Title
Adopt Resolution to Approve 2022-2023 Budget Amendment for 2021-2022 Year-End, One-Time Appropriation of Surplus Funds for the General Fund, Special Revenue Funds, Capital Improvement Projects Fund, and Fiduciary Fund
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff report for City Council resolution to approve 2022-23 budget amendment for 2021-22 year-end, one-time appropriation of surplus (revenue exceeding expenditures) funds for General Fund, Special Revenue Fund, Capital Improvement Fund, and Fiduciary Fund.
BACKGROUND
The City Council approves annual budgets based on the best revenue and expenditure information available several months prior to the adoption of budget appropriation. The City Council initially approved the 2022-23 budget on June 28, 2021. As a result, budget adjustments are periodically necessary for circumstances that arise and require additional budget appropriations.
ANALYSIS
Subject to finalizing the annual audit, the City estimates a 2021-2022 General Fund surplus- revenue exceeding expenditures- of $11,945,000. These funds result from stronger-than-projected revenues and controlled expenditures across multiple departments. Sales Tax and Property Transfer Tax revenues alone exceeded estimates by $5,700,000 and total 2021-22 expenditures were $1,800,000 less than projections. Staff recommends a 2022-23 budget amendment appropriating a total of $11,945,000 of one-time funds. General Fund transfers from Fund Balance would be appropriated as follows.
Median Maintenance
Staff proposes appropriating $272,500 in the Median Maintenance (010-33-052) account. The proposed appropriation allows for roadway median renovation, including replacing irrigation system and plants. Final cost estimates will determine the median location(s) to be improved. Without this project appropriation, the existing planting will remain unirrigated and will have reduced lifespans.
Pension Trust
Staff proposes appropriating and transferring $5,97...
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