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Finance and Management Services <br />www.santa-ana.org/finance <br />Item # 12 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />November 7, 2023 <br />TOPIC: Fiscal Year 2023-24 First Quarter Budget Report and Proposed Appropriation <br />Adjustments <br />AGENDA TITLE: <br />Fiscal Year 2023-24 First Quarter Budget Report and Proposed Appropriation <br />Adjustments <br />RECOMMENDED ACTION <br />1. Approve the appropriation adjustments to General Fund expenditures (requires <br />five affirmative votes) as detailed in the body of this report, with a net reduction of <br />$408,196 and a net reduction to the General Fund revenue estimates of <br />$530,000. <br />2. Receive and file the 1st Quarter Budget Update. <br />GOVERNMENT CODE §84308 APPLIES <br />No <br />EXECUTIVE SUMMARY <br />This FY2023-24 first quarter budget report focuses on the General Fund, since it is the <br />primary operating fund of the City. This report does not include a discussion of <br />programs and other funds, as we do not expect any significant budget variances at this <br />time. <br />For FY22-23, the City received revenue in excess of estimates and had expenditure <br />savings. The FY22-23 audit is currently in process, and the final carryover amounts <br />based on remaining FY22-23 budget availability have not been fully vetted. In <br />December, staff will be able to identify the increase of the General Fund balance <br />available for one-time spending, based on the positive FY22-23 variances. <br />In the meantime, based on actual revenue performance in FY22-23 and updated <br />estimates from the City’s sales tax consultant, staff is able to adjust FY23-24 revenue