Title
Staff Report for 2023-2024 Budget Amendment for 2022-2023 Year-End, One-Time Appropriation of Unspent Funds for the General Fund, Special Revenue Funds, Capital Improvement Projects Fund, and Fiduciary Fund
Staffreport
COUNCIL PRIORITY
* Public Safety
* Housing and Homelessness
* Infrastructure
* Fiscal Sustainability and Transparency
SUMMARY AND RECOMMENDATIONS
Staff recommends the City Council Finance Committee review and recommend the City Council approve the 2022-2023 year-end, one-time appropriation of unspent (revenue exceeding expenditures) funds in the amount of $9,258,000.
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 Fiscal Year 2022-2023 budget on June 28, 2021 as part of the City's biennial budgeting process that covers two fiscal years. As a result, budget adjustments are periodically necessary for circumstances that arise and require additional budget appropriations. The City Council has approved various budget amendments since 2021, including a mid-cycle adjustment to the biennial budget that was approved on June 21, 2022.
ANALYSIS
Subject to finalizing the annual audit, the City estimates a 2022-2023 General Fund unspent balance of $9,258,000. These funds result from stronger-than-projected revenues and controlled expenditures across multiple departments. While sales tax declined in 2022-2023 by $3,077,000, other revenues, including business licenses, permits, investments, and property taxes increased, exceeding estimates by $6,950,000. Expenditures were $4,947,000 less than projections. Staff recommends a 2023-2024 budget amendment appropriating a total of $9,258,000 of one-time funds.
Human Services Priorities
Staff proposes appropriating $696,143 for priorities in Human Services. Of this amount $400,000 is proposed for an Expanded Safety Ambassador...
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