To: Honorable Mayor and Members of City Council
From: Brian Cochran, Finance Director
Prepared By: Jessie Sauter, Finance Analyst
TITLE:
Title
City of Napa FY 2018/19 Mid-Cycle Budget Update
LABEL
RECOMMENDED ACTION:
Recommendation
1. Adopt a resolution approving and adopting amendments to the fiscal year 2018/19 Budget.
2. Adopt a resolution approving amendments to the City-Wide Position Staffing Plan.
Body
DISCUSSION:
The City's two-year budget for fiscal years 2017/18 and 2018/19 was adopted by the City Council on June 20, 2017. The purpose of the Mid-Cycle review is to provide an update to the Council regarding revenue and expenditure trends, and to propose appropriate revisions to the FY 2018/19 appropriations.
The FY 2018/19 budget as originally adopted estimated general fund revenues of $96.9 million and expenditures of $95.4 million, resulting in a balanced general fund budget after transferring funds to reserves per the Council adopted fiscal policy. Adjustments are proposed both for administrative purposes (recalculation of CalPERS rates, corrections to original budget) and for Decision Packages that will enable departments to better meet public needs.
All the adjustments referenced in this Staff Report can be found in more detail in Attachment 3, FY 2018/19 Mid-Cycle Budget. Additionally, the requested adjustments for all funds are included as an Exhibit to the resolution for ease of reviewing all proposed adjustments in one document.
FY 2017/18
While FY 2017/18 has not yet closed, based upon information available as of this date it appears that General Fund operating revenues will total approximately $90.6 million for the fiscal year. General Fund operating expenditures are projected at this time to total $88.8 million, which is a $1.7 million (2%) savings from the revised appropriation.
Non-Recurring General Fund revenues are projected to be $3.0 million under budget, while expenditures are projected to be $6.2 million under budget....
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