Loading...
HomeMy WebLinkAbout8.3 Fiscal Year 2023-24 2nd Quarter Financial Reviewr DUBLIN CALIFORNIA STAFF REPORT CITY COUNCIL DATE: February 20, 2024 TO: Honorable Mayor and City Councilmembers FROM: Linda Smith, City Manager SU B.ECT: Fiscal Year 2023-24 2nd Quarter Financial Review Prepared by: Jay Baksa, Director of Finance EXECUTIVE SUMMARY: Agenda Item 8.3 The City Council will receive a financial report through the second quarter of Fiscal Year 2023-24 and consider amendments via a budget change. STAFF RECOMMENDATION: Receive the report and approve the budget change. FINANCIAL IMPACT: Approval of the budget change will result in a net increase to the General Fund revenue budget of $5,845,640 and an increase in the General Fund expenditure budget of $356,431, including a $3,000 transfer out to the Capital Improvement Program, resulting in a net increase in General Fund reserves of $5,489,209. The City is projected to be in an operating surplus position of $19,493,964 in Fiscal Year 2023-24, before the use. Total General Fund reserves are projected at $215,152,400 by June 30, 2024. This report also contains various budget changes in other funds requiring City Council approval. DESCRIPTION: The purpose of this report is to update the City Council on the status of the Fiscal Year 2023-24 General Fund Amended Budget and projected reserves. As a reminder, the Amended Budget includes budget changes approved since July 1, as well as carryover budgets from the prior year. The budget change (Attachment 4) lists all new amendments needing approval in the General Fund as well as in other funds. Page 1 of 5 1 General Fund Summary (Attachment 1) General Fund revenues are projected to come in $5,845,640 higher than the Amended Budget, accounting for higher sales tax, interest received, and intergovernmental revenue. On the expenditure side, Staff is recommending an increase of $353,431 in operating expenditures and $3,000 in transfers out to the CIP. Table 1 summarizes the proposed changes to revenues and expenditures, followed by a discussion of the changes. Table 1: Revenue and Expenditure Changes Category Amount Revenues Sales Tax $2,995,900 Interest Earnings 2,990,000 Intergovernmental 115,000 Development (328,242) Transfers In 72,982 Total Revenues $5,845,640 Expenditures Services and Supplies Contracted Services Capital Outlay Transfers Out 204,000 71,723 77,708 3,000 Total Expenditures $356,431 General Fund Impact $5,489,209 Revenues Sales Tax Revenue — increase of$2,995,900 The City continues to experience strong sales tax revenue in Fiscal Year 2023-24 due to a thriving economy. In addition, a change was made by the state in how certain auto sales are reported, resulting in the reallocation of $2.5 million in auto sales tax to Dublin in Fiscal Year 2023-24. Should sales levels remain the same, the City can expect this amount of additional revenue on an annual basis. Interest — increase of$2, 990, 000 The projected increase in interest earnings is due primarily to the Federal Reserve increasing interest rates multiple times since the time the Fiscal Year 2023-24 budget was adopted. In addition to higher rates, the increase is also due to the timing of capital project payments, resulting in a higher -than -projected cash balance in the General Fund. Page 2 of 5 2 Mandated Costs Reimbursement - Increase of$115, 000 The City annually submits claims to the state for reimbursement of the costs associated with complying with certain state mandates. Reimbursement of these costs is dependent on both the