HomeMy WebLinkAboutR-11474 approving amendments to the adopted 2023-24 Budget AppropriationsR 11474
RESOLUTION NO. 11474 (2024 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING AMENDMENTS TO THE 2023-24
BUDGET APPROPRIATIONS
WHEREAS, in accordance with San Luis Obispo Charter Section 802, the City
Manager has submitted the 2023-25 Budget Supplement to the Council for review and
consideration on June 6, 2023; and
WHEREAS, the Council appropriated the 2023-24 budget allocation including
operating, debt service, and capital improvement plan budgets; and
WHEREAS, in accordance with Budget Policy G under Financial Plan Purpose
and Organization, the Council will formally review the City’s fiscal condition, and amend
appropriations, if necessary, six months after the beginning of the year; and
WHEREAS, in accordance with Municipal Code Article VIII. Section 804, at any
meeting after the adoption of the budget, the Council may amend or supplement the
budget by motion adopted by a majority vote of the Council; and
WHEREAS, in accordance with Fiscal Policy Section 8, Policy 1, the City will give
priority to applying unassigned fund balance to additional discretionary payments to
CalPERS and Infrastructure Investments; and
WHEREAS, based on the Fiscal Year 2022-23 audited financial statements
presented to Council on January 23, 2024, the General Fund had an unassigned fund
balance of $8,275,453 and the Local Revenue Measure had an unassigned fund balance
of $3,872,937; and
WHEREAS, the City maintains a minimum fund balance of at least 20% of the
operating expenditures in the General Fund to provide for economic uncertainties, local
disasters, and other financial hardships; and
WHEREAS, in accordance with Resolution 11429 (2023 Series) the City Manager
has the authority to use General Fund Reserve balance to pay for operating and capital
expenditures related to the January and March 2023 storm events; and
WHEREAS, on July 11, 2023, Council approved the temporary deferral of the
Preferential Parking District Program with a plan that staff come back to Council in the
Spring of 2024 with a public engagement and outreach plan and study session, with the
goal to adopt a revised program by Fall 2024; and
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WHEREAS, staffing resources within the Parking Program have been strained due
to the increased priority and condensed schedule of the Parking Rate Study occurring in
the Winter/Spring of 2024, as well as the current vacancy of the Parking Program
Manager, and a planned leave of the Mobility Services Deputy Director.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The 2023-24 revenue and expenditure budgets are hereby amended
to reflect the changes outlined in the 2023-24 Mid-Year Budget report.
SECTION 2. The City will make a $2,437,211 additional discretionary payment to
CalPERS.
SECTION 3. The City will continue to use the General Fund Reserve balance to
pay for operating and capital expenditures related to the January and March 2023 storm
events.
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SECTION 4. Staff plans to come to Council in late 2024 or early 2025 for a
Preferential Parking District Program study session and public engagement and outreach
plan, with a goal to adopt a revised program in mid-2025.
Upon motion of Vice Mayor Pease, seconded by Council Member Marx, and on
the following roll call vote:
AYES: Council Member Francis, Marx, Shoresman, and Vice Mayor Pease,
and Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 6th day of February 2024.
___________________________
Mayor Erica A. Stewart
ATTEST:
________________________
Teresa Purrington,
City Clerk
APPROVED AS TO FORM:
________________________
J. Christine Dietrick,
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
___________________________
Teresa Purrington,
City Clerk
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2/16/2024 | 8:14 AM PST