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City of San Leandro City Council Meeting Date: April 17, 2023 Agenda Number: 10.b. Agenda Section: CONSENT CALENDAR File Number: 23-144 File Type: Staff Report Adopt Resolution Approving 2022-2023 Mid-Year Financial Report as of December 31, 2022, and Approving Budget Amendments for 2022-2023 SUMMARY AND RECOMMENDATIONS Staff recommends the City Council adopt the resolution approving the 2022-2023 Mid-Year Financial Report and approving budget amendments for 2022-2023. BACKGROUND The City Council approved the 2021-2022 and 2022-2023 General, Enterprise, Internal Service, and Parking Fund budgets on June 28, 2021. The City Council also approved a budget adjustment during the Mid-Cycle Budget Review on June 21, 2022. The approved budgets feature the annual expenditure and resource allocation plan that guides the implementation of City Council budget policies and priorities. The budget provides funding direction for a broad range of services that meet the needs of the community in accordance with City Council policies. This financial review provides the mid-year budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through December 31, 2022, measures operational adherence to the budgetary allocation plan. DISCUSSION (Mid-Year Report) The City budget for 2022-2023 was adopted in June 2021. The amended budget incorporates current estimates for revenue and expenditure appropriations for all funds as of December 31, 2022. The attached 2022-2023 Mid-Year Financial Report as of December 31, 2022, provides the revenue and expenditure summary for the General, Enterprise, Internal Service, and Parking Fund. The report provides detailed revenue and expenditure comparisons to the prior year while also focusing on variances from financial plans and budgeted allocations. General Fund The General Fund finances the operations of the City having no special or dedicated revenue sources and pays for basic municipal services. The amended 2022-2023 General Fund budget projects revenues totaling $133,525,000 and expenditures totaling $151,916,000, including purchase order encumbrances from 2021-2022, approved carryover amounts, and several City Council approved appropriation amendments prior to December 2022. Mid-year revenue in 2022-2023 totals $49,702,000, 37% of the amended budget of $133,525,000, compared with 36% in 2021-2022. Mid-year expenditures total $52,743,000, Page 1 City of San Leandro Printed on 5/3/2023