State approving the claim and allocating funds for the cost recovery program. As the receipt of reimbursement revenue is highly unpredictable, Staff budgets very conservatively and adjusts based on revenue received. Developer Deposits - Decrease of$328,242 Due to a shift in the timing of various development projects, revenues are expected to decrease $328,242 from the budget, partially offset by a decrease of $252,494 in related expenditures. Transfers In - increase of$72, 982 The increase accounts for Staff transferring money from the Measure D Fund into the General Fund to cover eligible staff costs incurred in the prior year. Such costs, when applicable, are now budgeted directly in the Measure D Fund on an ongoing basis. Expenditures Services and Supplies - increase of$2O4, 000 Services and Supplies are increasing based on the following: • Staff is requesting an increase of $150,000 for repairs and maintenance costs at The Wave, including replacement of the boiler as well as funds for unforeseen repairs before the facility opens for the summer season. • Insurance premiums for the City's liability policy were higher than anticipated this year, trending with overall increases throughout the state. This increase is partially offset by lower costs in ongoing insurance claims, resulting in a net increase of $54,000. Contract Services - increase of$71, 723 Contract Services costs are increasing based on the following: • The City's contract with the Alameda County Sheriff's Department requires an increase of $91,323 due to the addition of a Crime Tech position. • Based on prior year expenditures and due to increased usage of parks and recreation programs and facilities, Staff is estimating the need for an additional $104,000 for payment processing fees. • Due to the need for repairs to the Shannon Center parking lot, Public Works is requesting an additional $135,000 for pavement repair, inspections, and testing services. Staff will be seeking reimbursement of these costs via an insurance claim, based on damage done from a vehicle fire that occurred in the parking lot. • Additional Community Development Block Grant funding was awarded to Dublin after the budget adoption. Staff recommends allocating this to the Legal Assistance for Seniors program, which is currently being funded by a combination of the American Rescue Plan Act (ARPA) Fund ($3,689) and General Fund ($6,106). Accordingly, both current funding sources will be reduced. • As discussed above, development contract costs are decreasing by $252,494, resulting in an estimated $328,242 decrease in revenue. Page 3 of 5 3 Capital Outlay- increase of$77,708 Capital Outlay costs are increasing based on the following: • The purchase of a dedicated vehicle for the Dublin Police Services Behavioral Health Unit at a cost of $25,708. The Unit will utilize an all -electric Chevrolet Bolt. • Additional equipment (total of $52,000) needed for the Dublin Arts Center that was not previously included in the CIP, including masking curtains, a gallery wall system, and a mat to protect the dance room floor. General Fund Reserves and Transfers Out The budget adjustment includes a $3,000 transfer out to the Iron Horse Nature Park and Open Space CIP (PK0422) to account for a donation received for the Adopt -a -Bench Program. This money will be moved into the CIP project to be spent on a new bench located on the Iron Horse Trail. After incorporating all adjustments, Staff is projecting an operating surplus of $19.5 million for Fiscal Year 2023-24. Transfers out total $51.2 million, $33.9 million of which is funded by Committed/Assigned reserves. In addition, $2.0 million is budgeted as a contribution to the Internal Service Funds and $1.0 million to retirement liabilities. After accounting for the use of reserves on capital projects, total reserves are projected to decrease by $34.6 million from the prior year, as illustrated in Table 2 below. A list of changes to specific reserves is provided as Attachment 2 (General Fund Reserves Summary). A detailed list of transfers out of the General Fund is provided as Attachment 3 (General Fund Transfers Out). Table 2: General Fund Summary FY 2022-23 FY 2023-24 New FY 2023-24 Actual Adopted Amended Total Reserves, Beginning of Year $223,857,504 $249,736,608 $249,736,608 Revenues 124,787,119 115,891,861 121,684,519 Expenditures (88,523,802) (99,573,224) (102,190,555) Net Operating Budget Impact $36,263,317 $16,318,637 $19,493,964 Transfers In 109,014 56,600 129,582 Unrealized Gains/Losses (3,053,407) Transfers Out/Contributions to Other Funds (7,439,821) (20,929,893) (54,207,754) Total Reserves, End of Year $249,736,608 $245,181,952 $215,152,400 Change from Prior Year ($34,584,208) Other Funds Staff requests the City Council's approval to amend the budget for the following: • Affordable Housing Fund - Appropriate $160,000 to fund up to four additional first-time home buyer loans. The City has already issued four loans this fiscal year, and the program Page 4 of 5 4 continues to receive a high level of interest. • Community Development Block Grant Fund / ARPA Fund - Appropriate $9,795 to account for additional CDBG grant funding awarded to Dublin after the budget adoption, as discussed above. • East Dublin 1999-1 Assessment District Fund - Appropriate $90,000 to bring the budget in line with prior year actuals. • Measure D Fund - Appropriate $100,000 in total; $40,000 increase to the agreement with HF&H who is working with the City on multiple refuse -related projects; $15,000 for compost procurement/spreading for the carbon sequestration pilot project; and $45,000 for compost purchasing to meet the City's SB 1383 procurement requirements. • Local Recycling Grants - Appropriate $14,191 in grant funds which will be used on the storm drain trash capture program and to purchase three -stream waste cans. • Asset Forfeiture Fund - Appropriate $118,433 for the initial cost of office equipment for the drone first responder program, as well as other police services equipment. • Energy Improvement Bonds Fund - Increase the CIP budget for the Citywide Energy Improvements Project (GI0121) by $33,459 to purchase a dedicated HVAC unit for the data closet at the Senior Center, to avoid server issues that can occur during hot weather. STRATEGIC PLAN INITIATIVE: None NOTICING REQUIREMENTS/PUBLIC OUTREACH: The City Council Agenda was posted. ATTACHMENTS: 1) General Fund Summary Q2 FY 2023-24 2) General Fund Reserves Summary Q2 FY 2023-24 3) General Fund Transfers Out Q2 FY 2023-24 4) Budget Change Q2 FY 2023-24 Page 5 of 5 5 ATTACH MENT1 GENERAL FUND SUMMARY - Q2 FY 23-24 Revenues Property Tax Sales Tax Sales Tax Reimbursements Development Revenue Transient Occupancy Tax Other Taxes Licenses & Permits Fines & Penalties Interest Earnings Rentals and Leases Intergovernmental Charges for Services Other Revenue Subtotal Revenues - Operating Transfers In Unrealized Gains/Losses/Adjustments Actual Adopted Amended New Amended 2022-23 2023-24 2023-24 Q2 Adjustment 2023-24 $59,056,139 28,902,065 (321,750) 8,588,005 1,533,093 7,196,591 323,098 