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Home My WebLink AboutAGENDA REPORT 2022 0525 CCSA SPC ITEM 05A POWERPOINTFY 2022/23 RECOMMENDED OPERATING AND CAPITAL BUDGET SUMMARY MAY 25, 2022 1 Outline of Contents •Budget Summary •Revenues •Expenses •General Fund •Risks and Opportunities •Reserves •ARPA Funding Status •Next Steps 2 3 BUDGET SUMMARY Budget Summary 4 FY2021-22 Estimated (does not include Fiduciary Funds) FY2022-23 Recommended (does not include Fiduciary Funds) Revenues $44,184,040 $44,633,740 Expenses (45,012,754)(66,959,619) Net Transfers 0 0 Surplus/(Deficit)(828,714)(22,325,879) Beginning Fund Balance 112,418,783 111,590,069 Surplus/(Deficit)(828,714)(22,325,879) Ending Fund Balance $111,590,069 $89,264,190 FY21-22 Current Estimate 5 General Fund Special Revenue Funds Capital Projects Funds Moorpark City (does not include Fiduciary Funds) Revenues $20,699,018 $23,087,422 $397,600 $44,184,040 Expenses (17,049,720)(18,188,326)(9,774,708)(45,012,754) Net Transfers (3,048,691)3,048,691 0 0 Surplus/(Deficit)600,607 7,947,787 (9,377,108)(828,714) Beginning Fund Balance 1,000,000 72,271,846 39,146,937 112,418,783 Surplus/(Deficit)600,607 7,947,787 (9,377,108)(828,714) Ending Fund Balance $1,600,607 $80,219,633 $29,769,829 $111,590,069 FY22-23 Recommended Budget 6 General Fund Special Revenue Funds Capital Projects Funds Moorpark City (does not include Fiduciary Funds) Revenues $21,650,060 $22,405,758 $577,922 $44,633,740 Expenses (18,639,498)(42,549,246)(5,770,875)(66,959,619) Net Transfers (2,888,894)2,888,894 0 0 Surplus/(Deficit)121,668 (17,254,594)(5,192,953)(22,325,879) Beginning Fund Balance 1,600,607 80,219,633 29,769,829 111,590,069 Surplus/(Deficit)121,668 (17,254,594)(5,192,953)(22,325,879) Ending Fund Balance $1,722,275 62,965,039 $24,576,876 $89,264,190 Annual City Surplus Analysis 7 8 REVENUES City Revenue Breakdown 9 Property Tax $ Breakdown 10 Moorpark Homes Sales History 11 Property Tax Trend 12 Sales Tax Dollar Breakdown 13 Growth in Sales Taxes 14 Sales Tax Trend 15 16 EXPENSES City Expenditure Breakdown 17 FY 22-23 Capital Projects Expenditures Project Name $ in millions % of Total FY Spend Princeton Avenue Widening $ 17,868,011 51.5% New Moorpark City Library 2,051,060 5.9% Inclusive Playground—Tierra Rejada Park 1,764,810 5.1% LA Avenue Widening-Spring/Moorpark 1,722,725 5.0% High Street Improvements 1,500,000 4.3% Princeton Ave/Campus Park Landscape 1,085,000 3.1% LA Avenue Traffic Signals/Fiber Optic 935,655 2.7% Arroyo Drive Bike/Ped Project 871,856 2.5% Spring Road Widening 774,568 2.2% LA Avenue Landscape Renovation 545,000 1.6% Other, including GF 5,546,671 16.0% Total Capital Project Expenditures $ 34,665,356 100% 18 Personnel Expenses 19 Budgeted Positions by Department Total FTE Budgeted Positions, FY22-23: 72.8 FY21-22: 71.4 20 Public Safety Costs Trend 21 22 GENERAL FUND General Fund Summary Estimated Current Year 2021-22 Recommended FY 2022-23 Revenues $ 20,699,018 $21,650,060 Expenses (17,049,720)(18,639,498) Net Transfers (3,048,691)(2,888,894) Surplus/(Deficit)600,607 121,668 Beginning Unassigned Fund Balance 1,000,000 1,600,607 Surplus/(Deficit)600,607 121,668 Ending Unassigned Fund Balance $ 1,600,607 $ 1,722,275 23 General Fund Revenue by Category Category CY Estimate 