Q �EwPpRT
CITY OF
s NEWPORT BEACH
`q44:09 City Council Staff Report
May 28, 2024
Agenda Item No. 15
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Jason AI -Imam, Finance Director/Treasurer - 949-644-3126, [email protected]
PREPARED BY: Shelby Burguan, Budget Manager - 949-644-3085, [email protected]
TITLE: Fiscal Year 2023-24 Third Quarter Financial Report ABSTRACT:
The Finance Department prepares quarterly financial reports to review the status of revenues and expenditures for the city's General Fund and to monitor budgetary trends in other city funds. This report contains information on revenues, expenditures, and estimated fund balance for the third quarter of Fiscal Year 2023-24, which were reviewed and discussed with the Finance Committee on May 9, 2024. The FY 2023-24 third quarter financial report reflects an $8.9 million General Fund operating surplus based on analysis of the City's financial activity from July 2023 through March 2024.
RECOMMENDATIONS:
a) Determine this action is exempt from the California Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2) and 15060(c)(3) of the CEQA Guidelines because this action will not result in a physical change to the environment, directly or indirectly; b) Approve Budget Amendment No. 24-071, adjusting revenue estimates and expenditure appropriations for the Fiscal Year 2023-24 budget as further outlined in this report; and
c) Receive and file the attached report of budget amendments for the third quarter.
DISCUSSION:
Economic Overview
The unemployment rate in California has steadily increased; in February 2024, unemployment reached 5.3%, marking a 0.8 percentage -point increase year -over -year, and a 0.1 percentage -point increase from the previous month. Additionally, home sales continue to decline amid rising mortgage rates, which has resulted in higher home prices.
The current median price of a single-family residence in Newport Beach is $3,050,000, which is the highest in Orange County. California's sales tax receipts have also continued to decline from prior quarters due to a shift in consumer spending from taxable goods to nontaxable items. Sales from autos and transportation (the city's largest source of sales tax revenue) are lower due to higher interest rates and tighter credit conditions. 15-1
Fiscal Year 2023-24 Third Quarter Financial Report
May 28, 2024
Luxury vehicle sales in particular are significantly lower as manufacturers intensify incentives, leading to reduced transactional values and impacting tax receipts. This unfavorable trend negatively impacted the City's tax receipts from the countywide use -tax pool, as funding distribution among local agencies is based on proportional tax receipts. Although the City is projecting a decline in sales tax revenue, the economic outlook for Newport Beach remains bright, which is primarily due to consistent and vigorous demand for real estate in Newport Beach that drives assessed property values higher in spite of a slowdown in home sales. For example, the city has never seen a decline in assessed values over the last twenty years — even during the Great Recession, which is a significant contributor to the city's fiscal stability.
General Fund Revenues
General Fund revenues are projected to be $1.1 million lower compared to the previous forecast as reported in the second quarter budget update. The decrease in revenue is primarily due to a decrease in sales tax, transient occupancy tax, and service fees and charges, which is partially offset by an increase in projected investment earnings. The following table summarizes the changes in General Fund revenue projections compared to the previous forecast. Details highlighting the reasons for the material variances follow.
FY 2023-24 Projected General Fund Revenues
Property Taxes
138,358,730
143,556,945
143,556,945
-
0.0%
Sales Tax
46,SS2,4S9
43,684,691
43,030,S86
(6S4,105)
-1.51
Transient Occupancy Tax, Net*
30,201,648
31,986,150
31,300,000
(686,150)
-2.1%
Other Taxes
10,079,710
9,922,292
9,932,047
9,755
0.1%
Service Fees & Charges
25,187,124
24,629,291
23,876,096
(753,195)
-3.1%
Parking Revenue
7,420,314
7,900,099
7,670,705
(229,394)
-2.9%
Licenses and Permits
5,676,619
5,746,027
5,439,452
(306,575)
-5.3%
Property Income
7,530,393
9,565,682
9,526,183
(39,499)
-0.4%
Fines & Penalties
3,838,752
3,799,784
3,813,111
13,327
0.4%
Intergovernmental
4,379,680
4,606,840
4,611,356
4,516
0.1%
Investment Earnings
1,690,399
1,750,000
2,700,000
950,000
54.3%
Misc Revenues
3,394,938
437,412
856,000
418,588
95.7%
Operating Transfers In
18,428,263
21,251,267
21,387,159
135,892
0.6 /
Total Revenues
302,739,030
308,836,480
307,699,640
(1,136,840)
-0A%
*Gross TOT revenues
amount to
approximately
$38.2 million.
