Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION ACCEPTING THE FISCAL YEAR 2021-22 FOURTH QUARTER BUDGET STATUS UPDATE REPORT, APPROVING THE RECOMMENDED AMENDMENTS TO THE FISCAL YEAR 2021-22 AND FISCAL YEAR 2022-23 ANNUAL BUDGETS, AND AUTHORIZE THE ALLOCATION OF AVAILABLE FUND BALANCE TO RESERVES Fiscal Sustainability is one of the City Council’s goals; and City Council adopted the Fiscal Year (FY) 2021-22 Annual Budget on June 22, 2021, following a duly noticed budget study session and a public hearing; and By the staff report accompanying this Resolution, incorporated into this Resolution by this reference (Staff Report), the Council has been provided with additional information upon which the actions set forth in this Resolution are based; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:
Accept this budget status report on the unaudited results of the fourth quarter of FY 2021-22.
Allocate the General Fund Vacancy Savings budget reduction for FY 2021-22 from Other Administration (Non-departmental) category to the following departments:
Reduce Expenditure Budget:
Department Amount
City Clerk ($82,120)
Office of Violence Prevention ($123,000)
Economic Development ($86,000)
Increase Expenditure Budget:
Other Administration (Non-departmental) $291,120
Authorize a FY 2021-22 budget amendment increasing expenditure appropriations in the Downtown Marina Fund (640) by $18,000 from fund balance.
Authorize a reserve for future appropriation of $2,500,000 from FY 2021-22 available funds to be added to $1,100,000 remaining from June 30, 2021 for a total of $3,600,000 to fund estimated increase in future year Assured Guaranty Settlement contingent payments.
Authorize a remittance in the amount of $10,000,000 to Public Agency Retirement Services (PARS) for deposit to the City of Stockton Public Agency Post-Employment Benefits Trust (Trust) from the General Fund.
Authorize FY 2022-23 General Fund appropriation, including fund transfers, from General Fund balance for $5,667,000 in Council priority projects and authorize the reallocation of up to $440,000 in remaining balances from the FY 2020-21 Council priority projects to the FY 2022-23 Council priority projects. The specific projects to be funded will be determined following review by the Council Budget / Finance / Economic Development Committee and approval by the full City Council.
Allocate available fund balance to reserve categories consistent with the Council Reserve and Fund Balance Policy – General Fund Policy. The net increase in fund balance will be added to the current reserve levels to achieve the total reserve amounts as follows:
Priority 1 Reserves
Working Capital $47,200,000
Known Contingency $55,300,000
Priority 2 Reserves
Risk-Based Reserves $10,800,000
Authorize the City Manager to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.
PASSED, APPROVED, and ADOPTED December 13, 2022 .
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KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
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ELIZA R. GARZA, CMC
City Clerk of the City of Stockton