HomeMy WebLinkAboutR-11429 approving the 2023-25 Financial Plan and FY 2023-24 BudgetR 11429
RESOLUTION NO. 11429 (2023 SERIES)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING THE 2023-25 FINANCIAL PLAN
AND FISCAL YEAR 2023-24 BUDGET
WHEREAS, in accordance with San Luis Obispo Charter Section 802, the City
Manager has submitted the 2023-25 Financial Plan to the Council for review and
consideration consistent with established budget and fiscal policies; and
WHEREAS, the preparation of the 2023-25 Financial Plan was based on extensive
public outreach, comment, and input and the City Council’s strategic vision as discussed
at a public hearing for strategic budget direction on April 18, 2023; and
WHEREAS, the Planning Commission reviewed the City’s Capital Improvement
Plan for the 2023-25 Financial Plan on April 26, 2023, and confirmed the plan’s conformity
with the City’s General Plan; and
WHEREAS, the City Council held a public hearing on June 6, 2023, to consider
the preliminary 2023-25 Financial Plan and Fiscal Year 2023-24 budget appropriations
for Governmental Funds and Enterprise Funds; 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, expenditures related to the immediate response to the 2023 storms
and damages caused by the incident are an appropriate use of the General Fund reserve.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The 2023-25 Financial Plan and Fiscal Year 2023-24 budget with
appropriations consistent with the proposed Capital Improvement Plan are herewith
adopted and official copies of the Financial Plan, Budget, and the Capital Improvement
Plan for all funds, as adopted, shall be maintained on file with the City Clerk along with
this Resolution.
SECTION 2. The City Manager is hereby delegated authority to approve budget
adjustments consistent with the adopted budget appropriations and financial policies to
maintain budgetary flexibility and balances for the organization.
SECTION 3. The City Manager is hereby delegated the authority to approve non-
substantive format and typographical changes found within the 202 3-25 Financial Plan
as needed.
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Resolution No. 11429 (2023 Series) Page 2
R 11429
SECTION 4. The City Manager shall have the authority to use General Fund
Reserve balance to pay for operating and capital expenditures related to the January and
March 2023 storm events.
SECTION 5. The City Council approves the appropriation limit as set forth on page
505 of the 2023-25 Financial Plan and 2023-24 Budget.
Upon motion of Council Member Shoresman, seconded by Council Member
Francis, and on the following roll call vote:
AYES: Council Member Francis, Pease, Shoresman, and Mayor Stewart
NOES: None
ABSENT: Vice Mayor Marx
The foregoing resolution was adopted this 6th day of June 2023.
______________________________
Mayor Erica A. Stewart
ATTEST:
Teresa Purrington,
City Clerk
APPROVED:
Markie Kersten
Assistant 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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6/12/2023 | 7:57 AM PDT