VNB receives 18%
(or approximately $6.9
million) of
TOT on a gross basis, which brings
projected
TOT revenues to $31.3 million, net of amounts remitted to VNB.
Property Tax - Property taxes are the City's single largest General Fund revenue and represent approximately 50% of all General Fund revenues. As reported in the second quarter budget update, property tax revenue was projected to grow to $143.6 million in FY 2023-24, which reflected $5.2 million in growth or 3.8% over the prior year. The current forecast for property tax revenue is consistent with the amount previously forecasted. 15-2
Fiscal Year 2023-24 Third Quarter Financial Report
May 28, 2024
Sales Tax - The second largest funding source for the General Fund is sales tax revenue, making up more than 15% of General Fund revenues. The City's sales tax base is largely generated from four industry groups — autos and transportation; general consumer goods; restaurants/hotels and the State & County Pools. As reported in the second quarter, sales tax revenue was projected at $43.7 million in FY 2023-24, which assumed a 6.2% decrease or $2.9 million over the prior year due in large part to a 14% projected decline in revenues from autos and transportation. The previously reported decrease in autos and transportation as reflected in the second quarter update was due, in part, to the temporary closure of a luxury automobile dealership while it is currently undergoing a construction renovation project. However, sales from autos and transportation are now projected to be down 17.1 %, which brings total sales tax down by 7.6% over the prior year to $43.0 million, which is $0.7 million less than previously projected. The sales tax forecast was lowered primarily in light of sales tax data recently received from the State of California for the quarter ending December 31, 2023, which reflected a 21 % decrease in sales on average from auto dealerships located in Newport Beach as manufacturers intensify incentives.
Transient Occupancy Tax — The third largest funding source for the General Fund is TOT, making up more than 10% of General Fund revenues. Approximately three -fourths of TOT revenue is derived from hotels, with the balance coming from short-term lodging.
While TOT receipts from short-term lodging more than doubled over the four-year period from Fiscal Year 2018-19 through Fiscal Year 2022-23, short-term lodging revenue is projected to be 6% lower over the prior year, whereas 5% growth was reflected in the original forecast for both short-term lodging and hotels. However, TOT revenue from hotels is projected to be 7% higher, due to robust demand and due to the opening of the Pendry in September 2023. Therefore, TOT revenue in total from both hotels and short-term lodging is projected to be 2.1 % (or $0.7 million) lower than the previous forecast.
All Other Revenue — This category includes all other revenue sources other than the top three (property tax, sales tax and TOT). All other revenue is made up of other taxes, service fees and charges, parking revenue, licenses and permits, property income, fines and penalties, intergovernmental revenues, investment earnings, and miscellaneous revenues. Material changes in projected amounts were made to service fees and charges and investment earnings:
• Service Fees and Charges consists of plan check fees, recreation classes, emergency medical services fees and numerous other cost -of -service fees. It is anticipated that fees will come in $0.8 million lower than the second quarter estimates, primarily due to lower volumes of plan check fees in the Community Development department as well as decreased projections in police emergency response fees in the police department, due to a change in the California Highway Patrol (CHP) appeals process. These decreases are offset somewhat by increases to projections for recreation fee -based classes, as well as higher than budgeted projections for recycling fees.
• Investment Earnings are projected to exceed previous projections by approximately $1.0 million due to elevated interest rates through March 31, 2024. 15-3
Fiscal Year 2023-24 Third Quarter Financial Report
May 28, 2024
General Fund Expenditures
The FY 2023-24 General Fund expenditure budget totals $310 million. Spending trends in FY 2023-24 are generally consistent with prior years and do not indicate any cause for concern. Total expenditure savings of $8.3 million are projected at this time due largely to savings from vacancies. In contrast, the second quarter forecast reflected expenditures savings of $4.7 million.
