09.17.2020: Finance, Audit and Budget Subcommittee Meeting

The City of Ventura Finance, Audit and Budget Subcommittee meeting, identified by its title as September 17, 2020, reviewed preliminary results for the prior fiscal year and the current-year budget. The General Fund ended the prior year with approximately $118.4 million in revenue and a preliminary surplus just under $900,000—about $7.5 million better than the COVID-era projection. Staff noted that some revenue improvement reflected timing and one-time funds, including about $3.4 million, and reported that the state had requested repayment of $790,000 in sales-tax funds. The adopted current-year General Fund budget was $116 million for both revenues and expenditures; staff said early results were close to plan but cautioned that it was too soon to assess the full-year effects of the pandemic. The budget-balancing plan included $11.1 million in reductions or offsets, including personnel savings, reduced support to outside agencies and internal service funds, lower travel spending, and shifting some costs to Measure O. Measure O’s current-year budget was $15.6 million, with projected revenue of $12.5 million; staff also noted that some expenses had been coded incorrectly and would be corrected. No contract awards, bids, or vendor selections were reported.

Members discussed the need for cautious forecasting and asked staff to prepare downside scenarios for future budget decisions, while avoiding premature cuts that could affect services. The committee also reviewed water and wastewater finances and heard a public comment concerning the proposed Ventura Water Pure facility, estimated by the commenter at $250–300 million, the consent decree, and potential rate impacts. Staff said a rate study and related discussions were expected before the Water Commission and City Council. No spending motion or procurement approval was reported; the transcript records a motion to approve prior meeting minutes but does not capture a vote result.