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From YouTube: FY21-22 Mid-Year Budget Video
Description
It is time for Mid-Year adjustments for the City of Cupertino! City Manager Jim Throop gives you an exclusive look into the following: What has happened in the first 6 months of the fiscal year? What happens if the City is in need of additional funding to stay on track? What major budget adjustments are being requested during Mid-Year?
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The
first
payment
has
substantially
increased,
though
the
intergovernmental
revenue
these
dollars
are
then
used
to
fund
the
city's
work
program,
projects
and
other
tax
supported
services
such
as
law
enforcement,
public
works
and
library
services.
General
fund
revenues
are
also
offset
by
a
43
decrease
in
sales
tax.
Due
to
the
timing
of
payments
that
were
received
from
the
state
once
the
payments
are
then
aligned,
we
are
still
on
track
to
meet
our
revenue
projections,
we're
spending
more
this
year
than
last
year.
Why
is
that?
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The
most
important
thing
to
know
is
that
we
are
on
track
to
end
the
year
within
the
budget,
but
minor
adjustments
are
required
to
keep
us
on
track.
First,
let's
discuss
why
adjustments
are
needed.
We
all
know
a
lot
can
happen
over
the
span
of
a
year.
Sometimes
unexpected
things
happen
and
we
need
to
make
budget
adjustments
just
to
stay
on
track.
These
unexpected
things
could
be
things
such
as
existing
or
new
items
that
are
needed,
funding
additional
revenue
that
the
city
is
not
currently
budgeted
for
and
possible
staffing
changes.
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Now
that
you
know
the
process,
let's
take
a
look
at
some
of
the
mid-year
budget
adjustment
requests
being
presented
to
the
council
this
year.
The
city
is
requesting
9.5
million
dollars
in
budget
adjustments.
It
may
seem
high,
but
this
request
is
offset
with
10.2
million
dollars
in
revenue,
which
means
we're
adding
to
the
city's
savings
account.
Some
of
the
requested
adjustments
include
the
lawrence
midi
park
project,
which
is
an
increase
of
910
000.
This
would
be
for
the
removal
and
disposal
of
large
amounts
of
debris,
cleanup
of
the
materials
and
tree
trimming.
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Another
item
would
be
a
reduction
of
1.8
million
for
the
all-inclusive
play
area
at
jollyman
park.
The
scope
of
the
project
is
being
reduced
to
approximately
3.65
million
dollars
to
better
align
with
a
more
realistic
funding
goal
still
another
one
is
a
transfer
in
the
capital
reserve
of
10
million
dollars.
This
transfer
of
10
million
to
the
capital
reserve
from
the
general
fund
unassigned
fund
balance,
also
known
as
the
city's
savings
account
to
be
earmarked
for
future
capital
project
needs,
and
still
yet
one
more
would
be
the
leaf.
Blower
replacement
twenty
six
thousand
dollars.