The following table summarizes the changes to the adopted expenditure budget for FY 2023-24, as well as expenditure savings by budget category. Details highlighting the reasons for the material variances follow.
FY 2023-24 Projected General Fund Expenditures
Salary & Benefits
$179,229,633
$172,249,929
$6,979,704
3.9%
Contract Services
33,892,830
32,580,855
1,311,975
3.9%
Grant Operating
1,655,027
1,655,027
-
0.0%
Utilities
4,365,888
4,256,444
109,444
2.5%
Supplies & Materials
4,781,299
4,762,312
18,987
0.4%
Maintenance & Repair
15,299,986
15,485,792
(185,806)
-1.2%
Travel &Training
864,271
832,058
32,213
3.7%
General Expenses
3,960,620
3,957,685
2,934
0.1%
Internal Svc Charge
29,422,570
29,422,570
-
0.0%
Capital Expenditures
2,054,300
2,054,300
-
0.0%
Operating Transfers Out
34,489,271
$34,496,983
(7,712)
0.0%
Total Expenditures
$310,015,695
$301,753,956
$8,261,740
2.7%
Significant expenditure budget variances are as follows:
• The revised salary and benefits budget totals $179.2 million. An analysis of salary and benefit activity for quarter three indicates that $7 million in personnel savings have been realized as of March 31, 2024. These savings are due to vacancies as well as lower than budgeted costs for employee benefits. • The contract services budget is expected to have savings of $1.3 million. Actual year end savings will likely be significantly higher, however, remaining encumbrances are carried into the new fiscal year, and so savings are not shown for anticipated carryovers.
• The maintenance and repair budgets are anticipated to exceed the budget due to increased maintenance needs at various city facilities, particularly fire stations.
These overages are expected to be more than offset by savings in other categories within each department and are not a cause for concern. 15-4
Fiscal Year 2023-24 Third Quarter Financial Report
May 28, 2024
The Recreation and Senior Services budget for contract instructors for fee -based classes is estimated to need an additional $210,000 for the remainder of the fiscal year. A budget amendment is proposed to appropriate these funds along with fully offsetting additional revenues. These amounts are built into the projected revenues and expenses included in the tables in this report.
An amendment is proposed to transfer $7,712 to the Measure M Competitive Fund, which is detailed in the Other Funds section of this report.
General Fund Sources, Uses, and Projected Surplus
The City continues to be in excellent financial health. Conservative budgeting and sound financial policies have resulted in a trend of General Fund operating surpluses and strong reserve levels for several years. The City is well positioned to continue delivering high levels of services to the community while targeting surplus resources to key priorities each year. It is currently projected that unrestricted General Fund resources will total $8.9 million at the end of FY 2023-24. As is the case each year, staff anticipate that additional budget savings will be realized, and the final year-end budget surplus will exceed this amount. Approximately $3.1 million is estimated to be needed to fully fund the contingency reserve for next fiscal year, which reduces the surplus available for the City Council to appropriate to $5.8 million.
The following table illustrates the prior year sources and uses of funds, current year activity and the projected year-end results.
