R-055-23 Adopting the Budget for the Fiscal Year Commencing July 1, 2023 and Ending June 30, 2024

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1 RESOLUTION NO. R-55-23 2 RESOLUTION OF THE CITY COUNCIL OF THE 3 CITY OF COLTON, CALIFORNIA ADOPTING THE BUDGET FOR THE FISCAL YEAR COMMENCING 4 JULY 1,2023 AND ENDING JUNE 30,2024 5 6 WHEREAS, the City Manager of the City of Colton has prepared the proposed annual 7 budget for Fiscal Year 2023-24 which sets forth all of the expected revenue and the recommended 8 appropriations to meet the operating and capital needs for all of the City's operations; and 9 WHEREAS, the City staff met with the City's Finance Committee and incorporated 10 recommendations from the Committee into the budget presented to the City Council at budget 11 workshops; and 12 13 WHEREAS,the City held a series of public budget workshops wherein staff presented the 14 proposed budget to the City Council; and 15 16 WHEREAS, at the end of the workshops, the City Council provided further direction regarding the recommendations contained in the Fiscal Year 2023-24 Proposed Budget and 17 modified them so as to best serve the interests of the citizens of the City of Colton. 18 19 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES 20 HEREBY RESOLVE, DETERMINE AND ORDER as follows: 21 SECTION 1: The Recommended Budget for the City of Colton for the Fiscal Year 22 commencing July 1, 2023 and ending June 30, 2024 as reflected on Attachment A to this 23 resolution is hereby approved, adopted, and incorporated herein. 24 SECTION 2: The General Fund Transfer (GFT), the annual administrative transfer from the Electric Utility Fund to the General Fund, shall not exceed 20% of annual Electric 25 Utility revenues for Fiscal Year 2022-23. The amount of the transfer will be reviewed annually 26 and set during the annual budget process in accordance with voter-approved Measure V. The 27 GFT meets this requirement and is within the voter-approved restrictions. 28