DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Scott Huizenga
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2021 “3 Plus 9” Budget and Financial Status Report, & Recommended FY 2022 Budget Calendar
SUMMARY:
City Council will be provided with an informational briefing on the City’s FY 2021 Budget status through the first quarter of the fiscal year (October through December) with projections on revenues and expenditures for the remaining nine months of the fiscal year (January through September), an update on the implementation status of FY 2021 Budget Initiatives, first quarter 24/7 Performance Measures results, and the recommended FY 2022 Budget Calendar.
BACKGROUND INFORMATION:
The Mayor and City Council adopted a $2.9 billion budget on September 17, 2020, for the City’s fiscal year that began October 1, 2020. The FY 2021 budget is balanced despite ongoing economic uncertainty and challenges caused by the COVID-19 global pandemic. Each year, the City adopts a two-year balanced budget that includes expenditures appropriations for the first year and an appropriation plan for the second year; the FY 2022 Budget Plan is balanced with planned reductions included in the FY 2021 Adopted Budget of $49 million in the General Fund.
As part of the City’s financial management practices, City staff meets with the City Manager on a monthly basis to review the financial status of the City. The City Council is provided with quarterly updates. During the February 17th B Session, the Council will be provided the FY 2021 3 Plus 9 Budget and Financial Status Report, which will focus on the financial performance through the first quarter (October through December) of the fiscal year and will provide estimates on revenues and expenditures for the remaining three quarters of the fiscal year (January through September).
This presentation also will include a briefing on the FY 2022 Budget Calendar. The recommended FY 2022 Budget Calendar has been developed with the City Manager’s guidance and direction and in accordance with the provisions of the City Charter, the Local Government Code, and the Property Tax Code.
ISSUE:
During the February 17th City Council “B” Session, staff will review with City Council a financial, budgetary, and performance measure status report on the first quarter of the City’s FY 2021 Budget. One objective of the FY 2021 Budget and Financial Status Report is to provide the City Council with an early financial update and to identify any significant issues that may need to be addressed early in the fiscal year. Specifically, the report will focus on the City’s current and projected financial position, highlight the status of FY 2021 Budget initiatives, and first quarter results of the 24/7 Performance Measures.
In addition to the presentation of the quarterly report, staff will review the recommended FY 2022 Budget Calendar during the February 17th City Council “B” Session. The FY 2022 Budget Calendar will be used for planning and development of the Annual Operating and Capital Budget. After receiving additional input from the Mayor and City Council during this briefing, the final FY 2022 Budget Calendar will be made available on City’s website and government access channel (TVSA Channel 21).
ALTERNATIVES:
This item is for briefing purposes only.
FISCAL IMPACT:
The City Council “B” Session briefing and presentation on the FY 2021 Budget and Financial Status Report and recommended FY 2022 Budget Calendar is for information purposes.
RECOMMENDATION:
The presentation on the FY 2021 First Quarter Budget and Financial Status Report is for briefing purposes.
Staff recommends implementation of the recommended Budget Development Calendar for the FY 2022 Budget and invites further comment or input from the Mayor and Council before it is finalized.