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City of San Leandro <br />City Council <br />Meeting Date: January 3, 2023 <br />Agenda Number: 10.h. <br />Agenda Section: CONSENT CALENDAR <br />File Number: 22-743 <br />File Type: Staff Report <br />Adopt a Resolution to Approve Fiscal Year 2022-2023 First Quarter Financial Update <br />SUMMARY AND RECOMMENDATIONS <br />Staff report for City Council resolution approving the Fiscal Year (FY) 2022-2023 First Quarter <br />Financial Report as of September 30, 2022. <br /> <br />BACKGROUND <br />The City Council adopted the 2021-2022 and 2022-2023 General Fund, Enterprise, and Internal <br />Service Funds and Parking Fund budgets on June 28, 2021. The approved biennial budget is <br />the annual expenditure and resource allocation plan guiding and ensuring implementation of City <br />Council policies and priorities. The budget implements the vision and direction for the broad <br />range of services meeting community needs in accordance with City Council policy. <br />This financial review as of September 30, 2022, provides the first quarter budget update to the <br />City Council for the current fiscal year. Review of the revenues collected and all expenditures <br />through September 30, 2022 measures operational adherence to the budgetary allocation plan. <br />DISCUSSION <br />The 2022-2023 second year of the adopted biennial budget, amended in June 2022, <br />incorporates estimated revenues and planned expenditures for all funds. The attached First <br />Quarter Financial Report as of September 30, 2022, provides the revenue and expenditure <br />summary for the General Fund, Enterprise, and Internal Service Funds and Parking Fund. The <br />details provide comparisons to the prior year and focuses on variances from the revenue and <br />expenditure plans and allocations in the budget. <br />General Fund <br />The General Fund finances the operations of the City having no special or dedicated revenue <br />sources and pays for basic municipal services. The amended 2022-2023 General Fund budget <br />projects revenues totaling $133,525,000 and expenditures totaling $151,392,000, including <br />purchase order carryover balances. The adjusted 2022-2023 General Fund revenue/expenditure <br />gap amounts to $17,867,000, requiring use of General Fund reserves. <br />First quarter revenue in 2022-2023 totals $11,485,000, 9% of the amended budget of <br />$133,525,000, compared with 9% in 2021-2022. Expenditures of $24,867,000 for the first <br />quarter amount to 16% of the anticipated total of $151,392,000, compared with 18% in <br />2021-2022. Expenditures are expected to stay within 2022-2023 budget appropriations. <br />Nevertheless, costs will continue to be closely monitored throughout the year. <br />Page 1 City of San Leandro Printed on 12/21/2022