Mid-Year Budget Adjustments for Fiscal Years 2023 through 2025 Agenda Item 12.A
By Nadia Feeser, Administrative Services Director
Meeting Date: August 15, 2023
Overview
Mid-year budget adjustments for FY 2023 – FY 2025
Proposed Mid Budget Adjustments for FY 2023 – FY 2025:
2 Revenue Adjustments
3 Project Adjustments
Free up budgeted funds for other current priorities
Total savings across all funds: $455,860 in FY 2023 and $75,000 in FY 2024.
Shifting $300,000 of funding from General Fund to Local Transportation Fund for FY 2022 Paving project Completed and cancelled/deferred projects
Tennis court relocation: cancelled/deferred $203,154 savings North Shell Beach Storm Drain: completed in FY 2023: $124,774 savings Spyglass dog park : project cancelled/deferred, $150,000 savings Police and Fire roof repair: scheduled for FY 2023: $45,000 savings 4 Additional Costs
Majority of adjustments reflect additional cost for providing same service level or to meet regulations FY 2023: Net $309,946 additional costs
Appropriate $250,000 in Housing In Lieu Fee Fund for HASLO grant agreement for affordable senior housing project at 2655 Shell Beach Road (Resolution R-2021-023) City Manager Recruitment $29,300
Central Coast Blue JPA operating costs $30,646
FY 2024 and FY 2025: $106,890 in FY 2024 and $137,350 net additional revenues $250,000 in FY 2024 and FY 2025 for Coastal Commission grant award for LCP/GP $60,000 in both years for additional janitorial services agreement $26,000 in both years for Wastewater National Pollutant Discharge Elimination System permit testing $11,500 in FY 2024 and $15,500 in FY 2025 of wastewater treatment plant chemicals 5 Carryforward Vehicle Budgets
Carryforward Vehicle budgets from FY 2023 to FY 2024.
Majority not purchased to due availability of vehicles impacting electric and new vehicle market 6 Align Budget to Actuals
FY 2023 one-time adjustments to better align budget to actual revenues and expenditures Net expenditure savings of $20,480
De-appropriate $961,100 in planned Public Safety Facility debt service costs Reduce the projected Five Cities State Revolving Fund loan proceeds based on actual expenditures by $54 Other alignment to actuals across various funds
7 Technical Corrections
Reflect one-time technical corrections in FY 2023 to balance an unbalanced IT project and to correct the accounts for various budgets for a net cost savings of $72 across all funds. 8 Fiscal Impact
9 Recommendation
Staff recommends that Council adopt a Resolution approving and appropriating mid-year budget adjustments for FY 2023 through FY 2025. 10