16. YEAR-END UPDATE FOR FISCAL YEAR 2021/22 This report provides the City Council with an update on Fiscal Year 2021/22 based on actual year-end revenues and expenditures. General Fund operating revenues are approximately $2.2 million higher than projected, whereas General Fund expenditures are approximately $1.3 million lower than projected. Consequently, General Fund Reserves are approximately $3.5 million higher than expected at $31.8 million as of June 30, 2022 (or 38% of General Fund operating expenditures), and exceed the City Council's minimum reserve policy of 20%. - City of Tustin, CA

Meeting: Regular Meeting of the City Council/ Closed Session at 5:30 pm/Regular Meeting at 7:00 pm

Meeting Time: September 20, 2022 at 5:30pm PDT

Agenda Item

16. YEAR-END UPDATE FOR FISCAL YEAR 2021/22 This report provides the City Council with an update on Fiscal Year 2021/22 based on actual year-end revenues and expenditures. General Fund operating revenues are approximately $2.2 million higher than projected, whereas General Fund expenditures are approximately $1.3 million lower than projected. Consequently, General Fund Reserves are approximately $3.5 million higher than expected at $31.8 million as of June 30, 2022 (or 38% of General Fund operating expenditures), and exceed the City Council's minimum reserve policy of 20%.