FINANCIAL Look Back At 2022
As the FY22 budget was being developed during the spring and summer of 2021 , the City ’ s revenue and expenditure outlook for FY21 was signaling signs of recovery from the financial impacts of the COVID-19 pandemic . The strong resurgence in sales tax revenue that began in 2021 continued through much of 2022 , with growth rates gradually returning to more moderate levels in the latter part of the year .
The FY22 budget for General Fund sales taxes was $ 73.4 million , which was prepared using conservative assumptions about the strength of recovery . Sales taxes performed far better than anticipated in FY22 ; actual revenues were $ 84.0 million , which was $ 10.6 million ( 14.5 %) better than budget for the year .
In addition to the strengthening revenue outlook , the American Rescue Plan Act of 2021 ( ARPA ) provided the City with approximately $ 81 million to be invested over four years ( by the end of calendar 2024 ). In FY22 , a total of $ 19.7 million of this funding was allocated to restore budget cuts that were taken in FY21 as well as invest in increased funding for our Police and Fire departments , including public safetyrelated technology improvements
$ 80,000
. $ 70,000
$ 5.7 million $ 84 million
UNDER ADOPTED BUDGET
$ 67,028
SALES TAX REVENUE
GENERAL FUND SALES TAXES REVENUES ( FY17-22 )
$ 74,538
$ 83,511
Although the economic climate notably improved , cautious optimism remained the guiding principle as the City navigated through FY22 . General Fund expenditures were under the adopted FY22 budget amount by $ 5.7 million . The tightening job market and scarcity of labor resulted in higher-thananticipated vacant positions in |
$ 60,000
$ 50,000
$ 40,000
$ 30,000
$ 20,000
$ 10,000
|
$ 60,004 |
$ 62,598 |
$ 63,762 |
FY22 . Salary savings from vacant civilian positions were higher than anticipated by almost $ 1.3 million . |
FY17 |
FY18 |
FY19 |
FY20 |
FY21 |
FY22 |
Additionally , certain projects budgeted in FY22 were postponed to FY23 , and the expenditure savings |
were carried forward and programmed into the FY23 budget . The City General Fund ended the year |
under budget in revenues and expenditures , and all funds had positive ending balances . |
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