FINANCIAL
SERVICES
Fiscal Year 2023-24
Proposed Budget
Overview & General Fund
May 9, 2023
1 FY 2023-24 Budget Presentation
2 Review of Proposed Budget Materials
Citywide Proposed Budget Overview
General Fund Budget
Five-Year Forecast
FY 2023-24 Projected Revenues
Citywide Fee Study & Fee Schedule Update
FY 2023-24 Proposed Appropriations
Department Budget Requests
Burbank Water & Power Funds
Water Reclamation & Sewer Fund
Refuse Collection & Disposal Fund
Review of Budget Materials
3 Budget Binder is organized with 30 Sections/Tabs:
1. Review of Proposed Budget
• Staff report provided for the budget presentation
• Attached General Fund Budget Matrix and Five-Year Forecast
2. New Budget Requests
• City Manager approved budget requests submitted by
departments
3. Capital Improvement Program (CIP)
• General City (Non-utility) CIP funding plan
• CIP Project Sheets for new projects
Review of Budget Materials
4 4. Budget Summaries
• High level overview of the Citywide and General Fund budgets • Debt Service and Reserve Summaries
• Citywide Authorized Staffing
• City of Burbank Financial Policies
5. Revenues
• Citywide projected revenues by fund and category
• Revenue sources and descriptions
6-19. General Fund Department Line-Item Budgets
20-26. Non-General Fund Line-item Budgets
• Organized by fund type (i.e. enterprise, special revenue) Review of Budget Materials
5 27. Agreements and Contracts List
• List of contracts City Council is authorizing with budget adoption
28-29. Citywide Fee Study and Fee Schedule Changes
• Comprehensive review of citywide (non-utility) fees and matrix detailing all proposed changes to the citywide fee schedule
30. Supplemental Materials
• Discussion papers proposed by Staff or requested by the City Council
• Additional memos providing further detail on specific budget items
Availability of Budget Materials to
the Public
6 City of Burbank Website www.burbankca.gov
Financial Services Department Public Counter
City Clerk’s Office Public Counter
Burbank Public Libraries
Central Library
Buena Vista Branch Library
Northwest Branch Library
Budget Presentation Schedule
7 May 9: Citywide Overview, General Fund, Burbank
Water & Power, Water Reclamation & Sewer,
Refuse Collection & Disposal
May 16: Continuation of Citywide Budget Presentations,
Non-General Funds, FY 2023-24 Capital Improvement
Program (CIP), Discussion Papers
June 6: Public Hearing and Adoption of Utility Rates
June 13: Public Hearing and Adoption of Citywide
Budget and Fee Schedule
Economic Outlook
Inflation still impacting revenues and expenses
Retail growth slowing…but how about prices?
Interest rate hikes impacting cost of borrowing
Instability in stock market and banking sector
Unemployment still very low, but rising in certain
sectors
Tech industry staffed up during COVID
Federal pandemic relief programs ending
Commodity prices still high due to weather
events, labor and supply shortages
8 State Budget Proposal
FY 2023-24
Governor proposed a $297 billion budget with a General Fund of $223.6 billion
Projected $22.5 billion deficit due to inflation & weakened stock market
Budget will delay funding for new programs and shift expenditures from General Fund to other funds
$3.9 billion in “trigger reductions” will be restored if economic conditions improve
Does not propose utilizing reserves and/or “rainy day funds” Road Repair and Accountability Act of 2017 (SB1)
Burbank estimated to receive $2.6 million for FY 2023-24 9 Proposed FY 2023-24
Burbank Budget
Maintains programs and services
Reflects City Council goals and priorities
Right sizes fees and services charges
Addresses pension liabilities
Fully funds reserves
10 11
FY 2023-24 CITYWIDE BUDGET
Total Appropriations: $848,314,610
General Fund,
$229,629,081 Water Reclamation
& Sewer,
$22,109,632
Refuse Collection
& Disposal,
$33,653,163
Electric & Water (BWP),
$376,366,797
Internal Service
Funds, $97,632,336
Special Revenue
