1 Julie Kennicutt
Budget ManagerJune 21, 2023
FY 2024
Budget Adoption
Agenda
FY 2024 Budget Overview
Proprietary Funds
Enterprise Funds – Water and Sewer
General Fund
Measure X
General Fund Forecast
2 FY 2024 Budget Overview
3 Strategic Goals
Financial Stability
Ensure the City has adequate and sustainable financial funding to delivery high-quality services to residents.
Strong Economy
Expand the local economy by supporting local businesses, providing opportunities for new business, and ensuring there are ample opportunities for job seekers.
Sound Infrastructure
Sustain high quality service delivery by investing in public infrastructure, including parks, buildings, equipment, roads, and technology.
Safe Community
Protect our quality of life by ensuring the community is safe and clean.
Sense of Place
Build community through celebrating our rich heritage, increasing access to recreational and cultural activities, and improving the relationship between the City and residents.
High-Performing Government
Improve the efficiency and effectiveness of the City’s services to bring government into the 21st century. 4 FY 2024 Budget Process
5 1
3 5
6 4
2 Jan/Feb
Departments prepare budget information for next fiscal year April
April 13, 2023 Spring Financial Workshop
CFD/LMD budget preparation
June
CIP information to
Parks & Rec Commission
June 21, 2023
Budget Adoption
March
Review/consolidation of FY 2024 budget information
May
FY 2024 Overview to City Council
CIP information to Planning Commission
July
July 1, 2023
FY 2024 Begins
6 Estimated FY 2024
$439.2 Million
Revenue Estimates – All Funds
7 Proposed FY 2024
$437.3 Million
Expenditure Budget – All Funds
Proprietary Funds
8 Enterprise Funds – Water and Sewer
Proprietary Funds – Enterprise Funds
Programs or activities that are supported by rates and/or fees May also include grants or reimbursements from other government agencies Enterprise Funds
Water
Reclaimed Water
Sewer
Electric
Airport
Transit Services
9 Proprietary Funds – Enterprise FundsWater Utility
10 Revenues - net decrease of $15.5M (-19.9%) compared to the FY 2023 year-end estimate Decrease of $19.1M from a one-time settlement, increases in other areas to partially offset the amount Expenditures – net decrease of $2.5M compared to the FY 2023 year-end estimate Decreases in materials & supplies and contractual services, and Capital Improvement Projects FY 2024 expenditures over revenues by $5.0M will use existing fund balance Millions
$53.8
$56.9
$55.3
$70.2
$67.7
Existing Fund Balance Total $14.3M
11 Revenues – increasing by $100K compared to the FY 2023 year-end estimate Expenditures – increase of $7.3M compared to the FY 2023 year-end estimate Increase in Capital Improvement Projects and O&M Projects +$9.8M Decrease in Materials and Supplies ($2.7M)
FY 2024 expenditures over revenues by $15.2M will use existing fund balance Millions
Proprietary Funds – Enterprise FundsSewer Utility
$28.5
$27.2
$30.7
$41.4
$48.7
Existing Fund Balance Total $34.1M
Q
Questions and Discussion on FY 2024 Proposed Budget – Water and Sewer 12 General Fund
13 Measure X
General Fund Forecast
14 General Fund Inflows – FY 2024 Estimated $213.7 Million These 5 categories make up 91.9% of General Fund Inflows
15 General Fund Inflows – FY 2024 Estimated $213.7 Million
16 General Fund Inflows
Year Over Year Comparison
17 General Fund FY 2024 Expenditure Budget
Proposed FY 2024
$201.7 Million
18 General Fund FY 2024 Expenditure Budget
19 Proposed Measure X Allocations – FY 2024 Only
20 Proposed Measure X Allocations
Cumulative (FY 2022 - FY 2024)
21 Measure X Investments
Cumulative (FY 2022 - FY 2024)
22 General Fund Financial Forecast
23 General Fund 10-Year History & Forecast
Operating Surplus/Reserves
End of Last Recession
Covid-19 Pandemic
Budget Fully-Loaded with Carryovers (funds are in fund balance) POB Issuance
Q
Questions and Discussion on FY 2024 Proposed Budget – General Fund and Measure X 24 FY 2024 Budget OverviewSummary
25 26
Estimated FY 2024
$439.2 Million
Revenue Estimates – All Funds
27 Proposed FY 2024
$437.3 Million
Expenditure Budget – All Funds
What’s next?
City Council Adoption of Budget
July 1, 2023 – FY 2024 Begins
28 Questions?
(951) 739-4988
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www.CoronaCA.gov