City Council

7. YEAR-END UPDATE FOR FISCAL YEAR 2022-2023 This report provides\nthe City Council with an update of the Fiscal Year 2022-2023 preliminary\noperating results based on actual year-end revenues and expenditures.\nGeneral Fund operating revenues are approximately $6.7 million higher\nthan the amended budget, whereas General Fund expenditures are\napproximately $0.4 million lower than the amended budget. If the\nencumbrances identified in the report are approved, the General Fund\nreserves are expected to be at $24 million as of June 30, 2023 (or 28% of\nthe General Fund’s operating expenditures). This reserve level exceeds\nthe City Council’s target reserve policy of 20%.\n9/29/23, 1:33 PM Regular Meeting of the City Council/Closed Session-5:30 pm/Regular Meeting-7:00 pm\nRecommendation: It is recommended that the City Council: 1. Receive\nand file this report; 2. Approve supplemental appropriations identified in\nthis report, which were incurred to operate various City programs and\nservices; and 3. Approve appropriations for carryover purchase orders\nand encumbrances identified in this report.\nAGENDA REPORT\nPUBLIC HEARING ITEM 8