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Home My WebLink About2B - PresentationCity of Palm Springs ADOPTION OF FISCAL YEAR 2023-24 AND FISCAL YEAR 2024-25 BUDGETS JUNE 29, 2023 PPT #3 Item 2B - Page 1 City of Palm Springs Proposed FY 2023-24 and FY 2024-25 General Fund Budgets General Fund Changes since June 5, 2023 Council Meeting NOTABLE CHANGES Revenues: •FY 2023-24: $2M Decrease, Aloe Canyon HHAP grant funds, paid out in FY23 Expenses: •FY 2023-24: •$5 million –Decrease Aloe Canyon funds paid out in FY23 (grant & set-aside) •$626,610 –Decrease to adjust Plaza Theater renovation project to remove duplicative budget entries •$610,028 –Decrease, cost of pay changes primarily due to CalPers prepayment discount & final reconciliation with HR Expenses: •FY 2024-25: •$1 million –Decrease, adjust Plaza Theater renovation project to remove duplicative budget entries •$620,917 –Decrease, cost of pay changes 2nd year (details mentioned above) Item 2B - Page 2 City of Palm Springs Proposed FY 2023-24 and FY 2024-25 General Fund Budgets FY 2022-23 FY 2022-23 FY 2023-24 FY 2024-25 FY 2021-22 Revised Estimated Proposed Proposed Actual Budget Actual Budget Budget Beginning Fund Balance - Unrestricted 81,804,817$ 103,941,580$ 103,941,580$ 109,437,171$ 96,623,189$ Operating Revenues 173,263,534 155,985,228 175,260,139 178,382,691 186,097,408 Add: Grant Revenue 12,102,934 32,134,208 9,936,066 19,131,392 5,764,478 Transfers In - 1,012,516 1,012,516 - - Total Revenues 185,366,468 189,131,952 186,208,721 197,514,084 191,861,886 Operating Expenditures (123,720,434) (156,190,738) (136,480,907) (154,620,654) (158,964,716) Transfers Out (10,095,765) (27,331,298) (27,331,298) (19,731,879) (18,778,808) Operating Surplus / (Deficit) Excl. Grant Revenue 39,447,335 (27,536,808) 11,447,934 4,030,159 8,353,884 Set Asides (23,809,000) (6,964,860) (16,844,140) - Operating Exp. Incl. Set Aside & Transfers Out (133,816,199) (207,331,036) (170,777,065) (191,196,673) (177,743,524) Less: Grant Expense (1,163,506) (27,216,631) (9,936,066) (19,131,392) (5,764,478) Total Expenditures (134,979,705) (234,547,667) (180,713,131) (210,328,065) (183,508,002) Surplus / (Deficit)50,386,763 (45,415,715) 5,495,591 (12,813,981) 8,353,884 Proposed Minimum Fund Balance 30,924,131 31,792,943 Remaining Unassigned Fund Balance 103,941,580 58,525,865 109,437,171 65,699,058 73,184,130 Total Fund Balance Before CalPERS 103,941,580 58,525,865 109,437,171 96,623,189 104,977,073 CalPERS Reserve Set-Aside 28,250,000 34,250,000 34,250,000 40,250,000 46,250,000 CalPERS Set-Aside/Fund Balance 132,191,580$ 92,775,865$ 143,687,171$ 136,873,189$ 151,227,073$ Required Minimum Fund Balance Total 20.00%20.00% Fund Balance Total 77.67%28.23% 64.08%62.49%66.04% Fund Balance CalPERS Reserve Total 21.11%16.52% 20.06%26.03%29.09% Fund Balance % Total 98.79%44.75% 84.14%88.52%95.13% GENERAL FUND Item 2B - Page 3 City of Palm Springs Proposed FY 2023-24 and FY 2024-25 General Fund Budgets Capital Table and Changes since June 5, 2023 Council Meeting FY 2023-24: •$1 million Increased Measure J Community Projects funding •$250,000 Parks projects additional budget support •$100,000 –Increase in Measure J communications and marketing of accomplishments FY 2024-25: •$2 million Increased Measure J Community Projects funding •$3 million Increased Measure J Community Projects “catchup” funding •$250,000 Parks projects additional budget support •$100,000 –Increase in Measure