➢ Budget Process
➢Adopted FY23/24 Budget- Where we started
➢ Projected FY23/24 Budget- Where we now think we'll be ➢Proposed Budget Modifications
➢ Next Steps- Where we are going
Annual Budget Process
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Mid -Year Budget
Presentation to City
Council
February
Auditor working with
Finance staff on ACFR
December
Finance staff and
departments monitor
revenues and
expenditures
Year-round
Departments begin
preparing their
individual budgets
February
Finance closes out
prior fiscal year
August
Fiscal Year Begins
July 1
projections, internal service
charges and personnel
expenses
April
Finance and Public Works
finalize Capital
Improvement Plan
May
City Administrator presents
Proposed Budget to Public
and City Council
May
Budget Approval
City Council
June
Adopted FY 2023/24 Budget
All Funds
Total Adopted Revenues -
Total Adopted Expenditures -
Total Budget
Operating
84%
CIP
16%
$84,855,133
$86,403,091
Internal Service
4%
Fiduciary
6%
Enterprise
Funds
7%
Operating Budget
Special
Revenue
21%
General
Fund
61%
Debt
Service
Adopted FY 2023/24 Budget
General Fund Expenditures- $52,282,
BY DEPARTMENT
BY EXPENDITURE TYPE
Transfers Out
$36,214
0%
ebt Service
$6,021,200
12%
Operating
$41,960,829
80%
Capital
Projects
$4,264,280
8%
Adopted FY 2023/24 Budget
General Fund Revenues- $49,801,418
Permits
6%
Intergovernmental
1%
Transfers In
13%
Sales Tax
18%
Charges for Services
3%
Misc. Revenue
5%
Fines & Forfeitures
1%
Other Taxes
6%
Property Tax
39%
UUT
5%
PLAC4N•IA
TOT
3%
452,500
3,337,946
465,00C
0%
0%
Projected FY 2023/24
General Fund Revenues
Revenue T • e
Property Taxes
Sales & Use Taxes
Other Taxes
Permits/Licenses
Fines & Forfeitures
FY 2023/24 Adopted
Bud:et
$19,578,023
9,175,000
7,095,50C
2,802,000
Intergovernmental
Charges for Services
Miscellaneous
Total Operating Revenues
Transfers In
Measure U Transfers In
Employee Retention
Measure U Reserve
OPEB
Total Transfers In
Capital Projects Revenues
Resources
312,000
1,514,000
2,454,000
$43,383,023
1,047,800
$46,920,295
1,052,750
FY 2023/24 Projected
Bud:et
$20,414,944
8,650,000
7,509,736
2,618,000
3,125,115
1,684,000
2,454,000
3,337,946
Variance to FY23/24
Ado • ted Bud h et
4.3%
(5.9%)
5.8%
(6.6%)
2.8%
1,126%
11.2%
8.1%
0.5%
0%
920,000 920,000 0%
1,112, 649
1,112, 649
$6,418,395 $6,423,345 0.1%
11,160,044
$49,801,418 $64,503,684
29.6%
Franchise Taxes
Transient Occupancy Tax
Utility Users Tax
Property Tax
Sales Tax
Other Taxes
Measure U
*****
mits/Licenses
or Service
Projected FY 2023/24
General Fund Revenues
Budget ■ Projected at 6/30
3,000,000
6,000,000 9,000,000
12, 000, 000 15, 000, 000
18,000,000
21,000,000
> Legal Services- $135,000
o Due to contract rate increases and legal services relating to labor negotiations
> Administrative Services -
o $120,000 in contract expenses due to need for longer contract IT assistance
o $75,000 to support citywide software expenses
> Development Services- $115,000
o Needed to support contract building and plannir g services longer than anticipated
> Pol ice- $ 70,000
o Needed to cover software expe
> Fi re & Life Safety- $ 75,000
o Needed to cover overtime expenses resulting from a long-term injury at a higher rank and to provide consistent coverage to the community
>Community Services- $30,000
o Needed for repairs and maintenances of park facil ties citywide
>Public Works -
o $50,000 for citywide vehicle maintenance
o $50,000 to repair two police patrol vehicles damaged in an accident o $30,000 for repairs to storm water pump station
o $57,000 for repairs and maintenance of city facilities o $110,000 for gasoline
>General Government
o $25,000 for telephone exoenses
o $150,000 for electricity
o $20,000 for postage
o $30,000 for office equipment rental
>Capital Projects- ($970,000)
o Reduce the appropriations dedicated to the Enhanced Infrastructure Financing District (EIFD)
o Funds will be re-budgeted in FY 2024-25 budget in line with the updated project timeline
roposed Mid Year St. fing Adjustment
>Reclassify 1.0 FTE Maintenance Worker in Community Services to Facility Maintenance Technician ($2,400 FY23/24, $7,100 annual cost) in Community Services
Incumbent currently doing duties of Facilities Maintenance Technician >Reclassify 1.0 FTE Office Assistant to Administrative Assistant ($1,750 FY 23/24, $5,250 annual cost) in the Fire and Life Safety Department Incumbent currently doing duties consistent with an Admiristrative Assistant Fiscal Impact of all Staffing Adjmtmen':s
FY 2023-24 Impact- $4,150
Annual Impact- $12,350
Mid Year Summary
General Fund Net Operating Balance
Estimated Beginning Fund Balance
7 1 2023
Projected Change in Fund Balance
$19 830 032
(6,890,572)
Goal- 25%
•
rojected- 25.3%
Projected Ending Fund Balance at 6/30/24
Fund Balance Designations
12,939,460
Non -Spendable
General Fund Reserve
Contingency Reserve
Unassigned Fund Balance
1,766,691
6, 126,790
4,921,682
124,297
Estimated Endin: Fund Balance 6 30 24
Projected Operating Expenditures
25% FB Target
44,193,887
11,048,472
General Fund Operating Reserve
25.28%
Potential Impacts on City Finances
New
Development
State Budget
Current & Futur
State Mandates
Labor
Negotiations
• Anticipated Unfunded Actuarial Liability (UAL) of $450,000 based on CaIPERS returns
• Cost of living adjustments citywide per Memoranda of
Understandings
• Reprogramming of EIFD loan
• Unknown costs identified in Facility Needs Assessment and IT Master Plan
Placentia Centennial Celebration
>Q3 Budget Review
➢ April 2024
>Proposed FY 2024/25 Budget
Presentation
➢ May 21, 2024
>Proposed FY 2024/25 Budget
Adoption
June 4, 2024
Mid -Year Budget Presentation to
City Council
February
Auditor working with Finance staff on
ACFR
December
1 Finance staff and departments
monitor revenues and expenditures
Year-round
Finance closes out prior fiscal
year
August
Departments begin preparing
their individual budgets
February
Fiscal Year Begins
July 1
Finance finalizes revenue projections,
internal service charges and personnel
expenses
April
Finance and Public Works
finalize Capital Improvement
Plan
May
City Administrator presents Proposed
Budget to Public and City Council
May
Budget Approval
City Council
June