FROM:
David P. Donery, Town Manager, Jeff Zuba, Finance & Administrative Services Director
SUBJECT:
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2021-2022 Budget Amendment and 2022-2023 Preliminary Proposed Budget and Work Plan
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RECOMMENDATION
recommendation
That Council approve the attached resolution amending the 2021-2022 Budget and conduct a public hearing on the Preliminary Proposed 2022-2023 Budget and Work Plan.
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BACKGROUND
The Town of San Anselmo's fiscal year starts on July 1 and ends the following June 30. Each year staff prepares a proposed budget to project revenues and recommend expenditures for the upcoming fiscal year. Included with the budget proposal is a recommended work plan.
DISCUSSION
The attached documents indicate that a balanced budget is anticipated in the General Fund for the 2022-2023 fiscal year. In the 2021-2022 fiscal year, the revised budget estimated an operating surplus of $28,459. The most recent information indicates, the 2021-2022 will end with a larger operating surplus of approximately $935,864. This increase is mainly due to increases in property taxes. Staff recommends amending the FY 2021-2022 Transfers out budget by $600,000, which includes $200,000 to Building Maintenance Fund to fund the Town's deferred building maintenance needs, $200,000 to the existing Insurance Fund as well dealing with unanticipated surge of Insurance premium and claims, and $200,000 to the Emergency Project Fund to fund any unexpected items that occur like the Center Avenue Bridge Sinkhole. The estimated beginning fund balance as of July 1, 2022, is $6,650,793 or 27.7% of expenditures and transfers out. This reserve is expected to be maintained for 2022-2023 as the proposed budget is a balanced budget. The following are the major changes to the 2022-2023 general fund budget as compared with the 2021-2022 budget:
Revenue
* Secured property tax, the General Fund's main source of revenue, is expected to increase by approximately $495,468 as compared...
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