HomeMy WebLinkAbout15 - Fiscal Year 2022-23 Second Quarter Financial ReportQ �EwPpRT
c
9C/FOR
TO:
FROM
CITY OF
NEWPORT BEACH
City Council Staff Report
February 28, 2023
Agenda Item No. 15
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
Jason AI -Imam, Finance Director/Treasurer — 949-644-3126,
jalimam@newportbeachca.gov
PREPARED BY: Shelby Burguan, Budget Manager,
sburguan@newportbeachca.gov
PHONE: 949-644-3085
TITLE: Fiscal Year 2022-23 Second Quarter Financial Report
ABSTRACT:
The Finance Department prepares quarterly financial reports to review the status of
revenues and expenditures for the City of Newport Beach (City) General Fund and to
monitor budgetary trends in other City funds. This report contains information on
revenues, expenditures and estimated fund balance for the second quarter of Fiscal Year
2022-23, which was reviewed on February 16, 2023 with the Finance Committee.
The second quarter financial report for Fiscal Year 2022-23 provides an analysis of the
financial activity of the City from the months of July through December 2022, and
projected amounts for the remainder of the fiscal year. Based on information available at
the end of the second quarter, a $12.4 million operating surplus for the General Fund is
projected for Fiscal Year 2022-23, which is net of non -operating activity that includes
one-time transfers out of the General Fund to the Facilities Financing Plan (FFP) Fund
and General Fund Capital Improvement Program (CIP). Approximately $10 million of the
budget surplus is expected to be utilized to set aside funds for the Contingency Reserve
(pursuant to City Council Policy F-2), and to replenish the FFP and General Fund CIP
Fund for amounts attributable to the Dove Street Property Purchase.
RECOMMENDATIONS:
a) Determine this action is exempt from the California Environmental Quality Act (CEQA)
pursuant to Sections 15060(c)(2) and 15060(c)(3) of the CEQA Guidelines because
this action will not result in a physical change to the environment, directly or indirectly;
b) Approve Budget Amendment No. 23-050, adjusting revenue estimates and
expenditure appropriations for the Fiscal Year 2022-23 budget as outlined in the
report; and
c) Receive and file the report of budget amendments for the second quarter.
15-1
Fiscal Year 2022-23 Second Quarter Financial Report
February 28, 2023
Page 2
DISCUSSION:
Economic Overview
Newport Beach's assessed property values continue to increase providing a strong
revenue base for the City. Recent trends in inflation have caused concern in the broader
economy and financial markets, however, the City is well -positioned to weather any
short-term increase in inflation thanks to the related increase in many of the City's
revenues such as sales tax and transient occupancy tax as prices increase.
General Fund Revenues
Overall General Fund revenue growth has outpaced projections that were incorporated
into the adopted Fiscal Year 2022-23 budget. Growth in transient occupancy tax, sales
tax, parking revenue, and property tax has contributed to a significant projected increase
in General Fund revenues of $7.5 million versus the adopted budget.
The following table summarizes the changes to projected General Fund revenues versus
the adopted budget for Fiscal Year 2022-23. Details follow highlighting the reasons for
the material variances.
Fiscal Year 2022-23 P
d General Fund Revenues*
Property Taxes
131,403,081
131,403,081
133,467,331
2,064,250
2%
Sales Tax
46,526,493
46,526,493
49,004,223
2,477,730
5%
Transient Occupancy Tax
27,788,728
27,788,728
28,908,841
1,120,113
4%
Other Taxes
12,174,567
12,174,567
12,174,567
-
0%
Service Fees & Charges
22,005,339
23,228,086
23,228,086
-
0%
Parking Revenue
5,681,942
5,681,942
6,976,357
1,294,415
23%
Licenses and Permits
5,870,375
5,870,375
5,870,375
-
0%
Property Income
6,416,226
6,828,626
6,828,626
-
0%
Fines & Penalties
3,870,567
3,870,567
3,870,567
-
0%
Intergovernmental
1,823,903
2,380,594
2,959,723
579,129
32%
Investment Earnings
1,300,000
1,300,000
1,300,000
-
0%
Misc Revenues
169,280
893,691
893,691
-
0%
Operating Transfers In
17,300,724
17,300,724
17,300,724
-
0%
Total Revenues
282,331,226
285,247,475
292,783,112
7,535,637
3%
* Based on preliminary year-end close data available as of December 31, 2022
Property Tax - Property taxes are the City's single largest General Fund revenue and
represent approximately 50% of all General Fund revenues. As these revenues are
primarily dependent on the assessed valuation established in January 2022, there is
typically very little variance seen from the original budget as the year progresses.
