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Receive and file the FY 2022-2023 — Third Quarter Budget Update
<br />May 16, 2023
<br />Page 2
<br />FY 22-23 Budget
<br />Proposed Third
<br />Updated w/
<br />Quarter
<br />Updated Estimate
<br />Mid -Year on 4/4/23 &
<br />Adjustments
<br />Additions on 4/18/23
<br />Beginning Balance at July 1, 2022,
<br />$121,401,064
<br />$0
<br />$121,401,064
<br />adjusted for non -cash activities
<br />Revenue Estimate
<br />$399,302,940
<br />$5,893,180
<br />$405,196,120
<br />Appropriated Spending
<br />$411,459,384
<br />5,400,000
<br />$416,859,384
<br />Pension Trust Set -Aside
<br />$7,748,811
<br />$0
<br />$7,748,811
<br />Estimated Ending Balance at
<br />$101,495,809
<br />$493,180
<br />$101,988,989
<br />June 30, 2023
<br />Less 18% Reserve*
<br />71,874,529
<br />412,769
<br />72,287,298
<br />Estimated Spendable Balance
<br />297621,280
<br />80,411
<br />$29,701,691
<br />*Excludes One -Time Revenues
<br />DISCUSSION
<br />The Third Quarter Budget Update includes General Fund activity posted from July 2022
<br />through March 2023 and the vacancy report for funded staff positions as of March 31,
<br />2023. Recommended appropriation adjustments to General Fund expenditures follow.
<br />Business Interruption Fund Proaram
<br />Staff requests a one-time General Fund appropriation for the Santa Ana Business
<br />Interruption Fund program of $1.5 million to provide financial relief to businesses
<br />impacted by the OC Streetcar construction. The City expects to backfill this funding
<br />request with offsets from a State Grant for the Civic Center Modernization, but we
<br />understand assistance is needed now. To date, the City and the County have jointly
<br />provided $4.2 million ($3 million City and $1.2 million County) of assistance to eligible
<br />businesses. With the proposed appropriation of $1.5 million, the total assistance to
<br />downtown businesses will be $5.7 million.
<br />Library Capital Projects
<br />The Library has two major site renovations in process: the Main Library Transformation
<br />with a total estimated cost of $34.8 million and the New Hope Library Tenant
<br />Improvements with a total estimated cost of $5.1 million.
<br />The Library has accumulated various funding amounts for these projects over the last
<br />few years, as follows:
<br />Date
<br />Project
<br />Funding Source
<br />Amount
<br />3/3/2020
<br />Main Library
<br />Community Development Block
<br />Grant(windows)$700,000
<br />6/1/2021
<br />Main Library
<br />ARPA 1st Tranche
<br />$7,000,000
<br />8/2/2022
<br />Main Library
<br />ARPA 2nd Tranche
<br />$9,500,000
<br />1/26/23 & 5/24/23
<br />Main Library
<br />ARPA Reallocation
<br />$5,085,975
<br />City Council 11 — 2 5/16/2023
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