PREPARED BY: NORM VELOSO DATE OF MEETING: 06/05/2023
SUBJECT:
TITLE
CONSIDER ADOPTING RESOLUTION TO APPROPRIATE APPROXIMATELY $1.79 MILLION OF GENERAL FUND DESIGNATED RESERVES TO FUND FY 2022/23 UNFORESEEN EXPENDITURES
CEQA: THIS IS NOT A PROJECT SUBJECT TO CEQA.
Label
RECOMMENDATION
Recommendation
Adopt the Resolution
BODY
COMPLIANCE STATEMENTS
Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency is an adopted City Council Priority contained in the adopted Fiscal Year 2023-2025 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
On June 21, 2022, the City Council adopted the FY 2022-24 Biennial Budget through Resolution 2022-083.
After the Budget is approved, staff continues to monitor the Budget year-round. As part of the Budget monitoring and to keep the Council and public informed regarding the City's revenues and expenditures, staff presents periodic reports to both the Budget, Finance and Legislative Standing Committee and the City Council with the focus on the General Fund and the Capital Improvement Fund. These reports summarize actual expenditures incurred and revenue receipts, discuss any major variances, highlight significant issues, and, if necessary, recommend amendments to the budget to ensure that the City's financial plan is achieved in terms of its expenditures and income objectives. These Budget amendments may be in response to urgent and unforeseen issues, acceptance of grant funds, or Council direction.
The Council approves numerous Budget amendments in various funds as part of the Mid-year Budget Review Report, the Budget Closing and Annual Comprehensive Financial Report.
The table below summarizes the FY 2022-23 Unforeseen Contingencies in the total amount of $1,788,000:
The allocation for the Unforeseen Contingencies in the amount of approximately $1.79 million from the General Fund Designated Reserves was approved by the San Pablo City Council on May 15, 2023, via Resolution 2023-067.
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