CC 11-21-2023 Item No. 11. First Quarter Financial Report_Staff PresentationCC 11-21-2023
#11
First Quarter Financial
Report
FY 2023-24
Presentation
November 21, 2023
Fiscal Year 2023-24
First Quarter Financial Report
CC 11-21-2023 Item No. 11
How We Ended FY 2022 -23
FY 2023-24 1st Quarter Update
Proposed Budget Adjustments
Potential Service Level Reductions for FY 2024 -25
Recommendations and Next Steps
Agenda
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CC 11-21-2023 Item No. 11
How We Ended FY 2022-23
CC 11-21-2023 Item No. 11
FY 2022-23 Actual Revenues $112.5
FY 2022-23 Actual Expenditures -$83.3
Change in Fund Balance $29.2
Year -End Actuals –General Fund
($ in Millions)
FY 2021-22 Year-End Fund Balance $110.1
FY 2022-23 Year-End Fund Balance (Projected)$139.3
CC 11-21-2023 Item No. 11
FY 2023-24 1st Quarter Update
CC 11-21-2023 Item No. 11
FY 2023 -24 Adopted
Budget
FY 2023-24
Amended Budget
as of Sept. 30, 2023
Revenues $80.3 $112.8
Expenditures $86.1 $121.8
FY 2023-24 Amended Budget –General Fund
($ in Millions)
CC 11-21-2023 Item No. 11
General Fund Fund Balance (in millions)
Classification
Year End
Projection
2022-23
Q1 Year-End
Projection
2023-24
Q1 Year-End
Projection with
Sales Tax
Repayment
Reserve
Impact of Sales
Tax Repayment
Reserve
Restricted 18.8 18.8 18.8 -
Committed
Capital Projects Reserve 10.0 10.0 -(10.0)
Economic Uncertainty Reserve 24.0 24.0 18.0 (6.0)
Sales Tax Repayment Reserve --56.5 56.5
Sustainability Reserve 0.1 0.1 0.1 -
Unassigned 80.9 66.3*25.8*(40.5)
Other Classifications 5.4 5.4 5.4 -
Total Fund Balance $139.3 $124.6* $124.6*-
*Excludes unrealized revenues from The Rise
CC 11-21-2023 Item No. 11
Proposed Budget Adjustments
CC 11-21-2023 Item No. 11
Department Revenue Expenditures Change in Fund
Balance
Administration 230,233 72,405 157,828
Innovation & Technology 233,684 233,684 -
Public Works 467 233,585 (233,118)
Capital Projects -467 (467)
Total All Departments $464,384 $540,141 $(75,757)
Proposed Budget Adjustments
CC 11-21-2023 Item No. 11
•Establish two new classifications:
•Senior Housing Coordinator
•Communications and Marketing Coordinator
•Zero New FTE -existing positions will be reclassified
Staffing
CC 11-21-2023 Item No. 11
•As of September 30, 2023, no funds have been
spent.
•Staff will continue to report on the use of this fund.
City Manager Discretionary Fund
CC 11-21-2023 Item No. 11
•4th of July Event: $145,000
•Community Funding Grant Program: $90,000
•Annual Weed Abatement Subsidy: $8,046
•Reminder -Shakespeare funding was removed
beginning FY 2024-25
Advanced Planning -
Potential Service Level Reductions for
FY 2024-25
CC 11-21-2023 Item No. 11
Roadmap to FY 2024 -25 Budget Adoption and Balancing
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Budget Update
1st Quarter Report
Budget Update
-Mid-Year Report
-CIP
Fee Study
Budget Update
-SLR Review #2
-Community Meeting
Updates
-Festivals & Fee Waivers
FY 2024-25 Proposed
Budget
Community Funding
FY 2024-25 Adopted
Budget
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October 2023 November 2023
January 2024
April 2024 June 2024
February 2024
December 2023
October 2023
Community Budget
Meeting #1
Council Goal Setting/
Work Program
Commission/
Committee Feedback
Labor Contracts
March 2024
Budget Update
3rd Quarter Report
May 2024
City Hall &
Blackberry Farm
Update
Community Budget
Meeting #2
Budget Update
-Audit Update
-Committed Reserve
Revenue Tax
Measures
December 2023
CC 11-21-2023 Item No. 11
1.Accept the City Manager’s First Quarter Financial Report for FY
2023-24
2.Adopt Resolution No. 23 -XXX approving Budget Modification
No. 2324-314, increasing appropriations by $540,141 and
revenues by $464,384
3.Adopt Resolution No. 23 -XXX amending the Cupertino City
Employees’ Association/IFPTE Local 21 Classification Plan and
Salary Schedule
4.Adopt Resolution No. 23 -XXX amending the Unrepresented
Employees’ Compensation Program
Recommendations
CC 11-21-2023 Item No. 11
5.Approve new Senior Housing Coordinator and
Communications and Marketing Coordinator classifications
6.Receive FY 2023-24 First Quarter City Work
Program Dashboard Update
7.Provide direction on potential service level reductions
for FY 2024-25
a.Defunding the 4th of July Event in FY 2024 -25
b.Defunding Community Grant Funding Program
in FY 2024-25
c.Defunding Weed Abatement subsidy of $8,600 annually.
Recommendations
CC 11-21-2023 Item No. 11
Questions?
CC 11-21-2023 Item No. 11