Title:
Title
Fiscal Year (FY) 2019/20 Midyear Budget Report
End
FileID
File ID: 2020-00077
Location
Location: Citywide
Recommendation:
Recommendation
Adopt a Resolution approving the FY2019/20 Midyear Budget Report
Contact: Tara Filipich, Budget Manager, (916) 808-5078; Dawn Holm, Director, (916) 808-5574, Department of Finance
Body
Presenter: Tara Filipich, Budget Manager (916) 808-5078, Department of Finance
Attachments:
01-Description/Analysis
02-Measure U Implementation Update
03-Resolution
04-Exhibit A - FY2019/20 Midyear Report
05-Exhibit B - Budget and Staffing Adjustments
06-Exhibit C - Reclassification Requests
07-Exhibit D - Position Changes
08-Exhibit E - Amended FY2019/20 Measure U Programming
09-Exhibit F - Interfund Loan from the Risk Fund
Description/Analysis
Issue Detail: The FY2019/20 Midyear Budget Report (Midyear Report) is intended to update the City Council (Council) on major changes following budget approval and includes recommendations necessary to implement the City's financial plan for the remainder of the fiscal year. The Midyear Report provides detailed information on the changes summarized in this report and is included as Exhibit B.
After a review of citywide revenues (property tax, sales tax, enterprise fund general tax, and cable-commission fees), staff is recommending a $12.9 million revenue increase. In response to Council discussions related to mission-critical programs and after working with the departments, an additional $2.2 million (net) in expenditures is being recommended.
As presented in the FY2018/19 Comprehensive Annual Financial Report (CAFR), revenues and expenditures during fiscal year ending June 30, 2019, resulted in one-time General/Measure U Fund budgetary resources of $27 million. Additionally, the Mayor has been working with the State Controller on the City's 2017 gas tax audit finding. On January 9, the Mayor was able to obtain a letter from the State Controller's Office confirming th...
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