Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION ACCEPTING THE FISCAL YEAR 2022-23 FOURTH QUARTER BUDGET STATUS UPDATE REPORT, APPROVING THE RECOMMENDED AMENDMENTS TO THE FISCAL YEAR 2022-23 AND FISCAL YEAR 2023-24 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) 2022-23 Annual Budget on June 21, 2022, 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 2022-23.
Allocate the General Fund Vacancy Savings budget reduction for FY 2022-23 from Other Administration (Non-departmental) category to the following departments:
Reduce Expenditure Budget:
Department Amount
City Clerk $ 37,000
City Manager $125,000
Office of Violence Prevention $ 67,000
City Attorney $ 93,000
Economic Development $107,000
Increase Expenditure Budget:
Other Administration (Non-departmental) $429,000
Authorize a reserve for future appropriation of $925,000 from FY 2022-23 ending balance in the General Fund to reimburse the United States Department of Housing and Urban Development for costs associated with Oak Park Ice Arena improvements.
Authorize a reserve for future appropriation of $1,469,000 from FY 2022-23 available funds for the estimated increase in the Assured Guaranty Settlement contingent payments for a total reserve of $3,600,000.
Authorize a FY 2022-23 General Fund appropriation of $21,450,000 for Council priority projects including restoration of Fire Station 7, parks maintenance, and the Victory Park Pool, as displayed in Table 5 of the staff report.
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, as displayed in Table 4 of the staff report, to achieve the total reserve amounts as follows:
Priority 1 Reserves
Working Capital $48,300,000
Known Contingency $68,000,000
Priority 2 Reserves
Risk-Based Reserves $10,800,000
Authorize a FY 2022-23 budget amendment increasing expenditure and revenue appropriations in the Downtown Marina Fund by $8,500.
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 ___January 23, 2024__ .
KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
ELIZA R. GARZA, CMC
City Clerk of the City of Stockton