TITLE
Recommendation to receive and file the Fiscal Year 2022 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 2022 (FY 22) budget performance. The information provided is subject to change, as the books for FY 22 are not fully closed and all numbers are unaudited, although 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.
The FY 22 budget was adopted projecting a General Fund funding shortfall of $30 million, which improved during the mid-year performance report to a projected $18 million shortfall. This final year-end report now shows a General Fund shortfall of $11.5 million, that will be covered with funds made available from the Long Beach Recovery Act as planned. This smaller shortfall is mainly credited to citywide revenues that have out-performed projections. General Fund expenditures have also experienced savings, particularly with higher vacancy rates for positions citywide. This report provides details behind these results as well as recommendations on funding key priority projections utilizing one-time funding, including the priority projects identified by the City Council with the adoption of the FY 23 Budget in September.
Other key funds are reporting a surplus or ending the year with budgetary funds available that is being recommended for priority one-time uses. The Uplands Fund has a surplus of $416,369 that is being recommended to be set aside for additional funding for oil well abandonment reserves after allocating 5 percent to the unfunded liability reserve per policy. Measure A has as a surplus of $9.8 million, which is being recommended to fund key prior...
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