Projections for Fiscal Year 2022-23 property tax revenues from the City's property tax
consultant reflect a 7.6% increase in assessed values in the year ahead. This strong
growth is a result of the CPI factor returning to the maximum 2.0% allowed and adding
$1.2 billion to the assessed valuation, as well as continued strong property sales activity
and price appreciation adding $5.0 billion to the assessed valuation. The City's total
assessed valuation for Fiscal Year 2022-23 is now projected to grow from $66.2 billion to
$71.2 billion.
15-2
Fiscal Year 2022-23 Second Quarter Financial Report
February 28, 2023
Page 3
Sales Tax - The second largest funding source for the General Fund is sales tax revenue,
making up more than 15% of General Fund revenues. The City's sales tax base is largely
generated from three industry categories - autos and transportation, general consumer
goods, and restaurants/hotels. An updated projection provided by the City's sales tax
consultant reflects a $2.5 million increase over the adopted budget. Major categories
driving this increase are restaurants and hotels, projected to be up 10.8% over the prior
year same quarter, state and county pools, up 7.5%, and general consumer goods, up
6.8%.
Transient Occupancy Tax - The City has seen a steady rebound and comeback for
TOT revenues as the effects of the pandemic receded. The TOT budget for the current
fiscal year was developed in anticipation of full recovery of TOT revenues. Revenue from
short-term lodging businesses, which grew throughout the pandemic, is at a record high
level. Additionally, many hotel properties are reporting record high TOT receipts and have
been doing so for multiple consecutive months. While occupancy levels have not returned
to pre -pandemic levels, they are slowly increasing. This lag in occupancy levels has been
largely offset by higher room rates as shown in the chart provided by Visit Newport Beach:
$326.26
$278.88
$253.62 $254.02 $228.53
$191.99 $206.54 $208.16 $205.89 /r $284.44 ��`
$168.14 $151.26 $245.99 $181.29 $200.34
$199.62 $166,41 $174.69
$141.42 198.54
$114.90$169.04 $107.24
$75.46 $135.07 $130.46
$55.35 $134.15
w $35.37 �/$114.63 $122 87 $102.56
$79.98 $75.91 $72.95
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2020 # 2021 2022
VEA Newport Beach is now operational, with expanded meeting space, higher room
rates, and a full complement of rooms available that had not been usable during the
renovation process this past year. Staff had conservatively not included an impact in the
adopted TOT revenue budget from the changes to the hotel, which should result in a
positive variance beyond the Fiscal Year 2022-23 projection. The Fashion Island Hotel
remains closed, but is expected to reopen in the summer of 2023 following a sale and
renovation as the Pendry Newport Beach. Similarly, because the timing of the Pendry's
opening is uncertain, staff has not included any revenue from the hotel in the projection.
These reopening's, combined with the expected return of more business travelers, are
anticipated to have additional positive impact on the City's TOT revenues in the years
ahead.
An updated analysis of the City's TOT revenues shows an expected increase of
$1.1 million, due largely to strong short term lodging businesses, which increases the
current year projection to $28.9 million. Staff will continue to monitor TOT trends and will
provide additional updates to projections as necessary in future quarterly financial reports.
15-3
Fiscal Year 2022-23 Second Quarter Financial Report
February 28, 2023
Page 4
All Other Revenue — This category includes all other revenue sources other than the top
three (property tax, sales tax, and TOT). All Other Revenue is made up of the following:
• Other Taxes — real property transfer taxes, business license taxes, marine charter
taxes, and franchise fees.
• Service Fees and Charges — plan check fees, recreation classes, emergency
medical services fees, and numerous other cost -of -service fees.
• Parking Revenue — all General Fund related metered parking fees that are
assessed throughout the various parking zones of the City.
• Licenses and Permits — fees charged to process building -related permits, street
closure permits, dog licenses, and police tow franchise fees.
• Property Income — City owned and managed income -producing properties,
long-term ground leases to concessions, restaurants, hotels and other businesses
and organizations, and rental of City facilities to the public.