Funds, $66,467,428
Housing Authority,
$14,218,191
Parking Authority,
$791,914 Successor Agency,
$7,446,068
12 FY 2023-24 CITYWIDE BUDGET
Total Appropriations: $848,314,610
General Fund,
$229,629,081 Water Reclamation
& Sewer,
$22,109,632
Refuse Collection
& Disposal,
$33,653,163
Electric & Water (BWP),
$376,366,797
Internal Service
Funds, $97,632,336
Special Revenue
Funds, $66,467,428
Housing Authority,
$14,218,191
Parking Authority,
$791,914 Successor Agency,
$7,446,068
General Fund 5-Year Forecast
(in millions)
13 Ending GF
Balance: $19.0 $23.5
$221.8
$230.4
$237.8
$245.4
$252.6
$217.0
$229.8
$237.7
$246.6
$254.6
$200
$210
$220
$230
$240
$250
$260
$270
2023-24 2024-25 2025-26 2026-27 2027-28
Revenue Expenses
Balance/
(Deficit): $4.8 $0.6 $0.1 ($1.2) ($2.0)
FY 2023-24 General Fund
Revenues: $221,843,625
14 Sales Tax,
$60,002,899
Property Tax,
$65,817,908
Utility Users Tax,
$17,997,000
Service Charges - Intra
City, $14,621,839
Service Charges,
$22,740,816
In-Lieu of Tax,
$9,512,850
Interest/Use of
Money, $3,248,614
Parking/Traffic/Other
Fines, $2,401,000
Transient Occupancy
Tax, $10,759,000
Building Permits/License
Fees, $5,995,478
Transient Parking
Tax, $3,772,980
Business Tax,
$2,464,190
Franchise Fees,
$1,442,000 Intergovernmental
Revenues, $1,067,051
General Fund Recurring Revenues
15Note: FY 2021-22 includes $3.8M of non-recurring revenue which was not part of the adopted budget.
REVENUE
CATEGORY
ACTUAL
TOTAL
FY 2021-22
ADOPTED
RECURRING
FY 2022-23
REVISED
RECURRING
FY 2022-23
PROPOSED
RECURRING
FY 2023-24
%
CHANGE
Sales Tax $ 58,548,585 $ 54,417,033 $ 58,417,033 $ 60,002,899 2.7% Property Tax 63,295,371 61,786,895 63,286,895 65,817,908 4.0% Utility Users Tax 16,391,931 16,312,400 17,222,400 17,997,000 4.5% Services Charges - Intra City 13,360,309 13,499,790 13,499,790 14,621,839 8.3% Services Charges 21,585,346 18,405,990 18,935,990 22,740,816 20.1% In Lieu Tax 8,484,508 8,728,076 9,103,076 9,512,850 4.5% Interest/Use of Money 2,602,548 2,271,472 2,471,472 3,248,614 31.4% Parking/Traffic/Other Fines 1,666,688 2,002,000 1,370,000 2,401,000 75.3% Transient Occupancy Tax 10,525,619 10,048,000 10,548,000 10,759,000 2.0% Building Permits/License Fees 7,420,263 5,593,503 5,593,503 5,995,478 7.2% Transient Parking Tax 3,691,234 3,339,000 3,699,000 3,772,980 2.0% Business Taxes 2,378,814 2,400,000 2,400,000 2,464,190 2.7% Franchises 1,487,933 1,471,179 1,471,179 1,442,000 -2.0% Intergovernmental Revenues 631,575 1,558,715 1,558,715 1,067,051 -31.5% TOTAL REVENUE $ 215,883,005 $ 201,834,053 $ 209,577,053 $ 221,843,625 5.9% General Fund Revenues
Sales Tax +2.7%
2022 fourth quarter receipts up 4.8% from
prior year (less than inflation)
Business & Industry + 19.3%
Restaurants & Hotels + 12.1%
General Consumer Goods +5.4%
Shift in consumer spending from goods to
services & entertainment
Continued strong performance of
destination based TUT for FY 2023-24
6.9% growth for Q4
Driven by new car sales
16 General Fund Revenues
Property Tax +4%
Interest rates impacted home sale prices,
but steadily on the rise again
Median price of Burbank home from Jan-
Mar 2023 is $1,183,000
Anticipating steady growth in development
for FY 2023-24
17 Utility Users Tax (UUT) +4.5%
UUT rate of 7% is applied to telephone, gas, and electric usage Electric rate increase and rise in natural gas prices offset by reduced electric usage and shrinking telecom revenue
General Fund Revenues
Transient Occupancy Tax (TOT) +2%
Steady but moderate improvement since the Pandemic
March 2023 occupancy rates exceeded 80%
Average daily room rate up 5% year over year
18 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN
FY 19-20 FY 20-21 FY 21-22 FY 22-23
Burbank Hotel Occupancy Rates
General Fund Revenues
Transient Parking Tax (TPT) +2%
Revenue relies heavily on Hollywood Burbank Airport activity Passenger counts increased 58% in 2022 compared to 2021 19 -
100,000
200,000
300,000
400,000
500,000
