HomeMy WebLinkAbout2021-2023 Biennial Budget Adoption- Item 15 CITY OF TUSTIN
------------------------------------------------------------------------------- 0 - ............................
2021 -2023
BIENNIAL BUDGET
ADOPTION
The Budget C
-------------------------------------------------------------------------------------------------- 2 ------------- ---------------
/ V
Biennial Budget Development Timeline
Revenue and Expense Projections
Personnel Budget Development
Departmental Budget Preparation
Departmental CIP Preparation
City Manager Review
Preliminary Budget Preparation MM
Public Input & Engagement
City Council Review
Budget Adoption
Mid-Year Budget Update:
Typically takes place in February
2022/23 General Fund Revenues
-------------------------------------------------------------------------------------------------- D -------------------------------- --------
Total
General Fund Revenues
74.
$80 $
�� ��i� $66.8
2 .4 C $60
o
25 $23.2 $40
$20 $0
O
.i15
.i
x $10
0 i
Sales Tac Property Tax Transient Departmental
Occupancy Tac Revenue
■ 21 Budget 22/23 Budget
2022/23 General Fund Expenditures
-------------------------------------------------------------------------------------------------- D -------------------------- --------
Total
General Fund Expenditures
$30.0 $28.0 $77.9
$2?.1 $80 $72.6
C $60
$25.0 $40
$20
$20.0 $0
_ $16.1
° $15.0
$15.0
$9.3 $10.0
$10.0 $8.6
6.2
$5.0
Police Services Public Works Fire Services Non-Departmental
■ 2021 Budget 22/23 Budget
American Rescue Plan Act of 2021 (ARPA)
------------ ------- ------------------------- -------- ------ --- -------- ------------ ----------- -----------
(D
$19.4m has been allocated to the City of Tustin, which can be used to:
Respond to the public health emergency
� Address negative economic impacts caused by the public health
� emergency
� Replace lost revenue related to the public health emergency
� Invest in water, sewer, and broadband infrastructure
� The Proposed Biennial Budget does not reflect the utilization of ARPA.
� A separate item has been placed on the agenda in order to discuss the
� use of ARPA — a portion of which may be used to address revenue
shortfalls.
General Fund Reserves
--------------------------------------- ----------------------- 6 ----------------------------------------- ---------------
20% 21%
17% Targeted ARPA*
0
(15%-20%) ($4.8m)
Reserves
Minimum without
(15%) ARPA
(15%)
GFOA National City Policy Projected Reserves
Benchmark at 6/30/23
*Up to $12 million of ARPA may be eligible to replace lost revenue for the provision of
government services through 2024. At least $4.8 million of this amount may be
utilized for the provision of government services over the next two fiscal years.
Pension Funding Update
0,
Funded Status as of 6/30/19
Tustin Public Agency Avg.
2021/22 Proposed Capital Improvement P
____________________________________________________________________ _______ g __. ____________________________________________________________________________________________
Water Facilities Flood Control
$8,212,498 Facilities
24% $150,000
<1% Park Facilities
$2,358,412
7%
Public Facilities
$2,589,743
8%
Tustin Legacy
$15,007,702
44% Traffic Control
Facilities
$554,000
2%
Transportation
Facilities
$5,241,594 $3431133949
15%
Recommendations
------------------------- ------------------------------------ (D -------------------------------------- -------------
� It is recommended that the City Council proceed with the adoption of
� the budget and related resolutions as outlined in the agenda report.