Title
Adoption of Resolution Amending the Fiscal Year (FY) 2016-17 Operating and Capital Improvement Program Budget. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Adopt a Resolution Amending the Fiscal Year 2016-17 Operating and Capital Improvement Program Budget
BACKGROUND
This report updates Fiscal Year (FY) 2016-17 financial projections for the General Fund and proposes current year budget amendments for various City funds to reflect and respond to the City's evolving financial condition.
The discussion below is presented in the following sections:
I. General Fund Available Fund Balance Projection
II. General Fund Revenues
III. General Fund Expenditures
IV. Non-General Fund Programs
DISCUSSION
The City Council adopted FY 2016-17 Budget on June 7, 2016. Subsequently, the City Council approved amendments to the FY 2016-17 Budget to various funds in the City. At this time, staff is bringing forward an update on the General Fund performance and forecast through the end of the current Fiscal Year. Staff recommends approving adjustments to the FY 2016-17 Budget based on the updated projections. In addition, staff reviewed non-General Fund programs and is recommending approval of budget amendments for those programs as well.
I. General Fund Available Fund Balance Projection
Through the Mid-Cycle Budget Update in June 2016, staff revised the budgeted General Fund ending available balance for FY 2016-17 to 24%. Subsequently, the beginning General Fund available fund balance was revised for actual results from FY 2015-16 and the City Council took several actions to allocate available General Fund balance to various one-time uses mainly associated with funding of capital projects. With the approval of those budget changes in combination with the beginning fund balance update, the General Fund available balance was increased to 30%. As part of the mid-year review, staff evaluated revenue...
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