600,000
JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN
FY 19-20 FY 20-21 FY 21-22 FY 22-23
Hollywood Burbank Airport Passenger Counts
General Fund Revenues
Interest/Use of Money +31%
Includes interest, rent, and lease income
Federal rate hikes combined with larger cash balance impacting interest income
City Treasurer’s goal is to achieve average annual investment portfolio of 3%
Parking/Traffic Fines +75%
Dependent on amount of fine, number of citations issued, and amount retained by county and state agencies
After period of low enforcement, new parking agreement with third party will increase citywide parking enforcement
20 General Fund Revenues
Service Charges +20%
Expedited ADU process will increase Plan Check revenue Park & Rec revenues increasing 15%, driven by special events at DeBell Golf Course and soccer league pilot program
Restructured EMS Fees will increase insurance payouts Passport revenues continue strong performance
Citywide Fee Study to increase revenues by approximately $2.9 million
21 Fee Study
Approved as part of FY 2022-23 Budget
Best practices recommended every 5 Years
Last performed in FY 2016-17 for FY 2017-18 Budget
Fees mostly adjusted by CPI annually
Performed by Willdan Financial Services
Objectives:
Determine the full costs incurred by the City to support various activities for which the City charges user fees
Ensure compliance with Proposition 26
Adhere to the City Council’s Cost Recovery Policy
Comparison with neighboring cities
Excluded utility-based charges, fines/penalties, and fees set by independent contractors 22
City Council’s Cost Recovery Policy
• Established in 2017
• Consists of three categories:
Core Services
Public Benefit
Important Services
Public and Individual Benefit
Added Value
Individual Benefit
23 Fee Study
CDD Planning Division (Article III – Land Use and Zoning) Includes Conditional Use Permits, Administrative Use Permits, Zoning Amendments, and Plan Check
Currently averaging 54% cost recovery
Proposed cost recovery rate: 80%
CDD License and Code Section (Article III – Business Taxes) Includes Business Licenses, Permits Applications and related administrative items
Currently averaging 66% cost recovery
Proposed cost recovery rate average: 83%
24 Fee Study
CDD Building and Safety Division (Article VIII – Electrical and Building Permits)
Includes Building Service Fees and Building Permit Fees Building Permit Program is operating at 65% cost recovery Proposed cost recovery rate: 100% for Building Services Fees and 80% for Building Permit Fee Program
Public Works (Article II – Public Works)
Includes Encroachment Applications, Excavation/
Construction Permits, Traffic Aid for Construction
Currently averaging 50% cost recovery
Proposed Cost Recovery rate: 83% average
25 Fee Study
Fire and Police (Article V – Public Safety)
Includes false alarm response, hazardous
materials fees, fire permits, and life safety plan
check fees
Proposed cost recovery rate: 93% average
Exceptions for items such as brush inspections and fire extinguisher training
CDD Parking (Article I – Miscellaneous)
Includes parking permits, valet operator fees,
and parking restriction fees
Provides both individual and community benefit
Proposed cost recovery rate: 50% average
26 Fee Study
Parks and Recreation (Article IX – Parks & Recreation)
Includes programs, activities, and facility rentals
Proposed cost recovery rate to remain at 24%
Animal Shelter (Article IV – Animal Shelter Fees)
Includes impound, adoption, registration, vaccination, and spay/neuter fees
Currently operating at 23% cost recovery
Minimal changes to fees (between $1 - $3)
Library Services (Article VI – Library Charges)
Includes damaged and lost items, interlibrary loans,
and room rentals
Fees to remain as is: 16% average recovery
27 Fee Study
City Clerk (Article I – Miscellaneous)
Includes election fees, agenda and minute mailing
services, precinct maps, etc.
