DEPARTMENT: City Manager’s Office
DEPARTMENT HEAD: María Villagómez
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2020 Mid-Year Budget Review
SUMMARY:
A briefing on the City’s FY 2020 Budget including actual performance for the period of October 2019 to April 2020 and projections for May to September 2020. A mid-year budget adjustment will be presented which includes revisions to the City’s Adopted Budget for revenue impacts and programs suspended or delayed as a result of the impact of COVID-19; ratification of emergency purchases and grant awards related to the City’s response to the COVID-19 pandemic; and approval of other actions taken by the City related to COVID-19.
BACKGROUND INFORMATION:
On September 12, 2019, the City Council adopted a balanced budget for the City’s fiscal year 2020 that began October 1, 2019. As part of the City’s financial management practices, City staff meets with the City Manager on a monthly basis to review the financial performance of the City and on a quarterly basis, a report is provided to the City Council.
As a result of the financial impact of the COVID-19 pandemic on the City’s Budget, City staff has presented provided frequent updates to the City Council since March. These presentations have included the projected revenue loss in the general fund and restricted funds as well as actions taken to suspend or delay some programs to maintain a balanced budget.
During the May 28th “A” Session, the Council will be presented with an update on the City’s budget that will include actual financial performance from October 2019 to April 2020 and projections for May to September 2020. Additionally, the FY 2020 Mid-Year Budget Adjustment will be presented to City Council.
The Mid-Year FY 2020 Adjustment will include adjustments to revenues and expenses reflecting the impact of COVID-19. This adjustment will also include the ratification of grant awards received by the City to assist with the response to COVID-19 as well as the ratification of emergency purchases made with these grant funds, and approval of other actions taken by the City related to the COVID-19 pandemic.
ISSUE:
A briefing on the City’s FY 2020 Budget including actual performance for the period of October 2019 to April 2020 and projections for May to September 2020. A mid-year budget adjustment will be presented which includes revisions to the City’s Adopted Budget for revenue impacts and programs suspended or delayed as a result of the impact of COVID-19; ratification of emergency purchases and grant awards related to the City’s response to the COVID-19 pandemic; and approval of other actions taken by the City related to the COVID-19 pandemic.
The recommended FY 2020 Mid-Year Budget Adjustment Ordinance will be considered by City Council during the June 4, 2020 “A” Session.
ALTERNATIVES:
This is an informational briefing only.
FISCAL IMPACT:
This briefing is for informational purposes. The FY 2020 Mid-Year Adjustment will be considered at the June 4, 2020 City Council "A" session.
RECOMMENDATION:
This is an informational briefing only.