HomeMy WebLinkAbout19 - Fiscal Year 2021-22 Budget Adoption; City Budget Hearing; Recommendations from the Finance Committee; and Proposed Budget Revision Items - PowerPoint (Staff)June 8, 2021
Item No. 19
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City Council
June 8, 2021
✓Strong budget surplus for FY 2020-21
✓ Elimination of reductions to the FY 2020-21 budget
✓ Balanced budget for FY 2021-22
✓ Revenue recovering, but remains below pre -pandemic
trendline
✓Continued focus on reducing the City's unfunded pension
liability and funding capital improvement projects
City of Newport Beach — Finance Department
• Revisions have been included in the budget per the Council's direction at the
May 25th meeting
GENERAL FUND
Budget
Increase (Decrease)
Expenditures
Better Beaches Initiative
1 Additional beach trash cans in high use areas $ 25,004
2 Permanently maintain porter service in Balboa Village & Corona del Mar $ 40,004
3 Additional trash/street can Dickuo in summer season $ 47,004
Total Expenditure Budget Changes
Revenue
Dissolution of Balboa Village Area Benefit District
1 Transfer revenue budgeted in Balboa Village Area Benefit District to the General Fund $ 395.822
Total Revenue Budget Changes $ 395,822
Total General Fund Changes: $ 283.822
BALBOA VILLAGE AREA BENEFIT DISTRICT
Budget
Revenue Increase (Decrease)
Dissolution of Balboa Village Area Benefit District
1 Reduce budgeted revenue in Balboa Village Area Benefit District $ (395,822)
Total Revenue Budget Changes $ (395.822)
Total Balboa Village Area Benefit District Changes $ (395322)
City of Newport Beach — Finance Department
• The budget remains balanced and now reflects a surplus of $32,000 and the
elimination of the $252,000 carry forward of prior year resources
• $11.0 million unrestricted fund balance will be increased by any additional FY
2020-21 year-end savings and reduced by any year-end appropriations pursuant
to City Council Policy F-5
BEGINNING UNRESTRICTED FUND BALANCE
SOURCES:
Operating Revenues
Less: Restricted Revenues
Prior Year Resources Carried Forward
Release of Restricted Funds
Transfers In from Other Funds
TOTAL SOURCES
USES:
Operating Expenditures
Transfers Out
TOTAL USES
ENDING UNRESTRICTED FUND BALANCE
CHANGE IN FUND BALANCE
FY 22 YV,FY22
ro os Revised Iff22A
hang
$ 10,754,961 $ 10,978,809 $ 223,848
233, 731,142
234,126, 964
395,822
(1,128,513)
(1,128,513)
-
251,847
-
(251,847)
1,220,000
1,220,000
-
11, 977,157
11, 977,157
-
246,051,633
246,195,608
143,975
225,851,633
225,963,633
112,000
20,200,000
20,200,000
-
246,051,633
246,163,633
112,000
$ 10,754,961 $
11,010,784 $
255,823
$ - $ 31,975
City of Newport Beach — Finance Department
• Citywide new positions discussed previously
• Various routine position reclassifications have also been
included in the budget for approval as further detailed in
the staff report
• Approval of recommended changes to position
classifications required by NBMC Section 2.2.8.030
• Approved annually during the budget process
• CalPERS requires pay schedules to be publicly available,
to be Council -approved, and to meet various requirements
• Approval of the attached salary ranges by the Council
meets these requirements
City of Newport Beach — Finance Department
• Budget Amendment No. 21-045 will implement the
restoration of the remaining identified budget reductions
for FY 2020-21 of $15.4 million
• $8.5 million contribution to Facilities Financial Plan (FFP)
• $4.5 million contribution to Harbor CIP
• $2.4 million of Neighborhood Enhancement projects
• The budget amendment will also transfer $1.6 million to the
CIP Fund to support permanent supportive housing and the
General Plan update as previously discussed
City of Newport Beach — Finance Department
• The Finance Committee met to consider the proposed
budget, including the Council's revisions made on May
25th, at their May 27th meeting
• The Committee voted unanimously to recommend the City
Manager's proposed FY 2021-22 budget to the City
Council for approval as presented
City of Newport Beach — Finance Department
1. Conduct a public hearing to receive input on the proposed
budget.
2. Review and approve the proposed budget revisions
implementing the Council's direction from the May 25th
meeting.
3. Review and approve the recommended list of position
classifications and salary ranges.
4. Approve a Budget Amendment implementing the
restoration of the FY 2020-21 budget reductions.
5. Adopt a resolution approving the budget and make the
required CEQA determination.
City of Newport Beach — Finance Department
Questions?
City of Newport Beach — Finance Department