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File #: 2020-3450    Name:
Type: Presentation Status: Agenda Ready
File created: 5/4/2020 In control: Finance and Budget Committee
On agenda: 5/11/2020 Final action:
Title: Presentation of the City Manager's FY21 Budget
Attachments: 1. FY21 City Manager Budget Presentation 05-11-20, 2. Budget Summary reports-General Fund, 3. Budget Summary reports-Enterprise and Internal Service Funds, 4. Other Funds Budgets
Related files: 2020-3429, 2020-3501, 2020-3475, BILL NO. 20-103, BILL NO. 20-104
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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Title
Presentation of the City Manager's FY21 Budget

Body
Issue/Request:
Presentation of the City Manager's FY21 Budget

Key Issues:
The City Manager will present the proposed FY21 Budget. The proposed General Fund revenues total approximately $70.3 million and the expenses total approximately $76.2 million. There are 552.18 full-time equivalent positions budgeted in the General Fund. Information about the funds outside of the General Fund will be presented and additional information can be found in the attached documents and reports.

Proposed City Council Motion:
Not applicable. This presentation is for informational purposes.

Background:
The FY21 Revenue forecast was presented to the Finance and Budget Committee on April 13, 2020, and to the City Council on April 14, 2020.

Impact/Analysis:
The City anticipates that it will end FY20 with a General Fund Reserve Balance of approximately $27,729,680. The City is forecasting to have revenues less than expenditures in the General Fund by $5,898,615. As a result, this would require the City to spend down the General Fund Reserves by that amount ($5,898,615), and the anticipated General Fund Reserve Balance to end FY21 would be approximately $21,831,065 (which is 28.6% of the operating expenditures).

City Ordinance No. 7428, which outlines the General Fund Reserve Balance Guidelines, states that City Ordinance No. 7428, which outlines the General Fund Reserve Balance Guidelines, states that the General Fund balance shall be maintained in an amount equal to that of at least two (2) average months of regular general fund operating revenues or expenditures, whichever is greater (16.67%) based on the prior fiscal year, to address emergencies and provide for economic stability. Based off of this ordinance the General Fund Reserve Balance would need to be at least $12,703,592. As it can be seen from the above analysis, the anticipated General Fund Reserve Balance to end FY21 of $21,831,065 would still be gr...

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