• Fines and Penalties — parking citation fines collected by the City, administrative
citation fines, fines remitted to the City from the County of Orange (County) for
vehicle code violations, and false alarm penalties.
• Intergovernmental Revenues — federal, state, and local grant revenues, which
includes, but is not limited to, the City's portion of the '/2 cent sales tax revenue
paid to the County for public safety, state mandate reimbursements,
reimbursement for strike teams sent to assist with fires, and revenue sharing with
the County under the Waste Disposal Agreement (WDA).
• Investment Earnings — revenue generated from the investment of City funds.
• Miscellaneous Revenues — restricted revenue, damage to City property, bad debt,
donations and contributions, non -operating revenues such as proceeds from the
sale of materials and equipment, and other miscellaneous revenues.
• Operating Transfers In — Operating Transfers In reflect regular ongoing transfers
into the General Fund from other funds. For Fiscal Year 2022-23, this includes the
transfer from the Tidelands Fund for the expenses related to the Cost Allocation
Plan.
Staff has updated parking revenue projections based on an analysis of actual revenue
received year to date. The adopted budget was established with conservative
assumptions about public use of the new pay stations, as there has historically been a
learning curve as meters are replaced. Parking revenues are also impacted by elevated
rates of tourism in the City, which is also reflected in the growth in TOT revenues. Total
parking revenues in the General Fund are projected to total $7.4 million, or $1.3 million
over the adopted budget.
15-4
Fiscal Year 2022-23 Second Quarter Financial Report
February 28, 2023
Page 5
Intergovernmental revenues are projected to exceed the revised budget by $579,000,
due to the Medi-Cal Managed Care Rate Range Intergovernmental Transfer (IGT)
Program for Cost Recovery of EMS Services. The California Department of Health Care
Services (DHCS) offers local units of government that provide health care services the
opportunity to secure additional Medi-Cal IGT revenues. Participation in the IGT allows
the City to receive additional Federal funds to offset previously unreimbursed costs for
providing Medi-Cal plan members emergency medical and transport services. This grant
program has a corresponding increase of $310,177 in the grant operating expenditure
category, which is reflected below.
General Fund Expenditures
The Fiscal Year 2022-23 General Fund revised expenditure budget totals $287.3 million,
including transfers. Spending trends in Fiscal Year 2022-23 are generally consistent with
prior years and do not indicate any cause for concern. Total expenditure savings of
$4.6 million are projected at this time due to year-to-date savings from vacancies, offset
by expense overages that are addressed in a Budget Amendment that will accompany
this report to the City Council and are explained in detail below.
The table below summarizes the changes to the adopted expenditure budget for Fiscal
Year 2022-23, as well as expenditure savings by budget category. Details follow
highlighting the reasons for the material variances.
Fiscal Year 2022-23 Pro
nditures *
Salary & Benefits
$163,463,320
$169,989,443
$164,790,055
$ 5,199,389
3.1%
Contract Services
26,873,734
30,006,006
30,006,006
-
0.0%
Grant Operating
548,485
568,456
878,633
(310,177)
-54.6%
Utilities
3,837,745
3,837,745
4,104,969
(267,224)
-7.0%
Supplies & Materials
3,902,350
4,697,570
4,697,570
-
0.0%
Maintenance & Repair
13,282,330
14,445,304
14,445,304
-
0.0%
Travel &Training
833,758
843,049
843,049
-
0.0%
General Expenses
2,178,896
2,280,465
2,280,465
-
0.0%
Internal Svc Charge
28,190,206
28,190,206
28,190,206
-
0.0%
Risk Management
255,915
255,915
255,915
-
0.0%
Capital Expenditures
1,153,666
1,497,547
1,497,547
-
0.0%
Operating Transfers Out
30,687,817
30,687,817
30,687,817
-
0.0%
Total Expenditures
$275,208,222
$287,299,524
$282,677,537
$ 4,621,987
1.6%
* Based on preliminary year-end close data available as of December 31, 2022
Significant expenditure budget variances are as follows:
• The revised salary and benefits budget totals $170.0 million, an increase of
$6.5 million over the adopted budget. The increase is primarily due to the
appropriation of $5.0 million from the Fiscal Year 2022-23 structural budget surplus
as an additional discretionary payment to CalPERS to further reduce the City's
unfunded pension liability. The remaining $1.2 million relates to recently approved
contracts with the majority of the City's employee associations.