J communications andmarketing of accomplishments Fund Beg Fund Balance Revenue Transfer In Expenditures Transfer Out Ending Fund Balance Use of Funds Gas Tax 2,453,548 1,394,633 - 1,000,176 - 2,848,005 Streets Measure A 8,491,377 7,878,780 - 9,681,254 - 6,688,903 Streets Drainage 2,349,965 525,000 - 617,260 - 2,257,705 Drainage RMRA 2,132,861 1,113,536 - 1,097,504 - 2,148,893 Transportation Quimby 3,799,942 635,000 - 837,555 - 3,597,387 Parks and Rec Measure J 35,964,245 22,770,046 - 27,512,557 3,133,700 28,088,034 General Capital Fund 24,250,634 38,024,600 2,000,000 48,462,868 - 15,812,366 Various Total 79,442,572 72,341,595 2,000,000 89,209,174 3,133,700 61,441,293 Fund Beg Fund Balance Revenue Transfer In Expenditures Transfer Out Ending Fund Balance Use of Funds Gas Tax 2,848,005 1,225,000 - 1,225,000 - 2,848,005 Streets Measure A 6,688,903 6,208,526 - 5,715,920 - 7,181,509 Streets Drainage 2,257,705 520,000 - -- 2,777,705 Drainage RMRA 2,148,893 1,151,193 - -- 3,300,086 Transportation Quimby 3,597,387 652,401 - -- 4,249,788 Parks and Rec Measure J 28,088,034 23,655,226 - 26,968,552 3,133,200 21,641,508 General Capital Fund 15,812,366 21,902,904 2,000,000 22,035,324 - 17,679,946 Various Total 61,441,293 55,315,250 2,000,000 55,944,796 3,133,200 59,678,547 **NOTE THAT ANY CAPITAL FOR THE AIRPORT OR WASTEWATER PLANT WILL GET FUNDED OUT OF THEIR OWN FUND Fiscal Year 2023-24 Capital Budget Fiscal Year 2024-25 Capital Budget Item 2B - Page 4 City of Palm Springs Proposed FY 2023-24 and FY 2024-25 General Fund Budgets Airport Table and Changes since June 5, 2023 Council Meeting Changes in Airport Budget Expenses FY 2023-24: •$42,000 –Increase, cost of pay, final reconciliation with HR •$10,400 –Increase in firefighter physicals costs FY 2024-25: •$207,000 –Increase, cost of pay, final recon. With HR •$17,700 –Increase in firefighter physicals costs FY2022-23 FY2023-24 FY2024-25 Forecast Proposed Budget Proposed Budget Total Revenue 53,623,663$ 62,688,919$ 69,312,200$ Airline Revenue 9,665,025 21,000,019 27,413,506 Non-Airline Revenue 27,256,648 35,423,694 41,898,694 Grant Revenue 16,701,990 6,265,206 - Total Expense 33,894,665$ 48,817,285$ 60,612,795$ Administration 5,212,996 7,980,758 8,848,179 Information Technology 420,000 1,013,385 953,302 Law Enforcement 3,053,885 3,130,981 3,212,906 Aviation Security - 1,669,190 1,791,177 Airside Operations 1,309,963 5,257,993 5,433,125 Rescue-Fire 3,681,436 4,833,264 4,985,769 Landside Operations 1,699,475 2,178,235 2,759,626 Ground Maintenance 664,899 686,717 638,976 T erminal Building Operations 7,788,259 8,111,425 10,606,277 Passenger Boarding Bridges 13,759 120,000 120,000 Baggage Handling System 299,493 897,000 900,000 Control Center Operations 3,330,431 4,144,623 4,114,466 Customs 284,240 336,305 303,996 Planning and Projects - 723,776 706,998 PERS Future Cost Reserve 750,000 750,000 750,000 Transfer Out 5,385,828 6,983,634 14,488,000 Surplus/(Deficit)19,728,998$ 13,871,634$ 8,699,405$ Item 2B - Page 5 Recommendations: •Open public hearing,take public testimony •Adopt Resolution adopting the FY 2023-24 and FY 2024-25 Allocated Positions and Compensation Plan and Pay Schedules •Adopt Resolution approving the FY 2023-24 and FY 2024-25 Budgets •Adopt Resolution approving the FY 2023-24Successor Agency Budget •Adopt Resolution approving the FY 2023-24Appropriations Limit. City of Palm Springs Proposed FY 2023-24 and FY 2024-25 General Fund Budgets Item 2B - Page 6