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Background
On June 6, 2023, the City Council adopted the Fiscal Year (FY) 2023-24 Adopted Budget, a $121.8 million spending plan funded by $110.2 million in revenue and $11.6 million in fund balance. The FY 2023-24 Adopted Budget reflected a $4.0 million increase from the FY 2023-24 Proposed Budget, mainly due to the Capital Improvement Program. As a result of budget adjustments, encumbrances, and carryovers, the amended budget at the end of the first quarter is $204.7 million.
Amended Budget
2023-24 Adopted Budget 2023-24Amended BudgetQ1
Fiscal Year
0.0 100.0M
200.0M
50.0M
150.0M
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Public Works
Community Development
Capital Projects
Law Enforcement
Parks and Recreation
Non Departmental
Administrative Services
Innovation & Technology
Administration
Council and Commissions
Flow of Funds Chart (in Millions)
CITY OF CUPERTINO
FY 2023-24 First Quarter Financial ReportThe following is the First Quarter Financial Report, submitted by the Administrative Services Department for the period of July 1, 2023 to September 30, 2023 for Fiscal Year (FY) 2023-24. It has been prepared to inform the City Council, City leadership and the public of the City’s fiscal status.
General Fund Revenues, Expenditures, and Fund Balance
To date the City’s financial statement audit has yet to be issued and revenue, expenditure, and fund balance totals listed in this report are preliminary and subject to change after a full review by the City’s auditors. City staff does not anticipate many if any changes from the auditors. -$13,529,092.80Revenues Less Expenses in Sep 2023
-$14M-$12M-$10M-$8M-$6M-$4M-$2M$0
Sep 2020Sep 2021Sep 2022Sep 2023
$29,163,659.20Revenues Less Expenses in Jun 2023
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$15M
$20M
$25M
$30M
Jun 2021Jun 2022Jun 2023
General Fund Revenues vs Expenditures First QuarterGeneral Fund Revenues vs Expenses Year End September 2020-21 Actual
2020-21 Amended BudgetQ1
June 2021-22 Actual
September 2022-23 Actual
2022-23 Amended BudgetQ1
2023-24 Amended BudgeQ1
Fiscal Year
0.0 100.0M
25.0M
50.0M
75.0M
125.0M
Dollars
Revenues
Expenses
General Fund Revenue and Expenditure Trends
As of September 30, 2023, General Fund revenues are at $12.1 million, which is 11% of budgeted revenue. Revenues at the first quarter point of the prior three years were between 13% and 18% of budgeted revenues, placing this year slightly below the range. Staff will continue to monitor its leading revenue sources as the year progresses.
General Fund expenditures are $25.6 million, which is 21% of budgeted appropriations. Expenditures at the first quarter point of the prior three years ranged between 23% and 27% of budgeted appropriations which places current first quarter actuals within the range.
General Fund Revenues - First Quarter vs Budget
Data Updated Nov 14, 2023, 1:05 PM
9/20209/20219/20229/2023
10.74%In Revenues of $112,763,401.00 Budgeted through Sep 2023 General Fund Expenses - First Quarter vs Budget
Data Updated Nov 14, 2023, 1:05 PM
9/20209/20219/20229/2023
21.06%In Expenses of $121,777,754.00 Budgeted through Sep 2023 As of the first quarter, overall revenue is $12.1 million, which is $5.5 million, or 31%, lower than the same time last year. This is primarily due to decreases in sales tax, intergovernmental, and transfers in.
As of first quarter, overall expenditures are $25.6 million, which is $5.7 million, or 18%, lower than the same time last year. This is primarily due to decreases in transfers as part of an expenditure reduction strategy. $12,113,167.19Revenues in Sep 2023
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$20M
$40M
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$80M
$100M
$120M
Sep 2020Sep 2021Sep 2022Sep 2023
$25,642,259.99Expenses in Sep 2023
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$40M
$60M
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$100M
Sep 2020Sep 2021Sep 2022Sep 2023
$12,113,167.19Revenues in Sep 2023
Sales Tax
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Other
Use of Money
Licenses and...
Transient Oc...
$25,642,259.99Expenses in Sep 2023
Contract Ser...
Transfers Ou...
OtherEmployee Ben...
Cost Allocat...
Employee Com...
General Fund Classification of Fund Balance
The City’s General Fund ended FY 2021-22 with $110.2 million in total fund balance. Staff anticipates the General Fund will end FY 2022-23 with $139.3 million in fund balance, an increase of $29.1 million from the prior year due to FY 2022-23 ending with revenues higher than expenditures. As of the first quarter, staff anticipates the General Fund will end FY 2023-24 with $135.4 million in fund balance.
To date, the City’s outside auditors have not completed their review of the City’s financials. Revenue, expenditure, and fund balance totals listed in this report are preliminary and subject to change after a full review by the City’s auditors. City Staff does not anticipate many, if any, changes from the auditors.
General Fund Revenues - First Quarter vs Year End General Fund Expenses - First Quarter vs Year End General Fund Revenues by Type General Fund Expenses by Type Recommended Adjustments
As of the first quarter, Departments are requesting budget adjustments to ensure they end the year within budget appropriations. The recommended adjustments are summarized in the table below:
Summary
The First Quarter Financial Report shows the City is positioned as anticipated. City staff recommends adjustments of $540,141 in new appropriations, funded by $464,384 in revenues and $75,757 in one-time fund balance.
City of Cupertino, California
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