TITLE:
title
FISCAL YEAR 2022-23 PRELIMINARY UNAUDITED YEAR-END FINANCIAL REPORT
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DEPARTMENT: FINANCE DEPARTMENT
PRESENTED BY: CAROL MOLINA, FINANCE DIRECTOR
CONTACT INFORMATION: CAROL MOLINA, FINANCE DIRECTOR (714) 754-5243
RECOMMENDATION:
recommendation
Staff recommends the City Council:
1. Authorize the City Manager, or her designee, to allocate and appropriate Fiscal Year 2022-23, if available, year-end savings as follows:
a. Deposit $1.5 million into the City's Section 115 Trust to reduce existing pension liabilities;
b. Allocate up to $1.5 million into the Housing Authority Fund for the General Plan Housing Element implementation program; and
c. Appropriate $1.0 million for transfer to the Self Insurance Fund for the Workers' Compensation program.
2. Transfer actual amounts needed to cover the remaining COVID-19 and winter storm related costs in the Disaster Fund, from the American Rescue Plan Act Fund (ARPA), currently estimated at $500,000.
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BACKGROUND:
On June 7, 2022, City Council adopted the Fiscal Year 2022-23 Operating and Capital Improvement Budget for a total of $206.2 million in All Funds. Of this amount, the General Fund revenues totaled $163.6 million and expenditures $163.6 million, a fully balanced budget without the use of reserves or American Rescue Plan Act funds. The FY 2022-23 preliminary unaudited year-end analysis provides a projection of the City's financial position for the fiscal year ending June 30, 2023. The final audited financial statement is normally issued by the end of December. Staff will return to Council with the audited financial reports once the audit is complete. However, the preliminary unaudited analysis reflects a potential $4.0 million surplus at the end of the fiscal year.
ANALYSIS:
The FY 2022-23 Amended Budget for General Fund Revenues is now estimated at $175.0 million, versus the adopted amount of $163.6 million. After accounting for projected General Fund expenses of $171.0 million, i...
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