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Proposed Fiscal Year 2021-22 City Budget, Changes to the City’s Basic Classification <br />and Compensation Plan and the Seven-Year Capital Improvement Program <br />June 1, 2021 <br />Page 4 <br />1 <br />7 <br />7 <br />4 <br />Option A with a part-time Vietnamese Community Liaison: <br />Estimated resources less proposed spending $159,004 <br />Postpone Charter Amendments 660,000 <br />Increase Legal Defense Fund (100,000) <br />Sponsor local Arts & Culture events (100,000) <br />Vietnamese Community Liaison (60,000) <br />Option A Reduction in Use of Reserves $559,004 <br />Option B with a full-time Vietnamese Community Liaison: <br />Estimated resources less proposed spending $159,004 <br />Postpone Charter Amendments 660,000 <br />Increase Legal Defense Fund (100,000) <br />Sponsor local Arts & Culture events (100,000) <br />Vietnamese Community Liaison (150,000) <br />Option B Reduction in Use of Reserves $469,004 <br /> <br />General Fund <br />The General Fund is the primary operating fund of the City and accounts for all <br />unrestricted revenue. A summary of proposed FY21-22 General Fund activity follows <br />(before potential adjustments made by City Council, as outlined above). <br />FY20-21 FY21-22 <br />Ge neral Fund Adjuste d Budge t Propose d Budge t <br />Begi nni ng Bal ance 81,868,704$ 71,187,440$ <br />Revenue 323,835,019 340,944,200 <br />Expe nditure s (313,226,023)(329,113,180) <br />Interf und Transfers (21,290,260)(24,703,590) <br />Ne t Activi ty (10,681,264)$ (12,872,570)$ <br />Esti mate d Ending Bal ance 71,187,440$ 58,314,870$ <br />Rese rve Re qui re me nt (18% of recurri ng revenue )58,155,866$ 61,369,956$ <br />A full reconciliation of changes from the adjusted FY20-21 General Fund budget to the <br />proposed FY21-22 General Fund budget is included with Exhibit 3. City Council policy <br />requires a General Fund Reserve equivalent to 18% of recurring annual General Fund <br />revenue. Staff estimates the General Fund Reserve at June 30, 2021 will be compliant <br />with City Council Policy. As General Fund revenue grows for FY21-22, so does the <br />Reserve requirement. Staff will monitor the actual General Fund balance and recommend <br />adjustments if necessary to ensure compliance with the Reserve requirement at June 30, <br />2022.