title
Approve Financial Statements for the 4th Quarter Ended June 30, 2023
recommendation
That the City Council:
1. Receive and file the financial statements for the 4th quarter ended June 30, 2023; and
2. Approve the following Fiscal Year 2022-23 Budget Adjustments:
a. Increase the Operating Transfers In revenue account (001.199.000.4090) by $5,324 to reflect a higher transfer than anticipated from the Supplemental Law Enforcement Grant Fund ($5,264) and from the Gas Tax Fund ($60).
b. Increase the Operating Transfer Out operating account (100.164.999.5901) by $60 to reflect a higher transfer than anticipated to the General Fund.
c. Increase the Operating Transfer Out operating account (160.199.999.5901) by $5,264 to reflect a higher transfer than anticipated to the General Fund.
d. Increase the Workers’ Compensation Claims operating account (305.199.999.5206) by $65,300 to reflect higher than anticipated claims expense.
e. Increase the Support Services Replacement Fund Depreciation account (335.199.999.5360) by $34,000 to cover the costs of depreciating assets within this Fund; and
3. Appropriate the following Fiscal Year 2023-24 Expenditures:
a. Appropriate $2,000,000 of the year-end General Fund surplus to the Pension Trust (PARS), in accordance with Budget Policy XII in Fiscal Year 2022-23.
b. Remit a $2 million Additional Discretionary Payment (ADP) towards the CalPERS Pension Unfunded Liability from surplus General Fund Balance.
c. Transfer $1,230,474 in surplus General Fund Balance into the CERBT Other Post-Employment Benefits Trust to pay down the unfunded liability.