HomeMy WebLinkAboutR-11367 approving amendments to the 2022-23 Budget AppropriationsR 11367
RESOLUTION NO. 11367 (2022 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING AMENDMENTS TO THE 2022-23
BUDGET APPROPRIATIONS
WHEREAS, on June 6, 2022, the Council approved and appropriated the 2022-23
Budget Supplement including operating expenditures, debt service, and capital
improvement plan (CIP) budget (R-11332); and
WHEREAS, under the City's Financial Plan policies, operating program
appropriations not spent during the first year may be carried over into the second year for
specific purposes with the approval of the City Manager; and
WHEREAS, under Section 8 of the City's Financial Plan policies, Construction
projects and equipment purchases which cost $25,000 or more will be included in the CIP
and are accounted for in the Capital Outlay Fund ; and
WHEREAS, the 2021-23 Financial Plan included $220,000 for 919 Palm Street
Office modifications to support a growing workforce; and
WHEREAS, under Section 7 of the City's Financial Plan policies, the City will
maintain a reserve for the purpose of offsetting unanticipated fluctuations in general fund
revenues to provide financial stability. The funding target for the Revenue Stabilization
Reserve will be $1,000,000 during the term of the adopted Fiscal Health Response Plan.
Use and allocations of funds of the Revenue Stabilization Fund will be made upon Council
approvals of the Financial Plan or as becomes necessary during any fiscal year; and
WHEREAS, because the Fiscal Health Response Plan has ended, the current
General Fund forecast does not include a Revenue Stabilization Reserve, yet there
remain many economic uncertainties that could significantly impact the City’s tax revenue
base; and
WHEREAS, General Fund revenue for Fiscal Year 2021-22 exceeded projections
by approximately $6 million; and
WHEREAS, The Local Revenue Measure is a 1.5 percent local sales tax approved
by City voters in November 2020 to help protect and maintain services and public
infrastructure identified by the community such as community safety, creek protection,
addressing homelessness, keeping public areas safe and clean, retaini ng local
businesses, youth/senior services, streets, open space/natural areas and other vital
services and facilities; and
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R 11367
WHEREAS, based on unaudited financials presented in the 2021-22 Year-End
Budget Report, the Local Revenue Measure Fund has an unassigned fund balance of
approximately $3.8 million.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The 2022-23 budget is hereby amended to transfer operating budget
for City facility remodels at 919 and 990 Palm Street into the Capital Outlay fund; and
SECTION 2. The 2022-23 budget is hereby amended to appropriate $2,000,000
of one-time over-realized revenue into a Revenue Stabilization Reserve; and
SECTION 3. The 2022-23 budget is hereby amended to appropriate $2,067,846
of unassigned Local Revenue Measure Fund Balance into the operating and capital
budgets as presented in the 2021-22 Year End Budget Report and in Table 1 below:
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Table 1: Local Revenue Measure - Allocation of Unassigned Fund Balance
Type 3 Wildland Engine Replacement Additional Funding $85,000
Fire Recruit Academy to Address Paramedic Shortage $110,000
Accelerate Fire Pumper (Engine 4) Replacement $900,000
Public Works - Contract Coordinator $65,846
Allocation to Capital Reserve $907,000
TOTAL $2,067,846
Upon motion of Council Member Marx, 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 4th day of October 2022.
___________________________
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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10/6/2022 | 2:21 PM PDT