15-5
Fiscal Year 2022-23 Second Quarter Financial Report
February 28, 2023
Page 6
The City does not budget for unknown labor costs, which requires mid -year
appropriations for negotiated salary and benefit increases in the year in which new
labor contracts are negotiated. An analysis of year-to-date savings from vacant
positions has resulted in a projected salary and benefit savings of $5.2 million.
The grant operating expenditure category reflects the additional $310,177 needed
for the Medi-Cal IGT program, which is fully offset by additional revenues as
explained in the revenue section of this report.
The utilities budget was increased in Fiscal Year 2022-23 by $830,000 over the
Fiscal Year 2021-22 adopted budget, however, additional overages are now
apparent. Staff is evaluating this issue and will be making adjustments in the Fiscal
Year 2023-24 budget to address it. As budget savings in other expenditure
categories are anticipated to fully offset the projected $267,224 overage, staff is
not recommending a further adjustment to the utilities budget at this time.
General Fund Sources, Uses and Projected Surplus
The City continues to be in excellent financial health. Conservative budgeting and sound
financial policies have resulted in a trend of General Fund operating surpluses and strong
reserve levels for several years. The City is well positioned to continue delivering a high
level of service to the community while targeting surplus resources to key priorities each
year. Staff currently projects that unrestricted General Fund resources will total
$12.4 million at the end of Fiscal Year 2022-23. As is the case each year, staff anticipates
that additional budget savings will be realized as the year progresses.
The table on the following page illustrates the prior year sources and uses of funds as
compared to the adopted budget and the projected year-end results.
lus
BEGINNING UNRESTRICTED FUND BALANCE $ 24,093,441 $ 24,093,441 $ - 0.0%
OPERATING RESOURCES:
Operating Revenues
Prior Year Resources Carried Forward
Transfers In from Other Funds
TOTAL OPERATING RESOURCES
OPERATING USES:
Operating Expenditures
Transfers Out
TOTAL OPERATING USES
NET OPERATING SURPLUS
265,030,502 275,482,388 10,451,886 3.9%
- 4,429,573 4,429,573 ---
17,300,724 17,300,724 - 0.0%
282,331,226 297,212,685 14,881,459 5.3%
244,520,405
30,687,817
251,989,720 7,469,315
30,687,817 -
3.1%
0.0%
275,208,222
282,677,537 7,469,315
2.7%
$ 7,123,004
$ 14,535,148 $ 7,412,144
104.1%
NON -OPERATING RESOURCES & USES
Non -Operating Transfers In 1,250,000 1,250,000 0.0%
Non -Operating Transfers Out (909,452) (27,457,903) (26,548,451) 2919.2%
NON -OPERATING RESOURCES & USES $ 340,548 $ (26,207,903) $ (26,548,451)-7795.8%
ENDING UNRESTRICTED FUND BALANCE $ 31,556,994 $ 12,420,687 $ (19,136,307) -60.6%
15-6
Fiscal Year 2022-23 Second Quarter Financial Report
February 28, 2023
Page 7
As reflected in the table above, a $12.4 million operating surplus for the General Fund is
projected for Fiscal Year 2022-23, which is net of non -operating activity that includes
one-time transfers out of the General Fund to the FFP and General Fund CIP.
Approximately $10 million of the budget surplus is expected to be utilized to set aside
funds for the Contingency Reserve (pursuant to City Council Policy F-2), and to replenish
the FFP and General Fund CIP Fund for amounts attributable to the Dove Street Property
Purchase.
Transfers
There are multiple operating and non -operating transfers in and out of the General Fund
for Fiscal Year 2022-23. Included in the operating transfers in is the full amount of the
cost allocations as a transfer from the Tidelands Fund and included in the operating
transfers out is the General Fund's contributions to the Capital Improvement Fund,
Tidelands Capital Fund, Facilities Financing Planning Fund, Facilities Maintenance Fund,
and the Tidelands operating subsidy. Included in the non -operating transfers in is the
advance repayment from the Tidelands Capital Fund, which was utilized for dredging
within the City's Tidelands. Included in the non -operating transfers out is the transfer of
the prior year surplus to the Police Facility Fund for the purchase of a property on Dove
Street, utilization of the Fiscal Year 2022-23 structural surplus which transferred funds to
the Capital Improvement Fund, and the Facilities Financing Planning Fund, as well as
one time program enhancements included in the adopted budget.