FY 2023-24 Projected General Fund Sources, Uses, and Budget Surplus Beginning Fund Balance Reserves $ 15,254,999 $ 15,254,999 $ - 0.0% Operating Resources:
Operating Revenues
287,205,525
286,312,480
(893,044)
-0.3%
Prior Year Resources Carried Forward
5,465,426
5,465,426
-
0.0%
Transfers In from Other Funds
21,251,266
21,387,159
135,893
0.6%
Repayment of Advances
1,250,000
1,250,000
-
0.0%
Total Operating Resources
315,172,217
314,415,066
(757,151)
-0.2%
Operating Uses:
Operating Expenditures
275,526,424
267,256,973
(8,269,452)
-3.0%
Transfers Out
34,489,271
34,496,983
7,712
0.0%
Total Operating Uses
310,015,695
301,753,956
(8,261,740)
-2.7%
Net Operating Surplus
145.5%
5,156,522
12,661,110
7,504,588
Non -Operating Resources & Uses
Transfers Out
(19,043,750)
(19,043,750)
-
0%
Transfer in ARPA Funds
5,226,643
5,226,643
-
-
Transfer out to FFP
(5,226,643)
(5,226,643)
-
-
Total Non -Operating Resources & Uses
(19,043,750)
(19,043,750)
-
0.0%
Net Change in Fund Balance
(13,887,229)
(6,382,640)
7,504,588
-54.0%
Ending Fund Balance Reserves $
1,367,770
$ 8,872,359 $
7,504,588
548.7%
15-5
Fiscal Year 2023-24 Third Quarter Financial Report
May 28, 2024
Other Funds
Staff have evaluated the fiscal condition of the City's other major operating funds (Tidelands and Water). An analysis of the budget performance for these funds indicates that no budget adjustments are necessary and variances between budgeted and actual amounts are within reason.
Environmental Contributions Fund
The FY 2015-16 Capital Improvement Program (CIP) budget approved the Arches Storm Drain Dry Weather Diversion project (16X11). This project diverted dry weather flows from two subwatersheds near Newport Boulevard at Coast Highway to the sanitary sewer system. Grant funding for the diversion project was received from the State Water Resources Control Board (SWRCB) under its Clean Beaches Initiative in the amount of $839,500. Grant funds were budgeted in the Environmental Contribution Fund, however, not all expenses were booked to the Environmental Contribution Fund, which has caused excess revenues that need to be moved to the General Fund and Tidelands Fund, where funds were expended. A budget amendment is proposed to transfer $82,345.38 from Environmental Contributions Fund to Tidelands Fund and $135,892.25 from Environmental Contributions Fund to General Fund to reflect where the funds were expended.
Measure M Competitive
In Fiscal Year 2019-20, the City of Newport Beach received funding from the Orange County Transportation Authority (OCTA) for the Bayview Heights project (15X11) expensed in Fiscal Years 2018-19 and 2019-20. The project cost in the Measure M fund was $274,922, however only $267,210 was received from OCTA. Staff proposes that $7,712 be transferred from the General Fund in order to balance the revenues and expenses in the Measure M to reimburse the fund for previously incurred costs, which exceed grant revenues.
FISCAL IMPACT:
As a result of the budget amendment that is attached as Attachment A, revenues will be increased by approximately $499,000 and expenditures will be increased by approximately $436,000.
ENVIRONMENTAL REVIEW:
Staff recommends the City Council find this action is not subject to the California Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2) (the activity will not result in a direct or reasonably foreseeable indirect physical change in the environment) and 15060(c)(3) (the activity is not a project as defined in Section 15378) of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3, because it has no potential for resulting in physical change to the environment, directly or indirectly.
NOTICING:
The agenda item has been noticed according to the Brown Act (72 hours in advance of the meeting at which the City Council considers the item). 15-6
