Quarterly Financial Report
Second Quarter of Fiscal Year 2023
February 21, 2023
General Fund Revenues
(in millions)
Fiscal Year 2023 Second Quarter Financial Monitoring Report 2 Revenue Source Adopted Budget Amended
Budget
Year-end
Projection Variance
Major Discretionary Revenues
Property Tax 40.9$ $ 44.4 $ 46.9 $ 2.6 Property Tax in lieu of VLF 26.8 27.8 27.8 - Sales Tax 42.3 43.7 45.7 1.9 Measure P Sales Tax 25.9 25.9 28.0 2.1 Measure A Sales Tax 25.9 25.9 28.0 2.1 Franchise Fees 14.5 14.5 14.5 - Transient Occupancy Tax 5.2 5.4 8.9 3.5 Utility User Tax 3.8 3.8 3.8 - Major Discretionary Revenues Subtotal 185.3 191.4 203.7 12.3 Other General Fund Revenues
Other Revenues 63.6 64.5 63.5 (1.0) Other General Fund Revenues Subtotal 63.6 64.5 63.5 (1.0) Other General Fund Sources 6.5 6.5 - Total Revenues/Sources 248.9$ $ 262.4 $ 273.7 $ 11.3 General Fund Expenditures
(in millions)
3Fiscal Year 2023 Second Quarter Financial Monitoring Report Expenditures Adopted Budget Amended
Budget
Year-end
Projection Variance
Personnel Services $ 126.9 $ 130.0 $ 126.9 $ 3.0 Non-Personnel
Supplies and Services 18.6 21.2 22.7 (1.5) Other Expenses 1.8 7.5 8.0 (0.5) Utilities 6.1 6.2 6.2 (0.0) Other Expenditures 95.5 97.7 104.5 (6.9) Total Non Personnel 122.0 132.5 141.4 (9.0) Total Expenditures $ 248.9 $ 262.4 $ 268.3 $ (6.0) General Fund Summary
(in millions)
4Fiscal Year 2023 Second Quarter Financial Monitoring Report Revenue/Expenditure Adopted
Budget
Amended
Budget
Year-end
Projection Variance
REVENUE SOURCES:
Major Discretionary Revenues 185.3$ $ 191.4 $ 203.7 $ 12.3 Other Revenues 63.6 64.5 63.5 (1.0) Other General Fund Sources 6.5 6.5 - Total Revenues/Sources 248.9$ $ 262.4 $ 273.7 $ 11.3 EXPENDITURES:
Personnel Services 126.9$ $ 130.0 $ 126.9 3.0$ Non-Personnel Expenditures 122.0 132.5 141.5 (9.0) Total Expenditures 248.9$ $ 262.4 $ 268.4 (6.0)$ Projected General Fund Surplus -$ -$ $ 5.3 5.3$ RESERVES (Per Council Policy)
Operating, Economic & Catastrophic -$ -$ $ 1.3 (1.3)$ Pension Reserve Fund - - 4.0 (4.0) Total Increase to Reserves -$ -$ $ 5.3 (5.3)$ Second Quarter Adjustments
Non-Departmental
• Increase Major Revenue--
$9.9 million
• Increase in Transfers Out--
$6.5 million
Fire Department
• Transfer from Non-
Departmental $900K in
MOU cost
• Strike-Team
revenue/expenditures of
$500K
Engineering/Capital
Projects
• Decrease of $1.2 million in
revenues due to vacancies
5 General Fund
Fiscal Year 2023 Second Quarter Financial Monitoring Report Central Garage
Fund
Increase revenues by
$600k
Increase expenditures
by $600k
For increased fuel,
maintenance costs,
and capital equipment.
Public Liability
Trust Fund
Increase revenues by
$3.9 million
Increase expenditures
by $3.9 million
Due to increased
liability costs
Transportation
DIFs Fund
Increase revenues by
$6.3 million
Increase expenditures
by $650k
Dedicated park
revenues and Heritage
Road Bridge CIP
Parkland
Acquisition &
Dev Fees Fund
Decrease revenues by
$1.7 million
Reduced dedicated
park revenues
6 Second Quarter Adjustments
Other Funds Significant Budget Adjustments
Fiscal Year 2023 Second Quarter Financial Monitoring Report 7 Recommended Actions
Fiscal Year 2023 Second Quarter Financial Monitoring Report Accept the quarterly financial report
Adopt a resolution to make amendments to FY2022/23
appropriations as recommended in the report
Quarterly Financial Report
Second Quarter of Fiscal Year 2023
February 21, 2023