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Provide Direction for FY21-22 Budget <br />March 16, 2021 <br />Page 8 <br />• Parking Enterprise: As reported on November 17, 2020, December 15, 2020, and <br />February 16, 2021, parking garage revenue has decreased significantly and the <br />Parking Enterprise cannot fund all its commitments. Staff plans to propose a <br />balanced FY 2021-22 budget for the Parking Enterprise. However, the Parking <br />Enterprise needs a one-time General Fund subsidy to cure an estimated negative <br />fund balance, currently estimated at $1 million. <br />Next Steps <br />The FY 2021-22 Budget Calendar includes the following steps for City Council and the <br />public. <br />1. March 25 — Community Budget Meeting <br />2. May 4 — City Council Budget Workshop Session <br />3. May 18 — City Council Work Study Session <br />4. June 1 — City Council public budget hearing <br />5. June 15 — City Council second reading and adoption of budget ordinance <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this action. <br />FISCAL IMPACT <br />There is no immediate fiscal impact related to the recommendations. The City Council is <br />only providing direction for preparing the draft FY 2021-22 budget, scheduled for <br />consideration in May and June. <br />EXHIBIT(S) <br />1. Proposed Budget & Reserve Policy <br />2. Summary of 2020 General Fund Risk Assessment & Cash Flow <br />Analysis <br />3. Budget and Financial Policies adopted by City Council on June <br />6, 2017 <br />Submitted By: Kathryn Downs, Executive Director Finance and Management <br />Services <br />Approved By: Kristine Ridge, City Manager <br />