15. FISCAL YEAR 2020/21 BUDGET WORKSHOP On June 18, 2019, the City Council adopted a Biennial Budget that established an operating and capital spending plan for Fiscal Years 2019/20 and 2020/21. On March 3, 2020, staff provided the City Council with a mid-year update on Fiscal Year 2019/20. Thereafter, the State of California and County of Orange mandated business restrictions and stay-at-home orders in response to COVID-19, which has resulted in significant reductions in City revenue. This report provides an update on the projected impacts on Fiscal Year 2019/20 and 2020/21, which forecasts an estimated loss of $9 million of General Fund revenue and proposes changes to the 2020/21 budget in response to these impacts including expenditure reductions and use of reserves. - City of Tustin, CA

Meeting: Regular Meeting of the City Council and Special Meeting of the City Council

Meeting Time: June 02, 2020 at 5:00pm PDT

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Agenda Item

15. FISCAL YEAR 2020/21 BUDGET WORKSHOP On June 18, 2019, the City Council adopted a Biennial Budget that established an operating and capital spending plan for Fiscal Years 2019/20 and 2020/21. On March 3, 2020, staff provided the City Council with a mid-year update on Fiscal Year 2019/20. Thereafter, the State of California and County of Orange mandated business restrictions and stay-at-home orders in response to COVID-19, which has resulted in significant reductions in City revenue. This report provides an update on the projected impacts on Fiscal Year 2019/20 and 2020/21, which forecasts an estimated loss of $9 million of General Fund revenue and proposes changes to the 2020/21 budget in response to these impacts including expenditure reductions and use of reserves.