REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Al Zelinka, City Manager
VIA: Dahle Bulosan, Chief Financial Officer
PREPARED BY: Serena Bubenheim, Finance Manager - Budget
Subject:
title
Approve FY 2021/22 Year-End Budget Adjustment for the City's Various Unfunded Liabilities
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Statement of Issue:
The Finance Department is completing the year-end closing process for Fiscal Year 2021/22, which began on July 1, 2021, and ended on June 30, 2022. Certain budgetary transfers are needed to reconcile the budget with liabilities incurred; to comply with auditing, actuarial, accounting, and legal requirements; and to align with the City Council's strategic goal of fiscal sustainability. City Council authorization is requested to appropriate and transfer $13,102,696 from the General Fund to the Workers' Compensation, General Liability, Retiree Medical, Retirement Supplemental and the Section 115 Trust Funds.
Financial Impact:
This action will result in the transfer of $13,102,696 from the General Fund as follows:
* Transfer of $3,000,000 to the Workers' Compensation Fund;
* Transfer of $1,488,467 to the General Liability Fund;
* Transfer of $1,037,740 to the Retiree Medical Fund;
* Transfer of $4,576,489 to the Retirement Supplemental Fund; and
* Transfer of $3,000,000 to the Section 115 Trust.
There is sufficient General Fund year-end fund balance available to cover these transfers primarily due to higher than anticipated Sales Tax and Transient Occupancy Tax revenues received during FY 2021/22.
Recommended Action:
recommendation
Approve the appropriation and transfer of $13,102,696 into the Workers' Compensation, General Liability, Retiree Medical, Retirement Supplemental and Section 115 Trust Funds from the General Fund year-end balances. (See Attachment 1).
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Alternative Action(s):
Do not approve the recommended action, and direct staff accordingly.
Analysis:
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