HomeMy WebLinkAbout2020-02-18 Item 09 Presentation
2FISCAL YEAR 2020QUARTER BUDGET REPORT
Fiscal Year 2020 2 Actuarial Valuation Report. 2019 for retirement costs based on latest CalPER’s –2018 Increase of approximately $3.0 million over Fiscal Year •which is an overall projected
increase of $3.0 million.projection for each sales tax measure is $19.8 million, budgeted at $18.3 million and the revised revenue Both Measure A and Measure P Sales Tax were each •Budget
amount. $1.4 million or 4.1 percent over Fiscal Year 2020 Adopted Sales tax revenue anticipated to increase by approximately •Budgetary Notes
Fiscal Year 2020 3 Fiscal Year 2020 General Fund Budget Second Quarter Monitoring Report
Fiscal Year 2020 4 for the General Fund by $139,000.increaseAll proposed adjustment result in a net cost •Commitment.Bayfront Finance Authority Fund from the Bayfront Out to establish
the CV -and Services to TransfersTransfer $2.7 million expense budget from the Supplies •Measure P Fund. Out from the General Fund to the -revenues and TransfersIncrease of $734,000
for Measure P Sales Tax for •Department for the Special Events budget.Departmental to the Administration -expenses from NonTransfer $391,000 appropriations for revenues and •General
Fund Significant Budget Adjustments Second Quarter Adjustments
Fiscal Year 2020 5 Other Funds by $247,284.for the decreaseAll proposed adjustment result in a net cost •the CV Bayfront Finance Authority Fund.Improvements (SWR0321) from the Bayfront
Project commitment from and expenses to establish new CIP for the RIDA Bayfront Sewer Appropriate $715,000 in revenues -Capital Improvement Projects Fund •Improvement Fund. $1,487,819.
Transfer $715,000 for a new CIP for SWR0321 in the Capital includes the FY 2019 amount of $1,259,364 and FY 2020 amount of of $2,747,183 from the General Fund for the Bayfront Commitment,
which Appropriate revenues and expenses –CV Bayfront Finance Authority Fund •Project Expense for RIDA Bayfront Sewer Improvements (SWR0321). Transfer $1,195,000 from Other Expenses
to CIP -Sewer Income Fund •Efficiency Projects. Appropriate $100,000 for Energy -CV Elite Athlete Training Center Fund •Other Funds Significant Budget Adjustments Second Quarter Adjustments
LONGFISCAL YEAR 2021 TO 2025TERM FINANCIAL PLAN (LTFP)-
LTFP Forecast SummaryFY2025–FY2021
Fiscal Year 2021 impact on the projections within the LTFPAny economic downturn will have a negative •growing expensesPension costs one of primary drivers of •FY 2025: $9.5 million deficit–FY
2021: $2.3 million deficit–term of the outlook. revenues on an annual basis throughout the LTFP projects expenditures to outpace •2025 Outlook-
Pension Obligation Bonds Pros and Cons of POB’s•are around 3%Current Pension Obligation Bond interest rates •on that debt annually (~$25 Million)The City is required to pay CalPERS 7%
interest •millionCurrent unfunded pension liability of $355 •
Next Steps 10 Budget (All Funds)Public Hearing and Recommend Council adoption of Proposed FY 2021 •JunePresent Fiscal Year 2021 All Funds Budget and CIP OverviewCity Council: •City Manager
Proposed Budget document submitted to Council•Hold two public workshops to provide overview of proposed budget•Fiscal Year 2020 Third Quarter Financial Report•May Preliminary City Manager
Proposed Budget Council Discussion Item•AprilFY 2021 Budget Projection Discussion, Updated LTFP DiscussionCity Council Workshop:•MarchYear Budget Review-Develop Fiscal Year 2021 Baseline
Budget; include changes from Mid•Projections)Year Fiscal Year 2020 Budget Review (Second Quarter Financial -Mid•February
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