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File #: 21-2032    Name:
Type: Discussion Items Status: Agenda Ready
File created: 1/31/2021 In control: City Council
On agenda: 2/16/2021 Final action:
Title: DISCUSSION AND POSSIBLE ACTION REGARDING FY 2020-21 MIDYEAR BUDGET REPORT RECEIVE AND FILE THE FY 2020-21 MIDYEAR BUDGET REPORT AND THE PRESENTATION OF THE FY 2020-21 CAPITAL IMPROVEMENT BUDGET AND FIVE-YEAR CAPITAL IMPROVEMENT PROGRAM ADOPT BY 4/5 VOTE AND BY TITLE ONLY RESOLUTION NO. CC-2102-017, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, MODIFYING THE BUDGET FOR FISCAL YEAR 2020-21
Attachments: 1. Administrative Report, 2. 2102-017 Midyear Budget Resolution, 3. Attachment 1 - FY 2020-21 Summary, 4. Exhibit A - Council-Approved Appropriation Modifications, 5. Exhibit B - Adjustments to Revenue, 6. Exhibit C - Adjustments to Appropriations, 7. Midyear Budget Response Reports, 8. N3 - blue folder
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To: MAYOR AND CITY COUNCIL
From: MARNI RUHLAND, FINANCE DIRECTOR

TITLE
title
DISCUSSION AND POSSIBLE ACTION REGARDING FY 2020-21 MIDYEAR BUDGET REPORT

RECEIVE AND FILE THE FY 2020-21 MIDYEAR BUDGET REPORT AND THE PRESENTATION OF THE FY 2020-21 CAPITAL IMPROVEMENT BUDGET AND FIVE-YEAR CAPITAL IMPROVEMENT PROGRAM

ADOPT BY 4/5 VOTE AND BY TITLE ONLY RESOLUTION NO. CC-2102-017, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, MODIFYING THE BUDGET FOR FISCAL YEAR 2020-21
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EXECUTIVE SUMMARY
In June, the City Council adopted the FY 2020-21 operating budget. The City Council adopted a balanced budget which allocates funding for the provision of core municipal service to the residents, businesses, and visitors of Redondo Beach.

This report reviews the City's budget and financial condition at the midyear point of FY 2020-21. Financial challenges from significant and continuing revenue losses as a result of the global pandemic (particularly in the recreation program and facility rental revenue categories) have led to a projected current fiscal year General Fund shortfall of $1.4 million dollars.

Decision packages to bring the budget back in balance and to maintain the City's operational effectiveness and financial health are proposed for consideration. Additionally, Budget Response Reports are included as attachments for City Council's consideration and in anticipation of, or in direct response to, questions regarding the midyear budget. Finally, a status report on the Capital Improvement Program will be provided at the City Council meeting.

BACKGROUND
Where are the revised estimated ending fund balance summaries shown with proposed midyear FY 2020-21 revenues and expenditures?

Attachment 1 provides details of the revised estimated ending fund balances as shown on the Proposed Midyear FY 2020-21 Summary that arise in consideration of Decision Packages, adjustments to appropriations, and adjustments to revenue projections.
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