FY 21/22 General Fund
Mid
-
Year Review
Presented By
Tami Scott
Budget
Adjusted
Actuals
Total Taxes $22,322,000 $21,595,834
Property Tax 2,975,000 2,046,285
Sales Tax 5,250,000 5,847,012
Vehicle License Fee (VLF) 2,529,000 2,529,000
Hotel/Timeshare 1,818,000 2,041,949
Franchise Fees 1,150,000 1,008,217
User Utility Tax (UUT) 1,350,000 1,864,158
Transaction or Use Tax (TUT) 3,500,000 3,893,607
Cannabis Tax (CMT) 3,750,000 2,365,606
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1/19/2022 1:52 PM
Palm Springs USD
$0.3028
Palm Springs USD
$0.3028
Riverside County
$0.2426
Desert Comm
College Dist
$0.0864 10 Remaining
Agencies
$0.2068
Cathedral City
$0.1614
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Budget
Adjusted
Actuals
Total $4,233,362 $4,036,584
Licenses & Permits 1,556,262 1,435,116
Services:
Planning, Building & Code 397,500 460,335
Engineering & Public Works 75,000 72,639
Fire 151,000 184,080
Paramedic Services 900,000 952,791
Police 1,153,600 931,623
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Budget
Adjusted
Actuals
Total Misc Rev & Fund Trf $899,450 $1,554,344
Fines & Forfeitures 135,000 281,201
Interest & Rental Income 100,000 103,091
Misc Rev & Labor Reimb 262,500 821,938
Transfers In 401,950 348,114
Budget
Adjusted
Actuals
Taxes $22,322,000 $21,595,834
Licenses, Permits, Fees & Services 4,233,362 4,036,584
Misc Rev & Fund Transfers 899,450 1,554,344
Total Revenue $27,454,812 $27,186,762
Budget vs Actual 99.02%
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Department Budget
Adjusted
Actuals
Elected Officials $325,670 $240,983
General Legal Services $112,500 $82,696
City Management $1,440,008 $1,458,261
Administrative Services $3,814,149 $3,396,534
Risk Management $1,375,000 $1,375,000
Department Budget
Adjusted
Actuals
Planning, Building & Code $1,819,675 $1,577,373
Engineering & Public Works $2,516,492 $942,133
Police $10,069,040 $10,207,743
Fire $6,945,530 $7,220,813
General Governm ent $952,472 $161,302
Total Expenses $29,370,535 $26,662,839
Budget vs Actual 90.78%
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Budget
Adjusted
Actuals
Total 6 Mos. Revenues 27,454,812 27,186,762
Total 6 Mos. Expenses 29,370,535 26,662,839
Gross Surplus / (Deficit) (1,915,723) 523,923
General Fund 5-Year Forecast
FY 2022 – 2026
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2022 2022 2023 2024 2025 2026
Revised
Budget
Mid-Year
Projection Budgeted Projection Projection Projection
Beginning General Fund Balance* 28,928,255 28,928,255 33,556,841 29,552,624 27,152,679 25,235,245 Revenues 54,861,720 55,367,496 54,823,566 57,016,509 59,297,169 61,669,056 Expenditures 58,741,069 56,858,374 59,955,600 62,050,268 64,271,776 66,585,929 Salary & Benefits 37,760,089 35,252,192 39,553,507 40,740,112 41,962,316 43,221,185 Operating Expenses 20,980,980 21,606,182 20,402,093 21,310,156 22,309,460 23,364,744 Full-time Equivalent Employees 204 210 210 210 210 210
Surplus/(Deficit) (3,879,349) (1,490,878) (5,132,034) (5,033,759) (4,974,607) (4,916,874) Ending General Fund Balance
(Available Cash)* 25,141,629 27,437,377 28,424,807 24,518,865 22,178,072 20,318,371 American Rescue Plan Act
Revenue Recovery 6,119,464
American Rescue Plan Act
Rehiring Public Sector Staff 1,127,817 2,633,814 3,057,173 2,634,426 Ending General Fund Balance
(Available Cash)* 33,556,841 29,552,624 27,152,679 25,235,245 22,952,797 33% Fund Balance Reserve Policy 19,353,954 18,763,263 19,785,348 20,476,588 21,209,686 21,973,357 50% Target Fund Balance Policy
(Council Directive by 2020) 29,324,173 28,429,187 29,977,800 31,025,134 32,135,888 33,292,965 Assumptions: - Revenue projections reflect 4% and Expense projections reflect 3% growth from 2024-2026 - Includes $1,100,000 FY 21-22 and $900,000 in FY 22-23 (and beyond) annual budget for General Fund MOE match for SB1 funds
- Includes budget adjustments through 12/30/2021
- Includes a net increase of 6 positions for the 9 Ambulance Operator positions offset by 3 Firefighter/Paramedic positons approved by City Council *Does not include $1M loan receivable from CURC for Fire Station 411 *Does not include $900K loan receivable from CV Rep
QUESTIONS ?
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