TITLE
Recommendation to receive and file the Fiscal Year 2022 (FY 22) First Budget Performance Report providing an update on the City of Long Beach’s FY 22 financial status and projections and adjust appropriations in departments to reflect the funding where programs will be managed. (Citywide)
DISCUSSION
Overall Summary
This report includes information on the City of Long Beach’s FY 22 budget performance through March 31, 2022 for all funds and provides FY 22 year-end estimates of expenditures based on department analysis of data for the first quarter of the fiscal year (the most recent available expenditure analysis completed). Year-end estimates of revenues incorporate the most recent actuals and analysis. The attachments show actual budget performance through March 31, 2022. Final year-end results (scheduled to be brought to the City Council in February 2023) may differ significantly due to the range of potential outcomes.
The Adopted FY 22 Budget had minimal changes to departments’ General Fund budgets and avoided service cuts - despite a $30 million shortfall projection - due to the use of one-time funding made available through the Long Beach Recovery Act (LB Recovery Act) that covered the shortfall on a one-time basis. Current General Fund projections are now showing a shortfall of approximately $18 million, a significant but expected improvement from the budget based on recent trends and the strong FY 21 year-end financial performance, particularly in citywide revenues. LB Recovery Act funds are still anticipated to cover the shortfall as planned at the adoption of the budget. For Measure A, an operating and net program surplus of $12.8 million is projected for year-end, and a portion of these funds are being evaluated for uses as part of the FY 23 budget development process and to support the out-year Measure A plan.
While this financial report focuses on the General Fund, pertinent information for other funds is highlighted where applicable. F...
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