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Council approves FY24 second‑quarter allocations including CalPERS payment and Slow Rep commitment
Summary
San Luis Obispo City Council accepted the fiscal year 2023‑24 second quarter budget report and approved staff recommendations to allocate unassigned fund balance, including supplemental CalPERS payment and a commitment to funding the Slow Rep theater project.
The San Luis Obispo City Council voted unanimously to accept the city’s fiscal year 2023‑24 second quarter budget report and to allocate unassigned general fund balances for one‑time expenses and commitments.
Staff reported a $9.167 million unassigned general fund balance after encumbrances and assignments. Council approved staff recommendations that included increasing the general fund portion of the city’s additional discretionary CalPERS payment (the staff‑recommended general fund share was $661,000 as part of a larger $2 million action), a $2.76 million allocation for additional Slow Rep Theater funding consistent with a previously authorized agreement, an $845,000 final payment related to a loan to the parking fund for the 1166 Higuera property acquisition, and placing the remaining balance into the Infrastructure Investment Fund to support larger capital projects.
Finance staff and the city manager emphasized revenue risks for the current fiscal year: sales tax and development fee revenues are projected to underperform by roughly $2 million each, driven by slower consumer spending and a multi‑year decline in development fee receipts. Staff said departments are planning expenditure management measures (reducing consultant work and maximizing staffing savings) and recommended not appropriating certain local revenue measure balances so as to retain flexibility in the face of revenue uncertainty.
Council members asked for additional detail on specific grant awards that were not received (notably a federal grant for electric buses) and how staff will notify the public if service levels are affected; staff responded that contingency planning and outreach will be part of responses if grant losses require service reductions.
The council approved the staff recommendations on a roll‑call vote: Vice Mayor Shorzman Yes; Councilmember Francis Yes; Councilmember Marks Yes; Councilmember Boswell Yes; Mayor Mary Erica A. Stewart Yes.
Ending: Staff said they will return with implementation details and forthcoming updates to the budget as revenue and grant award information is finalized.
