FY 2022/2023 General Fund
Preliminary Y ear End Results
Presented By
K evin Biersack
10/26/2023
Budget Actuals
Total Taxes $46,166,125 $50,551,669
Sales Tax 11,000,000 13,871,872
Transaction or Use Tax 7,350,000 9,706,198
Property Tax 6,200,000 6,371,951
In-Lieu Vehicle License Fee 5,187,000 5,644,072
Transient Occupancy Tax 3,899,000 5,413,963
User Utility Tax 2,700,000 3,627,037
Cannabis Tax 7,500,000 3,001,871
Franchise Fees 2,330,125 2,914,705
o State General Fund 3.9375%
o State Local Revenue Fund – Health and Social Services 0.5000% o State Local Public Safety Fund – Criminal Justice 0.5000% o State Local Revenue Fund 1.0625%
o County Transportation 0.2500%
o City/County Local Tax (Note 1) 1.0000%
o Measure A Tax (Note 2) 0.5000%
o Transaction and Use Tax (Note 1) 1.0000%
Total Rate 8.7500%
Palm Springs
USD
$0.3057
Riverside
County
$0.2486
Cathedral City
$0.1596
Desert
Comm
College
District
$0.0872
10 Remaining
Agencies
$0.1989
$0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 Cathedral City Property Tax Dollar Breakdown
Budget Actuals
Total Other Revenues $9,493,688 $19,911,906
Licenses & Permits 2,862,524 3,530,107
Services & Fees 5,093,670 5,439,006
Citations 270,000 389,501
Intergovernmental 50,000 447,813
Property/Interest 200,000 766,798
Misc Revenues & Transfers 1,017,494 1,115,420
Covid-19 Assistance 0 8,223,261
Budget Actuals
Taxes $46,166,125 $50,551,669
Licenses, Permits, Fees & Services 8,226,194 9,358,614
Misc Revenue & Fund Transfers 1,267,494 10,553,292
$55,659,813 $70,463,575
126.60%
Expenditure By Category Budget Actuals
Salary & Benefits 42,000,304 40,980,549
Operations 27,077,699 26,934,800
Total Expense By Category $69,078,003 $67,915,349
Department Budget Actuals
Elected Officials 718,550 619,788
General Legal Services 225,000 211,575
City Management 3,262,976 3,248,011
Financial Services 7,430,951 7,287,494
Risk Management 3,800,000 3,800,000
Department Budget Actuals
Development Services 4,638,362 4,590,492
Engineering & Public Works 7,216,973 6,700,266
Police 21,657,128 21,473,120
Fire 15,240,413 15,102,432
General Government 4,887,651 4,882,171
Total Expenses $69,078,003 $67,915,349
Budget vs Actual 98.32%
12-Month
Budget Actuals
Total Revenue $55,659,813 $70,463,576
Total Expenses $69,078,003 $67,915,349
Surplus/(Deficit) (13,418,190) 2,548,227
REVENUE CATEGORY FY2022/2023 FY 2021/2022 INCREASE/
(DECREASE)
TAXES $50,551,669 $50,011,759 $539,910
LICENSES, PERMITS, FEES & SERVICES 9,358,614 9,022,933 335,681 MISC REVENUE & FUND TRANSFERS 10,553,293 2,994,740 7,558,553 TOTAL REVENUES $70,463,576 $62,029,432 $8,434,143
EXPENDITURE CATEGORY FY 2022/2023 FY 2021/2022 INCREASE/ (DECREASE)
SALARIES & BENEFITS $40,980,549 $37,341,404 $3,639,145
OPERATIONS 26,934,800 17,889,470 9,045,330
TOTAL EXPENDITURES $67,915,349 $55,230,874 $12,684,475
2023
Year End
Results
2024 Original
Budget
2024
Current Projection
2025
Original Budget
Beginning GF Balance 35,728,660 39,276,887 39,276,887 29,557,438 Revenues 62,240,315 62,007,499 62,053,539 63,646,766
Expenditures 67,915,349 69,679,551 76,772,988 70,605,394 Operating Surplus / (Deficit) (5,675,034) (7,672,052) (14,719,449) (6,958,628) GF Balance (Available Cash) 30,053,626 31,604,835 24,557,438 22,598,810 ARPA Revenue comprised of: 8,223,261 5,000,000 5,000,000 1,000,000 Rehiring Public Sector Staff 1,385,415 1,000,000 1,000,000 1,000,000 Supplemental Pay 836,963
Revenue Recovery 6,000,884 4,000,000 4,000,000
Surplus / (Deficit) 2,548,227 (2,672,052) (9,719,449) (5,958,628) Ending GF Balance(Avail. Cash) 39,276,887 36,604,835 29,557,438 23,598,810 33% Fund Balance Reserve Policy 22,412,065 22,994,252 25,335,086 23,299,780 50% Target Fund Balance Policy 33,957,675 34,839,776 38,386,494 35,302,697 Actual Percent Fund Balance Reserve 58% 53% 38% 33%
Fiscal Year Revenues Expenditures
Net
Surplus/(Deficit)
Federal
Revenue
Gross
Surplus/Deficit
FY 2022/2023 62,154,457.21 67,908,849.06 -5,754,391.85 8,223,261.05 2,468,869.20 FY 2021/2022 60,134,726.55 55,230,874.62 4,903,851.93 1,894,706.16 6,798,558.09 FY 2020/2021 55,334,141.85 48,893,401.87 6,440,739.98 44,921.00 6,485,660.98 FY 2019/2020 50,803,030.16 52,258,261.85 -1,455,231.69 26,030.43 -1,429,201.26 FY 2018/2019 51,374,695.13 47,610,483.60 3,764,211.53 0 3,764,211.53 Where the funds come from…
FY 2023-2024
Expenses by Type
FY 2023-2024
Where the funds go…
FY 2023-2024
Where the funds come from…
FY 2024-2025
Expenses by Type
FY 2024-2025
Where the funds go…
FY 2024-2025
QUESTIONS ?
NEXT STEPS?
1/9/2024 6:43 PM