CC 03-01-2022 Item No. 11. Mid-Year Financial Report Fiscal Year 2021-22_Staff Presentation
FISCAL YEAR 2021-22
MID-YEAR FINANCIAL REPORT
Budget Reporting CycleAmended Budget as of December 31, 2021General Fund UpdateAmerican Rescue Plan Act of 2021
Agenda
Recommended AdjustmentsRecommendations and Next StepsTransparency and Engagement
Agenda
June
Final Budget
November
First Quarter
May
Proposed Budget
March
Mid-Year
May
Third Quarter
Budget Reporting Cycle
$80.4
Budget Adjustments
$148.8
Final
$121.0
Proposed
IN MILLIONS
FY22 Amended Budget as of December 31, 2021-$229.2M
2021
of
31,
as
Amended
22
2,676,0009,307,547
21
Budget
32,973,07349,166,30110,570,119
229,162,354
124,469,314
December
FY
$$
1st
in
Quarter
212,681107,800190,045
nd
2 1,936,000 3,990,830
7,138,606
Adjustments
and
Approved
$$
189,833208,700
9,149,571
4,906,1412,414,116
16,868,361
$
60,790
855,369
22,657,533$11,749,25218,540,682 53,863,626
$$
22
21
2,676,0009,417,1178,848,012
FY
AdoptedCarryoversEncumbrances
19,540,000
89,767,03418,597,024
$
$148,845,235
Funds
Service
RevenueProjects
All
Fund
Service
FY22 Appropriation Changes since Adopted Budget
Total
GeneralSpecialDebtCapitalEnterpriseInternal
General Fund Revenues & Expenditures ÏMid-Year Trends (3-year)
22
FY
vs.
21
FY
Year
ɋ,¯ª
Revenues
Fund
General
22
FY
vs.
21
FY
Year
ɋ,¯ª
Expenditures
Fund
General
$75,000 Adopted Budget$2,400 used to assist with funding Housing Op-EdStaff will continue to report out on the use of this fund
City Manager Discretionary Fund
Transportation Transfer -$1,333,773Law Enforcement Services -$972,987General Liability Insurance -$182,112Administration Overhead -$191,573CDD Customer Service Solution -$49,343Climate
Action Plan -$78,000Municipal Water System -$10,000General Plan and Muni Code Update -$19,052
American Rescue Plan Act of 2021 Of the $4.8M in funding, $3.1M in revenues recognized
Fund
by
Summary
Adjustments
Budget
Year
Mid
Department
and
Fund
by
Adjustments
Budget
Year
Mid
Balance
-$910,000($910,000)-($1,847,699)$1,847,699
CIP-($937,699)
Adjustments by Department DescriptionRevenueExpenditureFund Lawrence-Mitty Park Debris Removal, Clean up, and Tree Removal
All-Inclusive Play Area Budget Reduction
Balance
-$350,000($350,000)
Public Works-$376,000
Adjustments by Department DescriptionRevenueExpenditureFund New Landfill Agreement and Solid Waste Consulting ServicesLeaf Blower Replacement-$26,000($26,000)
Balance
$220,000$9,350$210,650
Parks & Recreation-$19,650
Adjustments by Department DescriptionRevenueExpenditureFund Tree Maintenance-$10,300($10,300)Additional Revenue Estimate and Bank Charges
Balance
Non-Departmental-$10,000,000
Adjustments by Department DescriptionRevenueExpenditureFund General Fund Transfer to Capital Reserve$10,000,000 $10,000,000-
of 5 annual contributions)
th
$2M contribution (4Estimated June 30, 2022 balance = $20.8MIncrease from $19M to $24MAlignment with expenditure/revenue growth
Pension Section 115 TrustEconomic Uncertainty Reserve
Fund Balance Adjustments
Requires City Council authorization, transfer, and appropriation before use
Establish $10M reserve in General FundAssist with capital program short-and long-term planning Used to fund future capital projects
Capital Projects Committed Reserve
Fund Balance Adjustments (continued)
Fund Balance Adjustments (continued)
Reclassify (One) Limited-Term Project Manager Position to Full Term Position
Staffing
Consider Accepting the City ManagerÔs Mid-Year Financial Report for FY 2021-22.Consider Adopting a draft resolution 22-XXX approving Budget Modification #2122-XXX increasing appropriations
by $9,457,951 and revenues by $10,220,000. Consider Approving the Conversion of (One) Limited-Term Project Manager Position to Full-Term Position.
Recommended Actions
Consider Approving $2,000,000 contribution from the General Fund to the CityÔs Section 115 Pension Trust.Consider Increasing the CityÔs General Fund Economic Uncertainty Committed Reserve
by $5,000,000.Consider Establishing a General Fund Capital Project Committed Reserve in the amount of $10,000,000.
Consider Approving Amendments to the CityÔs Committed, Unassigned Fund Balance, and Use of One Time Funds Policy which includes the following changes:
Recommended Actions (continued)
Third Quarter Report to CouncilMay 17, 2022Proposed Budget Study SessionMay 17, 2022
Y 2021-22
FFY 2021-22
Next Steps
Transparency and Engagement
OpengovInteractive Mid-Year Financial Report
Questions?