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15 <br /> THE CITY OF <br /> # ' Mil CITY COUNCIL AGENDA REPORT <br /> PLEASANTON <br /> May 16, 2023 <br /> City Manager <br /> Finance <br /> TITLE: REVIEW OF THE TWO-YEAR OPERATING AND CAPITAL BUDGET FOR <br /> FISCAL YEARS 2023/24 AND 2024/25, THE FOUR-YEAR CAPITAL <br /> IMPROVEMENT PROGRAM FOR FISCAL YEARS 2023/24 THROUGH <br /> 2026/27, AND AN UPDATED RESERVE POLICY <br /> SUMMARY <br /> Every two years, the City adopts a two-year Operating and Capital Budget and <br /> approves a four-year Capital Improvement Program (CIP). Prior to adoption of the <br /> Budget, staff has presented the two-year Proposed Budget and CIP to the City Council <br /> in a public meeting for the purpose of facilitating public comment, addressing any <br /> budget-related questions and receiving any direction regarding amendments or <br /> additional information. <br /> This agenda item is intended to be a dialogue between the City Council, the public and <br /> staff regarding the Proposed Budget and CIP. Copies of the Proposed Budget and CIP <br /> books have been distributed to the City Council. <br /> RECOMMENDATION <br /> Staff recommends the City Council: <br /> • Review the Proposed Operating and Capital Budget and CIP; <br /> • Review the updated Reserve Policy; and <br /> • Provide staff with direction regarding issues or amendments to address prior to <br /> formal Council action scheduled for June 6, 2023. <br /> FINANCIAL STATEMENT <br /> The proposed total City operating expenditures for Fiscal Years 2023/24 and 2024/25 <br /> are $233.1 million and $234.3 million, respectively, for the Operating Budget and $32.2 <br /> million and $14.2 million for the Capital Budget. Staff intends to make a presentation for <br /> the Proposed Operating and Capital Budget and CIP that will provide details on <br /> projected revenues and planned expenditures and highlight key changes to personnel, <br /> non-personnel, and the capital project budget. <br />