DATE:
March 1, 2022
TO:
Mayor and Councilmembers
FROM:
Christine Daniel, Committee Secretary
SUBJECT:
Budget Advisory Committee:
Annual Report On Committee Goals, Principles And Accomplishments For Calendar Year 2021; And Proposed Committee Priorities For Calendar Year 2022 Committee Goals and Principles
The Budget Advisory Committee is established by the City Council to provide input and recommendations regarding City policies, priorities, and feedback related to the City’s budget
Accomplishments for Calendar Year 2021
The Budget Advisory Committee’s major accomplishments are presented below. The Committee continued to review and monitor revenues, expenditures, and reserve funds to ensure prudent spending. The Committee also continued to monitor the City’s pension and OPEB (other post-employment benefits) liabilities and evaluate funding strategies with the goal of helping the City to stabilize costs and sustain services and programs in the long run.
Reviewed Pension Trust quarterly investment reports and monitored investment portfolio Reviewed FY 20-21 Mid-year Budget Amendments
Reviewed FY 21-22 Operating Budget including long-term financial projections impacted by COVID Top Priorities for Calendar Year 2022
The Committee’s key goals for 2022 are presented below. The top three priorities focus on reserve balances, new sources of revenues, and paying down the City’s unfunded liabilities. The Committee will also continue to monitor City revenues and expenditures to ensure prudent spending and long-term fiscal sustainability.
First Highlighted Priorities
Monitor City revenues, expenditures, and reserve funds to ensure prudent spending and long-term fiscal sustainability Ensure prudent reserve balances
Identify new sources of revenues
Reduce the City’s unfunded liabilities
Second Highlighted Priorities
Assess impacts of new revenue measure (Measure F)
Monitor Pension and OPEB and review funding strategies
Review budget/financial policies to ensure comprehensive financial management Review Mid-cycle Budget, Master Fee Schedule, Investment Policy and Impact of Supply Chain Issues Conclusion
Participation in the Budget Advisory Committee is an opportunity for members to advise the City on revenues, expenditures, and best practices. The Committee is committed to ensuring the City’s fiscal health through sound financial policies and procedures. The goal is to provide financial data to the public in a timely and transparent manner.
PREPARED BY: Christine Daniel, City Manager
Approved and Forwarded to the
City Council of the City of Emeryville:
Christine Daniel, City Manager
Budget Advisory Committee Annual Report
City Council Meeting | March 1, 2022
City of Emeryville
CALIFORNIA
MEMORANDUM