TO: Honorable Mayor and Members of the City Council
THRU: Rick Otto, City Manager
FROM: Will Kolbow, Assistant City Manager/Administrative Services Director
1. SUBJECT
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Second Study Session for the Proposed Fiscal Year 2021-22 Budget.
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2. SUMMARY
This is the second study session in support of the preparation of the FY 2021-22 Budget. This study session is intended to provide a status of the current year budget, an initial analysis of the projected General Fund revenues and expenditures for FY 2021-22, and the proposed Annual Departmental Work Plans for FY 2021-22.
3. RECOMMENDED ACTION
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Receive and file the report and provide direction to staff.
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4. FISCAL IMPACT
Fiscal impact will be determined with final budget adoption.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
b: Analyze future fiscal needs and potential revenue opportunities.
c: Provide appropriate reserves.
Goal 4: Provide outstanding public service
b: Provide facilities and services to meet customer expectations.
6. DISCUSSION AND BACKGROUND
This is the second study session in support of the preparation of the City's FY 2021-22 (FY 22) Budget. This study session is intended to focus on the following items:
* Providing a status of the current year budget;
* Providing an initial analysis of the projected revenues and expenditures for FY 22, and;
* Presenting the proposed Annual Departmental Work Plans for FY 22.
Introduction
Around this time last year, our way of life as we know it changed substantially due to the unexpected spread of COVID-19. Terms that are now conventional to us such as "Stay at home" health orders were implemented, and the economy fell from record highs to unprecedented declines in a matter of weeks. The COVID-19 pandemic affected every industry to some extent across the nation. Oil and gas prices plummeted with the potential to cause disruption well beyond the energy sector, co...
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