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Finance and Management Services
<br />www.santa-ana.org/finance
<br />Item # 26
<br />City of Santa Ana
<br />20 Civic Center Plaza, Santa Ana, CA 92701
<br />Staff Report
<br />April 4, 2023
<br />TOPIC: Fiscal Year 2022-23 Mid -Year Appropriation Requests
<br />AGENDA TITLE
<br />Fiscal Year 2022-23 Mid -Year Appropriation Requests
<br />RECOMMENDED ACTION
<br />1. Approve the recommended Appropriation Adjustments. (Requires five affirmative
<br />votes)
<br />EXECUTIVE SUMMARY
<br />On February 21, 2023, the City Council received the Mid -Year Budget Update
<br />presentation. On March 21, 2023, the City Council received and filed the report,
<br />adopted resolutions to effect workforce changes, and continued consideration of the
<br />recommended appropriation adjustments to the April 4 agenda.
<br />A summary of the General Fund budget follows:
<br />FY22-23 Budget
<br />Updated with First
<br />Quarter Report on
<br />November 15, 2022
<br />Proposed Mid -Year
<br />Adjustments
<br />Updated Estimate
<br />Beginning Balance at July 1,2022
<br />$113,509,544
<br />$0
<br />$113,509,544
<br />Revenue Estimate
<br />$391,552,940
<br />$7,200,000
<br />$398,752,940
<br />Appropriated Spending
<br />$406,880,124
<br />4,079,260
<br />$410,959,384
<br />Pension Trust Set -Aside
<br />$7,748,811
<br />$0
<br />$7,748,811
<br />Estimated Ending Balance at
<br />June 30,2023
<br />$90,433,549
<br />$3,120,740
<br />$93,554,289
<br />Less 18% Reserve
<br />70,479,529
<br />1,296,000
<br />$71,775,529
<br />Estimated Spendable Balance
<br />19,954,020
<br />1,824,740
<br />$21,778,760
<br />DISCUSSION
<br />The Mid -Year report is an opportunity for staff to present updated revenue estimates
<br />and recommendations for appropriation adjustments, based on information received
<br />after the City Council adopted the budget in June 2022. The City's budget ledger
<br />already includes the increased revenue estimates presented on February 21, as no City
<br />Council action was required.
<br />City Council 26 — 1 4/4/2023
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