FISCAL YEAR 2023-24
BUDGET ADOPTION
June 13, 2023
2 BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
BUDGET RECAP
3 5/23/2023 Budget Adoption 4
FISCAL YEAR (FY) 2024
BUDGET PROCESS
Feb. 23, 2023: City Council Strategic Planning Workshop Feb. 28, 2023: FY 2022-23 Midyear Budget Review/Financial Update May 23, 2023: Proposed Budget Intro to City Council
June 1, 2023: Measure I Advisory Committee Meeting
June 5, 2023: Audit Committee Review
June 6, 2023: Planning Commission Review
June 13, 2023: City Council Public Hearing & Adoption
6/13/2023 Budget Adoption 5
• Align with the City’s adopted Strategic Focus Areas
• Sustain long-term operational needs to meet
community-identified priorities
• Continue fiscal prudence while managing service
needs, with a balanced budget
• Remain focused on infrastructure funding
and capital improvement
CITY MANAGER’S
MESSAGE
6/13/2023 Budget Adoption 6
• Local control over local revenue sources
is essential to long-term fiscal sustainability and allow Belmont's self-reliance into the future
• Secure funding for sewer, storm, streets, facilities, and parks to address deferred maintenance and future
capital needs along with a plan to support
critical public services
• Maximize existing revenues and identify new
cost recovery strategies
STRATEGIC FOCUS AREAS
CITYWIDE PRIORITIES
6/13/2023 Budget Adoption 7
102
104
128
244
251
335
Public Works Staffing
Clean/Safe Public
Spaces
Parks & Open Space
Police Patrols/Crime
Prevention
911 Response Times
Street/Sidewalk
Repairs
*Priorities do not sum 877 since some respondents identified more than one item as a #1 priority #1 COMMUNITY PRIORITY
AS RANKED BY 877 RESIDENTS*
6/13/2023 Budget Adoption 8
FY 2023-24
BUDGET
(Proposed)
OPERATING BUDGET (CITY) $62.4
OPERATING BUDGET (BFPD) $12.8
TOTAL OPERATING BUDGET $75.2
CAPITAL IMPROVEMENTS (CITY) $20.5
CAPITAL IMPROVEMENTS (BFPD) $0.05
TOTAL BUDGET $95.8
BUDGET OVERVIEW
(IN MILLIONS)
144.25
TOTAL PERSONNEL
(+2.75 FTE)
6/13/2023 Budget Adoption 9
FY 2023-24
BUDGET
(Proposed)
RESOURCES $29.6
REQUIREMENTS $30.3
RESERVE FUND BALANCE $0.7
RESOURCES OVER/(UNDER)
REQUIREMENTS $0.0
GENERAL FUND SUMMARY
(IN MILLIONS)
$0.7M of General
Fund Reserve is
needed to
balance budget
6/13/2023 Budget Adoption 10
STATE TAKEAWAY OF
PROPERTY TAXES
• A fully funded VLF is 15% of General Fund operations
• For the first time ever, the state has rejected a
reimbursement claim to backfill the VLF shortfall
• If the State continues its stance, the General Fund impact is a loss of $34 million over the next 10 years
6/13/2023 Budget Adoption 11
$(10)
$(5)
$-
$5
$10
$15
$20
$25
$30
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
With VLF Funding Without VLF Funding 33% Reserve Target Local control over
local revenue sources
is essential to long-term
fiscal sustainability
GENERAL FUND PROJECTION
WITH & WITHOUT VLF FUNDING
(IN MILLIONS)
6/13/2023 Budget Adoption 12
BELMONT FIRE PROTECTION
DISTRICT PROJECTION
(IN MILLIONS)
$-
$5.0
$10.0
$15.0
$20.0
$25.0
2022 2023 2024 2025 2026 2027
Capital Reserve
(New Fire Station)
6/13/2023 Budget Adoption 13
CAPITAL IMPROVEMENT
PLAN OVERVIEW
Technology (1%)
Parks & Open Space (3%)
Facilities (4%)
Streets (33%)
Sewer/Storm (58%)
(IN MILLIONS)
$20.6M
FY 2023-24 CIP
(PROPOSED)
RESOLUTIONS
14 6/13/2023 Budget Adoption 15
RESOLUTIONS
• City of Belmont
• $62.4M Operating Budget
• $20.6M Capital Improvement Program
• 144.25 FTEs--permanent staffing
• Establishes positions and classifications
• City Manager may revise permanent staffing plan provided personnel count does not exceed authorized positions
• Belmont Fire Protection District
• $12.8M Operating Budget
• $0.05M Capital Improvement Program
FY 2023-24 BUDGET
6/13/2023 Budget Adoption 16
RESOLUTIONS
• Limit grows from actual appropriations
in the base 1978-79 fiscal year
• Calculated annually based on adjustment factors
• Growth in CA per capita income or growth in non-residential assessed valuation due to construction within the City
• Growth in population within the City or County
• For both the City and BFPD, the two factors yielding the most favorable appropriations limit for FY 2023-24 were:
• Growth in CA per capita income
• Growth in population within the County
APPROPRIATIONS (GANN) LIMIT
6/13/2023 Budget Adoption 17
RESOLUTIONS
• Authorized annually
• To collect the special tax on the property tax rolls
LIBRARY COMMUNITY
FACILITIES DISTRICT
6/13/2023 Budget Adoption 18
RESOLUTIONS
MASTER REVENUE SCHEDULE
COMMON ADJUSTMENTS
FY 2023-24
AMOUNT
CONSUMER PRICE INDEX 4.2%
HOURLY RATE Varies
BUILDING PERMIT/DEVELOPMENT REVIEW 12.3%
LEVEL OF EFFORT Varies
6/13/2023 Budget Adoption 19
RESOLUTIONS
MASTER REVENUE SCHEDULE
OTHER HIGHLIGHTS
• Business License Tax (BLT)
• No increase
• Staff will continue to evaluate
options and work with business
community
• Park & Facility Rental Fees
• Increased by 5%
• Reflects CPI adjustment plus
utility/supply costs
• Engineering Fees
• New fee description for Utility
Encroachments in the Right of Way
• Many fees decreased by 6% based on
adjustments to hourly rate
• Several rates increased to reflect
staff effort
• Development Review/
Building Permit Fees
• Most increased by 12.3% to reflect
elevated costs
• On average, Single Family Design Review fees remain below cost recovery
20 RECOMMENDATIONS
Planning
Commission
Confirmed
compliance with
General Plan and
Belmont Village
Specific Plan
Audit Committee
recommended
budget adoption
CONCLUDING ACTIONS
21 Council questions
Public hearing
Resolution adoption