80,117 5,363,445 2,193,822 352,165 8,648,315 2,872,013 $124,787,119 $109,014 (3,053,407) 59,896,000 27,000,000 (375,000) 7,172,669 1,500,000 6,780,500 223,577 50,000 2,510,000 1,648,021 290,000 7,389,682 1,806,412 $115,891,861 $56,600 59,896,000 27,000,000 (375,000) 7,172,669 1,500,000 6,780,500 223,577 50,000 2,510,000 1,648,021 290,000 7,389,682 1,826,412 $115,911,861 $56,600 59,896,000 2,995,900 29,995,900 (375,000) (328,242) 6,844,427 1,500,000 6,780,500 223,577 50,000 2,990,000 5,500,000 1,648,021 115,000 405,000 7,389,682 1,826,412 $5,772,658 $121,684,519 $72,982 $129,582 Total Revenues Expenditures $121,842,727 $115,948,461 $115,968,461 $5,845,640 $121,814,101 Salaries & Wages Benefits Services & Supplies Internal Service Fund Charges Utilities Contracted Services Capital Outlay Debt Service Payment Contingency & Miscellaneous Subtotal Expenditures - Operating Operating Impact (REV-EXP) Transfer Outs & Contributions to Other Funds Transfers Out (CIPs) - Com./Assig. Reserve Transfers Out (CIPs) - Undesignated Contribution to OPEB/PERS Contribution to ISF & Other Subtotal - Transfers Out & Contributions $12,725,756 4,781,703 4,543,179 4,932,571 2,997,652 57,001,245 194,558 1,333,050 14,088 $14,150,396 5,386,283 6,238,992 5,443,747 3,898,997 62,778,423 120,625 1,331,850 223,910 $14,150,396 5,386,283 6,363,061 5,443,747 3,898,997 64,759,840 279,040 1,331,850 223,910 $14,150,396 5,386,283 204,000 6,567,061 5,443,747 3,898,997 64,831,563 356,748 1,331,850 223,910 $353,431 $102,190,555 $19,493,964 71,723 77,708 $36,263,317 937,641 1,018,802 3,460,000 2,023,378 $7,439,821 $99,573,224 $101,837,124 $16,318,637 $14,074,737 7,195,281 10,734,612 1,000,000 2,000,000 $20,929,893 33,935,110 17,269,644 1,000,000 2,000,000 $54,204,754 $5,419,227 3,000 $3,000 33,935,110 17,272,644 1,000,000 2,000,000 $54,207,754 Total Expenditures GF Impact (Include CIP & Transfers) $95,963,623 $120,503,117 $156,041,878 $356,431 $25,879,104 ($4,554,656) ($40,073,417) $5,489,209 $156,398,309 ($34,584,208) TOTAL GENERAL FUND BALANCE $249,736,608 $245,181,952 $209,663,191 $215,152,400 Contracted Services Detail Police Services Fire Services Maintenance Services (MCE) Development (CDD and PW) Other Contracted Services Total Contracted Services Actual 2022-23 $23,229,695 15,223,132 7,149,032 3,360,003 8,039,383 Adopted 2023-24 $24,835,923 16,313,430 7,925,056 3,606,108 10,097,906 Amended 2023-24 $24,835,923 16,313,430 7,931,896 4,147,841 11,530,750 New Amended Q2 Adjustment 2023-24 $91,323 $24,927,246 16,313,430 7,931,896 (252,494) 3,895,347 232,894 11,763,644 $57,001,245 $62,778,423 $64,759,840 $71,723 $64,831,563 6 ATTACHMENT 2 FISCAL YEAR 2023-24 GENERAL FUND RESERVE DESCRIPTION RESERVES Actual 2022-23 Increase 2023-24 Decrease 2023-24 Net Change 2023-24 Projected 2023-24 Non -Spendable $4,859 $4,859 Prepaid Expenses 4,859 4,859 Restricted $4,324,132 $4,324,132 Cemetery Endowment Developer Contribution - Downtown Developer Contr - Heritage Park Developer Contr - Nature Park Section 115 Trust - Pension Heritage Park Maintenance 60,000 1,490,000 19,000 60,000 1,945,132 750,000 60,000 1,490,000 19,000 60,000 1,945,132 750,000 Committed $76,016,420 ($9,603,178) ($9,603,178) $66,413,241 Advance to Public Facility Fee Downtown Public Improvement Economic Stability Emergency Communications Fire Svcs Pension/OPEB Innovations & New Opportunity One -Time Initiative - Capital One -Time Initiative - Operating Public Safety Reserve Specific Committed Reserves Cemetery Expansion (CIP) Contribution to Public Facility Fee Cultural Arts Center (CIP) Don Biddle Park (CIP) Fallon Sports Park III Contingency Lease Revenue Bond Payoff Maintenance Facility (CIP) Utility Undergrounding (CIP) 10,747,169 22,139,587 8,000,000 532,113 2,211,094 894,498 1,918,620 503,860 4,600,000 6,000,000 7,139,197 675,193 100,000 7,000,000 55,089 3,500,000 (389,587) (389,587) (1,419,112) (1,419,112) (6,964,197) (675,193) (100,000) (55,089) (6,964,197) (675,193) (100,000) (55,089) 10,747,169 21,750,000 8,000,000 532,113 2,211,094 894,498 499,508 503,860 4,600,000 6,000,000 175,000 7,000,000 3,500,000 Assigned $125,043,297 ($33,1 - , 58) ($33,074,758) $91,968,539 Accrued Leave Catastrophic Loss CIP Carryovers Fiscally Responsible Adjustment Municipal Regional Permit Non -Streets CIP Commitments Operating Carryovers Parks and Streets Contingency Pension & OPEB Relocate Parks Dept Service Continuity Dublin Blvd Extension Advance Specific Assigned Reserves ARPA Revenue Replacement Climate Action Plan Contribution to ISF Facade Improvement Grants Library Tenant Improvement HVAC Replace. & Civic Ctr Improv. (CIP) Pavement Management Public Safety Complex (CIP) Village Pkwy Pavement Reconstruction 1,301,506 17,714,064 6,535,032 325,000 1,869,152 3,276,777 2,014,571 201,270 18,000,000 500,000 3,150,000 42,500,000 0 990,187 2,823,760 1,500,000 429,972 1,000,000 3,010,829 2,000,000 1,022 15,900,156 (6,535,032) (6,535,032) (1,849,064) (464,277) (2,014,571) (20,000,000) (32,484) (1,849,064) (464,277) (2,014,571) (20,000,000) (32,484) (1,728,152) (1,728,152) (1,022) (450,156) 1,301,506 17,714,064 325,000 20,088 2,812,500 201,270 18,000,000 500,000 3,150,000 22,500,000 990,187 2,791,275 1,500,000 429,972 1,000,000 1,282,677 2,000,000 (1,022) (450,156) 15,450,000 Unassigned $44,347,900 $42,677,937 ($34,584,208) $8,093,729 $52,441,629 Unassigned -Unrealized Gains Unassigned (Available) (14,061,701) 58,409,602 (14,061,701) 66,503,330 TOTAL RESERVES $249,736,608 $42,677,937 ($77,262,145) ($34,584,208) $215,152,400 7 ATTACHMENT 3 GENERAL FUND TRANSFERS OUT - Q2 FY 2023-24 Adopted Amended Q2 New Amended Project Description 2023-24 2023-24 Adjustment 2023-24 Committed/Assigned Police Services Building $ 1,022 $ 1,022 IT Infrastructure Improvement 4,277 4,277 Cultural Arts Center 6,964,197 6,964,197 Civic Center Rehabilitation 687,840 1,728,152 1,728,152 EV Charging Stations 32,484 32,484 Maintenance Yard Facility 55,089 55,089 Don Biddle Community Park 675,193 675,193 Fallon Sports Park Phase 3 100,000 100,000 Green Stormwater Infrastructure 1,845,428 1,845,428 Dublin Blvd Extension 6,257,441 20,000,000 20,000,000 City Entrance Monument Signs 200,000 200,000 Village Parkway Reconstruction 250,000 450,156 450,156 Citywide Signal Com. Upgrade 1,419,112 1,419,112 Dublin Irrigation System Upgrades 460,000 460,000 Subtotal - Committed/Assigned $ 7,195,281 $ 33,935,110 $ $ 33,935,110 Undesignated Citywide Energy Improvements $ 769,908 $ 769,908 Dublin Standard Plans Update 87,634 87,634 Marquee Signs 495,000 495,000 495,000 Resiliency and Disaster Preparednes 1,065,433 1,065,433 Financial System Replacement 939,205 939,205 Municipal Fiber 140,000 140,000 Audio Visual System Upgrade 314,000 463,175 463,175 Library Tenant Improvements 1,000,000 1,000,000 1,000,000 Situational Awareness Camera 585,000 585,000 Alamo Creek & Asmnt Dist Fence Replacement 440,115 440,115 Parks Playground Replacement 1,109,560 1,109,560 1,109,560 Downtown Dublin Town Square Park 4,680 106,885 106,885 Kolb Park Renovation 450,000 450,000 450,000 Restrooms Replacement 999,720 999,720 Iron Horse Nature Park & Open