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11 <br /> THE CITY OF <br /> - � � CITY COUNCIL AGENDA REPORT <br /> pLEASANTON. <br /> June 6, 2023 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION ADOPTING THE TWO-YEAR OPERATING AND <br /> CAPITAL BUDGET FOR FISCAL YEARS 2023/24 AND 2024/25, THE <br /> FOUR-YEAR CAPITAL IMPROVEMENT PROGRAM FOR FISCAL YEARS <br /> 2023/24 THROUGH 2026/27, AND THE REVISED RESERVE POLICY <br /> SUMMARY <br /> Every two years, the City adopts a two-year Operating and Capital Budget (Budget) and <br /> approves a four-year Capital Improvement Program (CIP). Prior to adoption of the <br /> Budget, staff presented the two-year Proposed Budget and CIP to the City Council in a <br /> public meeting for the purpose of facilitating public comment, addressing any budget- <br /> related questions and receiving any direction regarding amendments or additional <br /> information. <br /> Staff met with the City Council several times over the past three months to discuss <br /> various components of the Budget and CIP and to seek Council's guidance and <br /> feedback. Most recently at the May 16, 2023 budget workshop, staff presented the <br /> Proposed Budget and CIP for Council's review, along with a set of recommended <br /> adjustments to the Proposed Budget based on updated information related to the City's <br /> general liability insurance and certain legal costs. The revised Budget and CIP books, <br /> which include all these recommended adjustments, are attached to this report. Copies <br /> of the Proposed Budget and CIP books have been distributed to all Councilmembers. <br /> RECOMMENDATION <br /> Staff recommends that the City Council adopt the attached Resolution which will: <br /> • Adopt the two-year Operating and Capital Budget for FYs 2023/24 and 2024/25; <br /> • Approve the four-year CIP for FYs 2023/24 through 2026/27; and <br /> • Adopt the revised reserve policy. <br /> FINANCIAL STATEMENT <br /> The proposed total City operating expenditures for Fiscal Years 2023/24 and 2024/25 <br /> are $234.4 million and $235.7 million, respectively, for the Operating Budget and $32.2 <br /> million and $14.2 million for the Capital Budget. Robust City services and programs will <br /> be delivered to the community over the next two years. The two-year budget reflects the <br /> strategic goals, values, and priorities of the City Council and the community. <br />