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
Public Hearing and Adoption of the Fiscal Year 2021-2022 Operating Budget, Including the Gann Appropriation Limit (Finance Director Charelian).
a) CONDUCT PUBLIC HEARING
b) ADOPT RESOLUTION NO. 21-0052 AND NO. 21-0053
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: (1) Conduct a public hearing; (2) Adopt Resolution No. 21-0052 establishing the Gann appropriation limit for Fiscal Year 2021-2022; and (3) Adopt Resolution No. 21-0053 approving the Fiscal Year 2021-2022 Operating Budget.
FISCAL IMPLICATIONS:
With the passage of Resolution No. 21-0053, the FY 2021-2022 Budget will be adopted, as modified, for the fiscal year commencing on July 1, 2021.
The FY 2021-2022 Budget includes revenues of $134,092,759 and expenditures totaling $135,370,156 across all funds. The General Fund is balanced with revenues of $82,260,057 and expenditures of $77,698,292 resulting in a projected year-end surplus of $4,561,765. Excluding the second payment of Federal American Rescue Plan Act funds ($4,208,260), the projected General Fund surplus is $353,505. The City's American Rescue Plan (ARP) Act estimated allocation of $8,416,521 will be set aside in a separate reserve until Staff and City Council can make a determination on appropriate uses. Options will first be presented to the Finance Subcommittee in July once the ARP guidelines are finalized. The City Council must allocate all of the funds before December 2024; funds must be spent by 2026.
The FY 2021-2022 Budget, as amended for budget adoption, projects a General Fund balance on June 30, 2022, after adjustments and net transfers out, of $31.5 million. Within this total...
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