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Long-range financial forecast
Popular Annual Financial Report
The City regularly utilizes the General Fund long-term financial forecast to help plan for the future by providing an understanding of available funding while evaluating financial risks and identifying future commitments and resource demands. The table on page 23 provides the current five-year view of the City’s fiscal condition and incorporates both operating and capital needs in the community.
While the City operates with a structurally balanced budget in fiscal year 2021-22, overall, the City is currently projecting deficits for beyond FY 2021-22. This is primarily due to rising pension, health care and general liability costs. The key to retaining our future fiscal stability lies in continuing our focus on economic development activities that generate new revenues. The City is always seeking program efficiencies and savings across the organization in order to address the ongoing budgetary challenges mentioned above.
In addition, the City’s Capital Improvement Program (CIP) is planned for five years and analyzed using City-specific prioritization criteria. This is updated regularly to reflect changing needs, funding availability and removal of projects which have been completed. The CIP budget for 2021-22 is $26 million. Funding comes from multiple sources, including General Fund transfers, fees, grants and bond proceeds.
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City of vallejo, california department of finance
General Fund Long-Term Forecast Through fiscal year 25/26
(in millions)
FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 Adopted Projected Projected Projected Projected
Revenues/ Transfers In $ 120.0 $ 124.5 $ 126.3 $ 129.8 $ 131.4
Expenses/ Transfers Out 120.0 126.6 127.4 129.9 131.3
(Deficit)/ Surplus for Year - (2.1) (1.1) (0.1) 0.1 Ending Available Balance $ 18.0 $ 15.9 $ 14.8 $ 14.7 $ 14.8
Photo: Memories By McKinley
DID YOU KNOW ... THE CITY OF VALLEJO HAS AN ECONOMIC VITALITY COMMISSION?
The Economic Vitality Commission (EVC) aims to advise the city council on issues that can enhance job growth and increase private investment in Vallejo and review and assist with updates and the implementation of the economic development element of the City’s general plan. The EVC also helps with business retention and attraction activities in Vallejo.
