Attachment 1- Resolution
1 RESOLUTION NO. ________
A RESOLUTION OF THE COUNCIL OF THE CITY OF RICHMOND, CALIFORNIA ADOPTING THE FISCAL YEAR 2021-22 YEAR-END BUDGET ADJUSTMENTS
WHEREAS, pursuant to Section 1(b) of Article IV of the Richmond City Charter the City Manager is required to prepare an annual budget for the review and approval by the City Council; and
WHEREAS, the City’s budget was originally adopted on June 29, 2020 and the revised Mid-Year Budget was adopted on March 22, 2022; and
WHEREAS, the City experienced economic changes since the budget was last adopted and needs to amend the budget to reflect these changes; and
WHEREAS, the City Council has approved Commitments and Assignments in the General Fund balance trough resolutions 25-20, 78-21, and 126-21 to cover various expenditures; and
WHEREAS, the City experienced better than expected revenues and savings in the expenditures and the expenditures were covered from ongoing revenues; and
WHEREAS, the City Council has reviewed the proposed year-end budget adjustments for the Fiscal Year 2021-22 and remaining balances on the fund balance assignments and commitments at a public meeting on October 18, 2022; and
NOW, THEREFORE, BE IT RESOLVED, that the Council of the City of Richmond, California hereby adopts the resolution to approve the FY 2021-22 year-end budget adjustments for the following funds in table 1 and release fund balance assignments and commitments to unassigned fund balance per table 2.
Attachment 1- Resolution
2 Table 1: Budget Adjustments
REF ORG OBJECT OBJECT DESCRIPTION AMOUNT OUTSTANDING
SINCE COMMENTS
Negative Cash Balances
1 01917090 400902 Operating Transfer Out 3,489,599 2014 Negative cash due to deficit spending 2 01917090 400902 Operating Transfer Out 2,654,027 2010 Fund 4006 Stormwater-To payback advance from Risk Management Fund 3 01917090 400902 Operating Transfer Out 104,908 2010 Various payroll expenditures that were not directly charged to the employee's Department. Staff recommendation is to clear the balance from FY21-22 Operating Surplus 4 01917090 400706 Admin Building from RHA 307,650 2022 RHA debt reduction for fair market value of the admin building per repayment agreement dated 1/25/2022
01917090 400902 Contribution to OPEB Reserve 6,102,459 50% of operating surplus after meeting minimum reserve requirement Total General Fund Negative Cash Clearing 12,658,643
General Fund Adminsitrative Budget Adjustmetns
5 01191021 391991Operating Transfer In (24,629) JAG grant correction 6 01917090 400902Operating Transfer Out 8,089 Bond Admin Costs 7 01917090 400901Kids First Initiative 129,172 Balance to make for 1% of total General Fund revenue transferred to department of Children and Youth per Charter Article XV
Total General Fund Administrative 112,632
Grand Total General Fund 12,771,275
Non-General Fund Administrative Budget Adjustments
8 13371018 391994Kids First Initiative (129,172) Balance to make for 1% of total General Fund Revenue transferred to department of Children and Youth per Charter Article XV
9 15131131 391994Operating Transfer In (3,489,599) To cover negative cash due to deficit spending 10 40623431 391994Operating Transfer In (2,654,027) From General Fund to payback advance from fund 5001 - Risk Management 11 40623431 400901Operating Transfer Out 2,654,027 Payback advance from fund 5001-Risk Management 12 30111090 391992Operating Transfer In (8,089) Bond Admin Costs 13 45141191 364855Transfer in from GF for Building (307,650) RHA Debt Reduction for fair market value of the admin building per Repayment Agreement dated 1/25/2022
14 65115090 391991Operating Transfer In 1,868,008 Reversal of mid-year budget adjustment 15 50182316 391991Operating Transfer In (2,654,027) From fund 4006-Stormwater for advance paid back 16 69990090 391994Operating Transfer In (104,908) Various payroll expenditures that were not directly charged to the employee's Department
17 21033131 400288Impact Fee Admin Fee 117 Impact Fee Admin Fee 18 21136031 400288Impact Fee Admin Fee 8,232 Impact Fee Admin Fee 19 21301022 400288Impact Fee Admin Fee 946 Impact Fee Admin Fee 20 21491021 400288Impact Fee Admin Fee 4,691 Impact Fee Admin Fee 21 21551051 400288Impact Fee Admin Fee 506 Impact Fee Admin Fee 22 21633131 400288Impact Fee Admin Fee 2,263 Impact Fee Admin Fee 23 21741055 400288Impact Fee Admin Fee 1,364 Impact Fee Admin Fee 24 21923431 400288Impact Fee Admin Fee 3,593 Impact Fee Admin Fee 25 22022031 400288Impact Fee Admin Fee 6,087 Impact Fee Admin Fee 26 15063619 340445Impact Fee Admin Fee (27,799) Impact Fee Admin Fee Total Non-General Fund (4,825,437)
Table 2: General Fund, Fund Balance Assignments and Commitments
*****************************
I certify that the foregoing resolution was passed and adopted by the Council of the City of Richmond, California at a regular meeting thereof held October 18, 2022 by the following vote:
Descriptions Resolution June 30,
2021 Changes June 30, 2022
Releasing
Assignments
&
Commitments
FY 21/22
Projected
Year-End
COVID-19 25-20 (1,500,000) 167,633 (1,332,367) 1,332,367 - Reimaging Public Safety 78-21 (1,300,000) 1,066,066 (233,934) 233,934 - Community Facility Improvement 78-21 (1,700,000) 289,515 (1,410,485) - (1,410,485) One-time Staff Compensation 78-21 (2,300,000) 1,893,333 (406,667) 406,667 - Contribution to Reserve 78-21 (3,000,000) 3,000,000 - - Committed Fund Balance (9,800,000) 6,416,547 (3,383,453) 1,972,968 (1,410,485) Measure U Shortfall 126-21 (2,000,000) - (2,000,000) 2,000,000 - FY 21/22 Additional Expenses 126-21 (229,000) - (229,000) 229,000 - Assigned Fund Balance (2,229,000) - (2,229,000) 2,229,000 - Grand Total (12,029,000) 6,416,547 (5,612,453) 4,201,968 (1,410,485) Attachment 1- Resolution
3 AYES:
NOES:
ABSTENTIONS:
ABSENT:
________________________________________
Clerk of the City of Richmond
(SEAL)
Approved:
_______________________________
Mayor
Approved as to form:
____________________________
City Attorney