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City of San Leandro <br />City Council <br />Meeting Date: March 18, 2024 <br />Agenda Number: 5.g. <br />Agenda Section: CONSENT CALENDAR <br />File Number: 24-086 <br />File Type: Staff Report <br />Adopt a Resolution to Approve 2023-2024 Budget Amendment for 2022-2023 Year-End, One-Time <br />Appropriation of Unspent Funds for the General Fund, Special Revenue Funds, Capital Improvement <br />Projects Fund, and Fiduciary Fund <br /> <br />COUNCIL PRIORITY <br />·Public Safety <br />·Housing and Homelessness <br />·Infrastructure <br />·Fiscal Sustainability and Transparency <br />SUMMARY <br />Subject to final audit, the City ended Fiscal Year 2022-2023 with at least $9,258,000 in unspent <br />funds, made up of revenues received in amounts that were higher and expenditures that were <br />lower than what were budgeted. <br />RECOMMENDATIONS <br />Staff recommends the City Council approve the 2022-2023 year-end, one-time appropriation of <br />unspent (revenue exceeding expenditures) funds in the amount of $9,258,000. <br />BACKGROUND <br />The City Council approves annual budgets based on the best revenue and expenditure <br />information available several months prior to the adoption of budget appropriation. The City <br />Council initially approved the Fiscal Year 2022-2023 budget on June 28, 2021 as part of the <br />City’s biennial budgeting process that covers two fiscal years. As a result, budget adjustments <br />are periodically necessary for circumstances that arise and require additional budget <br />appropriations. The City Council has approved various budget amendments since 2021, <br />including a mid-cycle adjustment to the biennial budget that was approved on June 21, 2022. <br />ANALYSIS <br />Subject to finalizing the annual audit, the City estimates a 2022-2023 General Fund unspent <br />balance of $9,258,000. These funds result from stronger-than-projected revenues and controlled <br />expenditures across multiple departments. While sales tax declined in 2022-2023 by <br />$3,077,000, other revenues, including business licenses, permits, investments, and property <br />taxes increased, exceeding estimates by $6,950,000. Expenditures were $4,947,000 less than <br />Page 1 City of San Leandro Printed on 3/14/2024