Title
Staff Report Presenting the 2022-23 Mid-Year Financial Report as of December 31, 2022, and Proposed Budget Amendments
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the Finance Committee review the 2022-23 Mid-Year Financial Report and Proposed Budget Amendments.
BACKGROUND
The City Council approved the 2021-22 and 2022-23 General, Enterprise, Internal Service, and Parking Fund budgets on June 28, 2021. The City Council also approved a budget adjustment during the Mid-Cycle Budget Review on June 21, 2022. The approved budgets feature the annual expenditure and resource allocation plan that guides the implementation of City Council budget policies and priorities. The budget provides funding direction for a broad range of services that meet the needs of the community in accordance with City Council policies.
This financial review provides the mid-year budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through December 31, 2022, measures operational adherence to the budgetary allocation plan.
DISCUSSION (Mid-Year Report)
The City budget for 2022-23 was adopted in June 2021. The amended budget incorporates current estimates for revenue and expenditure appropriations for all funds as of December 31, 2022. The attached 2022-23 Mid-Year Financial Report as of December 31, 2022, provides the revenue and expenditure summary for the General, Enterprise, Internal Service, and Parking Fund. The report provides detailed revenue and expenditure comparisons to the prior year while also focusing on variances from financial plans and budgeted allocations.
General Fund
The General Fund finances the operations of the City having no special or dedicated revenue sources and pays for basic municipal services. The amended 2022-23 General Fund budget projects revenues totaling $133,525,000 and expenditures totaling $151,916,000, including purchase order encumbrances from 2021-22, a...
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