CITY MANAGER’S BUDGET MESSAGE
fleet services. Some of the other expenditures include costs to maintain the City, such as utilities, repairs and maintenance, and equipment.
Contingency Reserve Overview The Contingency Reserve is used to help mitigate the effects of unanticipated situations such as disasters and severe unforeseen events. Most recently, these funds were used to offset the FY 2020- 21 deficit that was caused by the financial impacts of the COVID-19 pandemic. The City Council has set a goal to maintain a contingency reserve level of 25 percent. The projected balance of the Contingency Reserve at the beginning of the FY 2023-25 is approximately $59.1 million, which is a reserve level of 24.4 percent. As expenditures increase, the reserve level percentage decreases if no additional funds are added. The City evaluates the condition and status of the Contingency Reserve each fiscal year and brings recommendations of replenishing the reserve levels to the City Council for approval.
Great Park: Continuing Thoughtful and Responsible Development We are excited about the next phases of the Great Park development through its Framework Plan. The collaborative efforts between the Great Park Board, stakeholders, community, and staff has and will continue to pave the future path of Irvine’s Great Park. The Framework Plan is not included in the FY 2023 - 25 Great Park Budget as it continues to be developed and each project will be brought forth to the Great Park Board in future meetings for approval. The FY 2023-25 Great Park Budget includes the ongoing operations and current developments of the Great Park, including the maintenance needed to provide a prestigious park for the community. This includes maintenance and rehabilitation of athletic fields, parking lots, trails, buildings, and facilities. Development
FY 2023-25 Adopted Budget
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