General Fund Revenues
Staff has reviewed revenues for the second quarter of the current fiscal year (July-December 2021) and an increase of $1,581,100 in General Fund revenue adjustments is being recommended. Below is information regarding the revenues received for the first half of the fiscal year in each of the City’s largest sources of revenue, which is summarized, along with recommended adjustments in Table C at the end of this section.
Property Tax
To date, the City has received six property tax apportionments, with the largest of these distributions received in December. As of December 2021, the total property tax received by the City for FY 2021-22, is $2,629,642. In comparison to prior year collections, current receipts (including receipts received in January) indicate that property tax is coming in around 3.7% higher.
When compared to FY 2020-21 results of $6,384,954, the FY 2021-22 year-end projection of $6,472,770 is 1.38% higher than prior year results.
Another available resource that staff utilizes to project property tax revenue is the County of San Diego tax/revenue accountability report that is provided to the City monthly. This report includes the total property tax allocated to Del Mar based on the property tax bill that was sent out to residents for the current year. The reported amount includes corrections, supplemental bills, prior year escapes and penalties and interest. To remain conservative, staff estimates that 97% of expected collections will be received by the end of the year, which for FY 2021-22 is projected at $6.5 million. Based on the data received to date, staff is not recommending adjusting property tax revenue at this time.
Transient Occupancy Tax (TOT)
Current year TOT revenue collections are indicating a full recovery back to FY 2018-19 levels (highlighted below), which is the last full year of TOT collections that were not impacted by the pandemic. In fact, the first five months of current year collections (July-November 2021) show record breaking results when compared to historical data back to FY 2001-02. Although December’s collection was 2.5% lower than December 2019, it is still the 2nd highest collection period for December collections. The following Table A summarizes Mid-Year and Year-End TOT results for the past five fiscal years:
Table A. FY 2017-18 thru FY 2021-2022 Mid-Year and Year-End TOT Results Fiscal Year
Mid-Year
Results
% of
Total
Year-End
Results
Difference
to PY
Gain or
(loss)**
2021-2022 $1,851,155 61.7% $3,000,000* $1,207,910 $23,159 2020-2021 987,862 55.1% 1,792,090 (508,414) (1,184,751) 2019-2020 1,612,853 70.1% 2,300,504 (676,337) (676,337) 2018-2019 1,633,957 54.9% 2,976,841 (30,128) Base
2017-2018 1,611,992 53.6% 3,006,969 309,672 N/A
*Recommended adjusted new projection for TOT revenue.
**Compared to FY 2018-2019 year-end results.
Historical data indicates that receipts collected through December of each year typically represents 51-55% of the total revenue collected by the end of the year. Based on a conservative $3 million adjusted projection for FY 2021-22, the total actual collection through December 2021 of $1.85 million represents 61.7% of total projected revenue for the year. The $1.15 million 2 March 7, 2022 Item 08
City Council Agenda Report
FY 2021-22 Mid-Year Financial Report
March 7, 2022
revenue collection required for the last six months of the year (January-June 2022) to meet the $3 million adjusted projection is approximately 10% lower than the receipts for the same months in FY 2018-19. Staff is confident that if current trends continue through the year, the City will meet or exceed the adjusted TOT projection of $3 million.
Included in this report is staff’s recommendation to increase the TOT revenue projection by $900,000 from $2.1 million to $3 million. Based on that assumption and the data listed in Table A above, the City would reach FY 2018-19 (pre-pandemic) revenue levels by the end of this fiscal year.
Sales Tax
On February 23, 2022, the City received the second quarter sales tax true-up payment, which is included in the analysis below. To date, the City has received $1,134,276 in sales tax receipts.
Third quarter receipts (July-September 2021) came in at 77% of pre-COVID revenue levels (FY 2018-19) and fourth quarter receipts (October-December 2021) exceeded pre-COVID levels.
Although the City expects to receive higher receipts than last year, staff is conservatively projecting receipts for the last two quarters of the year to remain relatively flat. Based on that calculation, staff is recommending increasing sales tax revenue by $410,000, resulting in a new projected budget of $1.75 million. Staff will continue to monitor sales tax revenue and will request additional adjustments, if necessary, during the review of third quarter results, which will be presented with the FY 2022-23 Budget Update in June 2022.
Table B below includes historical sales tax data by quarter. The last two quarters of the current fiscal year are staff’s recommended conservative projections. As indicated on this table, revenue trends are positive but have not yet reached pre-COVID levels. When compared to FY 2018-19, the total sales tax revenue loss since March 2020 is estimated at $2.3 million.
Table B. FY 2017-2018 thru FY 2021-2022 Quarterly Sales Tax Receipts Fiscal Year
3rd Quarter
Jul-Sep
Receipts
4th Quarter
Oct-Dec
Receipts
1st Quarter
Jan-Mar
Receipts
2nd Quarter
Apr-Jun
Receipts
Totals
2021-2022 $657,628 $476,648 $205,724* $410,000* $1,750,000 2020-2021 321,812 221,455 197,667 407,037 $1,147,971
2019-2020 818,622 396,536 137,410 119,821 1,472,389
2018-2019 848,665 436,666 336,011 587,074 2,208,416
2017-2018 886,737 438,663 263,634 547,488 2,136,522
*Projected receipts based on similar receipts received in FY 2020-21 Attachment B is an analysis that is provided to the Measure Q Citizen Oversight Committee that compares Sales Tax to Measure Q receipts by Major Industry Group. This is based on data that is provided by HdL, the City’s sales tax consultant, and updated to reflect receipts in the correct reporting quarter. Although relatively close, these amounts may not tie in with the totals listed on Table B. Even though receipts for the fourth quarter have been received, data regarding the Major Industry Group will not be available until late spring. As seen in this report, restaurants and hotels represents the largest portion of sales tax revenue source and is approximately 67% of total sales tax revenue. This category includes food vendors located at the Fairgrounds, which the City understands is planning for a more traditional fair event in June/July 2022. The return to a more normal fair event is anticipated to increase revenues received from the Fairgrounds during 3 March 7, 2022 Item 08
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FY 2021-22 Mid-Year Financial Report
March 7, 2022
this fiscal year and next. Staff is confident that final sales tax results for the current year will meet or exceed the conservative adjusted sales tax projection of $1.75 million.
Parking Meter and Violation Revenue
Parking meter and violation revenue for the first six months of the fiscal year came in slightly lower than the prior year. The original budget anticipated a decrease in parking meter and violation revenue when compared to actual revenues received in FY 2020-21. Based on current activity, staff has reevaluated projections for the second half of the fiscal year, and staff is recommending increasing both parking meter and violation revenue by $175,000 and $25,000, respectively. This will result in new revenue projections of $700,000 for parking violations, and $1.375 million in parking meter income. Revenues will be reevaluated for the third quarter financial report and additional adjustments will be made at that time if needed.
Other General Fund Revenue Adjustments
Based on actual collections to date, staff is recommending other minor General Fund revenue adjustments including an increase of $28,600 related to the sale of an old lifeguard vehicle; an increase of $22,000 in contributions to reflect the fire grant received from the Roy & Marian Holleman Foundation; and $20,500 in workers’ compensation reimbursements.
The following Table C summarizes the requested General Fund Mid-Year adjustments:
Table C. Recommended FY 2021-22 General Fund Revenue Adjustments Account Current Budget
Projection
Recommended
Adjustment
2nd Quarter
Projection
Property tax $7,173,830 $- $7,173,830
TOT 2,100,000 900,000 3,000,000
Sales tax 1,340,000 410,000 1,750,000
Parking meter 1,200,000 175,000 1,375,000
Parking violations 675,000 25,000 700,000
Other revenue 4,603,710 71,100 4,674,810
Total $17,092,540 $1,581,100 $18,673,640
Other Non-General Fund Revenues
In addition to the General Fund adjustments described above, staff will be requesting an increase in the Supplemental Law Enforcement Fund of $61,280 to account for the additional COPS funding allocated to the City in the current year; an increase of $10,000 in the Open Space fund revenues to account for an increase in revenues related to new surf camp permits; an increase of $18,000 in the TransNet fund to account for the current year allocation available to the City for street related expenses; and an increase of $2,600 in Regional Transportation Congestion Improvement Program (RTCIP) fund to account for actual revenue received to date.
