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Background
On June 9, 2022, the City Council adopted the Fiscal Year (FY) 2022-23 Adopted Budget, a $130,587,325 spending plan funded by $130,244,157 in revenue and $343,168 in fund balance. The FY 2022-23 Adopted Budget reflected a $5.1 million increase from the FY 2022-23 Proposed Budget of $125,461,857, mainly due to operating changes, City Work Program, and the Capital Improvement Program. First quarter adjustments include carryovers and encumbrances for obligations from the previous fiscal year, as well as Council-approved adjustments. Combined, these adjustments result in the amended operating budget of $213,074,719.
Amended Budget
2022-23Adopted Budget 2022-23 Amended BudgetQ1
Fiscal Year
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Council and Commissions
CITY OF CUPERTINO
FY 2022-23 First Quarter Financial ReportThe following is the First Quarter Financial Report, submitted by the Administrative Services Department for the period of July 1, 2022 to September 30, 2022 for Fiscal Year (FY) 2022-23. It has been prepared to inform the City Council, City leadership and the public of the City’s fiscal status.
Flow of Funds Chart (in Millions)
General Fund Revenues, Expenditures, and Fund Balance
To date the City’s financial statement audit has yet to be issued and revenue, expenditure, and fund balance totals listed in this report are preliminary and subject to change after a full review by the City’s auditors. City staff does not anticipate many if any changes from the auditors. -$18,803,366.54Revenues Less Expenses in Sep 2022
-$20M
-$15M
-$10M
-$5M
$0
Sep 2019 Sep 2020 Sep 2021 Sep 2022
$12,907,502.61Revenues Less Expenses in Jun 2022
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$10M
$15M
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$25M
Jun 2020 Jun 2021 Jun 2022
General Fund Revenues vs Expenditures First Quarter General Fund Revenues vs Expenses Year End September 2019-20 Actual
2019-20Amended BudgetQ1
June 2020-21 Actual
September 2021-22 Actual
2021-22 Amended BudgetQ1
2022-23 Amended BudgeQ1
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General Fund Revenue and Expenditure Trends
As of September 30, 2022, General Fund expenditures are $31.3 million, which is 25% of budgeted appropriations. Expenditures at the first quarter point of the prior three years ranged between 23% and 29% of budgeted appropriations which places current first quarter actuals within the range. General Fund revenues are at $12.5 million, which is 9% of budgeted revenue. Revenues at the first quarter point of the prior three years were between 14% and 18% of budgeted revenues, placing this year slightly below the range. Staff will continue to monitor its leading revenue sources as the year progresses.
General Fund Revenues - First Quarter vs Budget
Data Updated yesterday
9/20199/20209/20219/2022
9.39%In Revenues of $133,362,013.00 Budgeted through Sep 2022 General Fund Expenses - First Quarter vs Budget
Data Updated yesterday
9/20199/20209/20219/2022
24.82%In Expenses of $126,224,030.00 Budgeted through Sep 2022 As of first quarter, overall revenue is tracking at $12.5 million which is $11.1 million, or 47%, lower than the same time last year and has been most impacted by changes in sales tax, intergovernmental, and transfers in. As of first quarter, overall expenditures are tracking at $313.3 million which is $1.9 million, or 6%, lower than the same time last year. This is primarily due to decreases in transfers out, which were higher in FY 2021-22 as a result of the American Rescue Plan Act funding strategy approved by City Council. $12,526,345.76Revenues in Sep 2022
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Sep 2019 Sep 2020 Sep 2021 Sep 2022
$31,329,712.30Expenses in Sep 2022
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Sep 2019 Sep 2020 Sep 2021 Sep 2022
$12,526,345.76Revenues in Sep 2022
Sales Tax
Charges for ...
Other
Licenses and...
Intergovernm...
Transient Oc...
$31,329,712.30Expenses in Sep 2022
Transfers Ou...
Contract Ser...
OtherCost Allocat...
Employee Ben...
Employee Com...
General Fund Classification of Fund Balance
The City’s General Fund ended FY 2020-21 with $96.9 million in total fund balance. Staff anticipates the General Fund will end FY 2021-22 with $109.8 million in fund balance, an increase of $12.9 million from the prior year due to FY 2021-22 ending with revenues higher than expenditures. As of the first quarter, staff anticipates the General Fund will end FY 2022-23 with $121.6 million in fund balance. To date, the City’s outside auditors have not completed their review of the City’s financials. Revenue, expenditure, and fund balance totals listed in this report are preliminary and subject to change after a full review by the City’s auditors. City Staff does not anticipate many, if any, changes from the auditors.
General Fund Revenues - First Quarter vs Year End General Fund Expenses - First Quarter vs Year End General Fund Revenues by Type General Fund Expenses by Type Recommended Adjustments
As of the first quarter, Departments are requesting budget adjustments to ensure they end the year within budget appropriations. The recommended adjustments are summarized in the table below:
$920,149.00Funds in 2023
General Fund
Innovation &...
$1,806,337.00Funds in 2023
General Fund
Env Mgmt Cln...Resource Rec...Innovation &...
Vehicle/Equi...
$920,149.00Departments in 2023
Community De...
Innovation &...
$1,806,337.00Departments in 2023
Public Works
Administrati...Non Departme...Innovation &...
Community De...
Summary
The First Quarter Financial Report shows the City is well-positioned to move forward. City staff recommends adjustments of $1,806,337 in new appropriations, funded by $920,149 in revenues and $886,188 in fund balance.
Revenue Adjustments by Fund Expense Adjustments by Fund Revenue Adjustments by Department Expense Adjustments by Department City of Cupertino, California
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