster allows the City to expend $188,125 in General Fund dollars in exchange for receiving $268,750 in Proposition "A" dollars. Since this is no longer being handled as an interfund transfer, a General Fund expenditure appropriation of $188,125 and a revenue adjustment of $268,750 in the Proposition "A" Fund is necessary to complete the transaction.
Projected year-end transfers to other funds, including the Stormwater Fund, Street Lighting Fund, and Pension Stabilization Trust Fund, are expected to total approximately $1.6 million.
Taking into account year-end projections and these anticipated transfers, the unreserved General Fund balance is projected to be $3.7 million at fiscal year-e...
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