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Proposed Fiscal Year 2023-24 City Budget, Changes to the City’s basic classification and <br />compensation plan, Uniform Schedule of Miscellaneous Fees, and the Seven-Year <br />Capital Improvement Program. <br />June 6, 2023 <br />Page 3 <br />3 <br />5 <br />0 <br />3 <br />with City Council Policy. As General Fund revenue changes, so does the dollar amount <br />of the Reserve requirement. <br />A summary of the proposed FY23-24 General Fund budget identifying recurring activity <br />and one-time activity follows. <br />The proposed recurring General Fund budget is balanced. <br />General Fund Ten-Year Outlook <br />Assumptions for the Outlook: <br />•Recurring amounts only <br />•Debt pay-offs <br />•Measure X rate decrease (1.5% to 1.0% in 2029) <br />•Inflationary increases FY24-25 and later, based on the California Department <br />of Finance forecast of CPI. <br />•City’s contribution OC Streetcar operations begin in FY24-25 ($1M estimated) <br />•Planned wage increases <br />FY23-24 Proposed <br />General Fund Budget Recurring O ne-Time Total <br />Revenue 400 ,93 8,670 400,938,670 <br />Expenditures (343 ,41 3,390)(27 ,49 2,4 30)(370,905,820) <br />Net Trans fers (41 ,16 9,960)(1 ,86 2,3 20)(43,032,280) <br />Pens ion Stabiliz ation (16 ,28 5,920)(16,285,920) <br />Net Activity 6 9,400 (29 ,35 4,7 50)(29,285,350)