Title:
Title
FY2020/21 Fiscal Update
End
FileID
File ID: 2020-01035
Location
Location: Citywide
End
Recommendation:
Recommendation
Receive and provide direction to the City Manager on how the City Council would like to proceed with requested expenditures and the identification of resources to fund these expenditures.
FileName
Contact: Leyne Milstein, Assistant City Manager, (916) 808-8491, Office of the City Manager; Dawn Holm, Director, (916) 808-5574, Department of Finance
Body
Presenter: Leyne Milstein, Assistant City Manager, (916) 808-8491
Attachments:
1-Description/Analysis
2-Sales Tax Payment and Information Schedule
3-Summary of Major General/Measure U Fund Revenues
4-Capital and Operating Projects on Hold
Description/Analysis
Issue Detail: The purpose of this report is for the City Council (Council) to consider options to fund initiatives and make adjustments for additional costs and revenue losses identified since the adoption of the Fiscal Year (FY) 2020/21 budget in May (Budget) and to provide Council with information regarding the City's current financial condition. Following adoption of the Budget:
* Council has discussed and directed the City Manager to return with funding options for several programs that were not included in the budget.
* On August 25, 2020, the City Treasurer reported on the impact of the coronavirus disease (COVID-19) on the City's revenue streams dedicated to paying the debt associated with the Golden 1 Center and Community Center expansion project.
* Staff have identified shortfalls with billboard lease revenues as outlined in a separate report in this agenda and the parking meter and citation revenues are continuing to decline beyond what was anticipated in the budget (also covered in the Treasurer's report).
Along with other state and local agencies across the country, the City of Sacramento is facing extraordinary budget challenges due to the continued public health emergency resulting from CO...
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