Item 16 - Proposed Fiscal Year 2022-23 City Budget

Home Browse Search

Proposed Fiscal Year 2022-23 City Budget, Changes to the City's Basic Classification and Compensation Plan, and the Seven -Year Capital Improvement Program June 7, 2022 Page 3 does the Reserve requirement. Staff will monitor the actual General Fund balance and recommend adjustments if necessary to ensure compliance with the Reserve requirement at June 30, 2023. A summary of the proposed FY 2022-23 General Fund budget identifying recurring activity and one-time activity follows. Revenue 3901112,940 39011121940 Expenditures (327,979,420) (16,984,270) (344,963,690) Net Transfers (48,530,030) (2,873,040) (51,403,070) Pension Stabilization (7,748,811) (7,748,811) Net Activity 5,854,679 (19,857,310) (14,002,631) General Fund Ten -Year Outlook Assumptions for the Outlook follow. • Updated year 1 with the proposed FY 2022-23 Budget, which includes $20 million of one-time spending. • For years 2-10, recurring revenue and spending increases by inflation each year (the Consumer Price Index as forecasted by the California Department of Finance). • Debt retirements are factored in, as well as fluctuating debt service for the pension bonds and corresponding deposits and withdrawals to the Pension Stabilization Trust. • The reduction of Measure X revenue is factored in FY 2028-29 and FY 2029-30, updated with the latest estimates.