HomeMy WebLinkAboutR-11332 approving the Fiscal Year 2022-23 BudgetR 11332
RESOLUTION NO. 11332 (2022 SERIES)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, ADOPTING THE FISCAL YEAR 2022-23
BUDGET
WHEREAS, in accordance with San Luis Obispo Charter Section 802, the City
Manager has submitted the 2021-23 Financial Plan to the Council for review and
consideration consistent with established budget and fiscal policies; and
WHEREAS, the City Council adopted the 2021-23 Financial Plan on June 1, 2021,
and appropriated the budget for 2021 -22; and
WHEREAS, pursuant to Section 804 of the City Charter, the City Council must
adopt the 2022-23 Budget by June 30, 2022 in order for the appropriations to be in place
when the 2022-23 fiscal year begins on July 1, 2022; and
WHEREAS, an updated fiscal forecast was presented to Council with the 2021-22
Mid-Year Review and due to significant increases in revenue forecasts, Council took
action on February 15, 2022 to appropriate additional funding into the 2021-22 Budget
and approved changes to the 2022-23 budget; and
WHEREAS, the City Council approved wage and benefit changes for
unrepresented and confidential employees on April 19, 2022 to provide competitive
compensation in line with the City’s compensation philosophy and has set parameters for
the San Luis Obispo City Employees’ Association; and
WHEREAS, the 2022-23 Supplemental Budget includes the parameters and
compensation changes approved by the Council; and
WHEREAS, the City has an Insurance Fund policy that states that within the
Insurance Fund, a self-insured retention (SIR) will be set aside to cover expenses
associated with claims from the Excess Liability Insurance program and the SIR will be
funded based on a 75% confidence level of the previous five -year average claims
experience; and
WHEREAS, the City has received notification that its required contribution for
2022-23 will be higher than the amount adopted with the 2021-23 Financial Plan; and
WHEREAS, the voters approved the Gann Spending -Limitation Initiative on
November 6, 1979 and Proposition 111 on June 5, 1990, which establish and define
annual appropriation limits on state and local governmen t agencies; and
WHEREAS, regulations require that the governing body of each local agency
establish its appropriations limit and annual factors by resolution; and
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WHEREAS, To assist the local economy and businesses, the Parking fund
temporarily suspended collection of revenues and created new loading zones and
parklets and offered free parking during the holiday shopping season ; and
WHEREAS, in order to finance the construction of the Cultural Arts District parking
structure, the Parking fund requires rates increases and the elimination of the first hour
fee in the parking structures; and
WHEREAS, at the June 7, 2022 Council meeting, Council directed staff to allocate
$700,000 from the revenue loss portion of the State & Local Fiscal Recovery Funds
received by the City to the Parking Fund in order to keep the first hour free in the parking
structures for FY 2022-23.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The 2022-23 Financial Plan Supplement and budget is hereby
approved and that the operating, debt service, and capital improvement plan budget for
the fiscal year beginning July 1, 2022 and ending June 30, 2023 is hereby appropriated
as presented in the 2021-23 Financial Plan Supplement – 2022-23 Budget.
SECTION 2. The additional required contribution for 2022-23 above what was
adopted in the Financial Plan will be covered by the Insurance Fund Balance.
SECTION 3. $700,000 will be transferred from the Infrastructure Investment Fund
into the Parking Fund.
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SECTION 3. The City’s appropriation limit and annual adjustment factors for
fiscal year 2022-23 are adopted as follows:
Upon motion of Vice Mayor Christianson, seconded by Council Member Pease,
and on the following roll call vote:
AYES: Council Member Marx, Pease, Shoresman, Vice Mayor
Christianson, and Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 7th day of June 2022.
______________________________
Mayor Erica A. Stewart
ATTEST:
Teresa Purrington,
City Clerk
APPROVED:
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
Appropriations Limit 2021-22 $79,470,558
Consumer Price Index 7.50%
Population Factor: County Population Growth 0.28%
Compounded Percentage Factor (multiplicative not additive) 1.025%
Appropriations Limit 2022-23 $85,666,375
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6/10/2022 | 11:14 AM PDT