City Council

1. Consideration and possible action to review the Fiscal Year 2022-23 year-end\nestimates, the FY 2023-24 Preliminary Budget, and estimated fund balances\nfor all funds, excluding Improvement Authorities. (Loya/Ramos) (30 mins)\nRecommendation: 1) Review the FY 2022-23 year-end estimates and\napprove Budget Adjustments in the General Fund by reducing the budget in\nthe amount of $1,805,600 in Personnel and increasing Transfers-Out by\n$1,169,900 based on the third quarter year-end estimates. 2) Review the\nPreliminary FY 2023-24 Budget for the General Fund and affirm the changes\nsince the Budget Workshop: Increase the General Fund Revenues by\n$143,200; Increase the General Fund Personnel costs by $114,000; Decrease\nthe General Fund Non-Personnel $107,200; Revise General Fund Transfers-\nOut; Increase Capital Infrastructure Program (CIP) by $243,200; i. Add\nAbalone Cove Sewer Maintenance Fund by $70,000; ii. Retain the unallocated\nbalance of $715,300 instead of transferring it to the CIP Fund.3) Review and\napprove the Preliminary FY 2023-24 Budget consisting of the Capital\nInfrastructure Program (CIP) Fund, Special Revenue Funds, and Internal\nService Funds, and affirm the revised list for the FY 2023-24 Capital\nImprovement Program. 4) Review and provide direction on the following\npotential options for reserving funds towards the Civic Center and Portuguese\nBend Landslide Remediation projects: Option 1 (existing): Pursuant to existing\nCity Council Reserve Policy No. 41, the City Council may assign the current\nCIP Reserve for major capital improvements of $5 million to Civic Center\nMaster Plan and/or Portuguese Bend Landslide Remediation Projects. Option\n2: Subject to the annual budget process and the unrestricted fund balance in\nCIP, the City Council may consider increasing the CIP reserves for major\ncapital improvements of $5 million to $10 million. Option No. 3: Subject to the\nannual budgeting process, the City Council may consider transferring a portion\nor all of the $5 million in a separate fund for the Civic Center Master Plan\nand/or Portuguese Bend Landslide Remediation projects. Option 4: Direct\nStaff to present the future funding options to the Finance Advisory Committee\nand solicit feedback and recommendations that the City Council may consider\nat a future meeting. 5) Direct staff to return on June 20, 2023 for the budget\npublic hearing and budget adoption consideration.\nAgenda Report