Proposed average cost recovery rate: 53%
Miscellaneous (Article I – Miscellaneous)
Includes various duplication fees, appeal fees, and
finger printing services.
Proposed average cost recovery rate: 56%
28 Burbank Program, Activity, and
Service Subsidy (PASS) Program
Provides Burbank residents in need of financial
assistance the opportunity to engage and participate in City programs and services.
Subsidies available for a wide variety of City Services 800+ active participants
29 Burbank Program, Activity, and
Service Subsidy (PASS) Program
Burbank residents may contact the PASS Administrator
at (818) 238-5317 or [email protected]
For application and eligible programs go to
www.BurbankCA.gov/BurbankPASS
30 FY 2023-24 General Fund
Appropriations: $229,629,081
31 General
Administration,
$11,492,642
Library Services,
$9,048,423
Management
Services,
$7,046,672
Financial Services,
$6,248,566
Police,
$65,894,240 Fire, $46,960,768
Parks and
Recreation,
$31,823,204
Public Works,
$19,444,296
Community
Development,
$16,272,027
Non-Departmental,
$15,398,243
32 CalPERS Pension Update
Unfunded Actuarial Liability (UAL) at 6/30/22 just under $248 million 84% average funded status among the City’s three pension plans * Amounts shown are the total amounts due for FY 2023-24 if the City were to pay CalPERS on a monthly basis. For 2023- 24, staff is proposing to prepay the liability payments, which will result in a net savings of $932,860 citywide.
Classification
Actual
FY 2021-22
Actual
FY 2022-23
Actual
FY 2023-24*
Projected
FY 2024-25
Police 3% @ 50 Rate 23.10% 22.05% 24.01% 23.20%
Police Liability Payment $7,300,248 $8,152,664 $7,175,729 $7,064,000 Fire 3% @ 55 Rate 17.55% 17.71% 18.80% 18.40%
Fire Liability Payment $4,561,502 $5,028,014 $4,465,006 $4,306,000 Misc 2.5% @ 55 Rate 10.38% 10.00% 11.11% 10.90%
Misc Liability Payment $19,578,570 $21,224,820 $18,843,953 $18,221,000 CalPERS Pension Update
CalPERS’ 2021-22 FYE investment losses of (6.1%)
Increases the City’s UAL payment amount beginning in FY 2024-25
Losses will nearly negate the increase in funded status the City experienced for FY 2023-24
The City’s UAL costs in FY 2025-26 will be negatively impacted if CalPERS’ discount rate of 6.8% is not met for FYE 2022-23 Burbank made $53 million additional discretionary payments (ADP) to CalPERS over the past four years
Achieved $6 million annual savings (approximately $4.2 million General Fund)
33 Proposed Pension Funding Plan
(in millions)
Additional
Discretionary
Payments (ADP)
in FY 2023-24
and FY 2024-25
Contribute $5.8
million from
General Fund to
Section 115 Trust
34 Total 2 Year
Commitment FY 2023-24 FY 2024-25
Misc Pension Plan* $ 6,000 $ 3,000 $ 3,000
Police Pension Plan $ 1,800 $ 900 $ 900
Fire Pension Plan $ 1,200 $ 600 $ 600
$ 9,000 $ 4,500 $ 4,500
Estimated
Recurring
Savings FY 2024-25 FY 2025-26
Misc Pension Plan $ (980) $ (456) $ (980)
Police Pension Plan $ (306) $ (154) $ (306)
Fire Pension Plan $ (223) $ (102) $ (223)
$ (1,509) $ (712) $ (1,509)
* Only 50% Funded by General Fund
General Fund Appropriations
FY 2023-24 Proposed General Fund Budget includes:
$2.4 million in new recurring budget requests (net of revenue) • 24.5 additional full time equivalent (FTE) positions
$7.5 million in one-time budget requests (net of revenue) $3.5 million in Technology projects & improvements
New appropriations were prioritized according to
their adherence to City Council goals
City Services
Economic Recovery
Housing/Homelessness
Quality of Life
Sustainability/Resilience
City Services
Transportation/Traffic
35 36
The elected legislative and policy-making body enacting all laws and directing City actions
Authorizes contracts and agreements, appoints City commissions, boards and committees, reviews and adopts the operating budget No new budget requests
