For City Council Meeting [August 22, 2023]
TO: Honorable Mayor and City Council
APPROVAL: Henry Garcia, Interim City Manager
FROM: Katherine Stevens, Director of Finance
Title
Request City Council to Set a Public Hearing for September 12, 2023, to Approve and Adopt the Budget Plan for Fiscal Year 2023-24.
Body
BACKGROUND:
In accordance with Section 2.04.140 of the Rialto Municipal Code, the City Administrator must present the fiscal budget to the City Council for approval annually. Under the direction of the Director of Finance the Finance Division conducts the analysis and makes the projections required to complete the budget document after receiving input from all the City departments. The process begins in March and requires the cooperation of staff organization-wide.
ANALYSIS/DISCUSSION:
In accordance with Section 2.04.140 of the Rialto Municipal Code, staff hereby submits the budget plan for fiscal year 2023-24 for City Council consideration. The budget submitted is a one-year financial plan, for which an appropriation is submitted concurrently with the budget document. The budget presentation consists of eight categories of funds as follows:
*?General Fund
*?Special Revenue Funds
*?Enterprise Funds
*?Internal Service Funds
*?Rialto Utility Authority
*?Rialto Housing Authority
*?Capital Projects Funds
*?Debt Service Funds (Custodial Funds)
General Fund
This is the general operating fund of the City. All general tax receipts and fee revenue not allocated by law, Council policy, or contractual agreement to other funds, are accounted for in the General Fund. General Fund expenditures include operations traditionally associated with activities that are not required to be accounted for or paid by another fund.
Special Revenue Funds
The City's various special revenue funds include grant program funds and other funds that by law are required to be segregated.
Enterprise Funds
The City has three Enterprise funds: Airport, Cemetery, and Rialto Utilit...
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