FY 2021-22 Second
Quarter Budget Update
City of Stockton
June 14, 2022
Item 15.4
FY 2021-22 Second Quarter
General Fund Revenues
As of December 31, 2021:
•Year to Date = $59.1 million
• 24% of the $250.8 million budget
Year‐end Projection:
•$283.2 million
• $32.3 million, 13% over the budget
• Largest variances:
• Sales Tax +$19.5 million
• Utility Users Tax +3 million
• Business License +$4.5 million
General Fund Revenues
by Quarter
2nd Quarter FY 2021-22
General Fund Expenditures
As of December 31, 2021:
• Expenditures = $114.0 million
• 38% of the $300.0 million budget
Year‐end Projection:
•$287.2 million
•$12.8 million, 4.3% under budget
•Police Department $9.9 million
•Public Works $1.1 million
2nd Quarter FY 2021-22
General Fund Budget
FY 2020-21 Year-End Version
Updated FY 2022-23 Budget Version
Long-Range Financial Plan
Long-Range Financial Plan
Updates include:
1. Recession cycles start
changed from 2020, 2027,
and 2034 to 2025 and 2032.
2. Annual CalPERS valuation
data and discount rate
assumption change to 6.8%
incorporated
3. FY 2021-22 and FY 2022-23
updated revenue projections
1. New hotel construction
4. Updates for other funds that
might need General Fund
Support: Recreation, Measure
W, Strong Communities, Fire
Dispatch
5. Added 1-2 new FTE per year
6. Incorporates FY 2022-23
Proposed Budget
2nd Quarter FY 2021-22
Recommendation
•Accept this budget status report.
•Approve five budget amendments
1. Ratify the movement of $234,300 in appropriation from the Community Services Golf Course fund budget to the Public Works General Fund budget for maintenance at VanBuskirk
2. Increase the General Fund transfer to the Golf Fund by $120,000 and decrease the General Fund transfer to the Recreation Fund by $120,000
3. Increase the General Fund Sales Tax revenue budget by $200,000 to cover a $200,000 increase in the Tax Collection expenditure budget
4. Increase the Separation Pay expense appropriation by $400,000 from the Other Benefits Internal Service Fund available balance
5. Appropriate $208,000 from PFF Street Improvement fund available balance to the Thornton Rd/Hammer Left Turn Lanes, Project Number WT15018