HomeMy WebLinkAboutMID-YEAR BUDGET REVIEW - ITEM 10 CITY OF TUSTIN
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Mid -Year Budget Review
Fiscal Year 2020- 2021
Overview
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� General Fund revenues projected $ 1.5 million higher than
� the budget and expenditures $ 1.8 million under budget
� General Fund Reserves Projected at $ 19 million
� (27% of General Fund Operating Expenditures)
� Capital Projects
� Pension Funding Update
Budget Cycle
General Fund Revenues
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$26.4
$ 5 $23.3 $70 $68.3 $69.8
$65
$20
.2 $60
$55
$15 $50
.= Total General Fund Revenue
$10
$5 $3.5 $ .8
$1.4 $0.7
$0
Sales Tac Departmental Revenue & Transient Occupancy Tax
Use of honey & Property
■ Amended Budget Mid-Year Forecast
Sales ,' Jse Tax Revenue
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Major Industry Groups
N
July — September 2020
2,000,000
1,500,000
1,000,000
I
500,000
N
N
0
Autos and General Consumer State and County Pools Business and Industry
Transportation Goods
Projected Actual Projected Actual Projected Actual Projected Actual
General FExpenditures
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�=1111114
Public forks,
$15,4171655 ,22%
Community Development,
$4,76614111 6 Police Services,
Administration, $29y6191469142%
$4,930,176, 7
City Attorney,
$833,000, 1%
Fire Services,
Citi Clerk, X745,136, 1 0 $9,309,400, 13%
Citi Council, X50,800, 09�
Non-Departmental,
$11958,0671 3
Parks and Recreation,
$316171085, 5%
Projected expenditures are $1 . 8 million under budget.
General Fund Reserves
r 27%
20%
1790
GFA National City Policy Projected Reserves
Benchmark at 6/30/21
Capital Proms
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� $50 million budgeted for capital projects, which includes
� traffic and street improvements, water system
� improvements, park projects and improvements at the
� Tustin Legacy.
� Significant projects include Peppertree Park,
� Neighborhood D-South, Peters Canyon Channel
� Improvements and the Simon Ranch Reservoir & Booster
� Pump Station Project.
Pension Funding Update
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Funded Status as of 6/30/ 19
Tustin Public Agency Avg.
77% 71%
The BCvr
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Biennial Budget Development Timeline
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Revenue and Expense Projections
Personnel Budget Development
Departmental Budget Preparation
Departmental CIP Preparation
City Manager Review
Preliminary Budget Preparation
Public Input & Engagement
City Council Review
Budget Adoption
Recommendations
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� It is recommended that the City Council approve the
� recommendations outlined in the staff report, except
� for items 6 and 7.
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