TITLE:
title
FISCAL YEAR 2021-2022 MID-YEAR BUDGET UPDATE
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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 that City Council receive and file the FY 2021-22 mid-year budget update for the current fiscal year that began on July 1, 2021 and ends on June 30, 2022.
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BACKGROUND:
On June 15, 2021, the Fiscal Year 2021-22 Operating and Capital Improvement Budget was adopted by the City Council. The Adopted General Fund budget totaled $154.4 million and the All Funds (including restricted funds) budget totaled $197.9 million with a total of 651.9 Full Time Equivalents (FTEs) across City departments.
All City Departments continue to exercise fiscal prudence by monitoring their budgets to ensure there are sufficient appropriations for essential programs; expending actual revenue that has been received or awarded in grants or restricted funds; and making minor adjustments to staffing to better address workload demands and Council priorities.
ANALYSIS:
Since the onset of the pandemic, the City has proactively implemented and managed its finances to ensure fiscal sustainability throughout the impacted period and beyond. The pandemic first affected the City's revenues during the last quarter of Fiscal year 2019-20, from April through June 2020. The City Council approved the temporary suspension of capital projects and reduced spending to emergency-related items only. As a result, the FY 2019-20 General Fund Budget ended with a slight $160,000 increase to the Fund Balance without the need to dip into the City's reserves.
The following year, Fiscal Year 2020-21 marked the first full year of the pandemic. Expenditure reductions were approved and implemented across all departments including a 5% employee pay furlough, the temporary defunding of numerous vacant positions, and targeted operating reductions in a...
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