City Council and Concurrent Authorities
January 23, 2024

FY 2022-23 Year-EndBudget Status UpdateJanuary 23, 2024Item 15.1 General Fund – Revenues(Attachment B)General Fund – Revenues(Attachment B) Budgeted Revenues$ 285.6 million3rdQuarter Projection$ 309.8 millionActual Revenues (unaudited)$ 321.8 million$12 million increase compared to 3rdquarter report:Sales Tax +$ 827,000Electric & Gas Utility Users Tax +$ 1.4 millionBusiness License Tax +$ 5.8 millionInvestment Proceeds +$ 3.1 million Budgeted Revenues$ 285.6 million3rdQuarter Projection$ 309.8 millionActual Revenues (unaudited)$ 321.8 million$12 million increase compared to 3rdquarter report:Sales Tax +$ 827,000Electric & Gas Utility Users Tax +$ 1.4 millionBusiness License Tax +$ 5.8 millionInvestment Proceeds +$ 3.1 million General Fund - Revenues

General Fund –Revenue Trends2015 growth due to Measure A RevenuesBlue bars = normal growthGreen bars = Pandemic growth

General Fund –Expenditures (Attachment A)General Fund –Expenditures (Attachment A) Budgeted Expenditures $ 350.6 million3rd Quarter Projection $ 326.6 millionActual Expenditures $ 328.8 millionIncrease compared to Q3 Report +$2.2 millionUnanticipated Vacancy Savings -$20.5 million Budgeted Expenditures $ 350.6 million3rd Quarter Projection $ 326.6 millionActual Expenditures $ 328.8 millionIncrease compared to Q3 Report +$2.2 millionUnanticipated Vacancy Savings -$20.5 million General FundExpenditures(Attachment A)General FundExpenditures(Attachment A) General Fund Budget Variance (Attachment A)General Fund Budget Variance (Attachment A) Revenues
$36.17 Million•12.7% more than budgetExpenditures
$21.85 Million•6.2% less than budget ________________Variance from Budget $58.02 Million
Revenues
$36.17 Million•12.7% more than budgetExpenditures
$21.85 Million•6.2% less than budget ________________Variance from Budget $58.02 Million
New $ CumulativeFrontload COLA $ 3.4 Lump Sum Payments 4.3 Enhanced Services 1x 6.6 Ongoing 6.0 Contingent Payment (result of higher revenues) 1.5 3.6 HUD Finding Oak Park Ice Rink 0.9 Working Capital 16.67% 1.1 48.3 Known Contingency 12.7 68.0 Total 36.5 (58.0) $ 21.5 Balance for Council Discussion Uses of $58 Million Budget Variance (Dollars in Millions)Labor NegotiationsFY 2023-24 Budget AddsNet Budget VarianceFormula Reserves Commitments
General Fund Reserve Policy and TargetsGeneral Fund Reserve Policy and Targets Reserve & Fund Balance Policy – General Fund Targets set in June 2023 Reserve & Fund Balance Policy – General Fund Targets set in June 2023Recommended FundingReserve TargetsReserve Categories$48.3 million$48.3 millionWorking Capital (16.67%)$68.0 million$74.0 millionKnown Contingency$10.8 million$80.8 millionRisk-Based$127.1 million$203.1 millionTotal Recommendations for $21.5 Million(Dollars in thousands)Recommendations for $21.5 Million(Dollars in thousands) $ 5,000Fire Truck No. 7 Restoration Costs (FY 2025 to 2027)300Fire Truck No. 7 One-time Equipment Costs6,000Employee Incentive Program600Parks Maintenance (FY 2023-24 only)1,300Parks Maintenance Restoration of Services (3 years)3,000Victory Park Pool250El Concilio Community Center Repairs$ 16,450Subtotal5,000Council Priority Project Funds$ 21,450Total Potential Uses of Council Priority Project Funds (Dollars in thousands)Potential Uses of Council Priority Project Funds (Dollars in thousands) $ 55Fire Computer Aided Dispatch (CAD) System Upgrade/Patch45Fire Apparatus Gas Monitoring Equipment500Generator Replacements at Fire Stations705Telecommunications Network Upgrade at Fire Stations600Oak Park Senior Center Parking Lot1,775Neighborhood Traffic Calming Project300Playground at Anderson Park300Playground at Loch Lomond Park185Van Buskirk Tennis Court Lighting Replacement375Van Buskirk Park Playground Replacement80Williams Brotherhood Handball Court Lighting Replacement80Oak Park Magpie Fencing Replacement$ 5,000Total Long-Range Financial Plan(Updated with Year-End)Long-Range Financial Plan(Updated with Year-End)

Long-Range Financial Plan(With Fire Truck No. 7)Long-Range Financial Plan(With Fire Truck No. 7)

Other RecommendedBudget ActionsOther RecommendedBudget Actions •Allocate $429,000 in vacancy savings from other administration to:•City Clerk $ 37,000•City Manager $ 125,000•Office of Violence Prevention $ 67,000•City Attorney $ 93,000•Economic Development $ 107,000•Authorize Budget Amendment to cover overage•Downtown Marina Fund by $8,500•Reserve $925,000 for a reimbursement to US Dept. of Housing & Urban Development (HUD) •Allocate $429,000 in vacancy savings from other administration to:•City Clerk $ 37,000•City Manager $ 125,000•Office of Violence Prevention $ 67,000•City Attorney $ 93,000•Economic Development $ 107,000•Authorize Budget Amendment to cover overage•Downtown Marina Fund by $8,500•Reserve $925,000 for a reimbursement to US Dept. of Housing & Urban Development (HUD) FY 2022-23 4thQuarter Report Recommendation SummaryFY 2022-23 4thQuarter Report Recommendation Summary •Accept FY 2022-23 budget status report•Authorize two FY 2022-23 Budget Amendments:•Downtown Marina Fund•Allocate General Fund vacancy savings budget•Authorize reserve for: •Reimbursement to US Dept. of Housing & Urban Development •Contingent payment•Authorize FY 2022-23 General Fund appropriation of $21.5 million for council priority projects•Allocate General Fund Balance to reserves $127.1 million •Accept FY 2022-23 budget status report•Authorize two FY 2022-23 Budget Amendments:•Downtown Marina Fund•Allocate General Fund vacancy savings budget•Authorize reserve for: •Reimbursement to US Dept. of Housing & Urban Development •Contingent payment•Authorize FY 2022-23 General Fund appropriation of $21.5 million for council priority projects•Allocate General Fund Balance to reserves $127.1 million