To: Honorable Mayor and Members of City Council
From: Steve Potter, City Manager
Prepared By: Bret Prebula, Finance Director
TITLE:
Title
Proposed Budget for FY 2020/21
LABEL
RECOMMENDED ACTION:
Recommendation
Provide direction to staff to finalize the proposed FY 2020/21 Budget and present that document for final review and approval at the regularly scheduled meeting on June 16, 2020.
Body
DISCUSSION:
The City's two-year budget for fiscal years 2019/20 and 2020/21 was adopted by the City Council on June 18, 2019. The purpose of the budget update is to provide an update to the Council regarding revenue and expenditure trends, and to propose appropriate revisions to the FY 2020/21 appropriations.
The FY 2020/21 budget as originally adopted estimated general fund revenues of $104.7 million and expenditures of $103.3 million, resulting in a balanced general fund budget after transferring funds to reserves per the Council adopted fiscal policy. Adjustments are proposed for administrative purposes (FY 2019/20 Council Resolutions, corrections to original budget), for Decision Packages that will enable departments to better meet public needs, and for the impacts of the coronavirus pandemic (COVID-19).
All the adjustments referenced in this Staff Report can be found in more detail in Attachment 1, Operating and Capital Budget Update FY 2020/21.
The Proposed Budget for all City funds totals $223.5 million in Fiscal Year 2020/21, down from the $234.0 million in the originally adopted budget. The goal of this budget is to balance the need to be responsive in providing services to residents, businesses and visitors in our community with the need to operate within the limitation of available resources.
Major Adjustments
General Fund Revenues
COVID-19 Impacts: General Fund revenues are being reduced by $20.5 million due to the anticipated economic impact of the pandemic and resultant shelter-in-place orders.
Additional Transfers In: $2.7 million of funds from...
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