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Item 40 - Refinancing City’s Pension Obligations with California Public Employees Retirement System
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Item 40 - Refinancing City’s Pension Obligations with California Public Employees Retirement System
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8/17/2023 4:15:55 PM
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8/17/2023 4:15:26 PM
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
40
Date
8/17/2021
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<br />26 <br /> <br />4826-7904-2280v7/200434-0005 <br />Fiscal Year 2022 Budget. The City Council adopted a budget for Fiscal Year 2022 on June 15, 2021 <br />which similarly took into account the effects of the COVID-19 outbreak. Budgeted expenditures for the General <br />Fund total approximately $353.5 million for Fiscal Year 2022, an increase of approximately $19 million or 5.7% <br />more than Fiscal Year 2021 adjusted budgeted expenditures. Budgeted revenues for the General Fund total <br />approximately $340.9 million for Fiscal Year 2022, an increase of approximately $17.1 million or 5.3% more <br />than the adjusted estimates for Fiscal Year 2021 revenues. The Fiscal Year 2022 budget projected an ending <br />General Fund balance of approximately $58.6 million (including transfers out), a decrease of approximately <br />$12.6 million from the projected beginning General Fund balance of approximately $71.2 million. The Fiscal <br />Year 2022 Budget was adjusted to account for the receipt of approximately $79.5 million in one-time federal <br />and state monies received in connection with the COVID-19 Outbreak. See the caption “THE CITY—COVID- <br />19 Outbreak.” <br />Budget History. The General Fund column within the audited financial statements include the City’s <br />General Fund plus twelve other Self-Restricted Funds. Historically, the Self-Restricted Funds have represented <br />approximately 6% of total general revenues. Set forth in the t able below are the adopted budgets for Fiscal Years <br />2019 through 2022, actual results for Fiscal Years 2019 and 2020 and estimated results for Fiscal Year 2021 for <br />the General Fund and the Self-Restricted Funds, on an aggregated basis. As a result, the numbers in the table <br />below do not match the Fiscal Year budgeted numbers set forth in the preceding four paragraphs which relate <br />only to the General Fund and not the Self-Restricted Funds.
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