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File #: 20-341    Name:
Type: Staff Report Status: Agenda Ready - Administrative Business
File created: 5/13/2020 In control: Budget Standing Committee of the City Council
On agenda: 5/18/2020 Final action:
Title: Fiscal Year 2020-2021 Operating Budget Presentation (Janet Salisbury, Finance Director)
Attachments: 1. 1_General Fund Reduction Proposal (By Department), 2. 2_Proposed FY20-21 GF Expenditure Budget, 3. 3_Non-General Fund Summaries, 4. 4_Presentation - Proposed Budget FY2019-21, 5. 05.18.2020 SB 343 Budget Subcommittee public comments Legistar
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Title
Fiscal Year 2020-2021 Operating Budget Presentation (Janet Salisbury, Finance Director)

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RECOMMENDATION
Recommendation
It is recommended that the Budget Standing Committee provide feedback to staff in preparation for the City Council budget study session on June 9, 2020.

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BACKGROUND/DISCUSSION
In 2017, the City made the strategic shift away from a one-year operating budget cycle to a biennial operating budget cycle. Fiscal Year (FY) 2020-21 represents the second year of the biennial operating budget which was adopted on June 26, 2019. The biennial budget provides a two-year outlook with the first year (FY 2019-20) presented to City Council for budget approval and the second year (FY 2020-21) presented as a business plan, subject to adjustment.

Adjustments to the FY 2019-20 budget and the proposed FY 2020-21 budget are required due to the extraordinary economic downturn stemming from the COVID-19 global pandemic. South San Francisco is a financially strong, AAA credit rated city-well positioned to weather the financial downturn associated with COVID-19. Nevertheless, it is obvious the global economy has contracted. Over 33 million Americans have lost their jobs and South San Francisco has not been spared this economic pain.

CITYWIDE OVERVIEW - EXECUTIVE SUMMARY

The General Fund is the City's largest and core operational fund. For the current fiscal year, FY 2019-20, rapid financial actions to reduce spending, combined with higher than anticipated actual revenues, have yielded a surplus of $4,634,181 (operating revenues of $126,247,355 less expenditures of $121,613,174). This surplus can be used to offset some of the revenue losses anticipated in FY 2020-21.

For the upcoming fiscal year, FY 2020-21, the City is anticipated to have $105,385,881 (not including carryover purchase orders) in revenues and $112,217,884 in operating expenditures (net of departmental reductions), yielding an operating shortfall of $6,832,003. Staff recommends us...

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