City Council
FY 2023-24 Proposed Budget $1,003,365 FTE 2.000
37 City Clerk
FY 2023-24 Proposed Budget $1,801,047 FTE 10.475
Serves as Clerk to the City Council, Housing
Authority, Parking Authority, and Successor Agency
Conducts municipal elections and coordinates voter
registration services with LA County
Operates the Passport Acceptance Facility
Maintains all official city records
Budget Highlights:
Upgrading of two positions to accommodate increased workload in passport services and records management - $20,576 (revenue offset)
38 City Treasurer
FY 2023-24 Proposed Budget $907,388
FTE 5.000
Responsible for receiving, disbursing,
depositing, and investing all public
funds
Provides monthly reporting of cash
balances, bank balances, and
investment reports.
No new budget requests
39 City Attorney
FY 2023-24 Proposed Budget $4,859,643 FTE 20.000
Serves as top legal advisor to City
Council, Boards, Commissions, City
Officers and staff
Represents the City in civil litigation and
other adversarial proceedings, and
protects the community by prosecuting
misdemeanors and infractions committed
within the City
Budget Highlights:
Legal Secretary position to support
increased workload - $84,871
City Attorney training - $4,000
40 City Manager/PIO
FY 2023-24 Proposed Budget $2,921,199 FTE 13
Sets goals and provides administrative direction for all City departments in full accordance with the policies established by City Council
Budget Highlights:
Reorganization will add Assistant to the City Manager and Administrative Analyst II positions to better accommodate workload expectations - $7,448
41 Management Services
FY 2023-24 Proposed Budget $7,046,672 FTE 45.912
Oversees Employment Services, Employee
Benefits, Labor Relations, General Liability,
Workers Compensation, and Environmental
Health and Safety
Budget Highlights:
Staffing and OT to continue support of Police
Department recruitment initiatives - $146,847
New Analyst II position to support regulatory
compliance demands - $114,864
ProctorU and Spark Hire testing programs to
help streamline recruitment process - $50,000
42 Financial Services
FY 2023-24 Proposed Budget $6,248,566 FTE 36.000
Provides citywide Accounting, Accounts Payable, Accounts Receivable, Revenue Collection, Capital Asset Management, Payroll, Debt Management, and Internal Audit Management Produces award winning Operating Budget, Capital Improvement Program (CIP) Budget, and Annual Financial Report
Provides centralized citywide procurement services
Budget Highlights:
Procurement Services Division
staffing enhancements - $170,328
Software for GASB 87 and 96
compliance - $25,000
43 Parks and Recreation
FY 2023-24 Proposed Budget $31,823,204 FTE 186.980
Maintains and operates 42 parks and facilities, animal shelter; offers recreation programs, community events,
and senior and human services programs
Budget Highlights:
Administration Reorganization to enhance programs
and elevate childcare standards as a measure of best
practice - $52,589 (revenue offset)
Recreation staffing changes to enhance childcare and
day camp standards - $141,813 (partial revenue offset)
Aquatics staff enhancements to elevate program
safety - $40,128 (revenue offset)
Reforestation plan to replace Aleppo trees with
climate change appropriate species - $770,000
44 Parks and Recreation
Budget Highlights Continued:
DeBell Golf Course additional events, tournaments, and golf play operations - $400,000
Expansion of sports camps, classes, and activities -
$241,605 (revenue offset)
Adult Soccer League expansion - $16,896 (revenue offset) Summer Camp field trips - $12,500 (revenue offset)
Inclusive programs including:
Burbank PASS Program Expansion - $25,000
(Revenue Offset)
Adaptive Day event - $15,00
