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 Fiscal Year 2021/22 Year-End and Budget Adjustments and Inter-Fund Transfers
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Statement of Issue:
The Finance Department is completing its year-end closing process for Fiscal Year (FY) 2021/22, which began on July 1, 2021 and ended on June 30, 2022. Certain technical adjustments and fund 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 Plan goal of maintaining fiscal sustainability. City Council authorization is requested to perform these reconciliations in order to officially close FY 2021/22.
Financial Impact:
1. Appropriation Increases (various funds): Appropriation increases of $7,175,152 are requested to reconcile the budget with actual expenditures incurred in various funds (Attachment 1).
2. Inter-Fund Transfers (various funds): Authorization is requested for inter-fund transfers totaling $5,247,986 from various funds to reconcile budgets and close out fund accounts (Attachment 1).
3. Appropriation Increases (FY 2022/23 Grant): Appropriation increases of $5,000,000 are requested for the Oak View Neighborhood and Beautification Project grant funds received through the Clean California Local Grant Program.
4. Professional Service Contract Extension: Authorization is requested to extend the professional services contract with Winbourne Consulting, LLC for a fifth year through January 10, 2024. There is no financial impact with this request.
Recommended Action:
recommendation
A) Approve the year-end inter-fund transfers for the FY 2021/22 Revised Budget in the funds and by the amounts contained in Attachment 1 and carry the remaining ...
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