Item 52 - Proposed Fiscal Year 2023-24 City Budget

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Proposed Fiscal Year 2023-24 City Budget, Changes to the City’s basic classification and compensation plan, Uniform Schedule of Miscellaneous Fees, and the Seven-Year Capital Improvement Program. June 6, 2023 Page 2 3 5 0 3 As required by Santa Ana Charter Sections 604 and 605, the City Manager proposes a FY23-24 Budget for City Council consideration during this Public Hearing. Staff has prepared resource estimates (beginning fund balances and new revenue), and the proposed Ordinance would appropriate spending of those resources to support ongoing public services and Strategic Plan Goals. Santa Ana Charter Section 607 requires the City Council to adopt the annual budget by July 31. If the City Council approves the recommended action, the Ordinance will return to City Council on June 20 to consider for adoption, in time for the beginning of the new fiscal year on July 1. General Fund The General Fund is the primary operating fund of the City and accounts for all unrestricted revenue. A summary of proposed FY23-24 General Fund activity follows. A full reconciliation of changes from the adjusted FY22-23 General Fund budget to the proposed FY23-24 General Fund budget is included with Exhibit 2. City Council policy requires a General Fund Reserve equivalent to 18% of recurring annual General Fund revenue. Staff estimates the General Fund Reserve at June 30, 2023 will be compliant General Fund FY22-23 Revised Budget FY23-24 Proposed Budget Beginning Balance 121,401 ,06 4 101,4 33,519 Reve nue 405,190 ,65 0 400,9 38,670 Expe nditure s (369,622 ,31 4)(370,9 05,820) N e t Transfers (47,787 ,07 0)(43,0 32,280) N e t Activity (12,218 ,73 4)(12,9 99,430) Pens ion Stabiliz ation (7,748 ,81 1)(16,2 85,920) Estimated Ending Balance 101,433 ,51 9 72,1 48,169 Rese rve Re quire me nt (18%)*72,287 ,29 8 72,0 68,961 *Excludes One-Time Revenues