TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Libby Bretthauer, Financial Services Manager
Julie Bondarchuk, Financial Controller
Marcelo Serrano, Management Analyst
SUBJECT:Title
Presentation of the Fiscal Year 2021-2022 Proposed Operating Budget (Finance Director Charelian).
DISCUSS AND PROVIDE DIRECTION
Line
_________________________________________________________
Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive this report on the Proposed Operating Budget for Fiscal Year (FY) 2021-2022 and provide direction.
FISCAL IMPLICATIONS:
The Proposed Budget for FY 2021-2022 includes revenues and expenditures for all of the City's Funds. The document includes conservative estimates for ongoing operations as well as planned Capital Improvement Projects (CIP).
The City's General Fund has weathered the COVID-19 pandemic and resulting economic downturn thanks to cost controls that were implemented to help balance the General Fund budget in FY 2020-2021. The City also received CARES Act funding in the amount of $435,236 and is awaiting approval of FEMA reimbursement applications totaling up to $1.1 million. Additional Federal relief is on the way with the passage of the American Rescue Plan on March 11, 2021. The City's estimated allotment is $6.6 million, which is expected in two installments twelve months apart. Although official guidance on the use of funds is still forthcoming, the first installment of funds is expected by July 2021 and the second installment is expected in FY 2021-2022.
Consequently, the FY 2021-2022 General Fund Proposed Budget has a projected surplus of $3,564,450.
Revenues $81,338,011
Expenditures $77,773,561
FY 2020-2021 Proposed Budget Surplus $ 3,564,450
Proposed Surplus without ARP Funds $ 253,236
Although the receipt of these funds is included in the Proposed Budget, the monies will be se...
Click here for full text