Title
Adoption of Resolution Amending the Fiscal Year (FY) 2020-21 Operating and Capital Budgets Due to the COVID-19 Pandemic. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
As part of the City of Alameda (City) FY 2020-21 Mid-Cycle Budget Update to the City Council in June 2020, it was noted that due to ongoing uncertainty about the effects of the COVID-19 pandemic on the City's finances, staff intended to present an update on the City's budget to the City Council later in calendar year 2020.
Since the presentation of the Mid-Cycle Budget Update, staff has had the opportunity to analyze actual revenues received for the 4th quarter of FY 2019-20 and the 1st quarter of FY 2020-21 and to compare the trend in actuals received since the start of the COVID-19 pandemic with the City's revenue projections for FY 2020-21.
This report outlines adjustments to General Fund and non-General Fund revenue projections, and adjustments to expenditure budgets where necessary to offset revenue shortfalls.
BACKGROUND
The City Council adopted the Biennial Budget for FYs 2019-20 and 2020-21 on June 18, 2019. After the first year of the budget cycle, City Council approved an update to the second budget year (Mid-Cycle Budget Update) on June 16, 2020. As part of the Mid-Cycle Update, the City Manager noted that due to uncertainty about the effects of the COVID-19 pandemic on the City's finances, staff intended to present an update on the City's budget to the City Council later in calendar year 2020 that may include additional recommendations for budget adjustments.
The list of budget adjustments to the General Fund and other funds is attached as Exhibit 1. The updated Capital Improvement Program Spending Plan is attached as Exhibit 2.
Staff recommends the City Council consider adopting these changes to the operating and capital budgets for FY 2020-21. Given ongoing uncertainty about the effects of the COVID-19 pandemic on the City...
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