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