DATE: February 22, 2022
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
FY 2022 Mid-Year Budget: Adopt a Resolution Approving the FY 2022 Mid-Year Budget Update and Receiving the General Fund Long Range Financial Model Update
RECOMMENDATION
That the Council 1) reviews the FY 2022 Mid-Year budget and updated General Fund Long Range Financial Model Update; 2) adopts a resolution providing amendments to the previously adopted City of Hayward FY 2022 Operating Budget (Attachment II); and 3) adopts a resolution providing amendments to the previously adopted City of Hayward FY 2022 Capital Improvement Program Budget (Attachment III).
SUMMARY
This report presents the mid-year review of the FY 2022 Adopted Budget, and an update to the General Fund Long Range Financial Model (Model), presenting proposed changes and projected year-end results based on current trends and data. While staff considers the entire City budget in its mid-year review, this report focuses primarily on the General Fund.
Proposed FY 2022 mid-year expenditures net a total increase of $2.8 million in General Fund expenses. Of this amount, $1.5 million is related to previously authorized and approved appropriations, and proposed FY 2022 mid-year expenditure adjustments totaling a net increase of $1.3 million. The proposed FY 2022 mid-year expenditures are all one-time in nature. Table 1 and Table 2 below detail the key changes in General Fund expenditures related to previous Council authorized and approved appropriations, and proposed new FY 2022 mid-year requests:
TABLE 1: PREVIOUS COUNCIL AUTHORIZED AND APPROVED APPROPRIATIONS
Previous Council Approved Appropriation
FY 2022 Impact ($)
Employee Contract Terms - HAME, Local 21, SEIU
$1,008,998
STEP Grant Appropriations
$405,000
Transfer-Out to General Fund CIP Fund for General Plan Update
$125,561
Hayward Literacy Council Reimbursement
$14,285
Previous Council Approved Appropriations Subtotal
$1,553,844
TABLE 2: PROPOSED NE...
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