Space 50,000 50,000 $ 3,000 53,000 Imagine Playground at Dublin Sports 48,233 48,233 Citywide Storm Drain Improvements 30,000 30,000 30,000 Dublin Blvd Extension 7,167,382 7,290,382 7,290,382 San Ramon Road Landscape Renovation 238,660 238,660 Downtown Dublin Street Grid Network 8,990 205,326 205,326 City Entrance Monument Signs 285,000 285,000 San Ramon Road Trail Improvements 7,996 7,996 Citywide Bicycle & Pedestrian Impro 105,000 462,412 462,412 Subtotal - Undesignated* $ 10,734,612 $ 17,269,644 $ 3,000 $ 17,272,644 Subtotal Transfers Out to CIPs $ 17,929,893 $ 51,204,754 $ 3,000 $ 51,207,754 Other Contributions/Transfers Out Contribution to Pension $ 1,000,000 $ 1,000,000 $ 1,000,000 Transfer Out to ISF/Other 2,000,000 2,000,000 2,000,000 Subtotal - Other Contributions/Transfer Out to l $ 3,000,000 $ 3,000,000 $ $ 3,000,000 Total - General Fund Transfers Out $ 20,929,893 $ 54,204,754 $ 3,000 $ 54,207,754 *CIPs identified to be funded by Undesignated reserves include $6.5 million in budget carryovers from FY 22-23, the amount is identified as Assigned Reserve - CIP Carryover (Attachment 2) 8 CITY OF DUBLIN FISCAL YEAR 2023-24 BUDGET CHANGE FORM ATTACHMENT 4 City Council's Approval Required From Un-Appropriated Reserves From Designated Reserves Budget Change Reference #: Budget Transfer Between Funds Other REVENUES General Fund 10010000.42101 (Sales Tax) 10010000.46101 (Interest) 10010000.47205 (Mandated Costs Reimbursement) 10016200.49999 (Transfers In) 10098200.48911 (Developer Deposit Zoning) $2,995,900 Increase in taxes due to an increase in the autos - transportation sector $2,990,000 Increase due to Federal Reserve's multiple increases of interest rate and larger than anticipated cash balance $115,000 Based on year-to-date actual revenue received $72 982 Reimburse Environmental division personnel cost from Measure D Funds ($328,242) Based on actual development activity OPERATING EXPENDITURES General Fund 10010110.64011 (Community Grant) 10011310.61601 (Insurance Premiums) 10013000.64021 - (Contract Services Personnel) 10013100.72105 - (Police Vehicle) 10017000.64001 (Contract Services General) 10017000.71101 (Furniture & Fixtures) 10016316.64001 (Contract Services General) 10016300.61301 (Repairs and Maintenance) 10098200.65106 (Developer Deposit Professional Services Reimbursement) ($6,106) Additional Community Development Block Grant funding awarded to Dublin after the budget adoption $54,000 Higher than anticipated premium costs for liability insurance $91,323 Addition of Crime Technician Position $25,708 Purchase of vehicle dedicated for the Behavioral Health Unit $104,000 Payment processing fees for PCS programs and events based on current expenditures $52,000 Dublin Arts Center - Masking curtains, gallery wall system, and mat to protect dance room floor $135,000 Pavement repair, inspection, and testing services of Shannon Center parking lot $150,000 Replacement boiler at The Wave and additional funding for other unforeseen items ($252,494) Based on actual development activity 9 FISCAL YEAR 2023-24 BUDGET CHANGE FORM Attachment 4 Special Revenue Funds 29018100.66101 (First Time Homeowner Loans) 29030110.47101 (Federal Grant) 29030110.64011 (Community Grant) 29070110.64011 (Community Grant) 27056336.63202 (Electric) 23026200.64001 (Contract Services General) 23046200.64001 (Contract Services General) 23046230.64001 (Contract Services General) 21013100.71102 (Machinery & Equipment) 21013100.61104 (Operating Supplies) 'Citywide Energy Improvements (GI0121) G10121.9400.9401 (Improvements