Report to Mayor and City Council
Tuesday, May 18, 2021
Discussion
SUBJECT:
Title
FISCAL YEAR 2021-2022 BUDGET WORKSHOP NO. 3 (CITY COUNCIL)
Body
I. SUMMARY
This is the third planned Budget Workshops being presented to the City Council before its considering adoption of the Fiscal Year 2021-2022 budget on June 15, 2021. The first Budget Workshop took place on March 16, 2021 where staff presented detailed information on the City General funds revenues including forecast and 5-year forecast. The second budget workshop took place May 4, 2021 and included updated information regarding the General Fund Reserve, projections for the Fiscal Year 2021-2022 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, the City Attorney's Office proposed rate increase (which is before you for approval in a Consent Item 2021-409) on the Agenda, Special Events fund, Capital Improvement Projects, and Public Works request for funding to address street maintenance equipment. The City is required to adopt the operating budget before the first date of the fiscal year by a resolution (June 15, 2021 targeted Public Hearing date). However, The Capital Improvement Projects plan may be adopted later and staff will continue to update the financial projections, funding sources and publish a CIP report.
On May 10, 2021, The U.S. Treasury announced guidance for the Coronavirus State and Local Fiscal Recovery Funds. The Coronavirus State and Local Fiscal Recovery Funds provide a substantial infusion of resources to help turn the tide on the pandemic, address its economic fallout, and lay the foundation for a strong and equitable recovery. The U.S. Treasury provided guidance on how to request funding through the Treasury Submission Portal.
Staff is in the process of completing t...
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