Other Major Funds
Staff has evaluated the fiscal condition of the City's other major operating funds
(Tidelands, Water, and Wastewater). An analysis of the budget performance for these
funds indicates that no budget adjustments are necessary and variances between
budgeted and actual amounts are within reason.
Contributions Fund
The City was recently awarded funding from CalRecycle under the Fiscal Year 2022-23
Rubberized Pavement Grant Program. Partial reimbursement is received for using
rubberized asphalt concrete to pave certain city streets. Funds are used to supplement
various Capital Improvement Program (CIP) street projects that make use of rubberized
asphalt concrete, which is derived from recycled tires. A budget amendment will be
included as part of this report to the City Council to appropriate $250,000 in revenues and
expenditures in the Contributions Fund.
Additional unforeseen work was required on the Jamboree Road Pavement Rehabilitation
project that is the responsibility of Orange County Water District (OCWD). The City will
bill OCWD for the cost of the additional work. A budget amendment will be included as
part of this report to the City Council to appropriate an additional $16,328 in revenues and
expenditures in the Contributions Fund.
FFP Fund
The Fiscal Year 2022-23 adopted budget for the Facilities Financing Planning (FFP) Fund
included anticipated fee revenue for Park Zone 9 in the amount of $874,000. It is now
anticipated that these fees will not be collected until Fiscal Year 2023-24, therefore staff
seeks to align the budgeted revenues in this fund with current projections by reducing
revenues in account 51303-422105.
15-7
Fiscal Year 2022-23 Second Quarter Financial Report
February 28, 2023
Page 8
This has been incorporated into the updated FFP and revenues related to Park Zone 9
will be included in the Fiscal Year 2023-24 adopted budget.
Quarterly Report of Budget Amendments
Attached to this report as Attachment B is the quarterly listing of budget amendments,
which is provided to the City Council as part of each quarterly budget update to enhance
transparency.
FISCAL IMPACT:
As a result of approval of the Budget Amendment (Attachment A) included with this report,
revenue estimates will be adjusted downward by $28,543 and $576,505 will be
appropriated to the expenditure accounts listed in the Budget Amendment. Approval of
these budget amendments is included in the projected Fiscal Year 2022-23 column of the
General Fund Sources & Uses table above.
ENVIRONMENTAL REVIEW:
Staff recommends the City Council find this action is not subject to the California
Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2) (the activity will not
result in a direct or reasonably foreseeable indirect physical change in the environment)
and 15060(c)(3) (the activity is not a project as defined in Section 15378) of the CEQA
Guidelines, California Code of Regulations, Title 14, Chapter 3, because it has no
potential for resulting in physical change to the environment, directly or indirectly.
NOTICING:
The agenda item has been noticed according to the Brown Act (72 hours in advance of
the meeting at which the City Council considers the item).
