04.21.2020: Finance, Audit and Budget Subcommittee Meeting

The City of Ventura Finance, Audit and Budget Subcommittee met on April 21, 2020, to review the budget calendar, the current fiscal-year outlook, and planning for FY 2020–21 amid COVID-19-related uncertainty. Staff projected current-year revenue of about $112 million versus a $121 million budget, with expenditures around $118 million; the operating revenue shortfall was estimated at approximately $6.7 million and would be offset using prior-year fund balance. For next year, staff presented projected revenues of $115.4 million and discussed a roughly $7 million budget gap, along with possible balancing measures such as vacancies, compensation changes, service reductions, reduced support to outside agencies, revenue enhancements, and use of reserves. The committee discussed a $15 million emergency reserve, an approximately $8 million one-time Southern California Edison payment, and a proposed transfer of about $470,000 in Harbor Garage debt payments to the parking fund. Staff will refine budget materials and present options and guiding principles for council consideration; the subcommittee took no budget or spending action.

Members also discussed the upcoming citywide fee-schedule review and whether credit-card processing costs—described as roughly $400,000—could be reduced or passed on to users. Staff said the city regularly bids its merchant-services contract and currently uses Chase under a multi-year agreement; staff was willing to review a third-party cost-saving proposal, but no vendor selection or contract change was approved. The subcommittee approved the January minutes by motion and second. Members also urged staff to improve public-comment access for the upcoming budget discussions.