Included in this report are also adjustments to the Enterprise funds that do not impact the General Fund Contingency. This includes a net increase of $410,520 in the Water Fund; a net increase of $35,550 in the Clean Water Fund; and a net increase of $70,000 in the Wastewater Fund, which are largely due to increased usage charges based on current activity. 4 March 7, 2022 Item 08
City Council Agenda Report
FY 2021-22 Mid-Year Financial Report
March 7, 2022
General Fund Operating Expenditures
Staff has reviewed the mid-year expenditures for the current fiscal year (July-December 2021) and will be recommending a total of $410,790 in General Fund expenditure adjustments as described below:
An increase of $125,000 in the Fire Protection program to cover the unanticipated increase in overtime pay related to fire position vacancies and leave. An increase of $94,230 to the Del Mar Village Association related to an increase in their share of TOT (1/13th) totaling $69,230, and an additional $25,000 in Community Support Program funding for business support and economic development services that was deferred at the beginning of the fiscal year pending the Mid-Year financial results. It should be noted that the increase in TOT related funding will be offset by an increase in TOT revenues received by the City.
An increase of $54,600 in the Facilities program to replace deteriorated City Hall Adirondack chairs; cover unexpected vehicle maintenance costs; and to restore landscape and tree maintenance contractual services to pre-COVID levels. An increase of $45,000 in the Equipment Replacement fund to cover the purchase of a boat and engine (which will be offset by a donation from the Lifeguard Association) and a second ATV for the Lifeguard Division, and the replacement of a vehicle for the Parking Enforcement Division. Some of these items were approved for purchase in FY 2022-23, but will need to be replaced sooner than expected. If approved for purchase this year, the funding for next year will be eliminated during the FY 2022-23 Budget Update in June 2022.
An increase of $32,600 in the Risk Management program to cover the current year expenditures related to settled claims.
An increase of $27,360 in the Finance Services program to cover the leave liability payout related to employee retirements during the current fiscal year. An increase of $17,000 in the Lifeguard Services program to cover an increase to overtime coverage due to staffing shortages associated with COVID, and unanticipated extensive vehicle repair costs.
An increase of $15,000 in the Engineering Services program to cover an increase in traffic and engineering services related to significant capital project planning, SB9, grant research and application preparation, analysis of downtown parking plan and Crest Canyon evacuation plan, and Traffic Parking and Advisory Committee work plan items.
Other Expenditure Adjustments
Other adjustments to Non-General Fund Expenditures include a net $14,700 increase in the Gas Tax Fund to cover a portion of the increase in tree and landscaping services, and to cover the cost to repair the damages to a street light on Camino del Mar and pedestrian light at Jimmy Durante roundabout; a net increase of $30,640 in the Open Space Fund to cover a portion of the increase in tree and landscape maintenance in the beach and park areas, and to replace trashcans; and a net increase in the Clean Water Fund of $17,360 to add funding to the Los Penasquitos Lagoon Repairs Project for the project’s habitat restoration phase, replacing dead plants and environmental biological monitoring.
Reserves
In June 2019, as part of the two-year budget process for FY 2019-20 and 2020-21, the Council established a goal to increase the General Fund Contingency by 1% until it reached a 25% contingency or 90 days of operations by the end of FY 2023-24. Beginning in FY 2020-21, the 5 March 7, 2022 Item 08
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FY 2021-22 Mid-Year Financial Report
March 7, 2022
Council also established a Housing Reserve Fund with the intent to transfer $300,000 into the newly established reserve at year-end. The purpose of the Housing Reserve Fund is for the City to set aside funds to help facilitate the production of affordable housing to meet the City’s Housing Element goals. Unfortunately, the City was not able to move forward with fully funding the newly created housing reserve as originally envisioned due to the economic losses resulting from the pandemic.
In July 2020, the City Council adopted Resolution 2020-41 (Attachment C), which identified how additional revenues that were received over projections should be used, which included the restoring of reserves to pre-COVID levels. Based on the positive FY 2020-21 preliminary results, in November 2021, the City Council authorized an additional allocation from the General Fund Contingency of $822,500 to the Pension Reserve Fund, and $178,350 to the Equipment Replacement Fund, replenishing these two reserves back to pre-COVID levels. The Council also approved a transfer of $100,000 to the Housing Reserve Fund in November 2021.
As a result of the Mid-Year financial results being better than expected, staff is recommending that the Council authorize the transfer of an additional $100,000 to the Housing Reserve Fund, which will bring this reserve fund to a pre-COVID balance of $300,000. Funding of the Housing Reserve will be critically important as the City moves forward with implementation of the Housing Element, including the pursuit of affordable housing units at the Fairgrounds.
Although we have seen some revenue sources (TOT) recover to pre-COVID levels ahead of what was anticipated, other revenue sources (Sales Tax) have not recovered as quickly and are not yet back to pre-COVID levels. The City also continues to see losses in some areas. Through the end of FY 2020-21, the City has lost over $4 million in TOT and Sales Tax revenues which will never be recovered. However, the City has been successfully able to maintain a stable financial position through this financial crisis due in large part to the extreme budget cuts that were made over the past two fiscal years. Staff plans to continue to restrict spending as much as possible until the City has reached pre-COVID revenue levels.
As shown on Table D below, if the Council approves the additional reserve transfer being recommended by staff as part of the Mid-Year Financial Report, reserve levels will be restored to pre-COVID levels and the next step will be to analyze the required funding levels for each reserve.
Table D. General Fund Reserve Balances
Account FY 2020-21
Original Budget
(6/19/19)
FY 2021-22
Adopted Budget
(6/17/21)
FY 2021-22
Revised
(11/1/21)
FY 2021-22
Mid-Year
General Fund Contingency 23.01% 19.92% 22.72% 28.12%
General Fund Contingency $3,559,025 $2,986,154 $3,379,834 $4,325,043 Pension Reserve 2,292,694 1,470,200 2,292,700 2,292,700 Self-Insurance 400,000 300,000 378,447 378,447
Leave Liability 100,000 63,123 100,000 100,000
Equipment Replacement 546,995 721,650 900,000 900,000
Total General Fund $6,898,714 $5,541,127 $7,050,981 $7,996,190 Housing Reserve 300,000 100,000 200,000 300,000
6 March 7, 2022 Item 08
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FY 2021-22 Mid-Year Financial Report
March 7, 2022
Measure Q Fund
Revenues
Similar to Sales tax, Measure Q revenues allocated to the City are made up of 1% of all taxable transactions that occur within the Del Mar city boundary. In contrast to sales tax, Measure Q is also allocated the full 1% for online purchases made by Del Mar residents. In comparison, the 1% of sales tax collected on online purchases are deposited into the County pool and allocated to cities based on the percentage of total taxable sales for the quarter. Also, vehicle purchases made by Del Mar residents, which are taxed the additional 1%, are allocated to Measure Q. The 1% sales tax on vehicles are allocated to the City were the vehicle was purchased and not allocated to Del Mar. As such, pandemic has had less of an impact on Measure Q revenues.
