CITY MANAGER BUDGET MESSAGE
TO:
HONORABLE MAYOR AND CITY COUNCIL
FROM:
JOHN A. RUSSO, CITY MANAGER
I am pleased to present to you the City of Irvine’s Proposed Fiscal Year (FY) 2019- 2021 Two-Year Budget and corresponding Proposed Five-Year Strategic Business Plan. The Biennial Budget implements the City Council’s priorities and strategic goals, and provides a long-term financial plan continuing the delivery of outstanding services to the community. The two-year budget in the context of a five-year plan is a completely new process for the City, bringing enhanced fiscal transparency and accountability through greatly increased public participation and
more time for budget deliberations. The Five-Year Plan sets forth the direction of the City with input from employees, the community, businesses, and our commissions, as well as sustains our exceptional level of service and reflects top policy priorities of the City Council. Staying Fiscally Responsible: Addressing Financial Challenges Ahead Irvine has enjoyed robust growth since the recession. Revenues have grown the last five years on average 6 percent, but the revenue growth will taper in the next five years. Furthermore, as the City continues to grow, infrastructure needs and operations continue to expand with the addition of new facilities, staffing, and roadways to meet the needs of the developing community. Deferred maintenance impacts are becoming obvious, and must be appropriately funded. As a result of moderate revenue growth coupled with continued increases in expenditures, which are largely the result of State decisions outside of the City’s control, significant shortfalls are projected for the next five fiscal years in the General Fund.
FY 2019-2024 General Fund Baseline Assumptions
Proposed Budget 2019-2020
Proposed Budget 2020-2021
Forecast 2021-2022
Forecast 2022-2023
Forecast 2023-2024
GENERAL FUND Total Revenues and Transfers-In Total Expenditures and Transfers-Out
203,703,462 216,820,950
208,054,556 224,688,767 (16,634,211)
213,933,682 226,161,027 (12,227,345)
219,550,312 235,922,660 (16,372,348)
226,790,359 239,971,679 (13,181,320)
Baseline Budget Deficit (13,117,488)
FY 2019-21 Proposed Budget
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