Report to Mayor and City Council
Tuesday, February 21, 2023
Discussion
SUBJECT:
Title
FISCAL YEAR 2022-2023 MID-YEAR FINANCIAL REPORT AND CONSIDER ADOPTION OF RESOLUTION NO. 23-035 TO AMEND THE FISCAL YEAR 2022-2023 BUDGET (CITY COUNCIL).
Body
I. SUMMARY
The Finance Department performs an ongoing review of the City's financial performance and provides updates on the General Fund results to the Mayor and the City Council. The report presents the City's financial position in the current Fiscal Year (2022-2023) based on actual revenue and expenditures for the period of July 1 through December 31, 2022.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. RECEIVE and FILE the 2022-2023 Mid -Year Financial Report.
2. Adopt Resolution No. 23-035, A RESOLUTION OF THE CITY OF CARSON CITY COUNCIL AMENDING THE FISCAL YEAR 2022-2023 BUDGET IN THE GENERAL FUND.
1.
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III. ALTERNATIVES
TAKE another action deemed appropriate by City Council.
IV. BACKGROUND
The City Council adopted the Fiscal Year 2022-2023 Budget at its June 21, 2022 meeting. The Mid-Year budget report analyzes the budget status at the mid-point of the current fiscal year and updates the Mayor and the City Council on the City of Carson's financial position. The report provides an opportunity to adjust expenditures appropriation based on changed needs or priorities.
The Mid-Year Report is focused on the City's General Fund as the main operating fund for the City. Staff reviewed and is proposing adjustments to account to changing needs and new priorities within each department, considering anticipated expenditures for the remainder of the fiscal year (June 30, 2023).
The Fiscal Year 2022-2023 Budget was adopted by the City Council to maintain levels of service to the City of Carson residents and enhance public safety efforts.
General Fund Revenue Update
At the end of Fiscal Year 2021-2022, the General Fund revenue totaled $129 million. This is $36 million (or 39%) higher than o...
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