Based on the same approach as applied to sales tax, if receipts for the last two quarters of the year remain relatively flat, the new Measure Q projection would be close to $2.9 million. At this time, staff is recommending remaining conservative and adjusting Measure Q revenues by $500,000, resulting in a new projected budget of $2.7 million. Staff will continue to monitor Measure Q revenues and will request additional adjustments if necessary, during the review of third quarter results, which will be presented during the FY 2022-23 Budget Update report in June 2022.
Expenditures
In June 2021, during the adoption of the FY 2021-22 Operating and Capital Budget, the City Council limited the use of Measure Q funds to Pavement Rehabilitation and authorized carry over funds to finish outstanding contractual commitments. In FY 2020-21, the City Council established an undergrounding project budget for Tewa Court, and in July 2021, the City Council established undergrounding districts 1A and X1A. The total available funding for all Measure Q projects is currently at $2,325,125. After a review of the current outstanding Measure Q project commitments, staff is not recommending any expenditure adjustments at this time.
Reserves
Based on the final FY 2020-21 year-end results, revenues received to date, and projected activity through the remainder of the fiscal year, the Measure Q fund balance at June 30, 2022, is projected at $3,677,436.
Finance Committee Feedback
Staff presented the Mid-Year Financial Report to the City’s Finance Committee on March 1, 2022.
The committee was highly complementary of staff’s efforts, indicating that they found the report to be well prepared and presented. The committee was supportive of staff’s conservative approach to revenue projections and found the recommended revenue and expenditures adjustments to be reasonable. The committee also discussed the importance of sufficiently funding the Pension Reserve fund and staff’s plan to determine the new required funding level and annual allocation to meet the pension obligation within the identified 15-year goal.
City’s Cash and Investments
Pursuant to the City’s Investment Policy, included with this report as Attachment D, is the Treasurer’s Report as of September 30, 2021 and December 31, 2021. 7 March 7, 2022 Item 08
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FY 2021-22 Mid-Year Financial Report
March 7, 2022
OVERALL SUMMARY
After a very thorough review of the mid-year activity, staff is recommending an increase of $1,581,100 to projected General Fund revenues, and an increase of $410,790 in General Fund expenditures. If these adjustments are approved, the new ending General Fund Contingency balance will increase from $3,379,834 as reported on November 1, 2021, to $4,325,043, which represents a 28.12% contingency or 103 days of operations and equates to a $945,209 gain.
While the City’s finances are improving and revenues are coming in higher than anticipated, it is important to remember that the City continues to significantly limit spending in all areas, not all operational services have been fully restored, and revenues have not yet recovered to prepandemic levels. As the City’s revenues recover over time, staff will continue to identify and recommend the funding needed in order to gradually return to pre-COVID operational service levels.
NEXUS TO CITY COUNCIL PRIORITIES
This item is operational in nature and is not directly related to the City Council’s list of Goals and Priorities.
FISCAL IMPACT:
Approval of the recommended actions for this agenda item will require adjustments to the Fiscal Year 2021-22 Operating and Capital Budget as included in Attachment A of this report. The net impact to each fund is as follow:
Fund Amount
General Fund $1,170,310
Measure Q Fund 500,000
Special Revenue Funds 46,540
Water Fund 410,520
Clean Water Fund 18,190
Wastewater Fund 70,000
Total Adjustments $2,215,560
ENVIRONMENTAL IMPACT:
The proposed City Council action does not constitute a “project” under the definition set forth in California Environmental Quality Act (CEQA) Guidelines Section 15378 because it will not have a potential to result in a direct or indirect physical change in the environment and is, therefore, not subject to CEQA. No further action under CEQA is required.
ATTACHMENTS
Attachment A - Fiscal Year 2021-22 Mid-Year Financial Reports Attachment B - Major Industry Groups Quarterly Sales Tax/Measure Q Comparison Attachment C - Resolution 2020-41
Attachment D - First and Second Quarter Treasurer’s Report 8 March 7, 2022 Item 08
Attachment A
RESOLUTION 2022-______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DEL MAR, CALIFORNIA, AMENDING THE FISCAL YEAR 2021-2022 OPERATING AND
CAPITAL BUDGET
WHEREAS, on June 21, 2021, the City Council of the City of Del Mar passed Resolution 2021-26, adopting the Fiscal Years 2021-2022 and 2022-2023 Operating and Capital Budget; and
WHEREAS, a comprehensive second quarter review of expenditures and revenues through December 31, 2021 has been completed; and
WHEREAS, based on the results of the review, adjustments to the Fiscal Year 2021-22 Operating and Capital Budget are needed in order to cover costs and account for anticipated revenues through the end of the current fiscal year (Exhibit A).
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Del Mar, California, that the above recitals are true and correct.
