CC Resolution 12904 - Fiscal Year 2022RESOLUTION NO. 12904
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING FISCAL YEAR (FY) 2022 YEAR-END CORRECTING BUDGET
ADJUSTMENTS AND USAGE OF FY 2022 ESTIMATED GENERAL FUND OPERATING
SURPLUS TO MEET ECONOMIC FLUCTATIONS RESERVE POLICY TARGET AND WORK
TOWARDS EMERGENCY RESERVE POLICY TARGET
WHEREAS, as of the Fiscal Year end June 30, 2022, General Fund un-audited
revenues were $57.68 million and General Fund un-audited expenditures were $56.29 million;
thereby resulting in an operating surplus of $1.39 million for FY 2022, and
WHEREAS, staff recommends placing $927,376 of the surplus into the General Fund
Economic Fluctuations Reserve (to meet the City's policy target of 16.67% of the FY 2023
Adopted Operating Expenditure Budget) and $467,517 of the surplus into the General Fund
Emergency Reserve (to build it back closer to the City's policy target of 10% of General Fund
Revenues), and
WHEREAS, as of the last update of the City's Seven -Year Financial Forecast, the
General Fund was expected to have an operating deficit of $2.21 million in FY 2022; thereby
resulted in a previously approved transfer by the City Council of $2.21 million from the City's
American Rescue Plan Act (ARPA) Fund (#221) to the General Fund (#101) to balance
operations in FY 2022, and
. WHEREAS, the $2.21 million use of ARPA funds in FY 2022 is no longer needed and
staff recommends keeping it within the ARPA Fund for other uses as determined at a later date
by Council and as allowable under the ARPA legislation, and
WHEREAS, staff also recommends the following correcting year-end budget
adjustments for FY 2022:
• 22-BB - Annual Street Maintenance FY22 - Due to the receipt of a CalRecycle
Grant for $49,308, staff recommends using it to pay for capital expenditures under
the FY 2022 Annual Street Maintenance Project as allowed under the grant terms
and conditions.
• 21-00 - ESCO Project — Due to a higher than anticipated rebate from PG&E of
$112,709 to make energy efficiency upgrades, staff recommends using it to pay for
associated ESCO project expenses. The higher than anticipated rebate also allows
a slightly reduced use of the Capital Improvement Project Reserve (CIPR) by
$9,986, and
WHEREAS, Attachment C of the un-audited FY 2022 Fiscal Update report details the
requested budget adjustments and is incorporated by reference, and
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WHEREAS, audited General Fund year-end actual results for FY 2022 will not be
finalized until December 2022 and may increase or decrease the actual General Fund
operating surplus in FY 2022, and
NOW, THEREFORE BE IT RESOLVED, by the City Council that as of October 18,
2022, the budget adjustments contained in Attachment C of the un-audited FY 2022 Fiscal
Update report and the use of the FY 2022 estimated General Fund operating surplus to meet
Economic Fluctuations Reserve policy target and work towards Emergency Reserve policy
target is approved.
PASSED AND ADOPTED this 18t" day of October, 2022, by the following roll call vote:
AYES: Councilmembers: Gibbons, Lopez, Landry, Bybee, Resnikoff
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
4 /L Gf'/ .�
Andrea Sa r0s, City Clerk
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APPROVE
Paul Resnikoff, Mayor