City Council Agenda Report
Meeting Date: May 2, 2023
From: Scott Williams, Director of Finance
Department: Finance
Submitted by: Angela Melgar, Finance Manager
Subject
Fiscal Year 2023-24 Budget Workshop I
Recommendation
No action required by City Council. This is a presentation only.
Background
In preparation for the upcoming Fiscal Year 2023-24 Budget adoption, Budget Workshops are intended to allow City Council to gather an understanding of the City’s operations and intended fiscal direction, as staff addresses Citywide issues, functions, and needs. Because each department faces unique challenges and identifies its own specific goals, collaboration between Finance and the individual departments is required in the weeks preceding these presentations.
The current economic environment has presented additional complexities this year. With an outlook of persistent inflation, rising interest rates, banking turmoil, and softening investment activity, a concerted effort by management was required to determine expenditures that could be deferred and cost savings that could be realized, while also focusing on current revenues and potential new income sources.
This presentation will focus on the previous year's highlights and the vision for the City departments as they move forward into the new fiscal year. It is designed to provide an overview of the Citywide proposed Fiscal Year budget that will be brought to City Council for approval in June. On May 16th, a second Budget Workshop will follow to address any changes proposed by Council and to provide more detail on any items of interest.
Fiscal Impact
There is no fiscal impact associated with this report.
Attachments
1. FY 2023-24 Proposed Budget