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City of Pleasanton Mid-Term Budget Update • FY 2022/23 2
<br />The General Fund operating expenditure budget was increased by 2.8 percent to include department
<br />requests, essential to support service levels to our residents. Based on the $5.4 million increase in
<br />revenues and a $3.7 million increase in expenditures, the surplus of $1.7 million was redirected to City
<br />Council’s priority CIP projects. Using the approach outlined above, following is a summary of the
<br />FY 2022/23 Mid-Term General Fund budget:
<br /> FY 2022/23 FY 2022/23 General Fund Mid-Term Budget General Fund Mid-Term Budget
<br />As noted in the table above, revenues are expected to be $142.5 million or approximately $5.4 million
<br />more than originally estimated, net transfers are increasing by $1.7 million, and expenditures are
<br />expected to be $3.7 million more than projected. The original budget as adopted by Council included the
<br />use of programmed reserves in the amount of $400,000. No changes are proposed to this use of reserves
<br />in the Mid-Term update.
<br />OPERATING BUDGETOPERATING BUDGET
<br />The recommended adjustments included in this FY 2022/23 Mid-Term Budget Update (Section I) keep
<br />the budget in balance, maintain healthy reserves, and are in conformance with all City adopted financial
<br />policies. This budget update responds appropriately to current economic realities, as well as continuing
<br />to provide the expected public service levels to citizens. The City has an ongoing philosophy of fiscal
<br />discipline and attention to the Council’s priority, which is clearly demonstrated in this budget.
<br />CAPITAL IMPROVEMENT PROGRAMCAPITAL IMPROVEMENT PROGRAM
<br />The FY 2022/23 Mid-Term Capital Improvement Program (Section II) includes allocations to six of the
<br />Council’s priority projects. It also augments three ongoing projects and adds two new projects. These
<br />changes result in a net increase of $12.6 million to project allocations. These allocations are funded
<br />through General Fund transfers budgeted in the original FY 2022/23 budget ($2.7 million), Mid-Year FY
<br />2021/22 surplus allocation approved by Council in March 2022 ($5.7 million), Mid-Term FY 2022/23 surplus
<br />allocation ($1.7 million), use of the Capital Reserves (CIPR) fund ($543,221), and Council approved use of
<br />the Rainy Day fund ($1 million).
<br />FY 2022/23
<br />General Fund
<br />FY 2020/21
<br />Actual
<br />FY 2021/22
<br />Midyear
<br />Original
<br />Budget
<br />Recommended
<br />Adjustments
<br />Mid-Term
<br /> Budget
<br />Revenues $125,531,102 $137,489,838 $137,089,323 $5,394,704 $142,484,027
<br />Net Transfers (8,585,925)(11,938,047) (3,923,969) (1,714,516) (5,638,485)
<br />Expenditures (114,986,321)(125,152,641 (133,565,354) (3,680,188)(137,245,542)
<br />Difference $1,778,855 ($600,850)($400,000)-($400,000)
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