ATTACHMENTS:
Attachment A — Budget Amendment No. 23-050
Attachment B — Second Quarter Budget Amendments
15-8
ATTACHMENT A
BUDGET AMENDMENT NO. 23-050
15-9
Q ��W PORT
City of Newport Beach
> BUDGET AMENDMENT
c9'Fo"'' 2022-23
_ - BA#: 23-050
Department: Finance
ONETIME: ❑� ves ❑ No
IRequestor: Jason AI -Imam
Approvals
❑ CITY MANAGER'S APPROVAL ONLY
Finance Director: Date a116123
0 COUNCIL APPROVAL REQUIRED City Clerk: Date
EXPLANATION FOR REQUEST:
To increase revenue estimates and expenditure appropriations relating to the fiscal year 2022-23 quarter two budget update. ❑ from existing budget appropriations
Q from additional estimated revenues
❑ from unappropriated fund balance
REVENUES
Fund #
Org
Object
Project
Description
Increase or (Decrease) $
135
13501
431490
23R02
CONTRIBUTIONS FUND CIP - CAL RECYCLE
250,000.00
135
13501
431222
211115
CONTRIBUTIONS FUND CIP - OCWD CONTR
16,328.00
513
51303
422105
FFP NON OP - PARK FEES ZONE 9
(874,000.00)
010
01040404
431246
EMERGENCY MEDICAL SERVICES - MEDI-CAL IGT
579,129.00
Subtotal $ (28,543.00)
EXPENDITURES
Fund #
Org
Object
Project
Description
Increase or (Decrease) $
135
13501
980000
23R02
CONTRIBUTIONS FUND CIP - CIP EXPENDITURES FOR GL
250,000.00
135
13501
980000
21R15
CONTRIBUTIONS FUND CIP - CIP EXPENDITURES FOR GL
16,328.00
010
01040404
821008
EMERGENCY MEDICAL SERVICES - MEDI-CAL IGT
310,177.00
Subtotal $ 576,50500
FUND BALANCE
Fund #
Object
Description
Increase or (Decrease) $
010
300000
GENERAL FUND
- FUND BALANCE CONTROL
268,952.00
135
300000
CONTRIBUTIONS
FUND - FUND BALANCE CONTROL
-
513
300000
FACILITIES FINANCING
PLAN - FUND BALANCE CONTROL
(874,000.00)
Subtotal $ (605,048.00)
Fund Balance Change Required
15-10
ATTACHMENT B
BUDGET AMENDMENTS FOR THE SECOND QUARTER
15-11
City of Newport Beach
Fiscal Year 2022-23 Budget Amendments
Quarter Ending December 31, 2022
Net Effect on Fund Balance
BA#
Date
Amendment Type
Fund
Revenues
Expenditures
Increase/(Decrease)
Department
Explanation
023
09/20/2022
City Council
GENERAL FUND
19,281.50
19,281.50
Library
Transfer to accept check from Dorothy Arens Ressel Trust and
SPECIAL PURPOSE DEPOSIT FUND
-
-
(19,281.50)
increase expenditure in Library Account.
024
10/11/2022
City Council
WATER CAPITAL FUND
1,379,100.00
1,379,100.00
1,379,100.00
Public Works
To increase expenditures for the West Irvine Terrace and Balboa
1,379,100.00
(1,379,100.00)
Island Water Main Replacement Project (23W13).
025
10/11/2022
City Council
GENERAL FUND
3,000.00
-
3,000.00
CDD
To increase anticipated revenues to account for concession
agreement at Corona del Mar State Beach.
026
10/25/2022
City Council
POLICE FACILITY NEW
24,093,441.00
24,093,441.00
Finance
To appropriate the FY 2021-22 year-end surplus.
GENERAL FUND
24,093,441.00
(24,093,441.00)
027
10/25/2022
City Council
GENERAL FUND
649,100.00
677,000.00
(27,900.00)
Finance
To appropriate revenues and expenses related to the Recreation
CONTRIBUTIONS FUND
382,968.31
130,873.31
252,095.00
department's fee based classes, to appropriate revenues and
expenses in the Contributions Fund for CIP Projects, and to
ARPA-AMERICAN RESCUE PLANT ACT SEWER FUND
50,008.59
50,008.59
appropriate revenues and expenses for the ARPA Wastewater
arrearage program.
028
10/25/2022
City Council
GENERAL FUND
300,000.00
300,000.00
CDD
To transfer and appropriate funding from the Facilities Financing
GENERAL FUND CAPITAL PROJECTS
1,450,000.00
(1,450,000.00)
Plan (FFP) Fund to the Police Facility Fund in order to fund the
purchase of a parcel located at 1201 Dove Street, Newport
FACILITIES FINANCING PLAN
5,506,461.50
(5,506,461.50)
Beach.
POLICE FACILITY NEW
6,956,461.50
30,775,000.00
(23,818,538.50)
029
10/25/2022
City Council
POLICE EQUIPMENT FUND
-
104,876.59
(104,876.59)
Police
To purchase seven (7) Ford Police Interceptor Hybrid Utility
Vehicles - Additional funding due to added costs for vehicles
above previously funded amount.
030
11/09/2022
City Manager
GENERAL FUND
4,265.00
4,265.00
Police
EMPG Funds - Transfer received Grant Revenues to Expense
Account.
031
11/29/2022
City Council
GENERAL FUND
-
71,640.00
(71,640.00)
Human Resources
To appropriate budget in salary and benefit accounts to fund a
new Human Resources Specialist I position.
