Report Prepared by: Stephanie Dietz, City Manager and Venus Rodriguez, Finance Officer
Title
SUBJECT: Public Hearing to Allow the Interested Public an Opportunity to Provide Input on the Content of the City Council, Public Financing and Economic Development Authority and the Parking Authority Fiscal Year 2022-23 Proposed Budget and After Hearing all Comments Continue the Public Hearing to June 21, 2022
REPORT IN BRIEF
Public Hearing to afford the interested public an opportunity to provide input on the content of the 2022-23 City Council, Public Financing and Economic Development Authority, and Parking Authority Proposed Budget.
RECOMMENDATION
City Council/Public Financing and Economic Development Authority/Parking Authority - It is recommended that the City Council/Authorities conduct the Public Hearing and provide direction to the City Manager on the content of the Fiscal Year 2022-23 Budget; and adopt a motion continuing the Public Hearing to the June 21, 2022 Council Meeting.
Body
ALTERNATIVES
1. Approve, as recommended by staff; or
2. Approve, subject to other than recommended by staff (identify specific findings and/or conditions amended to be addressed in the motion); or,
3. Deny; or.
4. Refer to staff for reconsideration of specific items (specific items to be addressed in the motion); or,
5. Continue to a future meeting (date and time to be specified in the motion).
AUTHORITY
Charter of the City of Merced, Section 1104.
DISCUSSION
Fiscal Year 2022-23 Proposed Budget
The City of Merced's economic outlook looks strong. Sales Tax and Property Tax receipts are outperforming current year projections, and total General Fund revenues are budgeted to include a projected 8% increase based on mid-year revised estimates. Single-family and multi-family construction continues to be robust. With the county's unemployment improving to 8.3%, over 11.4% in 2021.
The proposed budget adheres to the prudent principals established by the City Council inc...
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