Fiscal Year 2023-24 Third Quarter Financial Report
May 28, 2024
ATTACHMENTS:
Attachment A — Budget Amendment No. 24-071
Attachment B — Budget Amendments for the Third Quarter
15-7
Attachment A
Budget Amendment No. 24-071
15-8
Vim...:
City of Newport Beach
BUDGET AMENDMENT
2023-24 BA#: 24-071
Department: Finance
ONETIME: ❑ Yes ❑ No
Requestor: Shelby Burguan
Approvals
❑ CITY MANAGER'S APPROVAL ONLY
Finance Director: a4fiyJ W&ww Date 1511tjz
O COUNCIL APPROVAL REQUIRED City Clerk: Date
EXPLANATION FOR REQUEST:
To adjust revenue estimates and expenditure appropriations relating to the fiscal year 2023-24 quarter three staff report. from existing budget appropriations ❑✓ from additional estimated revenues
❑Q from unappropriated fund balance
REVENUES
Fund #
Org
Object Project
Description
Increase or (Decrease) $
010
0107020
521425
NEWPORT COAST COMMUNITY CENTER - FEE BASED CLASSES
182,000.00
010
0107021
521425
COMMUNITY YOUTH CENTER - FEE BASED CLASSES
56,000.00
010
0107023
521425
MARINA PARK - FEE BASED CLASSES
(54,000.00)
010
0107023
521426
MARINA PARK - TIDELANDS FEE BASED CLASSES
65,000.00
010
0107023
521427
MARINA PARK -TIDELANDS BOATING PROGRM CLASS
(20,000.00)
010
0107023
521455
MARINA PARK - SURFING CLASSES
34,000.00
010
0107031
521640
OASIS - OASIS CLASS FEES
37,333.00
010
0107032
521500
OASIS FITNESS CENTER - PERSONAL TRAINER FEES
(27,457.00)
100
10099
691138
INTERFUND TRANSFERS -TRANSFER IN ENVIRONMENTAL CONTF
82,345.38
010
01099
691138
GENERAL FUND INTERFUND TRANSFR -TRANSFER IN ENVIRONIV
135,892.25
123
12399
691010 15X11
INTERFUND TRANSFERS - TRANSFER IN GENERAL FUND
7,711.81
.__�-._.____
____._..�_
� Subtotal
$ 498,825.44
EXPENDITURES
Fund #
Org
Object Project
Description
Increase or (Decrease) $
010
0107011
811036
FEE BASED CLASSES - CONTRACT RSS INSTRUCTORS
10,000.00
010
0107020
811036
NEWPORT COAST COMMUNITY CENTER - CONTRACT RSS INSTRI.
80,000.00
010
0107021
811036
COMMUNITY YOUTH CENTER - CONTRACT RSS INSTRUCTORS
35,000.00
010
0107023
811051
MARINA PARK - SURF CONTRACT INSTRUCTORS
15,000.00
010
0107031
811036
OASIS - CONTRACT RSS INSTRUCTORS
60,000.00
010
0107032
811036
OASIS FITNESS CENTER - CONTRACT RSS INSTRUCTORS
10,000.00
138
13899
991100
INTERFUND TRANSFERS - TRANSFER OUT TIDELAND FUND
82,345.38
138
13899
991010
INTERFUND TRANSFERS - TRANSFER OUT GENERAL FUND
135,892.25
010
01099
991123 15X11
GENERAL FUND INTERFUND TRANSFR - TRANSFER OUT MEASUR
_ 7,711.81
FUND BALANCE
SubtotaIL
$ 435,949.44
1 Fund #
Object
Description
Increase or (Decrease) $
300000
GENERAL FUND - FUND BALANCE CONTROL
191,056.44
300000
TIDE & SUBMERGED LANDS
FUND - FUND BALANCE CONTROL
82,345.38
F
300000
MEASURE M-COMPETITIVE
FUND - FUND BALANCE CONTROL
7,711.81
300000
ENVIRONMENTAL CONTRIBUTIONS
- FUND BALANCE CONTROL
(218,237.63)
Subtotall
$ 62,876.00
Fund Balance Change Required
15-9
Attachment B
Budget Amendments for the Third Quarter
15-10
City of Newport Beach
Fiscal Year 2023-24 Budget Amendments
Quarter Ending March 31, 2024
BA# Date Amendment Type Fund
Revenues Expenditures
Net Effect on Fund Balance
Increase/(Decrease)
Department
Explanation
Recognize revenue and appropriate additional expense to PD 18 02/21/2024 CM GENERAL FUND
2,234.70 2,234.70
-
Police
Traffic for additional crossing guard services provided to and paid by Newport -Mesa Unified School District (NMUSD) during Summer School.
To appropriate funding to the Newport Boulevard Landscape
GENERAL FUND CAPITAL PROJECTS
14,930.00
(14,930.00)
Public Works
Improvements Project (Industrial Way to Pacific Coast Highway) 40 02/21/2024 CC
& West Coast Highway Landscaping Improvements (West City
NEIGHBORHOOD ENHANCEMENT
249,729.71
(249,729.71)
Public Works
Limits to Highland St) fron fund balance of the General Fund CIP Fund as well as the Neighborhood Enhancement Fund.