Park and Play mobile
recreation vehicle Program -
$8,000
45 Budget Highlights:
Library Assistant Reorganization - $60,401
Temporary Library Monitors to provide additional
security at library branches - $39,080 (one-time)
eBook and digital content - $75,000 (one-time)
Training to deal with safety concerns and DEI efforts - $55,000 (one-time)
With three branches, provides access to formal and
informal learning opportunities, programs, and
services that reach 750,000 people annually
Provides literacy services, technology, and
employment assistance through the Burbank
Employment Connection
Library Services
FY 2023-24 Proposed Budget $9,048,423 FTE 65.288
46 Community Development (CDD)
FY 2023-24 Proposed Budget $16,272,027 FTE 72.980
Preserves and protects neighborhoods
Provides land use, transit, transportation planning,
economic development, affordable housing,
homeless services, and building and safety
Budget Highlights:
Planning Division staff enhancements (4 FTE +
2 upgrades) - $486,829 (revenue offset)
• Burbank 2035 Plan Realization
• Housing Element Programs
• Greenhouse Reduction Plan
• Rancho Specific Plan
• Development, design, and subdivision standards
Sr. Analyst in support of Planning budget,
revenue, and grants - $130,413 (revenue offset)
47 Community Development (CDD)
FY 2023-24 Proposed Budget $16,272,027 FTE 72.980
Budget Highlights:
Staffing to implement five-year homeless plan - $208,604 License & Code Inspector to support enforcement of new ordinances - $93,497 (revenue offset)
Rancho Specific Plan - $1,400,000 (one-time)
Airport replacement terminal project & plan check - $250,000 (one- time, revenue offset)
Temporary staffing for parking permits - $60,000 (one-time)
48 Public Works
FY 2023-24 Proposed Budget $19,444,296 FTE 93.228
Plans, designs, builds, operates, and
maintains the City’s public works systems
Administration, Engineering Design and
Construction, Fleet and Building
Maintenance, Streets and Sanitation
Budget Highlights:
Traffic Engineering Associate to ensure timely review of permits and development plans - $126,752 (revenue offset)
Civil Engineering Associate to assist with delivery of the citywide pavement program and CIP projects - $126,752 (partial revenue offset) Upgrade two Construction Inspector positions to enhance service levels in the CIP and Inspection Section - $16,301 (revenue offset) 49 Fire Department
FY 2023-24 Proposed Budget $46,960,768 FTE 143.000
Provides Fire Prevention, Fire Suppression,
Emergency Medical Services (EMS), and Emergency
Operations Management
Responds to over 11,000 emergencies annually
including fires, HazMat incidents, regional mutual aid
needs, state and federal strike teams
Budget Highlights:
EMS Organizational Enhancements (6 months funding)
• Firefighter Emergency Incident Technician (3 FTE +
overtime) - $325,292
• Fire Captain in EMS Division - $108,432
Civilian Fire Inspector I (2 FTE) - $186,993
50 Fire Department
FY 2023-24 Proposed Budget $46,960,768 FTE 143.000
Budget Highlights Continued:
Replacement of 3 Fire Engines - $1,922,171 (total cost $3,459,294) Replacement of Self-Contained Breathing Apparatus (SCBA) and SCBA Mask Fit testing System - $836,569 (total cost $1,213,889) Fire Utility Trucks (2) - $80,000
Additional Staff radios (6) - $72,000
51 Police Department
FY 2023-24 Proposed Budget $65,894,240 FTE 264.780
Provides parking enforcement, state-of-the-art 911
Communications Center, and a Joint Air Support
program
Protects life and property, provides
professional police services, and works
in partnership with the community
Responds to approximately 50,000
service calls annually
Budget Highlights:
Two new Communications Operators to ensure
efficient response to service calls - $184,366
Funding to enhance Police Department recruitment
