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Receive and file the FY 2021-2022 Mid-Year Budget Update
<br />March 1, 2022
<br />Page 2
<br />section, but more detailed information is provided in related exhibits noted throughout the
<br />report. A summary of the General Fund follows.
<br />Original
<br />Budget
<br />With
<br />Carryovers
<br />Approved
<br />September 21,
<br />2021
<br />With First
<br />Quarter
<br />Adjustments
<br />Approved
<br />January 18,
<br />2022
<br />With
<br />Adjustments
<br />Proposed in
<br />this Report
<br />Beginning Balance $71,187,440 $75,229,927 $109,415,983 $109,415,983
<br />Revenue 340,944,200 340,944,200 357,524,200 364,127,209
<br />Expenditures (328,791,570 (332,834,057)(351,455,957)(350,438,147)
<br />Net Transfers (24,703,590)(24,703,590)(35,503,590)(36,568,949)
<br />Net Activity (12,550,960)(16,593,447)(29,435,347)(22,879,887)
<br />Ending Balance $58,636,480 $58,636,480 $79,980,636 $86,536,096
<br />Policy Reserve
<br />Requirement
<br />61,369,956 61,369,956 64,354,356 65,542,898
<br />Excess/(Deficiency)$(2,733,476)$(2,733,476)$15,626,280 $20,993,198
<br />DISCUSSION
<br />The General Fund is the City’s primary operating budget. During the year, staff meets
<br />with consultants, reviews current trends, and meets with City departments to identify
<br />potential adjustments to revenues and expenditures. Discussed below is a review of
<br />revenue and expenditures.
<br />General Fund Revenues
<br />During the second quarter FY 2021-22, the City received approximately $128.5 million in
<br />General Fund revenues, which is 35.9 percent of the annual estimate.
<br />After analyzing revenue through December 2021, staff recommends adjustments to the
<br />estimates with a net increase of $6.6 million as summarized below.
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