BE IT FURTHER RESOLVED, that the Fiscal Year 2021-2022 Operating and Capital Budget is amended as shown on Exhibit “A” to the Resolution.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Del Mar, California, at a Regular Meeting held on the 7th day of March 2022. ________________________________
Dwight Worden, Mayor
City of Del Mar
APPROVED AS TO FORM:
________________________________
________________________________
Leslie E. Devaney, City Attorney
City of Del Mar
ATTEST AND CERTIFICATION:
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
9 March 7, 2022 Item 08
CITY OF DEL MAR
I, Sarah Krietor, Acting City Clerk of the City of Del Mar, California, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Resolution 2022-______, adopted by the City Council of the City of Del Mar, California, at a Regular Meeting held the 7th day of March 2022, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________________
Sarah Krietor, Acting City Clerk
City of Del Mar
10 March 7, 2022 Item 08
BEGINNING ENDING
BALANCE O & M CIP BALANCE
JUL 1, 2021 REVENUES EXPENDITURES EXPENDITURES IN (OUT) JUN 30, 2022 ACTUAL FY 2022 FY 2022 FY 2022 FY 2022 FY 2022 ESTIMATE CONTINGENCY 28.12% 18,226,440 4,408,817 (13,445,990) - 567,934 (5,432,158) $ 4,325,043 RESTRICTED: SELF-INSURANCE 500,000 360,000 (508,450) - 26,897 - 378,447 DESIGNATED:
ENCUMBRANCES - - - - - - -
COASTAL PARKING REVENUE - 81,900 (81,900) - - - -
SIDEWALK CAFÉ 5,300 - (5,300) - - - -
COVID ECONOMIC UNCERTAINTY RESERVE 200,000 - - - - (200,000) - PENSION RESERVE 1,220,200 - - - 1,072,500 - 2,292,700
LEAVE LIABILITY 100,000 - - - - - 100,000
EQUIPMENT REPLACEMENT 724,850 - (103,200) - 278,350 - 900,000 TOTAL GENERAL FUND 7,153,867 18,673,640 (14,144,840) - 1,945,681 (5,632,158) 7,996,190 2,700,000 3,302,561 - (2,325,125) - - 3,677,436
- - - - - - -
86,990 79,664 - - - (166,654) -
119,380 - (593,730) - 474,350 - -
500,360 - (1,052,980) - 552,620 - -
DESIGNATE D
ENCUMBRANCES 26,628 - - (26,628) - - -
CAPITAL IMPROVEMENT PROJECTS - - - (530,100) 530,100 - - OPEN SPACE ACQUISITION 86,388 - - - - - 86,388
TREE RESERVE 34,267 - - - - - 34,267
TOTAL OPEN SPACE FUND 147,283 500,360 (1,052,980) (556,728) 1,082,720 - 120,655 161,280 - - - - (161,280) -
48,000 15,436 (59,760) - 3,375 - 7,051
GENERAL FUNDMEASURE QEMERGENCY EXPENDITURE FUNDROAD MAINTENANCE REHABILITATION ACCTGAS TAX FUNDOPEN SPACE FUNDSUPPLEMENTAL LAW ENFORCEMENT FUNDREGIONAL COMMUNICATIONS FUND
CITY OF DEL MAR
RESERVE SUMMARY
FISCAL YEAR 2021-2022
(March 7, 2022)
TRANSFERS
MID-YEAR FINANCIAL REPORT
11 March 7, 2022 Item 08
BEGINNING ENDING
BALANCE O & M CIP BALANCE
JUL 1, 2021 REVENUES EXPENDITURES EXPENDITURES IN (OUT) JUN 30, 2022 ACTUAL FY 2022 FY 2022 FY 2022 FY 2022 FY 2022 ESTIMATE
CITY OF DEL MAR
RESERVE SUMMARY
FISCAL YEAR 2021-2022
(March 7, 2022)
TRANSFERS
MID-YEAR FINANCIAL REPORT
58,920 120,657 (53,970) - - - 125,607
3,000 249,751 (99,550) - 300,000 - 453,201
65,000 219,262 (172,120) - - - 112,142
46,000 10,993 (6,500) - - 10,493 (40,000)
744,788 - (1,221,210) 476,422 - -
ENCUMBRANCES 308,370 (308,370) -
RESERVE FOR CAPITAL - -
DEBT SERVICE - - (905,670) - 905,670 - -
TOTAL CAPITAL IMPROVEMENT FUND 308,370 744,788 (905,670) (1,529,580) 1,382,092 - - - 3,992 - (621,500) 617,508 - -
223,000 3,090 (205,000) - - - 21,090
2,600 10,365 - (5,000) - - 7,965
266,500 392,666 (258,000) - - - 401,166
NET POSITION 1,331,985 4,057,660 (3,577,370) - - (775,379) 1,036,896 RESTRICTED:
CONTRIBUTED CAPITAL 4,028,272 - - - - - 4,028,272
DESIGNATED
ENCUMBRANCES - - - - - - -
SELF-INSURANCE 50,000 - - - - - 50,000
RATE STABILIZATION 200,000 - - - - - 200,000
CAPTIAL REPLACEMENT 197,621 - - (973,000) 775,379 - -
NET PENSION LIABILITY (1,536,001) - - - - - (1,536,001) PENSION RESERVE 640,250 - - - - - 640,250
OPERATING RESERVE 475,000 - - - - - 475,000
EQUIPMENT REPLACEMENT 400,000 - (32,900) - - - 367,100
UTILITY PLANT IN SERVICE 7,082,655 - (385,000) - - - 6,697,655 TOTAL WATER FUND 12,869,782 4,057,660 (3,995,270) (973,000) 775,379 (775,379) 11,959,172 CAPITAL IMPROVEMENT FUNDSPECIAL PROJECT FUNDTRANSNET FUNDRTCIPWORKERS' COMPENSATION FUNDWATER FUNDPEG FEE FUNDGRANTS FUNDHOUSING FUNDAB 939 FUND 12 March 7, 2022 Item 08
BEGINNING ENDING
BALANCE O & M CIP BALANCE
JUL 1, 2021 REVENUES EXPENDITURES EXPENDITURES IN (OUT) JUN 30, 2022 ACTUAL FY 2022 FY 2022 FY 2022 FY 2022 FY 2022 ESTIMATE
CITY OF DEL MAR
RESERVE SUMMARY
FISCAL YEAR 2021-2022
(March 7, 2022)
TRANSFERS
MID-YEAR FINANCIAL REPORT
NET POSITION 122,974 597,550 (631,890) (283,000) 194,366 - -
DESIGNATED -
UTILITY PLANT IN SERVICE 20,000 - 20,000
ENCUMBRANCES 51,890 - (51,890) - -
CAPITAL REPLACEMENT RESERVE - - - -
TOTAL CLEAN WATER FUND 194,864 597,550 (631,890) (334,890) 194,366 - 20,000 NET POSITION 282,127 3,540,000 (3,344,130) - 100,000 (462,470) 115,527 -
RESTRICTED
IBANK RESERVE 228,828 - - - - - 228,828
CONTRIBUTED CAPITAL 650,814 - - - - - 650,814
LOAN RESERVE-STATE REVOLVING 332,979 - - - - - 332,979
DESIGNATED
ENCUMBRANCES - - - - - - -
SELF-INSURANCE 50,000 - - - - - 50,000
CAPITAL REPLACEMENT - - - (462,470) 462,470 - -
NET PENSION LIABILITY (1,544,128) - - - - - (1,544,128) PENSION RESERVE 668,500 - - - - - 668,500
OPERATING RESERVE 200,000 - - - - (100,000) 100,000
EQUIPMENT REPLACEMENT 100,000 - (32,900) - - - 67,100
UTILITY PLANT IN SERVICE 8,648,413 - (695,000) - - - 7,953,413 RATE STABILIZATION 200,000 - - - - - 200,000
