City of Temecula header
File #: AR-23-555    Version: 1 Name:
Type: Council - Consent Calendar Status: Agenda Ready
File created: 11/27/2023 In control: City Council
On agenda: 12/12/2023 Final action:
Title: Approve Financial Statements for the 4th Quarter Ended June 30, 2023
Attachments: 1. Agenda Report, 2. City Fund Summaries
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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.