CC Resolution No. 23-128 approving Budget Modification No. 2324-314, increasing appropriations by $464,384 and revenues by $540,141RESOLUTION NO. 23-128
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AMENDING THE OPERATING BUDGET FOR FISCAL YEAR 2023-24 BY
APPROPRIATING, TRANSFERRING, AND UNAPPROPRIATING MONIES
FOR SPECIFIED FUNDS
WHEREAS, the orderly administration of municipal government
depends on a sound fiscal policy of maintaining a proper ratio of expenditures
within anticipated revenues and available monies; and
WHEREAS, accomplishing City Council directives, projects and
programs, and performing staff duties and responsibilities likewise depends on
the monies available for that purpose; and
WHEREAS, the City Manager has determined that the balances from the
funds specified in this resolution are adequate to cover the proposed amended
appropriations, and therefore recommends the fund reallocations described herein.
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby
approve the recommended fund reallocations and ratifies the attached amended
appropriations as set forth in Exhibit A.
PASSED AND ADOPTED at a regular meeting of the City Council of the
City of Cupertino this 21th day of November 2023, by the following vote:
Members of the City Council
AYES: Wei, Mohan, Chao, Fruen
NOES: Moore
ABSENT: None
ABSTAIN: None
SIGNED:
________
Hung Wei, Mayor
City of Cupertino
________________________
Date
ATTEST:
___________________________
Kirsten Squarcia, City Clerk
________________________
Date
11/30/23
11/30/23
Exhibit A
Appropriation
Amendment by Fund
Appropriation
Amendment
Revenue
Amendment
Fund Balance
(Use of)
General Fund $262,836 $326,233 $63,397
Special Revenue Funds $(12,033) $467 $12,500
Capital Projects Funds $467 $- $(467)
Enterprise Funds $132,000 $- $(132,000)
Internal Service Funds $156,871 $137,684 $(19,187)
Total Appropriation
Amendment All Funds $540,141 $464,384 $(75,757)
This Financial Report is interactive. Click on a chart to learn more.
Background
On June 6, 2023, the City Council adopted the Fiscal Year (FY) 2023-24 Adopted Budget, a $121.8 million
spending plan funded by $110.2 million in revenue and $11.6 million in fund balance. The FY 2023-24
Adopted Budget reflected a $4.0 million increase from the FY 2023-24 Proposed Budget, mainly due to the
Capital Improvement Program. As a result of budget adjustments, encumbrances, and carryovers, the
amended budget at the end of the first quarter is $204.7 million.
Amended Budget
2023-24
Adopted Budget
2023-24
Amended Budget
Q1
Fiscal Year
0.0
100.0M
200.0M
50.0M
150.0M
Dollars
Public Works
Community Development
Capital Projects
Law Enforcement
Parks and Recreation
Non Departmental
Administrative Services
Innovation & Technology
Administration
Council and Commissions
Flow of Funds Chart (in Millions)
CITY OF CUPERTINO
FY 2023-24 First Quarter Financial Report
The following is the First Quarter Financial Report, submitted by the Administrative Services
Department for the period of July 1, 2023 to September 30, 2023 for Fiscal Year (FY) 2023-24. It has
been prepared to inform the City Council, City leadership and the public of the City’s fiscal status.
General Fund Revenues, Expenditures, and Fund Balance
To date the City’s financial statement audit has yet to be issued and revenue, expenditure, and fund balance
totals listed in this report are preliminary and subject to change after a full review by the City’s auditors. City
staff does not anticipate many if any changes from the auditors.
