TO: Honorable Mayor and Members of the City Council
THRU: Rick Otto, City Manager
FROM: Will Kolbow, Assistant City Manager/Admin. Services Director
1. SUBJECT
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Third Study Session for the Proposed Fiscal Year 2021-22 Budget.
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2. SUMMARY
This is the third study session in support of the preparation of the FY 2021-22 Budget. This study session provides an updated analysis of the projected General Fund revenues and expenditures for FY 2021-22, revisions to the Master Fee Schedule, as well as a status and analysis of the Special Revenue, Internal Service, and Water Funds for Fiscal Year 2020-2021.
3. RECOMMENDED ACTION
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Receive and file the report and provide policy direction.
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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.
Goal 4: Provide outstanding public service
b: Provide facilities and services to meet customer expectations.
6. DISCUSSION AND BACKGROUND
General Fund Revenues for FY 22
While the local economy continues to grow, the total General Fund revenues for FY 22 are projected to be $120.1 million, $1.4 million (1.0%), under the estimated ending revenue for FY 21. This slight difference is mostly due to grants and external revenues that are not initially estimated in the FY 22 budget and will be counted as revenue only when received.
The projected FY 22 revenue amount is about $249,000 above the revenue projections presented at the April 27 Study Session and is based on the following details:
Sales Tax is anticipated to be $49.6 million, $1.1 million (2.2%), above the FY 21 estimate as fuel sales will increase as more residents commute to work and school. Building and construction activity is anticipated to slow, while restaurants and general consumer goods are expected to trend up...
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