REPORT TO COUNCIL
SUBJECT
Title
Action on FY 2021/22 Budget Year-End Report and Approve the Related Budget Amendments
Report
COUNCIL PILLAR
Enhance Community Engagement and Transparency
EXECUTIVE SUMMARY
To close out each fiscal year, a Budget Year-End Report is prepared that reconciles funds based on actual year-end performance and brings forward associated budget adjustments. This report includes changes to fund balances assumed in the development of the FY 2022/23 budget, other adjustments to account for needed changes resulting from actual year-end performance, and recommendations to allocate any additional fund balance above the amounts assumed in the budget or balancing actions if those fund balances drop below the levels assumed in the budget.
This report provides the year-end financial condition of the City of Santa Clara on a budgetary basis for the fiscal year ended June 30, 2022 and a summary of year-end performance for the General Fund, Special Revenue Funds, Enterprise Funds, Internal Service Funds, Debt Service Funds, and Capital Funds. The report includes the recommended approval of a limited number of FY 2021/22 budget amendments to address expenditure overages at year-end, FY 2022/23 budget amendments necessary based on the final FY 2021/22 results, capital project carryover adjustments, and the recommended allocation of the General Fund fund balance.
In FY 2021/22, the City's revenue collections continued to be impacted by COVID-19, with the largest impact to the Transient Occupancy Tax (TOT) revenue category. This impact was assumed in the development of the budget and General Fund revenues slightly exceeded the budgeted estimate. To help address the General Fund budget challenges, cost controls remained in place, generating expenditure savings. Performance in other funds typically met expectations. Revenues and expenditures in the Electric Utility Fund exceeded the budget. Silicon Valley Power (SVP) had higher than anticipated sales th...
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