HomeMy WebLinkAboutFin Interim Financial Update and Budget Amendments to Reflect Operational Activity; Mid-Year Personnel Changes PPTMID -YEAR
BUDGET UPDATE
FISCAL YEAR 2021-2022
CITY COUNCIL
MEETING
MARCH 7, 2022
EXECUTIVE SUMMARY
Forecasting general fund revenue increase of $5 million
Requesting increase in general fund appropriations of $1.3
million
American Rescue Plan Act funds of $16 million not included in
operating budget
Proposed personnel changes
SALES TAX
Continued growth in sales and use tax of an estimated $4.7
million
Pending any economic market surprises, this could be a new
baseline
4,000,000
4,500,000
5,000,000
5,500,000
6,000,000
6,500,000
7,000,000
12-1313-1414-1515-1616-1717-18FY18-19FY19-20FY20-21FY21-22FY22-23FY23-24FY24-25FY25-26Autos/Transportation
Autos & Transportation
Linear (Autos &
Transportation)
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
$5,500,000
$6,000,000
Building/Construction
Building &
Construction
Linear (Building &
Construction)
PROPERTY TAX
Expected increase in property tax roll for both secured and
unsecured property of approximately $360k
Median prices for Marin continue to increase
ECONOMIC FORECAST
Supply constraints
Federal Reserve is expected to
increase interest rates
Inflation has US consumers
feeling more financial stress
Risk of COVID-19 variants that
may emerge
ARPA FUNDS
Ongoing reporting to the Treasury as to how we are
utilizing the funding
To date, we have funded/encumbered approximately
$3.5 million
Full city amount is eligible for the revenue loss provision
Committed or encumbered by 12/31/24; spent by
12/31/26
STAFFING
Add a Public Works inspector position funded by
gas tax receipts
Approve two new job descriptions and changes
to a current job description in the Community
Development department
WHAT'S NEXT
Report out on year-end activity in September
Continue to report out on ARPA fund future uses
Continue to monitor economic market
Consider increasing emergency fund reserve
RECOMMENDED ACTIONS
Adopt a resolution approving amendments to the FY 21-
22 budget and personnel changes