2021-22 Recommended 2022-23 % Change Taxes $ 14,582,263 $ 14,868,168 2% Intergovernmental 2,293,383 2,720,232 19% Charges for Services 1,358,896 1,457,760 7% Franchise Fees 1,234,800 1,233,000 0% Use of Money/Property 596,573 656,600 10% Licenses and Permits 270,103 308,000 14% Miscellaneous 240,000 228,300 (5)% Fines/Forfeitures 123,000 178,000 45% Total $ 20,699,018 $ 21,650,060 5% 24 General Fund Expenses by Category Category CY Estimate 2021-22 Recommended 2022-23 % Change Public Safety $ 7,734,075 $ 8,182,617 6% Salaries and Benefits 4,880,989 5,629,555 15% Services and Supplies 3,367,036 3,404,677 1% Capital Outlay 756,461 1,090,229 44% Utilities 311,160 332,420 7% Subtotal 17,049,720 18,639,498 9% Net Transfers Out 3,048,691 2,888,894 (5)% Total $ 20,098,411 $ 21,528,392 7% 25 GF Transfers Out 26 Budget Risks and Opportunities Opportunities Risks •Sales Tax and TOT •Unbudgeted City Hall Buildout •Property Tax –Base, RPTTF Pass Through, Transfer •Pressure on GF Transfers –Parks Maintenance •Personnel Vacancy Savings •Investment Income/Unrealized Losses •Overfunded OPEB •Potential for overfunded PERS Plan •Long-Term Pension Costs •User Fee Study –Increase Cost Recovery/Reduce GF Transfer to CD •ARPA Second Tranche Funding May Be Received in FY2022-23 •California Budget Surplus Funds •Long-Term CIP –Library, Princeton Avenue, etc. 27 28 RESERVES Reserves 29 •General Fund Reserves •Reserved = 20% of Projected Expenditures •Contingency = $.5 million + •Unassigned = $1 million + = $5.45 million @ FYE 2020-21 •Excess transferred to Special Projects Fund •All Other Funds •Minimum 10% of annual revenue (3-yr average) •Special Projects, Endowment Balances •Pension Plan Status •Overfunded OPEB at 186% = $1.2 million asset •Anticipate nearly fully-funded CalPers pension this valuation cycle = potential asset GF Reserve Category FY 20-21 $ in millions Reserved $3.95 Contingency .50 Unassigned 1.00 Total:$5.45 Reserves 30 •As of FYE 20-21, total reserves = $46.25 M, projected $40.1 M for FYE 21 -22 31 ARPA FUNDS UPDATE ARPA Funds Update •City allocation = $8.70 million •Received first half, FY21-22 = $4.35 million •FY21-22 Budget includes second half = $4.35 million •Funds may arrive after FYE per Treasury update •State anticipates receipt on or about June 21 •State has 30 days to distribute •City filed project expenditure report 4/29/22 •Declared Princeton Ave project = $5.69 million •Treasury guidance updated as follows: •Funds committed by 12/31/24, spent by 12/31/26 •Funds can be allocated to General Fund expenses 32 ARPA Spending Plan $ in millions Total SLFRF Allocation $ 8.7 Princeton Avenue (5.7) City Hall (2.0) City Council Priorities (1.0) Total Projects Expenditures:$ 8.7 Next Steps Budget Step Date Budget Study Session May 25 Finance Makes Final Changes to Budget Materials May 26 –June 2 Finance Compiles Final Budget Materials, Staff Report, and Resolutions June 3 –June 9 Finance Delivers Final Materials to City Clerk for Council Packets June 10 City Council Formally Adopts Budget and Appropriation Limit June 15 Fiscal Year 2022-23 Begins July 1 Final Budget Book Distribution Summer 2022 Submission of Budget to Government Finance Officers Association for Distinguished Budget Award Program By September 15 33 34 QUESTIONS