`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, Budget & Financial Analyst
SUBJECT:Title
Fiscal Year 2022-2023 Quarterly Budget Update (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: 1) appropriate $328,815 from the General Fund for staffing costs in the Fire Department; and 2) appropriate $113,100 from the Fleet Fund for fuel costs.
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FISCAL IMPLICATIONS:
Fiscal implications are discussed within this report.
BACKGROUND:
The City Council adopted the FY 2022-2023 Budget on June 7, 2022. 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 that will be presented in February 2023.
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 to meet the needs of Manhattan Beach residents.
Fiscal Year (FY) 2022-2023 First Quarter Activity
General Fund cash flows are impacted significantly by the typical pattern of Property Tax revenue received in the months of December, January, April and May. As a result, cash flow in the early months of each Fiscal Year is often negative, indicating that expenditures exceed revenues. This is fully expected and normally, revenues have exceeded expenditures by year-end. Currently, revenues and expenditures are both higher than in the previous fiscal year 2021-2022, with expenditures exceedi...
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