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City of San Leandro City Council Meeting Date: June 28, 2023 Agenda Number: 10.b. Agenda Section: DISCUSSION ITEMS File Number: 23-274 File Type: Staff Report Adopt a Resolution to Approve 2022-2023 Third Quarter Financial Report as of March 31, 2023 SUMMARY AND RECOMMENDATIONS Staff recommends the City Council adopt a resolution approving the 2022-2023 Third Quarter Financial Report as of March 31, 2023. BACKGROUND The City Council adopted the 2021-2022 and 2022-23 General Fund, Enterprise and Internal Service Funds, and Parking Fund budgets on June 28, 2021. The approved budgets are the annual expenditure and resource allocation plans guiding and insuring implementation of City Council policies and priorities. The budget implements the vision and direction for the broad range of services meeting the needs of the community in accordance with City Council policy. This financial review as of March 31, 2023, provides the third quarter budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through March 31, 2023, measures operational adherence to the budgetary allocation plan. DISCUSSION The City budget for 2022-2023 was adopted in June 2021. The amended budget incorporates estimated revenues and planned expenditures for all funds. The attached Third Quarter Financial Report as of March 31, 2023, provides the revenue and expenditure summary for the General Fund, Enterprise and Internal Service Funds, and the Parking Fund. The detailed discussion offers comparisons to the prior year and focuses on variances from the revenue and expenditure plans and allocations contemplated in the budget. 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 $160,231,000, including purchase order encumbrances from 2021-2022, approved carryover amounts, and City Council approved appropriation amendments. Third quarter revenue in 2022-2023 totals $84,743,000, 63% of the amended budget of $133,525,000, compared to 65% in 2021-2022. Expenditures of $77,143,000 through the third quarter amount to 48% of the anticipated total of $160,231,000, compared to 64% in 2021-2022. Both revenues and expenditure totals are in line with the prior year. Expenditures are expected to stay within 2022-2023 budget appropriations. Nevertheless, all expenditures will continue to be monitored throughout the year. Page 1 City of San Leandro Printed on 6/14/2023