CC Resolution 13066 - FY 23 Year-End Fiscal Update RESOLUTION NO. 13066
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING FISCAL YEAR (FY) 2023 YEAR-END CORRECTING BUDGET ADJUSTMENTS
WHEREAS, as of the Fiscal Year ended June 30, 2023, General Fund un-audited revenues
were $66.44 million and General Fund un-audited expenditures were $64.82 million; thereby resulting
in a potential operating surplus of$1.62 million for FY 2023, and
WHEREAS, staff recommends having a study session in FY 2024 to discuss financial policy
regarding use of current and future General Fund surpluses should they occur, and
WHEREAS, given the potential General Fund surplus identified, a $938,467 use of ARPA funds
in FY 2023 is no longer needed and staff recommends keeping it within the ARPA Fund for other uses
as determined by Council at a later date and as allowable under ARPA guidelines, and
WHEREAS, staff also recommends the following correcting year-end budget adjustment for FY
2023:
• 18-PP-JDM Improvements (Budd)-On August 2, 2022, the City returned unused Capital
Project funds to the Parks Dedication Fund (#295) upon final completion of project 18-PP
(JDM Improvements-Budd) in FY 2023 via City Council Resolution #12864. At that time,
staff estimated unused funds to be approximately $143,632. Actual unused funds remaining
were $232,411. Thus, this adjustment corrects the lower number and will return $88,779
more in funds to the Park Dedication Fund than previously expected. These funds can be
reappropriated at a later date for other allowable purposes, and
WHEREAS, Attachment C of the un-audited FY 2023 Fiscal Update report details the requested
budget adjustments and is incorporated by reference, and
WHEREAS, audited General Fund year-end actual results for FY 2023 will not be finalized until
December 2023 and may increase or decrease the actual General Fund operating surplus in FY 2023,
and
NOW, THEREFORE BE IT RESOLVED, by the City Council that the budget adjustments
contained in Attachment C of the un-audited FY 2023 Fiscal Update report are approved.
PASSED AND ADOPTED this 17th day of October, 2023, by the following roll call vote:
AYES: Councilmembers: Lopez, Scozzola, Furtado, Landry, Bybee
NOES: Councilmembers: None
ABSENT: Councilmembers: None
APPROVA.
Anne Bybee Mayor
ATTEST:
(4140/4/67110-
Andrea Sande City Clerk
1
City of Campbell
Request for Budget Adjustments
Department/Program Division Date Request No.
Non-Departmental 980-Operating Transfers October 17,2023 BA-25
Budget to be Reduced
Fund/Program Account Number)t Description Amount
101.980 6899 Operating Transfer In-From ARPA 938,467
221.980 9899 Operating Transfer Out-To General Fund 938,467
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Budget to be Increased
Fund/Program Account Numbers Description Amount
REASON FOR REQUEST-BE SPECIFIC:
Cancelling transfer of ARPA Funds to the General Fund to balance operations in FY 2023 due to lack of actual need.
Will Fuentes Brian Loventhal
Finance Director City Manager
City of Campbell
Request for Budget Adjustments
Department/Program Division Date Request No.
Public Works 18PP-JDM IMPROVEMENTS—BUDD September 9,2023 BA-24
Budget to be Reduced
Fund/Program Account Number Description Amount
435.18PP 7130 Proj salary 61,665.20
435.18PP 7430 Prof Svcs 2,688.69
435.18PP 7883 Impr Other than Bldg 168.057.89
232,411.78
Budget to be Increased
Fund/Program Account Number Description Amount
295.990 6999 'Parkland Dedication Fund-Transfer-In 232,411.78
435.990 9999 Capital Project Fund-Transfer-Out 232,411.78
REASON FOR REQUEST-BE SPECIFIC:
Return unused Capital project funds to Parks Dedication fund upon final completion of project 18PP(JDM
Improvements—Budd)in FY'23,per City Council consent report dated 8/2/22 and accepted by Council in resolution#12864.Staff
estimated unused funds to be returned,at that time,were approximately$143,632.Actual unused funds remaining are
$232,411.78.
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Will Fuentes Todd Capurso Brian Loventhal _
Finance Director Public Works Director City Manager