41 01/09/2024 CC
CONTRIBUTIONS FUND
689,699.00
656,856.00
32,843.00 Public Works
Accept and appropriate funds from OC Sanitation District for the West Coast Highway Joint Manhole & Valve Adjustments project.
CONTRIBUTIONS FUND
5,243,968.00
5,243,968.00
- Public Works
To appropriate and fund the remainder of the Library Lecture Hall Project (19F11) by transferring funds from the Facilities Financing 42 02/21/2024 CC
PARKS &COMMUNITY CENTERS
5,243,968.00
5,243,968.00
Public Works
Plan Fund (FFP) to the Contributions Fund and the Parks & Community Centers Fund, and increasing the revenue in the FFP to capture the remainder of the reimbursement from the Newport
FACILITIES FINANCING PLAN
5,243,968.00
10,487,936.00
(5,243,968.00) Public Works
Beach Public Library Foundation
GENERAL FUND CAPITAL PROJECTS
Public Works
To move funds from Fund 012 project 231-01 to Fund 012 project 43 02/21/2024 CM
WATER CAPITAL FUND
Public Works
24L01. Per Council Policy F-3 (E.7.b.), project appropriation transfers of this nature shall require the approval of the City
WASTEWATER ENTERPRISE FUND
Public Works
Manager.
To appropriate funds from the unappropriated Environmental 44 01/09/2024 CC
ENVIRONMENTAL LIABILITY FUND
100,411.00
(100,411.00) Public Works
Liability Fund Fees balance for the San Diego Creek Trash Payment to State of California for Participation in PP-GEMT-IGT 45 01/23/2024 CC
GENERAL FUND
1,159,970.00
210,882.69
949,087.31
Fire
for State Calendar Year 2024 and to recognize received amounts for the CY 2023 program and CY 2024 program.
To recognize revenues in the Private Donations and Library 46 01/02/2024 CM
GENERAL FUND
350.00
350.00
-
Library
Foundation Revenue accounts from the donation of patrons, and to increase expenses in the Library Materials budget for Library Administration and Literacy Services.
CONTRIBUTIONS FUND
27,600.00
27,600.00
-
Public Works
STATE GAS TAX FUND
1,079,359.00
(1,079,359.00)
Public Works
To appropriate funds from the current capital improvement 47 02/21/2024 CC
MEASURE M FUND
390,765.00
(390,765.00)
Public Works
program savings for Contract No. 8925-2 project 23R11.
SB1 GAS TAX RMRA FUND
79,905.00
(79,905.00)
Public Works
PCH RELINQUISHMENT
76,616.00
(76,616.00)
Public Works
To recognize revenues from the Aquatic Center Grant FY2022-23 48 01/22/2024 CM
GENERAL FUND
29,484.00
29,484.00
-
Recreation
allocation in Marina Park Sailing and increase expenditures associated with the grant in Marina Park Community Center - Equipment NOC.
To increase revenue estimates and expenditure budget due to the update in charges to the City for the contract with Active Net 49 02/13/2024 CC
GENERAL FUND
120,000.00
64,000.00
56,000.00
Recreation
software. The City will be charged a flat 3% CC processing fee and an annual $64,000 technology for the software subscription. It is estimated that this will lead to budget savings of approximately $56,000.
To refurbish the 2015 Pierce Aerial Ladder Truck with Pump. The cost to remove the pump and refurbish the truck is expected to 50 02/13/2024 CC
EQUIPMENT FUND
-
378,205.41
(378,205.41)
Fire
offset maintenance costs related to the weight of the pump for the remaining serice life of the truck and more importantly, provide for Accept funds from the City of Costa Mesa contributions and 51 02/12/2024 CM CONTRIBUTIONS FUND 5,000.00 5,000.00 - Public Works appropriate the funds to the Slurry Seal Program, project 24R04.
To amend the existing on -call agreement with Charles King Company (C-9236-1) for temporary pumping services and
52 02/27/2024 CC GENERAL FUND - 120,000.00 (120,000.00) Utilities increase the agreement to cover current and foreseeable temporary pumping for the continued situation on Galaxy Drive.
