CC 05-21-2024 Item No. 10. FY 2023-24 Third Quarter_Staff PresentationMay 21, 2024
Fiscal Year 2023-24
Third Quarter Financial Report
CC 05-21-2024 Item No. 10
FY 2023-24 Third Quarter Update
Proposed Budget Adjustments
Recommendations and Next Steps
Agenda
FY 2023-24 Third Quarter Update
FY 2023-24
Adopted
Budget
FY 2023-24
Q1 Year-End
Projection
FY 2023-24
Q2 Year-End
Projection
FY 2023-24
Q3 Year-End
Projection
Revenues $80.3 $112.8 $113.3 $133.8
Expenditures $86.1 $121.8 $122.3 $121.7
Changes to
Fund
Balance
$(5.8)$(9.0)$(9.0)$12.1
FY 2023-24 Amended Budget –General Fund
($ in Millions)
Classification
FY 2022-23
Year End
Projection
FY 2023-24
Q1 Year-End
Projection
FY 2023-24
Q2 Year-End
Projection
FY 2023-24
Q3 Year-End
Projection
Restricted 20.7 18.8 20.7 20.7
Committed
Capital Projects Reserve 10.0 10.0 --
Economic Uncertainty
Reserve 24.0 24.0 18.0 18.0
Sales Tax Repayment Reserve --56.5 74.5
Sustainability Reserve 0.1 0.1 0.1 0.1
Unassigned 80.3 66.3*26.0*26.6*
Other Classifications 5.4 5.4 5.4 5.4
Total Fund Balance $140.6 $124.6* $126.8*$150.0*
Fund Balance –General Fund ($ in millions)
*Excludes unrealized revenues from The Rise
•Initial allocation of $56.5 million (disputed
sales tax revenue received between April
1, 2021 and June 30, 2023)
•Disputed sales tax revenue is expected to
be $74.5 million by June 30, 2024
•Propose increasing the reserve to $74.5
million as part of the Third Quarter
Financial Report
Sales Tax Repayment Reserve
Proposed Budget Adjustments
Fund Revenue Expenditure Change in Fund Balance
General Fund 19,710,094 (624,106) 20,334,200
Special Revenue
Funds -250,000 (250,000)
Capital Projects Funds 300,000 -300,000
Enterprise Funds - (691)691
Internal Service Funds -(90,183) 90,183
Total $20,010,094 $(464,980) $20,475,074
Proposed Budget Adjustments by Fund
Proposal Revenue Expenditures Change in Fund Balance
GENERAL FUND
Adjust Sales Tax Revenue 19,382,332 - 19,382,332
Supplemental Law Enforcement Services 327,762 250,000 77,762
Increased Legal Costs - 200,000 (200,000)
Defund - CWP Analyze Potential Revenue Measures - (22,450)22,450
Defund - FY 2022-23 Software Budget Carryover - (500,000)500,000
Defund - FY 2022-23 Training Budget Carryover - (16,896)16,896
Defund - Performance Management App Special Project - (32,000)32,000
Defund - Project Dox Special Project - (30,274)30,274
Defund - ERP Phase III - (375,000)375,000
Defund - Overpasses and Medians Trench Work - (40,000)40,000
Defund - City Hall Electrical Preventative Maintenance - (9,500)9,500
Defund - Shuttle Pilot Program - (10,574)10,574
Defund - Traffic Engineering Adaptive Traffic Signaling - (5,970)5,970
Defund - Traffic Signal Maintenance Adaptive Traffic Signaling - (16,042)16,042
Defund - Sustainable Infrastructure Audit - (10,000)10,000
Defund - 4H Fence - (5,400)5,400
Proposed Budget Adjustments
Proposal Revenue Expenditures Change in Fund Balance
SPECIAL REVENUE FUNDS
Transfer from Storm Drain Improvement to Capital Reserve -300,000 (300,000)
Defund - Support for the Unhoused - (50,000)50,000
CAPITAL PROJECT FUNDS
Transfer from Storm Drain Improvement to Capital Reserve 300,000 -300,000
ENTERPRISE FUNDS
Defund - Windscreens - (691)691
INTERNAL SERVICE FUNDS
Defund - CWP Cyber Security Public Education - (6,183)6,183
Defund - Security Framework and Audit - (30,000)30,000
Defund - Council Voting System and Timer - (32,000)32,000
Defund - Public Bike Smart Rack DockTech - (2,000)2,000
Defund - Facility Battery - (20,000)20,000
Total $20,010,094 $ (464,980)$ 20,475,074
Proposed Budget Adjustments (Cont.)
•No changes recommended
Staffing
•As of March 31, 2024, no funds have been spent.
•Staff will continue to report on the use of this fund.
4th Quarter Preview
•Some funds have been used for Public Employees
Appreciation Week
•Funds are anticipated to be used for additional
Internal Audit costs to complete the CWP Citywide
policies
City Manager Discretionary Fund
Recommendations and Next Steps
1.Receive the City Manager’s Third Quarter Financial
Report for Fiscal Year 2023-24;
2.Adopt Resolution No. 24-XXX and Budget
Modification 2324-340 decreasing appropriations
by $464,980 and increasing revenues by
$20,010,094
Recommendations
Roadmap to FY 2024-25 Budget Adoption and Balancing
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Budget Update
1st Quarter Report
Budget Update
Mid-Year Report
Fee Study and
Revenue Tax
Measures
Budget Update
SLR Review #2
FY 2024-25 Proposed
Budget
-Community Funding
-Festivals & Fee Waivers
FY 2024-25 Adopted
Budget
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October 2023 November 2023 January 2024
April 2024 June 2024
February 2024
Community Budget
Meeting #1
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
Budget Update
Capital Improvement
Plan (CIP)
Last Updated 5.01.2024
•Proposed Budget Study Session May 21
•Final Budget Adoption and Hearing June 4
Next Steps
Questions?