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 2023-24 Proposed Budget and After Hearing all Comments Continue the Public Hearing to June 20, 2023
REPORT IN BRIEF
Public Hearing to afford the interested public an opportunity to provide input on the content of the 2023-24 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 2023-24 Budget; and adopt a motion continuing the Public Hearing to the June 20, 2023, 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 2023-24 Proposed Budget
The City of Merced's economic outlook is shifting. Sales Tax and Property Tax receipts align with current year projections with estimated modest increases of 2%-3% , and total General Fund revenues are budgeted to include a projected 7.5% increase compared to the FY 2022/23 budget. Citywide housing construction continues at a slower rate than in previous years. Permits for single-family units have decreased by 30%, while permits for multifamily units are consistent with p...
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