032 11/15/2022 City Council POLICE EQUIPMENT FUND - 56,532.87 (56,532.87) Police Appropriate increased funds to purchase Patrol Vehicles, in
conjunction with FY22 encumbrance.
033 11/15/2022 City Council TIDE & SUBMERGED LANDS FUND - 39,500.00 (39,500.00) Public Works To increase appropriations to the Upper Newport Bay Reserve
from the Tide & Submerged Lands fund for the Big Canyon Phase
2 Restoration Project (23X11).
034 11/09/2022 City Manager MEASURE M-COMPETITIVE FUND 5,009.62 - - Public Works In Fiscal Year 2020-21, the City of Newport Beach received
funding from the Orange County Transporation Authority (OCTA)
for the Newport Bay Trash Mitigation project expense in FY 2019-
GENERAL FUND - 5,009.62 20. The project cost was $125,226.00, however, only
$120,216.38 was received from OCTA. Staff is proposing
transferring $5,009.62 from the General Fund in order to balance
the revenues and expenses for this prior year project.
15-12
City of Newport Beach
Fiscal Year 2022-23 Budget Amendments
Quarter Ending December 31, 2022
Net Effect on Fund Balance
BA#
Date
Amendment Type
Fund
Revenues
Expenditures
Increase/(Decrease)
Department
Explanation
035
11/29/2022
City Council
GENERAL FUND
11,706.00
11,706.00
Police
EMPG Funds -Appropriating additional Grant Revenues and
Expenses.
036
11/29/2022
City Council
GENERAL FUND
-
275,242.82
(275,242.82)
Human Resources
FY 23 - Additional CalPERS and Cafeteria Plan Contributions.
TIDE & SUBMERGED LANDS FUND
1,652.72
(1,652.72)
ENVIRONMENTAL LIABILITY FUND
228.75
(228.75)
WATER ENTERPRISE FUND
12,505.96
(12,505.96)
WASTEWATER ENTERPRISE FUND
3,905.04
(3,905.04)
EQUIPMENT FUND
2,587.65
(2,587.65)
IT ISF
7,030.31
(7,030.31)
037
11/29/2022
City Council
CONTRIBUTIONS FUND
195,562.00
195,562.00
Public Works
To appropriate new revenues and expenditures to fund the
MEASURE M FUND
984,303.75
(984,303.75)
Newport Coast Drive and Balboa Boulevard Pavement
Rehabilitation Project (22R14).
038
11/29/2022
City Council
PARKS & COMMUNITY CENTERS
544,345.00
544,345.00
Public Works
To appropriate expenditures after awarding a construction
CIRCULATION & TRANSPORTATION
-
2,743,600.00
(2,743,600.00)
contract for the Superior Avenue Pedestrian/Bicycle Bridge and
Sunset View park lot project (15T09).
FACILITIES FINANCING PLAN
544,345.00
(544,345.00)
039
11/29/2022
City Manager
GENERAL FUND
2,500.00
2,500.00
Library
To appropriate expenditures to cover required expenses for the
Literacy Program.
040
11/21/2022
City Manager
GENERAL FUND
-
20,984.10
-
City Attorney
Transfer funds to cover salary cost of part-time paralegal.
(20,984.10)
041
12/13/2022
City Council
WATER ENTERPRISE FUND
-
140,000.00
(140,000.00)
Utilities
To appropriate funds to the water system service account for the
purchase of liquid sodium hypochlorite, which is used to disinfect
the City's drinking water supplied prior to the water entering the
042 12/13/2022 City Council CONTRIBUTIONS FUND
2,504,229.75 2,504,229.75
Public Works Request approval of recognizing additional revenue and
appropriating expenses as it relates to Assessment District No.
111 and Underground Utilities District No. 22 Phases 2 & 3,
Contract No.7833-1 (21A11).
043 12/13/2022 City Council TIDELANDS HARBOR CAP FUND
- 581,553.00
(581,553.00) Public Works To appropriate expenses to collect and test additional sediment
samples for a higher resolution testing program as required by
the U.S. Environmental Protection Agency (USEPA).
044 12/07/2022 City Manager GENERAL FUND
(5,577.22)
- City Attorney To transfer funds to complete PO 22300177 for the purchase of
5,577.22
furniture/wardrobes.
15-13