City Council Agenda Report
TO: Mayor McCord and Members of the City Council
FROM: Ken Irwin, City Manager
BY: Saadiah Ryan, Finance Director
MEETING DATE: March 15, 2022
ITEM NO: 7.1
SUBJECT: Adopt Resolution No. 2022-14 Approving City of Patterson adjustments to the Budget for the Fiscal Year 2021-22.
RECOMMENDATION
Motion to Adopt Resolution No. 2022-14 Approving City of Patterson adjustments to the Budget for the Fiscal Year 2021-22.
BACKGROUND
Staff is submitting the proposed budget adjustments based on the information we reviewed at mid-year. The adjustments include expenditure appropriations as well as revised revenue estimates.
ANALYSIS
General Fund
Today, a presentation will be made to the City Council outlining the mid-year financial review for FY 2021-22.
Revenues: Budgeted revenues are projected to end the year approximately $173,059 higher than planned, increasing the original adopted budget FY 2021-22 revenue budget of $24.23 million to $24.40 million.
Expenditures: Budgeted expenditures are projected to end the year approximately $1.84 higher than planned, increasing the original adopted budget FY 2021-22 expenditure budget of $23.35 million to $25.20 million.
Enterprise Fund
Revenues: Budgeted revenues are projected to end the year approximately $112,061 higher than planned, increasing the original adopted budget FY 2021-22 revenue budget of $30.77 million to $30.88 million.
Expenses: Budgeted expenses are projected to end the year approximately $380,570 higher than planned, increasing the original adopted budget FY 2021-22 expenses budget of $33.86 million to $34.24 million.
Other Funds
Revenues: Budgeted revenues are projected to end the year approximately $13.52 million higher than planned, increasing the original adopted budget FY 2021-22 revenue budget of $42.73 million to $56.26 million.
Expenditures: Budgeted expenditures are projected to end the year approximately $1 million higher than planned, increasing the original adopted budget FY 2021-22 expenditure budget of $36.78 million to $37.83 million.
No further adjustments are required for any of the City’s other funds.
The attached Resolution 2022-xxx includes Exhibit A listing all required adjustments to be incorporated in the FY 2021-22 Budget.
FISCAL IMPACT
The budget adjustment for FY 2021-22 City-wide fiscal impacts are as follows:
City wide
Adopted Budget Fund Balance FY 2021-22 $ 152,000,262
Mid Year Budget Adjustment 10,501,169
Adjusted Fund Balance FY 2021-22 $ 162,501,431