CC 11-21-2023
#11
First Quarter Financial
Report
FY 2023-24
Presentation
November 21, 2023
Fiscal Year 2023-24
First Quarter Financial Report
CC 11-21-2023 Item No. 11
How We Ended FY 2022-23
FY 2023-24 1st Quarter Update
Proposed Budget Adjustments
Potential Service Level Reductions for FY 2024-25
Recommendations and Next Steps
Agenda
2 CC 11-21-2023 Item No. 11
How We Ended FY 2022-23
CC 11-21-2023 Item No. 11
FY 2022-23 Actual Revenues $112.5
FY 2022-23 Actual Expenditures -$83.3
Change in Fund Balance $29.2
Year-End Actuals – General Fund
($ in Millions)
FY 2021-22 Year-End Fund Balance $110.1
FY 2022-23 Year-End Fund Balance (Projected) $139.3
CC 11-21-2023 Item No. 11
FY 2023-24 1st Quarter Update
CC 11-21-2023 Item No. 11
FY 2023-24 Adopted
Budget
FY 2023-24
Amended Budget
as of Sept. 30, 2023
Revenues $80.3 $112.8
Expenditures $86.1 $121.8
FY 2023-24 Amended Budget – General Fund
($ in Millions)
CC 11-21-2023 Item No. 11
General Fund Fund Balance (in millions)
Classification
Year End
Projection
2022-23
Q1 Year-End
Projection
2023-24
Q1 Year-End
Projection with
Sales Tax
Repayment
Reserve
Impact of Sales
Tax Repayment
Reserve
Restricted 18.8 18.8 18.8 -
Committed
Capital Projects Reserve 10.0 10.0 - (10.0)
Economic Uncertainty Reserve 24.0 24.0 18.0 (6.0)
Sales Tax Repayment Reserve - - 56.5 56.5
Sustainability Reserve 0.1 0.1 0.1 -
Unassigned 80.9 66.3* 25.8* (40.5)
Other Classifications 5.4 5.4 5.4 -
Total Fund Balance $139.3 $124.6* $124.6* -
*Excludes unrealized revenues from The Rise
CC 11-21-2023 Item No. 11
Proposed Budget Adjustments
CC 11-21-2023 Item No. 11
Department Revenue Expenditures Change in Fund
Balance
Administration 230,233 72,405 157,828
Innovation & Technology 233,684 233,684 -
Public Works 467 233,585 (233,118)
Capital Projects - 467 (467)
Total All Departments $464,384 $540,141 $(75,757)
Proposed Budget Adjustments
CC 11-21-2023 Item No. 11
• Establish two new classifications:
• Senior Housing Coordinator
• Communications and Marketing Coordinator
• Zero New FTE - existing positions will be reclassified Staffing
CC 11-21-2023 Item No. 11
• As of September 30, 2023, no funds have been
spent.
• Staff will continue to report on the use of this fund.
City Manager Discretionary Fund
CC 11-21-2023 Item No. 11
• 4th of July Event: $145,000
• Community Funding Grant Program: $90,000
• Annual Weed Abatement Subsidy: $8,046
• Reminder - Shakespeare funding was removed
beginning FY 2024-25
Advanced Planning -
Potential Service Level Reductions for
FY 2024-25
CC 11-21-2023 Item No. 11
Roadmap to FY 2024 -25 Budget Adoption and Balancing
Council Goal Setting/
Work Program
Budget Update
1st Quarter Report
Budget Update
-Mid-Year Report
-CIP
Fee Study
Budget Update
-SLR Review #2
-Community Meeting
Updates
-Festivals & Fee Waivers
FY 2024-25 Proposed
Budget
Community Funding
FY 2024-25 Adopted
Budget
Budget Update
Service Level Reduction
(SLR) Preview
October 2023 November 2023
January 2024
April 2024 June 2024
February 2024
December 2023
October 2023
Community Budget
Meeting #1
Council Goal Setting/
Work Program
Commission/
Committee Feedback
Labor Contracts
March 2024
Budget Update
3rd Quarter Report
May 2024
City Hall &
Blackberry Farm
Update
Community Budget
Meeting #2
Budget Update
-Audit Update
-Committed Reserve
Revenue Tax
Measures
December 2023
CC 11-21-2023 Item No. 11
1. Accept the City Manager’s First Quarter Financial Report for FY 2023-24
2. Adopt Resolution No. 23 -XXX approving Budget Modification No. 2324-314, increasing appropriations by $540,141 and revenues by $464,384
3. Adopt Resolution No. 23 -XXX amending the Cupertino City Employees’ Association/IFPTE Local 21 Classification Plan and Salary Schedule
4. Adopt Resolution No. 23 -XXX amending the Unrepresented Employees’ Compensation Program
Recommendations
CC 11-21-2023 Item No. 11
5. Approve new Senior Housing Coordinator and
Communications and Marketing Coordinator classifications
6. Receive FY 2023 -24 First Quarter City Work
Program Dashboard Update
7. Provide direction on potential service level reductions for FY 2024-25
a. Defunding the 4 th of July Event in FY 2024 -25
b. Defunding Community Grant Funding Program
in FY 2024-25
c. Defunding Weed Abatement subsidy of $8,600 annually.
Recommendations
CC 11-21-2023 Item No. 11
Questions?
CC 11-21-2023 Item No. 11