HomeMy WebLinkAboutFin Interim Financial Update and Budget Amendments to Reflect Operational Activity; Mid-Year Personnel Changes PPTMID-YEAR
BUDGET UPDATE
FISCAL YEAR 2022-2023
CITY COUNCIL
MEETING
FEBRUARY 6, 2023
EXECUTIVE SUMMARY
Forecasting general fund revenue increase of $1.5 million
Requesting increase in general fund appropriations of $1 million
Proposed personnel changes
SALES TAX
Large correction to County Pool during Q1 hyperinflated the
City’s allocation
Inflation remains strong driver of sales tax growth
ECONOMIC FORECAST
Inflation cooling, but still
elevated
Federal Reserve is expected to
continue to increase interest
rates
Expecting to feel impact into
later half of calendar year
Unemployment remains low
ARPA FUNDS
Ongoing reporting to the Treasury as to how we are
utilizing the funding
To date, we have expended/earmarked approximately
$9.3 million
STAFFING
Three position changes absorbed by their
respective budgets
One new headcount partially absorbed by
paramedic tax fund and partially general fund
WHAT'S NEXT
Report out on year-end activity in September
Continue to report out on ARPA fund future uses
Continue to monitor economic environment
RECOMMENDED ACTIONS
Adopt a resolution approving amendments to the FY 22-
23 budget and personnel changes