TITLE
Recommendation to receive and file the Fiscal Year 2021 Year-End Budget Performance Report and increase appropriations in several funds across several departments for various purposes to reflect final expenditures and carryover clean-up. (Citywide)
DISCUSSION
Summary
This report reflects the City of Long Beach (City) Fiscal Year 2021 (FY 21) budget performance. The information provided is subject to change, as the books for FY 21 are not fully closed and all numbers are unaudited, although a significant change is considered unlikely. Additionally, the budgetary funds available for many funds are still being developed and thus the information provided is based on the current information available. While the financial report primarily discusses the General Fund, significant information for other funds is highlighted where applicable.
The City has 161 financial funds, of which 143 are summarized and reported as 36 budgetary fund groups (35 fund groups with expenditures) covering 23 departments, including the separately managed Water and Harbor Departments. In this report, any reference and discussion of “funds” will be referring to the budgetary fund groups. Most of these funds are restricted funds, such as the Harbor Fund, Gas Fund, and Tidelands Funds, designated for specific and limited activities. Most community services provided by the City, such as police and fire services, libraries, and parks, are largely supported by the General Fund that comprises approximately 16 percent of the City’s total Adjusted Budget.
The FY 21 budget was established during the start of the pandemic when Long Beach, along with all other cities in the nation, faced tremendous uncertainty as to how the pandemic would impact the economy and the City’s finances for both revenue and expenditures. When the FY 21 budget was developed and proposed, the economy had experienced a recession and it was uncertain how severe the downturn would be and how long it would last.
This rep...
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