TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Erick Lee, Public Work Director
Libby Bretthauer, Financial Services Manager
Julie Bondarchuk, Financial Controller
Marcelo Serrano, Management Analyst
SUBJECT:Title
Discussion of the Fiscal Year 2022-2023 Proposed Operating Budget and Five Year Capital Improvement Program (Finance Director Charelian and Public Works Director Lee).
(Estimated Time: 3 Hr.)
DISCUSS AND PROVIDE DIRECTION
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council provide direction on the Proposed Operating Budget for Fiscal Year (FY) 2022-2023 and Five-Year Capital Improvement Program (CIP) for fiscal years 2022-2023 through 2026-2027.
FISCAL IMPLICATIONS:
The Proposed Budget for FY 2022-2023 includes revenues and expenditures for all of the City's Funds. The document includes conservative estimates for ongoing operations as well as planned projects in the Capital Improvements Program (CIP).
As presented in the Proposed Budget, the General Fund had a projected surplus of $1,210,209 in FY 2022-2023. Subsequently, the City Council approved part-time salary schedule adjustments at the May 17, 2022, City Council meeting resulting in an increase of $130,000 to General Fund Expenditures. Based on these adjustments, the City's General Fund is now projected to have a surplus of $1,080,209 in FY 2022-2023 as reflected below.
Revenues $86,453,227
Expenditures $85,373,018
FY 2022-2023 Revised Budget Surplus $ 1,080,209
The City's current Financial Policy reserve is 20% of operating expenditures, or about $17.1 million in FY 2022-2023, which is greater than the Government Finance Officers' Association (GFOA) recommendation of "no less than two months (17%) of regular general fund operating revenues or regular general fund operating expenditures." In addition, ...
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