REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Al Zelinka, City Manager
VIA: Sunny Han, Chief Financial Officer
PREPARED BY: Sunny Han, Chief Financial Officer
Subject:
title
Approve FY 2022/23 Budget Adjustment for the City's Various Unfunded Liabilities and Year-End Audit Entries
body
Statement of Issue:
The Finance Department is completing the year-end closing process for Fiscal Year 2022/23, which began on July 1, 2022, and ended on June 30, 2023. Certain budgetary transfers are needed to reconcile the budget with actual expenditures incurred; to comply with auditing, actuarial, accounting, and legal requirements; and to align with the City Council's strategic goal of fiscal stability. City Council authorization is requested to perform these reconciliations in order to officially close FY 2022/23.
Financial Impact:
1. Appropriation Increases (various funds): Appropriation increases of $119,243 are requested to reconcile the budget with actual expenditures incurred in various funds (Attachment 1).
2. Appropriation and Inter-Fund Transfers (various funds): Appropriation increases and inter-fund transfer authority of $280,412 are requested to reconcile the budget with actual expenditures incurred in various funds (Attachment 1).
3. Appropriation and Inter-Fund Transfers (General Fund): Authorization is requested for appropriation and inter-fund transfers totaling $12,620,000 from the General Fund in the following amounts:
* Transfer of $1,500,000 to the Workers' Compensation Fund;
* Transfer of $4,500,000 to the General Liability Fund;
* Transfer of $4,620,000 to the Retirement Supplemental Fund; and
* Transfer of $2,000,000 to the Infrastructure Fund
There is sufficient General Fund year-end fund balance available to cover the inter-fund transfers primarily due to higher than anticipated Gas and Electric Utility Tax and Franchise Fee revenue received in FY 2022/23.
Recommended Acti...
Click here for full text