Title:
Title
Fiscal Year (FY) 2018/19 Midyear Budget Report
End
FileID
File ID: 2019-00173
Location
Location: Citywide
Recommendation:
Recommendation
Adopt a Resolution approving the FY2018/19 Midyear Budget Report.
Contact: Dawn Holm, Director, (916) 808-5574; Daniel Choe, Interim Budget Manager, (916) 808-5049, Department of Finance
Body
Presenter: Daniel Choe, Interim Budget Manager, (916) 808-5049, Department of Finance
Attachments:
01-Description/Analysis
02-City Budget Priority Memo
03-Measure U Implementation Update
04-Resolution
05-Exhibit A - FY2018/19 Midyear Report
06-Exhibit B - Budget and Staffing Adjustments
07-Exhibit C - Reclassification Requests
08-Exhibit D - Position Changes
09-Exhibit E - Amended FY2018/19 Measure U Programming
10-Exhibit F - City Budget Priorities
Description/Analysis
Issue Detail: The FY2018/19 midyear review is intended to update the City Council on major changes since the adoption of the Approved Budget and includes recommendations necessary to implement the City's financial plan for the remainder of the fiscal year. The FY2018/19 Midyear Report (Midyear Report) provides detailed information on the changes summarized in this report and is included as Exhibit A.
As presented in the FY2017/18 Comprehensive Annual Financial Report (CAFR), revenues and expenditures during fiscal year ending June 30, 2018 resulted in one-time General Fund budgetary resources of $15 million. As detailed in the CAFR report the primary reason for the budgetary results is departmental expenditure savings and the receipt of revenues above budget. It is important to note that since significant revenue increases were included in the Approved Budget, staff is recommending only minor changes in this report to reflect a decline in the Utility User Tax (UUT) revenues. Further, as departments fill vacancies, expenditure savings will diminish.
A significant portion of the midyear resources are necessary to replenish prior use o...
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