2023-24 2024-25 2025-26 2026-27 2027-28
Recurring Items:
Revenues
Sales Tax 63,103 64,412 66,179 67,833 69,529 Property Taxes 69,818 73,309 76,974 80,823 84,864 Utility Users Tax 18,884 19,639 20,327 20,937 21,565 Services Charges - Intra City 14,622 15,060 15,512 15,978 16,457 Services Charges 22,741 23,650 24,478 25,213 25,969 In Lieu of Tax 9,513 9,893 10,190 10,445 10,706 Interest/Use of Money 4,249 4,397 4,485 4,575 4,666 Parking/Traffic/Other Fines 2,401 2,449 2,498 2,548 2,599 Transient Occupancy Tax 12,259 13,853 14,864 15,942 16,739 Building Permits/License Fees 6,657 6,058 6,239 6,426 6,619 Transient Parking Tax 4,273 4,401 4,533 4,669 4,809 Business Taxes 2,464 2,538 2,614 2,693 2,773 Franchises 1,442 1,428 1,428 1,428 1,428 Intergovernmental Revenues 1,067 1,088 1,110 1,132 1,155 Total General Fund Revenues 233,492$ 242,176$ 251,432$ 260,641$ 269,879$ Expenditures
City Council (1,003)$ (1,084)$ (1,143)$ (1,191)$ (1,235)$ City Manager (2,876) (3,090) (3,211) (3,326) (3,417) City Clerk (1,801) (1,938) (2,023) (2,099) (2,163) City Treasurer (907) (975) (1,015) (1,052) (1,082) City Attorney (5,093) (5,703) (5,909) (6,112) (6,267) Management Services (6,820) (7,346) (7,684) (7,980) (8,235) Financial Services (6,224) (6,761) (7,027) (7,278) (7,477) Parks & Recreation (30,980) (33,450) (35,187) (36,625) (37,932) Library Services (8,983) (9,665) (10,082) (10,459) (10,773) Community Development (14,552) (15,664) (16,360) (16,979) (17,502) Public Works (19,444) (20,971) (22,003) (22,878) (23,654) Fire (44,270) (47,550) (49,890) (52,010) (54,066) Police (65,844) (73,597) (77,128) (80,371) (83,442) Non-Departmental (8,907) (8,389) (9,611) (10,622) (11,437) Total General Fund Expenditures (217,705) (236,185) (248,273) (258,982) (268,683) RECURRING BALANCE / (DEFICIT) 15,787$ 5,991$ 3,159$ 1,659$ 1,196$ Attachment 3
PROJECTED
(Amounts in Thousands)
General Fund
Financial Forecast FY 2023-24 through FY 2027-28
Mid-Year FY 2023-24
Attachment 3 - Page 1
2023-24 2024-25 2025-26 2026-27 2027-28
Attachment 3
PROJECTED
(Amounts in Thousands)
General Fund
Financial Forecast FY 2023-24 through FY 2027-28
Mid-Year FY 2023-24
Non-Recurring Revenue/Savings Items:
Non-Recurring Revenue/Resources 4,079$
Estimated Annual Budget Savings 4,354 4,724 4,965 5,180 5,374 Non-Recurring Revenue/Savings Total: 8,434 4,724 4,965 5,180 5,374 Plus Beginning Balance June 30th 44,269$ 25,777$ 27,792$ 32,895$ 37,056$ Working Capital Reserve (2,440) (2,772) (1,813) (1,606) (1,455) Emergency Reserve (813) (924) (604) (535) (485) Budget Stabilization Reserve (813) (924) (604) (535) (485) Compensated Absences Reserve (259) (1,165) - - - Adjusted Beginning Balance July 1st 39,943 19,992 24,770 30,218 34,631 Less Non-Recurring Expenses
Adopted One-Time Items (20,792)
Contributions to CalPERS (2,914) (2,914)
Deposit to 115 Trust (5,800)
Items Added Post Budget Adoption (7,935)
Mid-Year Budget Requests (946)
Subtotal Non-Recurring Items (38,387) (2,914) - - -
EXCESS/(DEFICIENCY) OF REVENUE
OVER APPROPRIATIONS 9,990$ 21,801$ 29,736$ 35,397$ 40,005$ PLUS RECURRING BALANCE (ABOVE) 15,787$ 5,991$ 3,159$ 1,659$ 1,196$ ENDING SPENDABLE FUND BALANCE 25,777$ 27,792$ 32,895$ 37,056$ 41,200$ FORMAL RESERVE BALANCES 54,426$ 59,046$ 62,068$ 64,745$ 67,171$ Attachment 3 - Page 2
Description 2023-24 2024-25 2025-26 2026-27 2027-28
Revenues:
Sales Tax 8.0% 2.1% 2.7% 2.5% 2.5%
Property Taxes 10.3% 5.0% 5.0% 5.0% 5.0%
Utility Users Tax 9.6% 4.0% 3.5% 3.0% 3.0%
Services Charges - Intra City 8.3% 3.0% 3.0% 3.0% 3.0%
Service Charges 20.1% 4.0% 3.5% 3.0% 3.0%
In-Lieu of Tax 4.5% 4.0% 3.0% 2.5% 2.5%
Interest/Use of Money 71.9% 3.5% 2.0% 2.0% 2.0%
Parking/Traffic/Other Fines 75.3% 2.0% 2.0% 2.0% 2.0%
Transient Occupancy Tax 16.2% 13.0% 7.3% 7.3% 5.0%
Building Permits/License Fees 19.0% (9.0%) 3.0% 3.0% 3.0% Transient Parking Tax 15.5% 3.0% 3.0% 3.0% 3.0%
Business Taxes 2.7% 3.0% 3.0% 3.0% 3.0%
Franchise Fees (2.0%) (1.0%) 0.0% 0.0% 0.0%
Intergovernmental Revenues (31.5%) 2.0% 2.0% 2.0% 2.0%
Expenditures:
Salaries & Wages* - - - - -
Utilities 9.0% 8.5% 5.0% 5.0% 5.0%
Contracts/Services/Other 3.0% 3.0% 3.0% 3.0% 3.0%
Internal Service Funds 12.0% 9.0% 7.5% 5.0% 5.0%
*confidential
BUDGET PARAMETERS
Forecast - Mid-Year FY 2023-24
Attachment 3
Attachment 3 - Page 3