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29 THE CITY OF ;;.:3 '`:: CITY COUNCIL AGENDA REPORT pLEASANTON, June 21, 2022 Finance TITLE: ADOPT A RESOLUTION ACCEPTING THE FY 2022/23 MID-TERM OPERATING BUDGET AND CAPITAL IMPROVEMENT PROGRAM SUMMARY The City of Pleasanton adopts a biennial operating budget and a four-year Capital Improvement Program (CIP) every other year. The City Council adopted the current budget on June 15, 2021, for FY 2021/22 and FY 2022/23. The FY 2022/23 Mid-Term Update provides revised estimates based on assessment of current financial conditions, expected revenues and expenditures changes for the operating budget. In addition, to properly plan for and in anticipation of work beginning on the funded projects approved for FY 2022/23, staff conducted a Mid-Term review of the CIP to 1) ensure that revenues are available to fund approved projects; 2) to add, delete, or amend new and existing projects so they are consistent with current funding, workloads and scheduling; 3) to ensure consistency with the adopted City Council priorities; and 4) to meet community expectations. The results of that review are incorporated into the FY 2022/23 Mid-Term Update. RECOMMENDATION 1. Adopt the resolution accepting the FY 2022/23 Mid-Term Operating Budget and Capital Improvement Program 2. Transfer funds from CIP project West Las Positas Bike/Ped Improvements (#17567) to project West Las Positas Boulevard Repairs (#11514) in the amount of$2,496,918 as shown on Page 73 of Attachment 2 3. Transfer funds from CIP project Annual Roof Replacement (#21414) to project Library Roof Replacement (#14408) in the amount of $951,456 as shown on Page 74 of Attachment 2 FINANCIAL STATEMENT The operating budget update includes adjustments to several funds including the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds. Adjustments to all funds reflect current economic conditions including recommendations that maintain a balanced budget and current service levels. As a result of these adjustments, the General Fund operating budget remains balanced at $137.2 million with reserves of $41.0 million, which includes a Rainy Day Fund reserve balance of $7.6 million.