-$13,529,092.80
Revenues Less Expenses in Sep 2023
-$14M
-$12M
-$10M
-$8M
-$6M
-$4M
-$2M
$0
Sep 2020 Sep 2021 Sep 2022 Sep 2023
$29,163,659.20
Revenues Less Expenses in Jun 2023
$0
$5M
$10M
$15M
$20M
$25M
$30M
Jun 2021 Jun 2022 Jun 2023
General Fund Revenues vs Expenditures First Quarter General Fund Revenues vs Expenses Year End
September
2020-21
Actual
2020-21
Amended Budget
Q1
June
2021-22
Actual
September
2022-23
Actual
2022-23
Amended Budget
Q1
2023-24
Amended Budge
Q1
Fiscal Year
0.0
100.0M
25.0M
50.0M
75.0M
125.0M
Dollars
Revenues
Expenses
General Fund Revenue and Expenditure Trends
As of September 30, 2023, General Fund revenues are at $12.1 million, which is 11% of budgeted revenue.
Revenues at the first quarter point of the prior three years were between 13% and 18% of budgeted revenues,
placing this year slightly below the range. Staff will continue to monitor its leading revenue sources as the year
progresses.
General Fund expenditures are $25.6 million, which is 21% of budgeted appropriations. Expenditures at the
first quarter point of the prior three years ranged between 23% and 27% of budgeted appropriations which
places current first quarter actuals within the range.
General Fund Revenues - First Quarter vs Budget
Data Updated Nov 14, 2023, 1:05 PM
9/2020 9/2021 9/2022 9/2023
10.74%
In Revenues of $112,763,401.00 Budgeted through Sep 2023
General Fund Expenses - First Quarter vs Budget
Data Updated Nov 14, 2023, 1:05 PM
9/2020 9/2021 9/2022 9/2023
21.06%
In Expenses of $121,777,754.00 Budgeted through Sep 2023
As of the first quarter, overall revenue is $12.1 million, which is $5.5 million, or 31%, lower than the same time
last year. This is primarily due to decreases in sales tax, intergovernmental, and transfers in.
As of first quarter, overall expenditures are $25.6 million, which is $5.7 million, or 18%, lower than the same
time last year. This is primarily due to decreases in transfers as part of an expenditure reduction strategy.
$12,113,167.19
Revenues in Sep 2023
$0
$20M
$40M
$60M
$80M
$100M
$120M
Sep 2020 Sep 2021 Sep 2022 Sep 2023
$25,642,259.99
Expenses in Sep 2023
$0
$20M
$40M
$60M
$80M
$100M
Sep 2020 Sep 2021 Sep 2022 Sep 2023
$12,113,167.19
Revenues in Sep 2023
Sales Tax
Charges for ...
Other
Use of Money
Licenses and...
Transient Oc...
$25,642,259.99
Expenses in Sep 2023
Contract Ser...
Transfers Ou...
Other
Employee Ben...
Cost Allocat...
Employee Com...
General Fund Classification of Fund Balance
The City’s General Fund ended FY 2021-22 with $110.2 million in total fund balance. Staff anticipates the
General Fund will end FY 2022-23 with $139.3 million in fund balance, an increase of $29.1 million from the
prior year due to FY 2022-23 ending with revenues higher than expenditures. As of the first quarter, staff
anticipates the General Fund will end FY 2023-24 with $135.4 million in fund balance.
To date, the City’s outside auditors have not completed their review of the City’s financials. Revenue,
expenditure, and fund balance totals listed in this report are preliminary and subject to change after a full
review by the City’s auditors. City Staff does not anticipate many, if any, changes from the auditors.
General Fund Revenues - First Quarter vs Year End General Fund Expenses - First Quarter vs Year End
General Fund Revenues by Type General Fund Expenses by Type
Recommended Adjustments
As of the first quarter, Departments are requesting budget adjustments to ensure they end the year within
budget appropriations. The recommended adjustments are summarized in the table below:
Summary
The First Quarter Financial Report shows the City is positioned as anticipated. City staff recommends
adjustments of $540,141 in new appropriations, funded by $464,384 in revenues and $75,757 in one-time
fund balance.
City of Cupertino, California
Cupertino City Hall
10300 Torre Avenue
Cupertino, CA 95014-3202
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