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File #: 22-962    Version: 1
Type: Administrative Items Status: Passed
File created: 11/2/2022 In control: City Council/Public Financing Authority
On agenda: 11/15/2022 Final action: 11/15/2022
Title: Approve Fiscal Year 2021/22 Year-End and Budget Adjustments and Inter-Fund Transfers
Attachments: 1. Att 1 - YE Budget Adj by Fund, 2. Att 2 - Amendment No. 3 to Winbourne Agmt, 3. Att 3 - FY 21-22 Year End Budget Adj Presentation 2022-11-15

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

Approve Fiscal Year 2021/22 Year-End and Budget Adjustments and Inter-Fund Transfers

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:
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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