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