Fiscal Year 2022-23 First Quarter Budget Report
Richmond City Council Meeting
Finance Department
November 22, 2022
Recommended Action:
RECEIVE the FY 2022-23’s first quarter budget
report for the period of July 1, 2022, through
September 30, 2022, and APPROVE proposed
Budget Adjustments.
2 Agenda
• FY 2022-23 First Quarter Budget Report
▫ General Fund Revenues
▫ General Fund Expenditures
▫ Non-General Fund Revenues
▫ Non-General Fund Expenditures
▫ Capital Improvement Projects Highlights
• Budget Adjustments
• Labor Negotiations and Looming Recession
• Next Steps
• Questions
3 General Fund Revenues
4 General Fund Expenditures
5 Non-General Fund Revenues
6 Non-General Fund Expenditures
7 Capital Improvement Projects Highlights
• Castro Ranch Road
• Grit and Aeration Replacement
• Richmond Parkway
• Street Paving
• Yellow Brick Road
8 Budget Adjustments
9 Labor Negotiations and Looming Recession
• The City is in the middle of labor negotiations with
several bargaining units regarding labor contracts and
the implementation of the Classification and
Compensation study. the results of the negotiations
will impact the expenditure trends in the next three
quarters.
• Global economy is also indicating the early signs of
recession in the calendar year of 2023. Due to these
pressures on the City’s expenditures and revenues,
there is a great deal of potential for fiscal headwinds in the coming years that could deplete the City’s reserves. 10 Next Steps
The City staff will continue to closely
monitor the revenues and expenditure
trends in the current fiscal year to
determine if adjustments will need to
be made during the mid-year budget
review.
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