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12 THE CITY OF — r, ral° U., N., F CITY COUNCIL AGENDA REPORT PLEASANTON. November 16, 2021 Finance TITLE: ADOPT A RESOLUTION TO ACCEPT THE FY 2020/21 YEAR-END OPERATING BUDGET REPORT, ALLOCATE THE GENERAL FUND SURPLUS, DESIGNATE THE GENERAL FUND BALANCE, AND ALLOCATE THE WATER AND SEWER FUNDS' SURPLUSES SUMMARY This report presents the results of operations for the FY 2020/21 Operating Budget (Budget) and recommends designations of the General Fund reserves. This information is unaudited. The audited information will be included in the City's Comprehensive Annual Financial Report (CAFR) and will be presented to Council once the City's independent auditor has issued its opinion on the CAFR and it has been reviewed by the Audit Committee which is expected to occur in January or February 2022. If there are any differences in the financial information presented in this report and the CAFR as a result of the audit, those changes will be highlighted for the Council at the time the CAFR is presented to the Council for acceptance. RECOMMENDATIONS Staff recommends that Council: 1. adopt the attached resolution (Attachment 1) to accept the FY 2020/21 Year-end Operating Budget Report, 2. allocate the General Fund surplus, and designate the June 30, 2021 General Fund Balance, and 3. allocate the Water and Sewer Funds surpluses. FINANCIAL STATEMENT The recommendation ratifies Council's actions since the last approved budget adjustment (Mid -year Operating Budget adopted by Council on March 2, 2021) and designates the June 30, 2021 General Fund Balances as outlined in this report. The proposed General Fund reserves will result in combined year-end General Fund reserves of $32.6 million which is approximately 29 percent of the actual FY 2020/21 and 26 percent of the budgeted FY 2021/22 General Fund operating expenditures. The City's policy is to have total General Fund reserves equal to at least 20 percent of operating expenses with a target of 25 percent.