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Fiscal Year 2022-23 Mid-Year Budget Update, Revive Spending Plan Update, <br />Appropriation Requests, and Workforce Changes <br />March 21, 2023 <br />Page 4 <br />3 <br />3 <br />1 <br />7 <br />expect to provide an update of Business License Tax with the Third Quarter budget <br />report. <br />Building Plan Check Revenue <br />The FY 2022-23 budget for Building Plan Checks was $2,022,100. As of December 31, <br />we have already collected $3,598,910 of revenue, primarily due to the Main Place <br />development, the Cabrillo multi-use residential building, and the Center Pointe multi-use <br />residential building. Using the most conservative method of forecasting, we are <br />comfortable increasing the revenue estimate by $2 million at this time. Planning & <br />Building has a request to add four full-time positions to meet the increased demand. <br />Investment Earnings <br />The City received $128 million of federal funding from the American Rescue Plan Act <br />(ARPA). Many of the City’s projects and programs funded with ARPA take time to <br />execute (e.g. Main Library renovation), which means the City has been holding ARPA <br />cash. Federal guidelines allow us to deposit interest earnings from ARPA cash into the <br />City’s General Fund. In addition, the Federal Reserve has raised interest rates by <br />3.50% since the City Council’s budget hearing on June 7, 2022. Therefore, we have <br />increased our interest earnings revenue estimate from $475,000 to $2,675,000, which is <br />a $2.2 million increase. <br />General Fund Expenditures <br />A summary of General Fund expenditures follows (does not include carryovers from FY <br />2021-22):