DATE:
March 19, 2024
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 2023; And Proposed Committee Priorities For Calendar Year 2024 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 2023
The Budget Advisory Committee’s major accomplishments are presented below. The Committee continued to review revenues, expenditures, and reserve funds to ensure fiscal stability and prudent spending. The Committee also continued to review the City’s pension and Other Post-Employment Benefits (OPEB) liabilities and funding strategies with the goal of advising the City to stabilize costs and sustain services and programs in the long run.
Reviewed Fiscal Year 2023 Mid-Year Budget Adjustments
Reviewed Fiscal Year 2024 Master Fee Schedule
Reviewed Fiscal Years 2024 and 2025 Proposed Budget
Reviewed 2023 – 2028 Capital Improvement Program
Reviewed Investment Policy
Reviewed Fire Services Expenditures
Reviewed Measure C Affordable Housing General Obligations Bonds financing Top Priorities for Calendar Year 2024
The Committee’s key priorities for 2024 are presented below. The top priorities focus on reserve balances and the City’s pension unfunded liabilities. The committee will continue to review City revenues and expenditures to ensure prudent spending and long-term fiscal sustainability.
First Highlighted Priority
Review City revenues and expenditures, and reserve funds to ensure prudent spending and long-term fiscal sustainability Review budget and financial policies to ensure comprehensive financial management Second Highlighted Priority
Review Fiscal Year 2024 Mid-Year Budget Adjustments
Review Fiscal Year 2025 Master Fee Schedule
Review Section 115 Pension Trust Investment
Review City’s 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 providing recommendations on 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 19, 2024
City of Emeryville
CALIFORNIA
MEMORANDUM