DATE: May 9, 2023
SUBJECT:
Title
DISCUSSION OF USE OF ANTICIPATED FY 2023 BUDGET SURPLUS AND POTENTIAL RESOLUTION AMENDING FY 2024 PRELIMINARY BUDGET.
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EXECUTIVE SUMMARY:
As the end of the FY 2023 budget cycle approaches, staff identified a $31 million surplus in funds and seeks Board direction for how the surplus should be invested, and requests the Board adopt a resolution to amend the FY 2024 Preliminary Budget to reflect the allocation and appropriation of these funds.
On April 26, 2023 the Board held a FY 2024 Budget Workshop that included a discussion of the FY 2023 surplus and how the funds should be allocated. After discussing the funding options, the Board directed staff to prepare two iterations for how to spend the surplus, one of which will be adopted by the Board at the May 2023 Board of Port Commissioners meeting.
If the Board decides to apply any of the anticipated FY 2023 budget surplus, the Board should adopt a resolution amending the FY 2024 Preliminary Budget (a separate item on the May 9, 2023 Board agenda) to reflect such additional appropriations. Therefore, the Board's consideration of the FY 2024 Final Budget (scheduled for June 13, 2023) will include such additional appropriations from FY 2023 surplus.
RECOMMENDATION:
Recommendation
Discuss use of anticipated FY 2023 budget surplus and adopt a resolution amending FY 2024 Preliminary Budget.
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FISCAL IMPACT:
This agenda item has no fiscal impact on FY 2023. Any fiscal commitments will be budgeted and adopted in the FY 2024 budget.
COMPASS STRATEGIC GOALS:
This agenda item supports the following Strategic Goal(s).
* A Port that the public understands and trusts.
* A thriving and modern maritime seaport.
* A vibrant waterfront destination where residents and visitors converge.
* A Port with a healthy and sustainable bay and its environment.
* A Port with an innovative and motivated workforce.
* A financially sustainable Port that drives job creation and region...
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