TOTAL WASTEWATER FUND 9,817,533 3,540,000 (4,072,030) (462,470) 562,470 (562,470) 8,823,033 TOTAL ENTERPRISE FUNDS 8,195,210 22,882,179 (8,699,190) (1,770,360) 1,532,215 (1,337,849) 20,802,205 TOTAL - ALL FUNDS 31,894,668 34,900,136 (26,251,310) (6,808,293) 7,337,941 (7,337,941) 33,735,201CLEANWATER FUND
WASTEWATER FUND
13 March 7, 2022 Item 08
ACTUAL ACTUAL ACTUAL ACTUAL % BUDGET MID-YEAR PROPOSED ACTUAL % PROJECTED
REVENUE REVENUE REVENUE REVENUE RECV'D ADOPTED ADJ BUDGET AMENDED REVENUE RECV'D REVENUE FINAL FINAL FINAL 2ND QTR FY BUDGET THRU 2/7 REQUEST BUDGET 2ND QTR FY SOURCE OF FUNDS FY 2018-19 FY 2019-20 FY 2020-21 FY 2020-21 2020-21 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 2021-22 FY 2021-22GENERAL FUNDTAXES PROPERTY TAX 5, 5,662,270 6, 983,399 2,638,264 384,954 41.3% 6,472,770 - - 6,472,770 2,629,642 40.6% 6,472,770 VLF IN LIEU OF PROPERTY TAX 603,682 641,659 - 680,800 0.0% - 701,060 - 701,060 - 0.0% 699,380 SALES AND USE TAX 1, 2,208,416 1, 472,389 406,607 147,970 35.4% - 1,340,000 410,000 1,750,000 726,490 41.5% 1,750,000 TRANSIENT OCCUPANCY TAX 2, 2,982,510 1, 300,504 987,863 792,090 55.1% - 2,100,000 900,000 3,000,000 1,851,155 61.7% 3,000,000 BUSINESS LICENSE TAX 243,198 235,557 23,916 229,534 10.4% - 225,000 - 225,000 68,547 30.5% 240,000 FRANCHISE TAX 424,931 390,482 66,939 324,804 20.6% - 375,000 - 375,000 67,604 18.0% 368,000 REAL PROPERTY TRANSFER TAX 202,674 160,983 87,027 220,962 39.4% - 150,000 - 150,000 119,667 79.8% 220,000 TOTAL 11,184,973 12,327,680 10,781,114 4,210,616 39.1% 11,363,830 - 12,673,830 1,310,000 5,463,103 43.1% 12,750,150LICENSES & PERMITS LICENSES & PERMITS 5,778 21,786 10,096 - 0.0% 5,000 - - 5,000 699 14.0% 5,000 JUNIOR LIFEGUARD 39,651 52,103 - - 97,800 - - 97,800 - 0.0% 97,800 PARKING PERMITS 29,465 34,755 21,315 7,615 35.7% 25,000 - - 25,000 14,147 56.6% 30,000 TOTAL 74,894 108,644 31,411 7,615 24.2% 127,800 - - 127,800 14,846 11.6% 132,800FINES & FORFEITURES MOVING VIOLATIONS/VEHICLE CODE FINES 78,894 90,538 47,019 20,619 43.9% 70,000 - - 70,000 5,623 8.0% 50,000 PARKING VIOLATIONS 508,842 593,192 896,374 38.9% 348,556 - 675,000 25,000 700,000 234,532 33.5% 700,000 PENALTIES 13,257 13,119 12,106 3,096 25.6% 12,000 - - 12,000 5,961 49.7% 12,000 ADMINISTRATIVE CITATIONS 23,893 26,245 27,600 9,200 33.3% 22,000 - - 22,000 17,093 77.7% 30,000 RED LIGHT ENFORCEMENT 88,651 102,118 65,903 28,829 43.7% 70,000 - - 70,000 24,809 35.4% 60,000 TOTAL 740,862 1, 797,887 410,299 049,003 39.1% - 849,000 25,000 874,000 288,019 33.0% 852,000REVENUE FROM USE OF ASSETS INV EARN-GENERAL 229,761 48,673 135,117 9,122 18.7% 60,000 - - 60,000 29,242 48.7% 60,000 RENTAL INCOME 221,258 195,857 67,384 133,190 50.6% 190,000 - - 190,000 132,735 69.9% 200,000 PARKING METER INCOME 1, 1,127,508 1, 072,694 840,844 600,304 52.5% - 1,200,000 175,000 1,375,000 925,233 67.3% 1,375,000 SIDEWALK CAFÉ USER FEE 5,194 10,424 2,940 - 0.0% 5,300 - - 5,300 - 0.0% 5,300 TOTAL 1, 1,588,951 1, 408,862 917,350 785,107 51.4% - 1,455,300 175,000 1,630,300 1,087,210 66.7% 1,640,300REVENUE FROM OTHER AGENCIES MOTOR VEHICLE LICENSE FEE 3,523 2,075 3,130 - 0.0% 3,530 - - 3,530 - 0.0% 3,530 PUBLIC SAFETY AUGMENTATION FUND 81,422 83,629 85,433 34,968 40.9% 83,900 - - 83,900 42,946 51.2% 83,900 HOMEOWNER EXEMPT 37,492 36,175 36,737 5,468 14.9% 38,740 - - 38,740 5,358 13.8% 38,740 CORONAVIRUS RELIEF FUNDS (CSLFRF) - - 515,000 - 515,000 - 0.0% 515,000 STATE MANDATED COST REIMB 6,583 215 - - 3,000 - - 3,000 - 0.0% 3,000 FEDERAL GRANTS - 24,363 21,325 - 0.0% - - - - - 0.0% - CONTRACT SOLANA BEACH 2,925 18,975 - - - - - - - 0.0% - OFF-TRACK PARIMUTUEL 5,026 19,208 2,417 19 0.8% - - 1,582 - SOLID WASTE 30,369 29,807 23,853 15,263 64.0% 28,000 - - 28,000 14,935 53.3% 28,000 TOTAL 214,447 167,341 55,718 172,895 32.2% 672,170 - - 672,170 64,821 9.6% 672,170
CITY OF DEL MAR
FISCAL YEAR 2021-2022
MID-YEAR FINANCIAL REPORT
REVENUE SUMMARIES
14 March 7, 2022 Item 08
ACTUAL ACTUAL ACTUAL ACTUAL % BUDGET MID-YEAR PROPOSED ACTUAL % PROJECTED
REVENUE REVENUE REVENUE REVENUE RECV'D ADOPTED ADJ BUDGET AMENDED REVENUE RECV'D REVENUE FINAL FINAL FINAL 2ND QTR FY BUDGET THRU 2/7 REQUEST BUDGET 2ND QTR FY SOURCE OF FUNDS FY 2018-19 FY 2019-20 FY 2020-21 FY 2020-21 2020-21 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 2021-22 FY 2021-22
CITY OF DEL MAR
FISCAL YEAR 2021-2022
MID-YEAR FINANCIAL REPORT
REVENUE SUMMARIES
CHARGES - PLANNING SERVICES PLANNING SERVICES 424,409 364,135 505,823 53.2% 269,217 - 480,000 - 480,000 243,021 50.6% 480,000 ENGINEERING SERVICES 114,511 128,420 72,855 170,688 42.7% 155,000 - - 155,000 60,210 38.8% 155,000 BUILDING SERVICES 323,506 325,694 504,913 50.7% 256,150 - 460,000 - 460,000 212,255 46.1% 460,000 TOTAL 862,426 1, 818,249 598, 181,424 50.6% 223 - 1,095,000 - 1,095,000 515,486 47.1% 1,095,000OTHER REVENUE SOURCES PARKING IN-LIEU FEE - 5,253 1,554 1,554 1,550 - - 1,550 2,796 180.4% 2,780 SALE OF PROPERTY - 18,723 - - - - 28,600 28,600 28,600 100.0% 28,600 ADMINISTRATIVE CHARGE 841,650 875,320 910,340 50.0% 455,169 - 937,650 - 937,650 379,310 40.5% 937,650 CONTRIBUTIONS 17,939 2,831 214,996 59.3% - 127,582 21,720 22,000 43,720 52,389 119.8% 43,720 ADMINISTRATIVE CHARGE-MEASURE Q - 53,259 154,603 - 0.0% - 130,000 130,000 - 0.0% 130,000 WC/STD REIMBURSEMENTS 43,456 54,871 39,320 4,374 11.1% - - 20,500 20,500 20,466 99.8% 20,500 INSURANCE CLAIM REIMBURSEMENT 577,174 596,159 - 682,619 0.0% - 360,000 - 