DATE: OCTOBER 4, 2022
DEPARTMENT: ADMINISTRATION
FINANCE
FROM: STEVEN S. CARRIGAN, CITY MANAGER
BY: MARK ROBERTS, FINANCE DIRECTOR
JIM PIA, ASSISTANT CITY MANAGER
TITLE: AVAILABLE FUND BALANCE PROJECTS IDENTIFIED
RECOMMENDED MOTION:
Staff recommends the Finance Committee recommend to the City Council the allocation of funding for projects/programs from the FY 2022 available fund balance of approximately $10 million.
BACKGROUND:
In January of this year, the Director of Finance identified accrued revenue of just over $20 million not previously included in the calculation of the City’s balance carried over from the previous fiscal year to the current fiscal year. In April 2022, the Council directed a portion of the balance carried over be allocated to augment the City’s reserves, including increasing contingency reserves to twelve percent (12%) of budgeted general fund operating expenditures. After this action, approximately $18 million in unreserved cash, now referred to as available fund balance, remained. On May 10, Council then directed allocation of $8.1 million dollars to build a recreation center in City Council District 5, leaving $10 million available for City Council discussion.
The City Manager worked with all Departments to identify vital City projects that are only partially funded, unfunded all together, or new needs that have surfaced. The resulting attached list identifies staff’s recommendation of priority projects.
CEQA CONSIDERATION:
Not a Project. The City of Salinas has determined that the proposed action is not a project as defined by the California Environmental Quality Act (CEQA) (CEQA Guidelines Section 15378).
STRATEGIC PLAN INITIATIVE:
Any Council-determined allocation could support the City Council Strategic Plan in these areas:
Infrastructure and Environmental Sustainability
Public Safety
Effective and culturally responsive Government
Youth and seniors
FISCAL AND SUSTAINABILITY IMPACT:
This recommended action would dedicate up to $10 million dollars from the FY 2022 available fund balance for various projects in need of funding.
ATTACHMENTS:
PowerPoint
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