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Fiscal Year 2022-23 Mid-Year Budget Update, Revive Spending Plan Update,
<br />Appropriation Requests, and Workforce Changes
<br />February 21, 2023
<br />Page 2
<br />3
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<br />5
<br />7
<br />A summary of the General Fund budget follows.
<br />DISCUSSION
<br />This report focuses on the General Fund, as it is the primary operating fund of the City,
<br />and the Revive spending plan due to its significance to the community. Only notable
<br />items are included for other funds. No discussion is included for fund activity expected
<br />to approximate the budget for the current fiscal year.
<br />The FY 2022-23 budget document includes a Fund Summary for all funds of the City,
<br />including the estimated fund balance at July 1, 2022, the adopted budget, and the
<br />estimated fund balance at June 30, 2023. We now have actual fund balances at July 1,
<br />2022 and we have updated budget amounts. Therefore, we have included an updated
<br />Fund Summary as Exhibit 5, which includes all recommendations in this report.
<br />General Fund Revenue
<br />A summary of General Fund revenue follows. The City receives most of its revenue up
<br />to 60 days after the corresponding period. For example, the City receives December
<br />Sales Tax in February. Therefore, we can expect to have received approximately 4
<br />months (or 33%) of revenue by December 31. Except for the items discussed below, we
<br />do not expect any significant variances to General Fund revenue estimates at this time.
<br /> FY22-23 Budget Updated
<br />with First Quarter Report on
<br />November 15, 2022
<br /> Proposed Mid-Year
<br />Adjustments Updated Estimate
<br />Beginning Balance at July 1,
<br />2022
<br />$113,509,544 $0 $113,509,544
<br />Revenue Estimate $391,552,940 $7,383,500 $398,936,440
<br />Appropriated Spending ($406,880,124)(17,443,760)($424,323,884)
<br />Pension Trust Set-Aside ($7,748,811)$0 ($7,748,811)
<br />Estimated Ending Balance
<br />at June 30,2023
<br />$90,433,549 ($10,060,260)$80,373,289
<br />Less: 18% Reserve 70,479,529 1,329,030 $71,808,559
<br />Estimated Spendable
<br />Balance
<br />19,954,020 (11,389,290)$8,564,730
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