City Council

7. YEAR-END UPDATE FOR FISCAL YEAR 2022-2023 This report provides the City Council with an update of the Fiscal Year 2022-2023 preliminary operating results based on actual year-end revenues and expenditures. General Fund operating revenues are approximately $6.7 million higher than the amended budget, whereas General Fund expenditures are approximately $0.4 million lower than the amended budget. If the encumbrances identified in the report are approved, the General Fund reserves are expected to be at $24 million as of June 30, 2023 (or 28% of the General Fund’s operating expenditures). This reserve level exceeds the City Council’s target reserve policy of 20%. 9/29/23, 1:33 PM Regular Meeting of the City Council/Closed Session-5:30 pm/Regular Meeting-7:00 pm Recommendation: It is recommended that the City Council: 1. Receive and file this report; 2. Approve supplemental appropriations identified in this report, which were incurred to operate various City programs and services; and 3. Approve appropriations for carryover purchase orders and encumbrances identified in this report. AGENDA REPORT PUBLIC HEARING ITEM 8