Addendum.Item #14 - Mid-Year Budget Performance ReportPREPARED BY:
Gitta Ungvari Finance Director
Reviewed by: Town Manager and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● (408) 354-6832 www.losgatosca.gov
TOWN OF LOS GATOS COUNCIL AGENDA REPORT
MEETING DATE: 02/21/2023
ITEM NO: 14 ADDENDUM
REMARKS:
A Council Member had the following inquiries and staff’s response is below.
Please confirm if $4,998,746 of American Rescue Plan Act (ARPA) funds are currently available to be reprogrammed by the Town Council, itemize what ARPA funds have actually been spent,
specify what funds have been programmed but not spent and what is the estimated revenues over expenditures.
TOTAL ALLOCATIONS OF GENERAL FUND ARPA REPLACEMENT REVENUES $ 200,911 $ 1,802,124 $ 1,348,659 $ 453,465 $ 5,226,709 $ 670,628 $ 7,229,744
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SUBJECT: Mid-Year Budget Performance Report – Six Months Ending December 31, 2022 DATE: February 17, 2023
REMARKS (continued):
The table above is also found on page 27 of the Mid-Year Budget Report. It depicts that all of the blue highlighted items that were not fully spent as of December 31 2022 will be fully
expended per Council direction for parklets, enhanced senior services, rent waivers, and other items as listed.
The Adopted Budget included $2.9 million of ARPA allocation for Capital Purposes (highlighted in orange in the above table). At its August 16, 2022 meeting, the Council approved the
partial programming of the $2.9 million as demonstrated in the table below.
As demonstrated in this table, $2,220,000 were set aside for Future Capital Projects or Matching Funds, such as Shannon Road repair and the required $750,000 match for the Wildfire Grant.
The Capital Improvement Program and direction will be discussed separately at the the Finance Commission and Town Council March meetings.
Based on staff mid-year estimates, there is approximately $1.4 million operating revenues over operating expenditures. If all assumptions hold true, the $1.6 million (highlighted in
green in
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SUBJECT: Mid-Year Budget Performance Report – Six Months Ending December 31, 2022 DATE: February 17, 2023
REMARKS (continued):
the table on the first page) most probably will not needed to balance the FY 2022/23 budget and would be available for Council reprogramming at the final close of the Fiscal Year with
the audit (December 2023).
The following table demonstrates of the actual spending as of 2/15/2023 as a snapshot. The actual numbers do not include encumbrances, or future obligations under signed agreements.
AMERICAN RESCUE PLAN ACT (ARPA) SUMMARY WORKSHEET
TOTAL ALLOCATIONS OF GENERAL FUND ARPA REPLACEMENT REVENUES $ 7,229,744 $ 2,694,674
*Conditional Use Permit and Americans with Disability Act fee waivers for FY2022/23 will be determined at the close of the fiscal year.
Attachments previously received with the Staff Report:
Mid-Year Budget Report - July 1 - December 31, 2022 as Presented at the Finance Commission February 13, 2023 Meeting.
Public Comments Receive before Posting the Staff Report
Attachments received with this Addendum:
Public Comments received after publishing the Staff Report and before 11:01 a.m. on Friday February 17.
ARPA FUNDS REVENUE RECOGNIZED
7,229,744
$
GENERAL FUND ARPA REPLACEMENT REVENUES AVAILABLE LESS APPROVED USES TO BE BUDGETED:
PARKLETS (DOWNTOWN IMPVTS PROJECT) RENT WAIVERS
CUP/ADA FEE WAIVERS* DESTINATION MARKETING
K-RAILS (DOWNTOWN IMPVTS PROJECT) PROMENADES
DIRECT GRANTS
ENHANCED SENIOR SERVICES
CAPITAL IMPROVEMENT PROGRAM SUPPORT TRANSFERS REQUIRED FOR GF BALANCING OF OPERATING REV_EXP
7,229,744
$
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From:
To: Subject: Date:
Attachments:
Phil Koen Gitta Ungvari Question
Thursday, February 16, 2023 10:30:30 PM
Pages from MEET-Packet-ea2faa2d56764d67af3ef698c40b1cd1.pdf
[EXTERNAL SENDER]
Gitta,
Could you check to see which net change number for FY 23 is correct? On page 196 you are showing $(3,876,603) and on page 256 you are showing $(4,007,441).
Thanks.
Phil
ATTACHMENT 3
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Fund Schedule
Page 7
Page 196
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GENERAL FUND FINANCIAL SUMMARIES AND ESTIMATES
The following table is the Schedule of General Fund Operating Revenues Versus Operating Expenditures
for the second quarter of FY 2022/23which includes comparison information from the prior year.
The FY 2022/23 Adjusted Budget column includes the adopted budget and items that Council approved during the course of the first two quarters of the fiscal year, such as additional funding
for legal services, and miscellaneous carry over grants from prior fiscal year.
The FY 2022/23 Estimated column contains projections of final balances for the current fiscal year based upon staff analysis, the early trends observed through the second quarter in
sales tax and property tax projections, and the proposed mid-year adjustments as listed in this report.
The FY 2022/23 Estimated figures also include analysis on potential salary and other expenditure savings; however, budget adjustments are only recommended as identified in this Report.
Staff continues to fine tune the detailed analysis of the FY 2022/23 year-end estimated revenue and expenditure numbers and an update will be provided with the presentation of the Proposed
Fiscal Year 2023/24 Operating Budget.
The following table illustrates the summary of the General Fund balance status based on current estimates and prior year result.
The table in the following page provides the details of the Revenues and Use of Reserve and Total Expenditures and Reserve Allocations.
GENERAL FUND
SUMMARY OF REVENUES AND EXPENDITURES
Page 256
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