360,000 729 0.2% 360,000 EXPENDITURE REIMBURSEMENT 40,111 55,042 210,622 5,167 9.4% 5,170 - - 5,170 18,085 349.8% 20,000 MISCELLANEOUS 65,590 89,135 22,866 166,013 13.8% 73,350 - - 73,350 31,490 42.9% 73,350 TOTAL 1, 1,629,748 2, 963,690 616, 123,143 29.0% 711 21,720 1,507,720 71,100 1,600,540 533,865 33.4% 1,616,600TOTAL GENERAL FUND 16,415,896 17,472,758 17,124,097 6,816,533 39.8% 21,720 17,070,820 1,581,100 18,673,640 7,967,351 42.7% 18,759,020MEASURE Q FUND 2, 2,863,314 2, 320,275 757, 339,901 32.4% 564 - 2,200,000 500,000 2,700,000 1,143,236 42.3% 2,700,000EMERGENCY EXPENDITURE FUND 77,494 - 53,167 52,919 - - - - - -ROAD MAINTENANCE REHAB ACCOUNT 78,438 80,755 79,664 26,068 32.7% 86,990 - - 86,990 35,797 41.2% 88,200GAS TAX FUND 94,697 108,677 45,366 101,400 44.7% 119,380 - - 119,380 44,762 37.5% 117,000OPEN SPACE FUND TAXES 2,528 12,636 10,958 4,553 41.5% 6,000 - - 6,000 3,513 58.6% 8,200 LICENSE & PERMITS 361,938 185,712 39,535 109,794 36.0% 260,000 - 10,000 270,000 164,669 61.0% 260,000 FEDERAL/STATE GRANTS - - - - - 180,000 - 180,000 - 0.0% 180,000 OFF-TRACK PARIMUTUEL 3,351 7,427 1,612 12 0.8% 1,500 - - 1,500 1,055 70.3% 1,500 CONTRIBUTIONS 15,000 23,230 - - - - - - - 0.0% - MISCELLANEOUS 51,900 45,235 39,667 15,499 39.1% 42,860 - - 42,860 14,322 33.4% 47,860TOTAL OPEN SPACE FUND 450,467 258,491 59,599 162,031 36.8% 490,360 - 10,000 500,360 183,559 36.7% 497,560SUPPLEMENTAL LAW FUND 155,948 156,727 30,000 101,850 29.5% 100,000 - 61,280 161,280 91,285 56.6% 161,280REGIONAL COMMUNICATION 48,001 44,702 44,186 - 0.0% 48,000 - - 48,000 - 0.0% 48,000GRANTS FUND 44,914 69,787 149,340 33,381 47.8% 51,470 7,450 - 58,920 14,782 25.1% 51,470 15 March 7, 2022 Item 08
ACTUAL ACTUAL ACTUAL ACTUAL % BUDGET MID-YEAR PROPOSED ACTUAL % PROJECTED
REVENUE REVENUE REVENUE REVENUE RECV'D ADOPTED ADJ BUDGET AMENDED REVENUE RECV'D REVENUE FINAL FINAL FINAL 2ND QTR FY BUDGET THRU 2/7 REQUEST BUDGET 2ND QTR FY SOURCE OF FUNDS FY 2018-19 FY 2019-20 FY 2020-21 FY 2020-21 2020-21 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 2021-22 FY 2021-22
CITY OF DEL MAR
FISCAL YEAR 2021-2022
MID-YEAR FINANCIAL REPORT
REVENUE SUMMARIES
HOUSING FUND 31,413 33,467 51,620 47,963 92.9% 3,000 - - 3,000 - 0.0% 3,000AB 939 71,308 66,108 51,475 14,038 27.3% 65,000 - - 65,000 14,573 22.4% 60,000PEG FEE FUND 45,479 47,946 44,183 10,832 24.5% 46,000 - - 46,000 11,088 24.1% 46,000CAPITAL IMPROVEMENT FUND FEDERAL/STATE GRANTS 702,155 656,854 144,140 250,708 173.9% 371,830 - 372,958 744,788 3,530,778 474.1% 371,830 CONTRIBUTIONS - 2,500 - - - - - - - 0.0% - LOAN PROCEEDS - 1,587,535 - - - - - - - 0.0% - MISCELLANEOUS - 25,739 - - - - - - - 0.0% -TOTAL CAPITAL IMPROVEMENT FUND 656, 2,317,929 854 144,140 250,708 173.9% 371,830 - 372,958 744,788 3,530,778 474.1% 371,830TRANSNET FUND 196,019 75,050 214,328 15,002 20.0% 205,000 - 18,000 223,000 - 0.0% 223,000RTCIP FUND 2,658 2,565 2,715 (5) 0.0% - - 2,600 2,600 - 2,600SPECIAL PROJECTS FUND - - - 147,170 - - - - - -TOTAL GENERAL GOVERNMENTAL FUNDS 20,635,377 23,871,589 20,592,435 8,159,970 39.6% 402,128 20,857,850 2,172,980 23,432,958 13,037,211 55.6% 23,128,960WORKERS' COMPENSATION FUND 262,053 273,518 240,157 46.9% 112,545 266,500 - - 123,221 266,500 46.2% 266,500WATER UTILITY FUND INVESTMENT EARNINGS 43,510 43,365 32,206 (3 0.0% 26,260 ,841) - - 26,260 - 0.0% 26,260 WATER SALES 2, 1,911,396 2, 049,166 1, 394,497 51.9% 241,927 - 2,063,820 186,180 2,250,000 1,229,772 54.7% 2,250,000 READY TO SERVE CHARGE 1, 1,376,898 1, 533,110 747, 644,154 45.5% 968 - 1,471,600 128,400 1,600,000 791,083 49.4% 1,600,000 OTHER CONNECTION FEES 72,400 27,178 64,876 15,469 23.8% 31,400 - - 31,400 31,460 100.2% 50,000 MISCELLANEOUS 20,623 33,182 29,895 160,215 18.7% 54,060 - 95,940 150,000 135,692 90.5% 150,000 TOTAL OPERATING REVENUE 3, 3,392,019 4, 718,809 2, 295,948 47.3% 031,417 - 3,647,140 410,520 4,057,660 2,188,007 53.9% 4,076,260CLEAN WATER PROGRAM INVESTMENTS 244 846 1,445 - 0.0% 500 - - 500 - 0.0% 500 SERVICE CHARGE 545,045 559,754 589,891 47.7% 281,618 - 560,000 - 560,000 272,329 48.6% 560,000 MISCELLANEOUS 2,595 3,282 30,951 728 2.4% 1,500 - 35,550 37,050 26,960 72.8% 35,550 TOTAL CLEAN WATER PROGRAM 549,173 562,593 622,287 45.4% 282,347 - 562,000 35,550 597,550 299,288 50.1% 596,050 16 March 7, 2022 Item 08
ACTUAL ACTUAL ACTUAL ACTUAL % BUDGET MID-YEAR PROPOSED ACTUAL % PROJECTED
REVENUE REVENUE REVENUE REVENUE RECV'D ADOPTED ADJ BUDGET AMENDED REVENUE RECV'D REVENUE FINAL FINAL FINAL 2ND QTR FY BUDGET THRU 2/7 REQUEST BUDGET 2ND QTR FY SOURCE OF FUNDS FY 2018-19 FY 2019-20 FY 2020-21 FY 2020-21 2020-21 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 2021-22 FY 2021-22
CITY OF DEL MAR
FISCAL YEAR 2021-2022
MID-YEAR FINANCIAL REPORT
REVENUE SUMMARIES
WASTEWATER FUND INVESTMENT EARNINGS 69,079 84,156 24,622 (9 0.0% 35,000 ,630) - - 35,000 - 0.0% 35,000 SERVICE CHARGES 1, 1,473,337 1, 592,732 763, 677,265 45.5% 984 - 1,700,000 - 1,700,000 803,440 47.3% 1,700,000 USAGE CHARGES 1, 1,754,980 1, 647,404 821, 672,477 49.1% 028 - 1,650,000 50,000 1,700,000 975,547 57.4% 1,700,000 OTHER SEWER FEES 99,875 19,331 74,101 12,887 17.4% 55,000 - 20,000 75,000 41,883 55.8% 75,000 MISCELLANEOUS 22,808 9,281 13,486 233,705 5.8% 30,000 - - 30,000 16,743 55.8% 30,000 TOTAL WASTEWATER FUND 3, 3,341,084 3, 431,897 1, 682,170 43.5% 601,755 - 3,470,000 70,000 3,540,000 1,837,612 51.9% 3,540,000TOTAL ENTERPRISE FUNDS 7, 7,282,275 8, 713,300 3, 600,405 45.5% 915,519 - 7,679,140 516,070 8,195,210 4,324,907 52.8% 8,212,310TOTAL ALL FUNDS 28,622,194 31,415,917 29,432,997 12,188,033 41.4% 28,803,490 402,128 2,689,050 31,894,668 17,485,339 54.8% 31,607,770 17 March 7, 2022 Item 08
