Report to Mayor and City Council
Tuesday, May 16, 2023
Discussion
SUBJECT:
FISCAL YEAR 2023-2024 BUDGET WORKSHOP NO. 3 (CITY COUNCIL)
I. SUMMARY
This is the third planned Budget Workshop being presented to the City Council before its considering adoption of the Fiscal Year 2023-2024 budget on June 20, 2023. The first Budget Workshop took place on March 21, 2023, where staff presented detailed information on the City General funds revenues. The second budget workshop took place April 18, 2023, and included updated information regarding the General Fund Reserve, projections for the Fiscal Year 2023-2024 General Fund personnel expenditures, departments' operating expenditures and a preliminary estimate of the Los Angeles County Sheriff contract. This report includes updated information on departments' General Fund operating expenditures, the Los Angeles Sheriff contract, Special Events budget, 5-Year Capital Improvement Projects Plan.
General Fund revenue line items discussed in detail at the first Budget Workshop, including the three-year forecast. see Exhibit (1)
Exhibit (2) table shows the proposed Fiscal Year 2023-2024 in City departments' General Fund operating budget.
Based upon the following changes requested by the City Council at Budget Workshop No. 2, the draft Fiscal Year 2023-2024 General Fund expenditures totals $120 million.
At this workshop, we will provide the City Council with updated information on the Los Angeles County Sheriff contract, Special Events fund, Capital Improvement Projects.
The nine City Council priorities identified at the Workshop on Mission, Vision and Priorities will serve as the foundation for financial planning in formulating the Fiscal Year 2023-2024 budget. Departments proposed expenditures will be prioritized in alignment with the newly defined City Council priorities highlighted below:
1) Quality of life improvements (infrastructure, maintenance, beautification)
2) Economic development
3) Governance policies and proc...
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