65A - SURPLUS ALLOCATION PLAN - Laserfiche WebLink

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Budget Surplus Allocation Plan October 20, 2015 Page 2 estimated that the surplus would be at least $10 million in one -time funds. The City's Charter requires that the City Manager present a Fiscal Year Budget. Any available and unappropriated funds after the adoption of the budget are reviewed with input from the Mayor and City Council for use and allocation of these funds. Staff first met with the City Council individually and summarized those comments and priorities at the August 18, 2015 City Council Retreat. Staff also presented on the City's various funding needs that included parks deferred maintenance, safety and security needs, strategic investments, facility and asset repair /replacement, and technology upgrades that accumulated to nearly $60 million. The City Manager and Finance and Management Director began meeting with the Mayor and City Council to discuss the priorities and receive additional feedback. A revised budget surplus allocation proposal was presented at the September 15, 2015 City Council Meeting as a Work Study Session item. During this meeting, general consensus priority items were presented and staff was given direction to finalize the Surplus Allocation Plan and to continue receiving feedback from the Mayor and City Council. Direction was also given to identify additional funding sources to complete high priority projects that would otherwise not be completed, by utilizing the City's Economic Uncertainty Reserve Account, as well as the potential revenue from the sale of a CDBG surplus property (Attachment 4). Staff continued to meet with the Mayor and City Council, in addition to numerous community groups and residents. Attachment 1 represents the proposed Surplus Allocation Plan as best synthesized from the input of the Mayor and City Council. The Fiscal Year 2014 -15 budget surplus is $11,250,000. STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #4 City Financial Stability, Objective #1 (Maintain a stable, efficient and transparent financial environment.) Goal #6 Community Facilities & Infrastructure, Objective #1 (Establish and maintain a Community Investment Plan for all City assets.) Objective #2 (Address deferred maintenance on City buildings and equipment.) FISCAL IMPACT The appropriation adjustment will recognize and carry forward from Fiscal Year 2014 -15 an available General Fund balance (account no. 01102002 - 50001) of $11,250,000. This amount will be allocated to a new Council Special Projects Fund (account no. 05002002 - 59000 -011) and appropriated to various departments for projects over the next three fiscal years (Attachment 1): Fiscal Year Allocation Amount 2015 -16 (Current Year) $6,511,816 FY 2016 -17 $4,226,520 FY 2017 -18 $511,66 4 Total $11,250,000 65A -2