Not Building) G10121.7102 (33009310.49999) - Energy Improvement - Bonds Source /Transfers In 71029310.89101 - Energy Improvement Bonds- Transfers Out Iron Horse Nature Park & Open Space (PK0422) PK0422.9200.9201 (Contract Services) PK0422.1001 (35009510.49999) - General Fund Funding Source /Transfers In 10019510.89101 - General Fund Transfers Out Budget Change Reference #: $160,000 Funding for up to 4 additional loans in the City's First Tme Home Buyers Loan program $9,795 Additional Community Development Block Grant funding awarded to Dublin after the budget adoption $9,795 Additional Community Development Block Grant (CDBG) funding awarded to Dublin after the budget adoption ($3,689) Additional Community Development Block Grant (CDBG) funding awarded to Dublin after the budget adoption $90,000 Electric costs in East Dublin 1999-1 Assessment District $100,000 Measure D: Adjustment for HF&H contract $40k; compost procurement/spreading for the carbon sequestration pilot project $15k; compost procurement to meet SB 1383 procurement requirements $45k. CIPs $1,685 Cal Recycle Used Oil Grant funding for storm drain trash capture program. $12,506 SB1383 Grant Adjustment to purchase three -stream waste cans. $89,847 Asset Forfeiture Funds for the initial costs of office equipment setup for the Drone First Responder Program and other equipment $28,586 Asset Forfeiture Funds Requesting funds for the initial costs of office equipment setup for the Drone First Responder Program and other equipment $33,459 $33,459 A dedicated HVAC unit for the IT Closet/Room at the Senior Center to address overheating that has led to degraded equipment function during hot weather. $33,459 $3,000 $3,000 Parks and Community Services Department received a donation for the adoption of a bench at Iron Horse Trail. The money was received by PCS but is being purchased $3,000 and installed as part of the Iron Horse Nature Park CIP As Presented at the City Council Meeting 2/20/2024 **********Finance Use Only********** Posted By: Date: 10 FY 2023-24 2nd Quarter Financial Review February 20, 2024 Vt DUBLIN CALIFORNIA 11 General Fund Midyear Overview • Net Increase in Reserves from Operations = $5.49 Million • Operating Surplus Projected at Year -End = $19.49 Million • Transfers Out/Contributions = $54.20 Million • Projected Reserve Year -End Balance = $215.15 Million Revenue Summary Revenues -Net Increase $5,845,640 • Sales Tax +$2,995,900 • Interest Earnings +$2,990,000 • Intergovernmental Revenue f$I 15,000 • Development Services-$328,242 • Transfer In +$72,982 Expenditure Summary Expenditures — Net Increase $356,431 • Services and Supplies +204,000 • Capital Outlay +77,708 • Contract Services Net +$71,723 • Transfer Out +3,000 14 Transfers Out • Total GFTransfers Out = $54,207,754 —Designated Reserves = $33,935,I I 0 —Unassigned Reserves = $17,269,644 —Other (Pension/ISF) _ $3,000,000 —Increase = $3,000 15 Reserves FY 2022-23 FY 2023-24 New FY 2023- Actual Adopted 24 Amended Total Reserves, Beginning of Year Revenues Expenditures Net Operating Budget Impact Transfers In Unrealized Gain/Loss Transfers Out/Contribution to Other $223,857,504 124,787,119 (88, 523, 802) $36,263,317 109,014 (3,053,407) (7,439,821) $249,736,608 115, 891, 861 (99, 573, 224) $15,318,637 56,600 $249,736,608 121,684,519 (102,190, 555) $19,493,964 129,582 (20,929,893) (54,207,754) Total Reserves, End of Year $249,736,608 $245,181,952 $215,152,400 Change from Prior Year ($34,584,208) Staff Recommendations • Receive the report • Approve the budget change Questions?