13 - Laserfiche WebLink

THECITY OF 13 ' : :r ""' CITY COUNCIL AGENDA REPORT pLE ASAI\TONC March 1, 2022 Finance TITLE: ADOPT A RESOLUTION ACCEPTING THE MIDYEAR FY 2021/22 OPERATING BUDGET AND AMENDING THE FY 2021/22 OPERATING BUDGET ACCORDINGLY SUMMARY The City follows a three-step operating budget process that starts with the approval of a two-year Operating Budget (Budget); then after the first year of the Budget, the adoption of a Midterm Budget; and the adoption of Midyear Budget adjustments during each of the two years of the Budget. This report is the Midyear Budget report for the first year of the Budget that recommends adjustments to the FY 2021/22 Operating Budget adopted by the Council on June 15, 2021. While these recommended changes primarily affect the General Fund, Water Fund, Sewer Fund, Golf Fund, Cemetery Fund and Internal Services funds, minor adjustments are also recommended to the Special Revenue Funds. Included in the recommended Midyear Budget adjustments are recognition of grant funds, Council actions, and other Budget adjustments that have occurred since the adoption of the Operating Budget on June 15, 2021. A complete analysis of the adjustments for all funds is included in Appendix A. In summary, General Fund is anticipated to have a $5.4 million surplus that staff is recommending to allocate to the Capital Improvement Program Reserve (CIPR) to be used to help fund projects in the FY 2022/23 Midterm CIP. RECOMMENDATION Adopt the attached resolution approving Midyear adjustments to the FY 2021/22 Budget. FINANCIAL STATEMENT The recommended adjustments to various funds and the financial impact to each fund are outlined in Attachment 2. The discussion section of this report also summarizes the recommended adjustments and their respective impact to the Budget and fund balances.