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Receive and file the FY 2022-2023 – Third Quarter Budget Update
<br />May 16, 2023
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<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 Program
<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 Project Funding Source Amount
<br />3/3/2020 Main Library Community Development Block
<br />Grant (windows)$700,000
<br />6/1/2021 Main Library ARPA (1st Tranche)$7,000,000
<br />8/2/2022 Main Library ARPA (2nd Tranche)$9,500,000
<br />1/26/23 & 5/24/23 Main Library ARPA (Reallocation)$5,085,975
<br /> FY 22-23 B udget
<br />Updated w /
<br />Mid-Year on 4/4/23 &
<br />Additions on 4/18/23
<br /> Proposed Third
<br />Quarter
<br />Adjustments
<br />Updated Estimate
<br />Begi nning Balance at July 1, 2022,
<br />adjusted for non-cash acti vi ties $121,401,064 $0 $121,401,064
<br />Revenue Estimate $399,302,940 $5,893,180 $405,196,120
<br />Appropriated Spending ($411,459,384)(5,400,000)($416,859,384)
<br />Pension Trust Set-Aside ($7,748,811)$0 ($7,748,811)
<br />Estimated Ending Balance at
<br />June 30, 2023 $101,495,809 $493,180 $101,988,989
<br />Less 18% Reserve*71,874,529 412,769 72,287,298
<br />Estimated Spendable Balance 29,621,280 80,411 $29,701,691
<br />*Excludes One-Time Revenues
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