DATE:
March 7, 2023
TO:
Paul Buddenhagen, City Manager
FROM:
Lawrence Chiu, Committee Secretary
SUBJECT:
Budget Advisory Committee Annual Report on Committee Goals, Principles And Accomplishments For Calendar Year 2022; And Proposed Committee Priorities For Calendar Year 2023 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 2022
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 Other Post-Employment Benefits (OPEB) 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 Fiscal Year 2021-22 Mid-Year Budget Amendments Reviewed Fiscal Year 2021-22 Annual Comprehensive Financial Report Reviewed Fiscal Year 2022-23 Operating Budget
Reviewed Section 115 Pension Trust quarterly investment reports Reviewed quarterly General Fund financial reports
Reviewed quarterly long-term debt reports
Reviewed quarterly fire services expenditures
Top Priorities for Calendar Year 2023
The Committee’s key goals for 2023 are presented below. The top priorities focus on reserve balances, new sources of revenues, and paying down the City’s unfunded liabilities. The Committee will continue to monitor City revenues and expenditures to ensure prudent spending and long-term fiscal sustainability.
First Highlighted Priority
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 Priority
Review Mid-Year Budget and Amendments
Review Proposed Budget, Master Fee Schedule, and Capital Improvement Plan Review Affordable Housing General Obligation Bonds Financing Review budget/financial policies to ensure comprehensive financial management Review Investment Policy
Monitor investment portfolio for the Section 115 Pension Trust Monitor Pension and OPEB liabilities
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: Lawrence Chiu, Finance Director
Approved and Forwarded to the
City Council of the City of Emeryville:
Paul Buddenhagen, City Manager
Budget Advisory Committee Annual Report
City Council Meeting | March 7, 2023
City of Emeryville
CALIFORNIA
MEMORANDUM