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City of San Leandro City Council Meeting Date: March 20, 2023 Agenda Number: 10.g. Agenda Section: CONSENT CALENDAR File Number: 23-087 File Type: Staff Report Adopt Resolution to Approve 2022-2023 Budget Amendment for 2021-2022 Year-End, One-Time Appropriation of Surplus Funds for the General Fund, Special Revenue Funds, Capital Improvement Projects Fund, and Fiduciary Fund SUMMARY AND RECOMMENDATIONS Staff report for City Council resolution to approve 2022-23 budget amendment for 2021-22 year-end, one-time appropriation of surplus (revenue exceeding expenditures) funds for General Fund, Special Revenue Fund, Capital Improvement Fund, and Fiduciary Fund. BACKGROUND The City Council approves annual budgets based on the best revenue and expenditure information available several months prior to the adoption of budget appropriation. The City Council initially approved the 2022-23 budget on June 28, 2021. As a result, budget adjustments are periodically necessary for circumstances that arise and require additional budget appropriations. ANALYSIS Subject to finalizing the annual audit, the City estimates a 2021-2022 General Fund surplus- revenue exceeding expenditures- of $11,945,000. These funds result from stronger-than-projected revenues and controlled expenditures across multiple departments. Sales Tax and Property Transfer Tax revenues alone exceeded estimates by $5,700,000 and total 2021-22 expenditures were $1,800,000 less than projections. Staff recommends a 2022-23 budget amendment appropriating a total of $11,945,000 of one-time funds. General Fund transfers from Fund Balance would be appropriated as follows. Median Maintenance Staff proposes appropriating $272,500 in the Median Maintenance (010-33-052) account. The proposed appropriation allows for roadway median renovation, including replacing irrigation system and plants. Final cost estimates will determine the median location(s) to be improved. Without this project appropriation, the existing planting will remain unirrigated and will have reduced lifespans. Pension Trust Staff proposes appropriating and transferring $5,972,500 to the Pension Trust. In September 2015, the City Council adopted the Prioritizing Unfunded Liability Liquidation (PULL) Plan, which affirmed a 5-year goal of setting aside an additional $5,000,000 toward reducing unfunded liabilities. The PULL Plan calls for the City to direct up to 50 percent of all annual General Fund Page 1 City of San Leandro Printed on 3/15/2023