The original agreement was approved for $50,000.00 amended 53 02/13/2024 CM GENERAL FUND Library To transfer funds from Library Foundation Publications & Dues NOC to Office Furntiture/Fixtures
15-11
City of Newport Beach
Fiscal Year 2023-24 Budget Amendments
Quarter Ending March 31, 2024
Net Effect on Fund Balance
BA# Date Amendment Type
Fund
Revenues Expenditures Increase/(Decrease)
Department
Explanation
54 03/12/2024 CC
GENERAL FUND
36,748.02 (36,748.02)
Community Development
To increase expenditures for costs related to the Unpermitted Commercial Use of Public Property Impounds fee.
To recognize revenues in the Cultural and Arts Private Donation and Contributions account, transfer budget from the Cultural Arts 55 02/21/2024 CM
GENERAL FUND
10,000.00 10,000.00
Library
Programming and Services Professional accounts, and increase expenditures in the Cultural and Arts Sculpture Garden Phase 9 account.
There was a major overhaul of Council Policies which effected Newport Beach Municipal Code. Policies are changed by
56 02/27/2024 CM
GENERAL FUND
City Clerk
Ordinance and the overhaul resulted in Code Publishing, the City's Code Publisher, to updated 879 pages of Municipal Code. This update resulted in a single invoice which is accounts for 95% of the entire year's budget for this line item.
57 03/11/2024 CM
GENERAL FUND
- -
Library
To transfer budget from the Library Foundation New PC
Purchases to Software License Renewal
Accept and recognize additional revenue and appropriate 58 03/26/2024 CC
CONTRIBUTIONS FUND
31,872.75 159,250.85 (127,378.10)
Public Works
expenses as it relates to the Assessment District No. 111 and Underground Utilities District No. 22 Phases 2 & 3, Contract No. 7833-1 (Project# 21A1 1).
GENERAL FUND
- 750,000.00 (750,000.00)
Community Development
To transfer anticipated savings from the General Fund
59 03/26/2024 CC
unappropriated balance to the General Plan CIP Account for the
GENERAL FUND CAPITAL PROJECTS
750,000.00 750,000.00
Community Development
General Plan Update multi -year project.
GENERAL FUND
5,226,642.00 -
Finance
To transfer American Rescue Plan Act of 2021 (ARPA) funds from Junior Lifeguards Building Project (19F13) and City Yard
FACILITIES FINANCING PLAN
5,226,642.00 286,361.00 4,940,281.00
Finance
Fueling Station Project (20F14) for the reimbursement to the city 60 03/26/2024 CC
JR GUARDS CAPITAL PROJCTS
286,361.00 -
Finance
for public safety services incurred on fire operations. Transfers unappropriated General Fund balance to the FFP fund for future AMERICAN RESCUE PLAN ACT 2021
-
Finance
CIP projects.
To increase estimated revenues and expenditures relating to the 61 03/12/2024
CM
MISCELLANEOUS GRANT FUND
9,911.00 9,911.00
Police
approved grant funding from the 2023 Edward Byrne Memorial Fund Justice Assistance Grant (JAG).
To increase estimated revenues and expenditures relating to a 62 03/12/2024
CM
TIDE & SUBMERGED LANDS FUND
6,000.00 6,000.00
Harbor
grant from the Newport Harbor Foundation for the Support Installation of Lighting on Various Private Aids to Navigation (PATONs) in Newport Harbor.
To recognize revenues in the Library Admin SLS Grant Fund OC 63 03/13/2024
CM
GENERAL FUND
4,516.00 4,516.00
Library
Library account and increase expenditures in the Library Materials account.
To cover costs for an undriveable unit due to a broken differential 64 03/22/2024
CM
EQUIPMENT FUND
- 10,000.00
(10,000.00) Fire
and to have it brought back to the facility via Pierce Flatbed.
To recognize revenues in the Library Foundation account and 65 03/22/2024 CM GENERAL FUND 6,000.00 6,000.00 - Library increase expenditures in the Literacy Services Library Materials 15-12