HomeMy Public PortalAbout2023.011 (02-07-2023)RESOLUTION NO. 2023.011
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
RECEIVING AND FILING THE FY 2022-23 MID -YEAR FINANCIAL
REVIEW REPORT, APPROVING THE FY 2022-23 MID -YEAR BUDGET
ADJUSTMENTS TO AMEND THE FY 2022-23 ADOPTED BUDGET
HERETO ATTACHED AS SCHEDULE A
WHEREAS, on July 20, 2021, the City Council adopted the FY 2021-22 budget
and approved the FY 2022-23 budget. On June 21, 2022, the City Council adopted the
updated second year (FY 2022-23) operating budget; and
WHEREAS, the budget is the City's financial operating plan that establishes the
City's goal, budget priorities, and desired service levels for the fiscal year, as well as
identifies the fiscal resources necessary to achieve them. The updated budget was based
on certain assumptions and meeting expenditures and revenue projections; and
WHEREAS, the FY 2022-23 Mid -Year Financial Review reports on the City's fiscal
performance through mid -year (July through December), comparing all revenues and
expenditures incurred during the first two quarters of FY 2022-23 to the same period in
FY 2021-22; and
WHEREAS, the Mid -Year Financial Review also provides an updated FY 2022-23
Financial Forecast, as well as presents mid -year budget adjustments for Council's
consideration to amend the FY 2022-23 Adopted Budget; and
WHEREAS, staff has identified several citywide fiscal issues that were not
included in the FY 2022-23 Adopted Budget that will require adjustments to avoid
disruption of services & ensure proper funding levels; and
WHEREAS, as a result, staff is recommending the following proposed budget
adjustments, hereto attached as Schedule A, which will amend the FY 2022-23 Adopted
Budget; and
WHEREAS, if the recommended budget adjustments are approved by Council, the
FY 2022-23 projected ending fund balance is $4,320,725, which is above the minimum
General Fund reserve level of the current -year adopted operating budget.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, ORDER, AND RESOLVE AS FOLLOWS:
Section 1. By adoption of this resolution, the City Council approves the FY 2022-
23 Proposed Budget Adjustments hereto attached as Schedule A and hereby amends
the FY 2022-23 Adopted Budget.
Section 2. The City Council authorizes the City Manager, or his designee, to make
the necessary budget adjustments to the City's Financial system to reflect appropriate
changes to the FY 2022-23 Adopted Budget.
Section 3. This resolution shall become effective immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 7th day of February, 2023.
ATTEST:
Maria Quinonez
City Clerk
APPROVED AS TO FORM:
I
Noel Tapia
City Attorney
Oscar Flores
Mayor
APPROVED AS TO CONTENT:
nandez
anager
Harry Wong
Director of Finance & Administration
STATE OF CALIFORNIA
)§
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, do hereby
certify that the foregoing Resolution was passed and adopted by the City Council of the
City of Lynwood at a meeting held on the 7th day of February 2023.
AYES: COUNCIL MEMBERS MUNOZ, SOLACHE, CAMACHO MAYOR PRO
TEM SOTO AND MAYOR FLORES
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
i
Maria Quinonez,
City Clerk
STATE OF CALIFORNIA
)§
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, and the
Clerk of the City Council of said City, do hereby certify that the above foregoing is a full,
true and correct copy of Resolution No. 2023.011 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated. Dated this 7th day of
February 2023.
4-1-‘z
Maria Quinonez,
City Clerk
Jr