HomeMy WebLinkAbout2023-2024 Budget AdoptionFiscal Year
2023-2024
Budget Adoption
June 20, 2023
Biennial Budget Development Timeline
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Mid-Year Budget Update:
Typically takes place in February. FY 2023-2024 mid-year update is February 2024.
Column1 Jan Feb Mar Apr May June
Revenue and Expense Projections
Personnel Budget Development
Department Budget Preparation
Department CIP Preparation
Annual Policy and Funding Alignment Review
Preliminary Budget Preparation
Public Input and Engagement
City Council Consideration and Directions
Budget Adoption
City Council Goals:
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The following goals are long-term in nature to provide guidance for the City’s programs and
services. They are not intended to be completed within the 2023-2025 Biennial Budget cycle.
•Legacy: Complete Build-Out of the Tustin Legacy Specific Plan as soon as possible consistent with the City’s Disposition
Manual.
•Old Town: Make Old Town a destination for community gatherings, economic activity, and desirable location for real
property development.
•Pacific Center East: Prioritize the disposition of City-owned property in Pacific Center East and invest that value in other
Council priorities, and ensure that each disposition includes time commitments to put the sites to uses acceptable to the
Council.
•Red Hill Corridor: Maximize real property development opportunities to increase housing supply and commercial space
for businesses retention and attraction, enhance public improvements and beautification.
•Housing: Provide policy information and options related to all types of housing needs and potential opportunities to
increase the City’s housing stock.
General Fund Reserves (as % of General Fund Total
Expenditure)
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17%
20%
Minimum
(15%)
30%
$28M
26%
$24M 21%
$20M
Targeted
(15%-20%)
American Rescue Plan (ARPA) Fund:
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•Total funding $19.4 million
•Funds are obligated for the following programs:
Local community assistance (small business and non-for-profit grants)
Pandemic-related responses, relief and reinvestments
Lost revenues
•Expended $11.8 million through 6/30/2023.
•Remaining obligated ARPA funds will be spent by 12/31/2026.
Capital Improvement Program 2023-2025
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Project Highlight
Alley Grove Promenade:
•2.8 acres
•Enhanced walkway/bikeway
to connect different
neighborhoods
•Pickleball courts, basketball
court, respite areas
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Project Highlight
Legacy Park Phase 2:
•5 acres of park space
•4 Ecological Zones include:
•Playground
•Shaded Plaza
•Great Lawn
•Art Walk
•Fitness Pods
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Main Street :
•Monument sign
•Angled Parking
•Lighted Crosswalks
•Class 2 Bike Lanes
Old Town :
•Enhanced outdoor spaces
•Special events/street tree
lighting
•Wayfinding signage/kiosks
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Project Highlight
Recommendation
It is recommended that the City Council proceed with the adoption of the
2023-2024 budget and resolutions as outlined in the agenda report.
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