PREPARED BY: J. KELLY SESSIONS DATE OF MEETING: 05/20/19
SUBJECT:
TITLE
PUBLIC HEARING AND BUDGET REVIEW FOR THE MID-CYCLE UPDATE TO THE QUADRENNIAL OPERATING BUDGET AND CAPITAL IMPROVEMENT PROJECTS BUDGET FOR FISCAL YEARS 2019/20 AND 2020/21
Label
RECOMMENDATION
Recommendation
Conduct Public Hearing; authorize placement on June 3, 2019 Council meeting for adoption of operating and CIP budgets
BODY
COMPLIANCE STATEMENTS
Council Priority Workplan Compliance Statement:
Enhance Community Resilience (City Council) is a Major Policy Goal and Diversify the Revenue Stream is a Top City Council Priority item under the adopted FY 2019-21 City Council Priority Workplan, effective March 1, 2019.
CEQA Compliance Statement
This is not a project as defined by CEQA.
BACKGROUND
On June 19, 2017, the City Council adopted the FY 2018-21 Quadrennial Budget (Resolution 2017-123) with adjustments approved in Year 2 of the budget on June 18, 2018 (Resolution 2018-082). This report will provide key information regarding proposed budgetary changes for Years 3 and 4 of the four-year budget (FY 2019/20 and FY 2020/21).
When originally presented, the FY 2018-21 Quadrennial Budget was a four-year appropriation balanced in each of the separate fiscal years, with Years 1 and 2 generally budgeted individually and Years 3 and 4 generally increased by a modest formula. That approach was successful and will most likely be repeated in future quadrennial budget cycles. Per original discussions with Council, staff has undertaken a major budget review at mid-cycle and is now presenting the final two years of the four-year budget. Like the original Quadrennial Budget, this mid-cycle update is also balanced in each fiscal year, with revenues and expenditures standing at $45.6 million in Year 3 and $47.0 million in Year 4. Individual line-item budgets are available for review in the attachments.
Mid-cycle Revenues
Staff took a conservative approach in projecting the City's reven...
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