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File #: 20-3384   
Type: Staff Briefing - With Ordinance
In control: City Council A Session
On agenda: 6/4/2020
Posting Language: Ordinance amending the FY 2020 Annual Operating Budget based on actual revenues and expenditures for the first seven months of FY 2020 (October 2019 to April 2020) and projections for the remaining five months of FY 2020 (May 2020 to September 2020) in the General Fund and various Restricted Funds as well as the ratification of Grants, Emergency Contracts and Purchases as a result of the impacts of COVID-19 on the community, and approval of abatements and deferrals for certain revenues. [María Villagómez, Deputy City Manager]
Attachments: 1. Attachment 1-Mid Year Adjustments, 2. Attachment 2-Grant Ratification, 3. Attachment 3-Purchase and Contract Ratification, 4. Attachment 4-Revenue Abatements and Deferrals, 5. FY 2020 7+5 Budget and Finance Report.pdf, 6. Staff Presentation, 7. Ordinance 2020-06-04-0345
DEPARTMENT: City Manager's Office


DEPARTMENT HEAD: Mar?a Villag?mez


COUNCIL DISTRICTS IMPACTED: City Wide


SUBJECT:

FY 2020 Budget Adjustment


SUMMARY:

A budget adjustment is recommended to the FY 2020 Budget that will result in a revised budget based on actual revenues and expenditures for the first seven months of the fiscal year (October to April) and projections for the remaining five months of the fiscal year (May to September) in the General Fund and various Restricted Funds. This includes revenue impacts and programs suspended or delayed as a result of the impact of COVID-19. Additionally, several budget adjustments are recommended in the General Fund and Restricted Funds.

This ordinance also includes ratification of emergency contracts and purchases, grant awards related to the City's response to the COVID-19 pandemic, approval of abatements or deferrals of certain revenues and other actions taken by the City related to COVID-19



BACKGROUND INFORMATION:

As part of the City's financial management practices, the City Manager recommends a Budget Adjustment for City Council consideration annually. This Adjustment aligns revenues and expenses based on actual activity for the first seven months of the fiscal year (October to April) and updated projections for the remaining five months of the fiscal year (May to September). The result of this adjustment is a revised Budget for the Fiscal Year.

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 frequent updates to the City Council since March. These presentations have included the project...

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