City Council

19. FISCAL YEAR (FY) 2022-23 MID-YEAR FINANCIAL REVIEW AND AMENDMENT TO\nFY 2022-23 CLASSIFICATION AND COMPENSATION (SALARY SCHEDULE) PLANS\nFOR STAFF/POSITION REALLOCATIONS\nComments:\nOn July 20, 2021, the City Council adopted the FY 2021-22 budget and approved the FY 2022-\n23 budget. On June 21, 2022, the City Council adopted the updated second year (FY 2022-23)\noperating budget. The budget is the City’s financial operating plan that establishes the City’s\ngoals, budget priorities, and desired service levels for the fiscal year, as well as identifies the\nfiscal resources necessary to achieve them. The updated adopted budget was based on certain\nassumptions and meeting expenditure and revenue projections.\nThe FY 2022-23 Mid-Year Financial Review reports on the City’s fiscal performance through mid-\nyear (July through December), comparing all revenues and expenditures incurred during the first\ntwo quarters of FY 2022-23 to the same period in FY 2021-22. The Mid-Year Financial Review\nalso provides an updated FY 2022-23 Financial Forecast, as well as presents mid-year budget\nadjustments for Council’s consideration to amend the FY 2022-23 Adopted Budget.\nAs customary, the Mid-Year Financial Review primarily focuses on the General Fund since this is\nthe fund that supports traditional municipal services the City provides for residents, such as law\nenforcement, fire protection, public works services, parks, and recreation. (FIN & HR)\nRecommendation:\nStaff recommends that the City Council adopt the attached resolutions entitled:\n· A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD RECEIVING\nAND FILING THE FY 2022-23 MID-YEAR FINANCIAL REVIEW REPORT, APPROVING\nTHE FY 2022-23 MID-YEAR BUDGET ADJUSTMENTS TO AMEND THE FY 2022-23\nADOPTED BUDGET HERETO ATTACHED AS SCHEDULE A\n· A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD AMENDING\nTHE FISCAL YEAR 2022-23 ADOPTED BUDGET CLASSIFICATION AND\nCOMPENSATION (SALARY SCHEDULE) PLANS FOR STAFF/POSITION\nREALLOCATIONS