All Funds Financial Schedules
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Financial Overview by Fund
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Flow of Funds Chart (Sankey)
The three most important things to learn from this chart:
1 .
The chart above demonstrates how revenues (left to right) and expenditures (right to left) flow out of and into each type of City fund.
2 .
Where revenues meet expenditures at the center of the chart (fund line type), a gap to the left is indicative of expenditures exceeding revenue and a decrease in fund balance/savings for that type of fund. 3 .
A gap to the right is indicative of an increase in fund balance/savings for that type of fund.
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All Funds Summary
This section provides information on the FY 2024-25 Special Revenue, Debt Service, Capital Project, Enterprise, and Internal Service Funds budgets including, expenditure and revenue highlights, transfers to other funds, reserve funds, and the financial forecast. For descriptions of funds, see Financial Policies: Fund Structure.
Revenue Estimates
Estimates for FY 2024-25 fund balance and individual revenue accounts are based upon a careful examination of the collection history and paLerns as they relate to such factors as seasonality and performance in the economic environment that the City is most likely to encounter in the coming year. Each source of revenue can be influenced by external and/or internal factors outside of the City's control.
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Special Revenue Funds
Special Revenue Funds account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes. Special Revenue Funds include the Park Dedication, Transportation, Storm Drain, and Environmental Management/Clean Creeks funds.
Revenue
Revenue sources have increased by $5.6 million. Use of Money & Property is increasing due to higher projected interest earnings. Intergovernmental is increasing due to increased Measure B revenue and federal and state grants.
Expenditures
Expenditure uses have increased by $3.6 million. Capital Outlays are higher due to more Capital Improvement Program (CIP) projects and increased
Cost Allocation expenses. Matrix Consulting Group updated the Cost Allocation Plan (CAP) based on a CAP study performed in 2023.
As part of service level reductions,
departments decreased their contract services and special projects.
Fund Balance
Fund balance represents fund savings and is calculated by taking the beginning balance and then adding the difference between revenue and expenditures to arrive at the ending fund balance. It is projected to increase by $4.7 million due to increased Measure B and interest revenues.
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Debt Service Fund
The Debt Service Fund provides for the payment of principal, interest, and associated administrative costs incurred with the issuance of debt instruments for the City’s Public Facilities Corporation. The budget funds the Corporation’s annual payment of principal and interest on the City Hall/Community Hall/Library Certificates of Participation (COP) that will be paid off by July 1, 2030.
On September 29, 2020, the City’s 2020A Certificates of Participation (2020 COPs) were successfully sold in order to refund the City’s 2012 Certificates of Participation for debt service savings. The refunding generated net present value savings of approximately $3.14 million, 11.61% of refunded par, and a True Interest Cost of
0.72%. Savings to the City’s General Fund amounts to approximately $494,000 per year for the next ten years or almost $5 million in total savings.
Revenue
Revenue sources are relatively unchanged from the last fiscal year. The $2.7 million transfer from the General Fund funds the annual payment of principal and interest for the City’s debt.
Expenditures
Expenditure uses are relatively unchanged from the last fiscal year. The $2.7 million in expenditures represents the annual payment of principal and interest for the City’s debt.
Fund Balance
Fund balance represents fund savings and is calculated by taking the beginning balance and then adding the difference between revenue and expenditures to arrive at the ending fund balance. Fund balance is unchanged from the last fiscal year.
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Capital Project Funds
This fund pays for the acquisition of major capital facilities and/or construction of major capital projects.
Revenue
Revenue sources have increased by $11.6 million due to the transfers in for Capital Improvement Program (CIP) projects. As a result of the revenue shortfalls stemming from the CDTFA audit, the annual transfers from the General Fund to the Capital Reserve have been eliminated until FY 2029-30.
Expenditures
Expenditure uses have increased by $17.8 million due to more CIP projects this year.
Fund Balance
Fund balance represents fund savings and is calculated by taking the beginning balance and then adding the difference between revenue and expenditures to arrive at the ending fund balance.
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Enterprise Funds
Enterprise Funds are set up for the provision of specific services that are funded directly by fees charged for those goods or services. Enterprise Funds include the Resource Recovery, Sports Center, Blackberry Farm Golf Course, and Recreation funds.
Revenue
Projected revenue sources remain relatively unchanged from the prior fiscal year. In FY 2023-24, as a result of anticipated revenue shortfalls due to the CDTFA audit, transfers from the General Fund to the Enterprise Funds have been reduced as part of an expenditure reduction strategy aimed at decreasing General Fund subsidies of Enterprise Funds. Transfers to the Enterprise Funds have resumed in FY 2024-25.
Expenditures
Expenditure uses have decreased by $0.4 million due to decreases in contract services.
Net Position
Enterprise funds carry net position instead of fund balance. Net position is calculated by taking the beginning balance and then adding the difference between revenue and expenditures to arrive at the ending net position.
However, some of these resources are not liquid and represent capital assets. These monies are generally accumulated to support capital replacement and/or expansion needs. It is projected to decrease due to revenues being lower than expenditures.
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Internal Service Funds
Internal Service Funds are used for areas where goods or services are provided to other departments or governments on a cost-reimbursement basis. Internal Service Funds include Information & Technology, Vehicle & Equipment Replacement, Workers' Compensation, Compensated Absences & Long-Term Disability, and Retiree Medical funds.
Revenue
Revenue sources have increase by $2.3 million as a result of an increase in transfers in from the General Fund.
In FY 2023-24, the City resumed transfers to the Retiree Medical Fund because the City's Other Post- Employment Benefits (OPEB) plan is below 100% funded.
Expenditures
Expenditure uses is
relatively unchanged from the prior fiscal year.
Net Position
Internal Service Funds carry net position instead of fund balance. Net position is calculated in the same manner as fund balance, taking the beginning balance and then adding the difference between revenue and expenditures to arrive at the ending net position. However, some of the resources are not liquid and represent capital assets. These monies are generally accumulated to support capital replacement and/or expansion needs.
Net positions is
relatively unchanged from the prior fiscal year.
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All Funds Revenues
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All Funds Expenditures
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All Funds Expenditures by Department
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All Funds Fund Balance
For descriptions of funds, see Financial Policies: Fund Structure.
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