efforts - $50,000
Appropriations that are not specific to a single City department Budget Highlights:
Multi-Year Pension Funding Plan - $3 million (General Fund portion) Annual Maintenance of Effort for Infrastructure - $4.7 million Contribution to the Information Technology Fund 537 for FY 2023-24 IT Projects - $3.5 million ($2 million funded by ARPA)
Employee Childcare Pilot Program - $257,000
Grant writing and management services to expand funding opportunities - $50,000
AB 1482 California Tenant Protection Act study session - $50,000 City-wide utility cost increases - $584,032
52 Non-Departmental
FY 2023-24 Proposed Budget $15,398,243
53 Discussion Papers
Options to Expand Upon Existing Revenue
Resources as an Alternative to Rate Increases
Addition of a Senior Assistant City Attorney
Position
Addition of a Housing Development Manager
Creation of an Additional Administrative Analyst I
Position to Enhance Sister City Activities
Community Service Officer Program
Community Development and Public Works
Requests to Support Long-Range Land Use
Planning
Projected FY 2023-24 GF Balance
54 Anticipated Recurring Revenue $221,843,625
Less: Proposed Recurring Appropriations (217,035,247)
TOTAL RECURRING BALANCE $4,808,378
Projected Spendable Fund Balance 6/30/23 $29,522,466
Projected Non-Recurring Revenue/Resources FY 2023-24 2,607,401 Estimated Budget Savings FY 2023-24 4,340,705
Less: Formal & Compensated Absence Reserve Adjustment (3,899,148) Less: Proposed Non-Recurring Items (9,679,634)
Less: Proposed Contribution to CalPERS (2,914,200)
Less: Proposed Contribution to 115 Trust (5,800,000)
TOTAL NON-RECURRING BALANCE $14,177,590
PROJECTED FUND BALANCE 6/30/24 $18,985,968
General Fund 5-Year Forecast
(in millions)
55 Ending GF
Balance: $19.0 $23.5
$221.8
$230.4
$237.8
$245.4
$252.6
$217.0
$229.8
$237.7
$246.6
$254.6
$200
$210
$220
$230
$240
$250
$260
$270
2023-24 2024-25 2025-26 2026-27 2027-28
Revenue Expenses
Balance/
(Deficit): $4.8 $0.6 $0.1 ($1.2) ($2.0)
Financial Forecast Risks & Rewards
- Tax revenue from continued development
- Tourism, entertainment and restaurant growth
- Low unemployment
- Pension savings from additional payments
- Strong General Fund cash position
- Predictions of economic slowdown or recession
- Instability in stock market & banking industry
- Continuing cost escalations due to inflation
- Uncertain labor market in local industry
- CalPERS investment losses/assumption changes
56 Unrestricted General Fund
One-Time Resources
57 Projected General Fund Balance 6/30/24: $18,985,968
RESERVES AND SPECIAL ACCOUNTS:
15% Working Capital $30,215,798
5% Emergency Contingency 10,071,933
Up to 5% Budget Stabilization 10,071,933
Compensated Absences 3,371,105
RDA Loan Repayments 1,727,884
Section 115 Pension Trust 16,795,307
Total Available One -Time Resources $91,239,928
Conclusion
The FY 2023-24 General Fund Proposed Budget:
Balanced for the next three years on a recurring basis Five-year forecast shows a deficit heading into FY 2026-27 through FY 2027-28
Projecting a remaining one-time balance of nearly $19 million at the end of FY 2023-24
Reflects the City Council’s goals and priorities with several department requests funded in this budget
Committed to identifying future efficiencies, revenue generating opportunities and financial policies that will continue to provide long-term savings
58 59
Questions?
60 FY 2023-24 CITYWIDE BUDGET
Total Appropriations: $848,314,610
General Fund,
$229,629,081 Water Reclamation
& Sewer,
$22,109,632
Refuse Collection
& Disposal,
$33,653,163
Electric & Water (BWP),
$376,366,797
Internal Service
Funds, $97,632,336
Special Revenue
Funds, $66,467,428
Housing Authority,
$14,218,191
Parking Authority,
$791,914 Successor Agency,
$7,446,068