ACTUAL ACTUAL ACTUAL ACTUAL % BUDGET MID-YEAR PROPOSED ACTUAL % PROJECTED
EXP EXP EXP EXP EXPENSED ADOPTED ADJ BUDGET AMENDED EXP EXPENSED EXP FINAL FINAL FINAL 2ND QTR 2ND QTR BUDGET THRU 2/7 REQUEST BUDGET 2ND QTR 2ND QTR DEPARTMENT FY 2018-19 FY 2019-20 FY 2020-21 FY 2020-21 FY 2020-21 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22
GENERAL FUNDGENERAL GOVERNMENT
CITY COUNCIL 71,543 84,861 22,669 9,013 39.8% 22,780 - - 22,780 9,038 39.7% 22,280 LEGAL SERVICES 1,047,924 1,204,636 569,951 285,906 50.2% 768,450 - - 768,450 129,285 16.8% 768,450 CITY MANAGER 1,049,395 919,151 971,234 365,733 37.7% 886,660 - - 886,660 397,542 44.8% 886,000 HUMAN RESOURCES 186,593 169,371 191,669 120,121 62.7% 188,450 - - 188,450 53,978 28.6% 197,400 CITY CLERK 283,423 277,157 252,426 158,805 62.9% 264,640 - - 264,640 117,946 44.6% 264,070 INFORMATION SYSTEMS 457,784 432,371 392,818 223,097 56.8% 468,190 - - 468,190 281,205 60.1% 508,620 FINANCE SERVICES 718,672 761,238 715,272 366,150 51.2% 743,220 - 27,360 770,580 399,820 51.9% 790,000 RISK MANAGEMENT 328,290 196,567 416,184 333,814 80.2% 241,900 - 32,600 274,500 246,650 89.9% 274,500 PLANNING SERVICES 1,102,865 1,057,049 954,394 507,664 53.2% 1,194,290 - - 1,194,290 561,449 47.0% 1,153,300 CODE ENFORCEMENT 124,211 91,341 129,128 72,306 56.0% 126,950 - - 126,950 80,128 63.1% 141,570 BUILDING SERVICES 287,513 309,959 423,102 159,222 37.6% 369,350 - - 369,350 137,674 37.3% 369,350 TOTAL 5,658,213 5,503,701 5,038,847 2,601,832 51.6% 5,274,880 - 59,960 5,334,840 2,414,716 45.3% 5,375,540PUBLIC SAFETY LAW ENFORCEMENT 2,545,856 2,409,932 2,647,355 891,590 33.7% 2,667,210 - - 2,667,210 682,136 25.6% 2,662,590 LIFEGUARD SERVICES 1,141,311 1,066,742 1,125,842 599,273 53.2% 1,219,800 4,720 17,000 1,241,520 645,129 52.0% 1,241,400 PARKING ENFORCEMENT 689,980 817,868 742,191 390,002 52.5% 839,620 - - 839,620 456,070 54.3% 845,220 FIRE PROTECTION 2,328,292 2,153,420 2,373,982 1,210,599 51.0% 2,421,880 - 125,000 2,546,880 1,198,430 47.1% 2,548,650 HAZARDOUS WASTE MANAGEMENT 16,417 15,185 17,648 17,648 100.0% 20,250 - - 20,250 17,629 87.1% 19,500 SOLID WASTE 2,845 4,060 4,207 1,300 30.9% 5,000 - - 5,000 1,620 32.4% 4,000 EMERGENCY PREPAREDNESS 2,878 2,010 1,318 571 43.3% 4,550 - - 4,550 539 11.9% 4,000 TOTAL 6,727,579 6,469,217 6,912,543 3,110,983 45.0% 7,178,310 4,720 142,000 7,325,030 3,001,554 41.0% 7,325,360PUBLIC WORKS ENGINEERING SERVICES 238,745 252,122 174,469 40,788 23.4% 205,000 - 15,000 220,000 48,559 22.1% 200,000 STORM DRAIN 104,104 79,060 91,273 50,722 55.6% 130,890 - - 130,890 77,201 59.0% 130,890 FACILITIES 196,114 168,492 238,954 80,377 33.6% 222,690 - 54,600 277,290 87,898 31.7% 270,790 TOTAL 538,963 499,674 504,696 171,887 34.1% 558,580 - 69,600 628,180 213,658 34.0% 601,680NON-DEPARTMENTAL COMMUNITY SUPPORT 302,690 313,847 274,573 179,837 65.5% 252,100 12,000 94,230 358,330 208,410 58.2% 333,330 TV STUDIO 101,613 87,902 80,574 11,428 14.2% 111,170 - - 111,170 47,376 42.6% 97,000 CITY MEMBERSHIPS 89,063 80,029 88,191 84,909 96.3% 91,640 - - 91,640 75,004 81.8% 93,330 CITY HALL - GENERAL 125,338 169,953 111,432 52,009 46.7% 147,450 - 147,450 - 50,367 34.2% 136,550 TOTAL 618,704 651,731 554,770 328,183 59.2% 602,360 12,000 94,230 708,590 381,156 53.8% 660,210TOTAL GENERAL FUND BEFORE EQUIPMENT REPLACEMENT 13,543,459 13,124,320 13,010,855 6,212,885 47.8% 13,614,130 16,720 365,790 13,996,640 6,011,084 42.9% 13,962,790 EQUIPMENT REPLACEMENT 75,149 137,517 55,423 5,432 9.8% 103,200 - 45,000 148,200 10,216 6.9% 148,200TOTAL GENERAL FUND INCLUDING EQUIPMENT REPLACEMENT 13,618,608 13,261,837 13,066,278 6,218,317 47.6% 13,717,330 16,720 410,790 14,144,840 6,021,300 42.6% 14,110,990
CITY OF DEL MAR
FISCAL YEAR 2021-2022
MID-YEAR FINANCIAL REPORT
EXPENDITURE SUMMARIES
18 March 7, 2022 Item 08
ACTUAL ACTUAL ACTUAL ACTUAL % BUDGET MID-YEAR PROPOSED ACTUAL % PROJECTED
EXP EXP EXP EXP EXPENSED ADOPTED ADJ BUDGET AMENDED EXP EXPENSED EXP FINAL FINAL FINAL 2ND QTR 2ND QTR BUDGET THRU 2/7 REQUEST BUDGET 2ND QTR 2ND QTR DEPARTMENT FY 2018-19 FY 2019-20 FY 2020-21 FY 2020-21 FY 2020-21 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22
CITY OF DEL MAR
FISCAL YEAR 2021-2022
MID-YEAR FINANCIAL REPORT
EXPENDITURE SUMMARIES
MEASURE Q FUND 3,009,140 4,102,363 202,171 10,153 5.0% 75,000 2,250,125 - 2,325,125 368,575 15.9% 2,026,025EMERGENCY EXPENDITURE FUND 65,693 - 30,316 25,261 83.3% - - - - - 0% -ROAD MAINTENANCE REHAB ACCOUNT - - - - 0% - - - - - 0% -GAS TAX FUND STREET MAINTENANCE 175,828 129,560 132,780 70,727 53.3% 232,690 - (20,000) 212,690 90,280 42.4% 212,690 STREET LIGHTS/SIGNS 141,233 126,611 101,422 45,750 45.1% 124,610 - 6,000 130,610 57,398 43.9% 130,610 STREET LANDSCAPING 242,857 250,266 199,692 66,685 33.4% 221,730 - 28,700 250,430 104,449 41.7% 250,430TOTAL GAX TAX FUND 559,918 506,437 433,894 183,162 42.2% 579,030 - 14,700 593,730 252,127 42.5% 593,730OPEN SPACE FUND POWERHOUSE OPERATIONS 373,555 384,173 240,099 125,821 52.4% 389,900 - - 389,900 176,569 45.3% 392,000 BEACH MAINTENANCE 312,320 302,391 310,229 147,901 47.7% 349,880 - 6,500 356,380 175,733 49.3% 356,000 PARK MAINTENANCE 256,872 229,995 222,509 129,351 58.1% 282,560 - 24,140 306,700 152,144 49.6% 305,000TOTAL OPEN SPACE FUND 942,747 916,559 772,837 403,073 52.2% 1,022,340 - 30,640 1,052,980 504,446 47.9% 1,053,000SUPPLEMENTAL LAW ENFORCEMENT 252,745 223,155 - - 0% - - - - - 0% -REGIONAL COMMUNICATION FUND 79,273 72,217 86,302 - 0.0% 59,760 - - 59,760 - 0.0% 59,760.00GRANTS FUND 127,277 23,895 29,309 19,340 66.0% 53,970 - - 53,970 6,845 12.7% 53,970HOUSING FUND 102,908 109,232 87,035 44,100 50.7% 99,550 - - 99,550 50,600 50.8% 99,550AB 939 47,158 16,567 88,477 19,640 22.2% 172,120 - - 172,120 71,576 41.6% 172,120PEG FEE FUND 5,780 5,663 6,949 2,955 42.5% 6,500 - - 6,500 5,340 82.2% 11,000TOTAL GENERAL O&M FUNDS 18,811,247 19,237,925 14,803,570 6,926,001 46.8% 15,785,600 2,266,845 456,130 18,508,575 7,280,808 39.3% 18,180,145CAPITAL IMPROVEMENT FUNDS OPEN SPACE CIP 188,091 101,557 84,595 2,953 3.5% 530,000 26,728 - 556,728 16,699 3.0% 556,728 GENERAL FUND CIP 1,759,265 4,064,322 298,818 147,407 49.3% 810,000 719,580 - 1,529,580 193,496 12.7% 1,529,580 DEBT SERVICE-CITY HALL 922,153 909,542 906,996 668,602 73.7% 905,670 - - 905,670 673,602 74.4% 905,670 TRANSNET II CIP 193,004 196,019 59,859 - 0.0% 205,000 - - 205,000 - 0.0% 205,000 RTCIP FUND - - - - 0% 5,000 - 5,000 - 0.0% 5,000TOTAL CAPITAL IMPROVEMENT FUNDS 3,062,513 5,271,440 1,350,268 818,962 60.7% 2,455,670 746,308 - 3,201,978 883,797 27.6% 3,201,978SPECIAL PROJECT FUND 840,409 228,213 297,055 112,378 37.8% 621,500 68,992 - 690,492 106,642 15.4% 690,492 19 March 7, 2022 Item 08
ACTUAL ACTUAL ACTUAL ACTUAL % BUDGET MID-YEAR PROPOSED ACTUAL % PROJECTED
EXP EXP EXP EXP EXPENSED ADOPTED ADJ BUDGET AMENDED EXP EXPENSED EXP FINAL FINAL FINAL 2ND QTR 2ND QTR BUDGET THRU 2/7 REQUEST BUDGET 2ND QTR 2ND QTR DEPARTMENT FY 2018-19 FY 2019-20 FY 2020-21 FY 2020-21 FY 2020-21 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22 FY 2021-22
CITY OF DEL MAR
FISCAL YEAR 2021-2022
MID-YEAR FINANCIAL REPORT
EXPENDITURE SUMMARIES
TOTAL GENERAL GOVERNMENTAL FUNDS 22,714,169 24,737,578 16,450,893 7,857,341 47.8% 18,862,770 3,082,145 456,130 22,401,045 8,271,247 36.9% 22,072,615WORKERS' COMPENSATION FUND 354,414 275,226 286,439 164,960 57.6% 258,000 - - 258,000 190,370 73.8% 280,000WATER FUND GENERAL ADMINISTRATION 1,685,804 1,655,909 1,739,596 640,659 36.8% 1,843,010 - - 1,843,010 669,459 36.3% 1,825,010 RISK MANAGEMENT 65,813 52,789 94,604 94,604 100.0% 108,450 - - 108,450 105,328 97.1% 108,450 RAW WATER SUPPLY 1,440,942 1,398,376 1,607,704 628,084 39.1% 1,651,560 - - 1,651,560 744,198 45.1% 1,650,000 TREATMENT/DELIVERY 299,852 277,414 346,427 105,139 30.3% 392,250 - - 392,250 123,664 31.5% 390,000TOTAL WATER FUND O&M 3,492,411 3,384,488 3,788,331 1,468,486 38.8% 3,995,270 - - 3,995,270 1,642,648 41.1% 3,973,460 WATER CAP IMPROVEMENT 127,379 832,312 16,619 6,034 36.3% 140,000 833,000 - 973,000 384,718 39.5% 973,000TOTAL WATER FUND 3,619,790 4,216,800 3,804,950 1,474,520 38.8% 4,135,270 833,000 - 4,968,270 2,027,366 40.8% 4,946,460CLEAN WATER FUND PLANNING 58,320 49,620 48,032 24,434 50.9% 47,770 - - 47,770 28,029 58.7% 58,000 CODE ENFORCEMENT 30,425 25,083 32,856 18,959 57.7% 34,320 - - 34,320 21,004 61.2% 34,320 CLEAN WATER MANAGEMENT 235,516 254,781 211,351 73,969 35.0% 299,500 - - 299,500 102,720 34.3% 290,000 PUBLIC WORKS 231,490 231,990 201,981 110,073 54.5% 242,940 - 7,360 250,300 108,217 43.2% 250,300TOTAL CLEAN WATER O & M 555,751 561,474 494,220 227,435 46.0% 624,530 - 7,360 631,890 259,971 41.1% 632,620 CLEAN WATER CAP IMPROVEMENT 62,607 - 20,832 12,708 61.0% 273,000 51,890 10,000 334,890 25,797 7.7% 334,890TOTAL CLEAN WATER FUND 618,358 561,474 515,052 240,143 46.6% 897,530 51,890 17,360 966,780 285,768 29.6% 967,510WASTEWATER FUND RISK MANAGEMENT 175,772 115,154 98,838 98,838 100.0% 153,450 - - 153,450 105,328 68.6% 120,000 WASTEWATER TRANSPORTATION 335,446 79,619 216,715 - 0.0% 164,400 - - 164,400 - 0.0% 160,000 WASTEWATER TREATMENT 709,837 814,173 736,349 443,632 60.2% 912,500 - - 912,500 595,488 65.3% 900,000 DEBT SERVICE 565,740 573,560 564,625 540,679 95.8% 570,440 - - 570,440 541,902 95.0% 570,440 WASTEWATER PROGRAM 2,532,350 2,188,037 2,014,779 812,789 40.3% 2,271,240 - - 2,271,240 798,413 35.2% 2,300,000TOTAL WASTEWATER FUND O&M 4,319,145 3,770,543 3,631,306 1,895,938 52.2% 4,072,030 - - 4,072,030 2,041,131 50.1% 4,050,440 WASTEWATER CAPITAL IMPROVEMENT 62,848 484,222 16,368 9,366 57.2% 125,000 337,470 462,470 215,516 46.6% 462,470TOTAL WASTEWATER FUND 4,381,993 4,254,765 3,647,674 1,905,304 52.2% 4,197,030 337,470 - 4,534,500 2,256,647 49.8% 4,512,910TOTAL ENTERPRISE FUNDS 8,620,141 9,033,039 7,967,676 3,619,967 45.4% 9,229,830 1,222,360 17,360 10,469,550 4,569,781 43.6% 10,426,880TOTAL EXPENDITURES 31,688,724 34,045,843 24,705,007 11,642,268 47.1% 28,350,600 4,304,505 473,490 33,128,595 13,031,399 39.3% 32,779,495 20 March 7, 2022 Item 08
City of Del Mar
Cash Flow Report
General Fund
Fiscal Year 2021-22
Revised
Adopted Budget Mid-Year
FY 2022 FY 2022 FY 2022
Jun 2021 Nov 2021 Mar 2022 Difference
(A) (B) (C) (D=C-B)
Total Revenue 17,075,540 17,070,820 18,673,640 1,598,100 Total Expenditures 13,734,050 13,717,330 14,144,840 410,790 Transfers
Measure Q Loan - - - -
Emergency Fund - - - -
Gas Tax 459,650 459,650 474,350 14,700
Open Space 531,980 531,980 552,620 20,640
SLESF (100,000) (100,000) (161,280) (61,280)
Regional Comm 11,760 3,375 3,375 -
Housing Fund Transfer 100,000 200,000 300,000 100,000
Clean Water (non-CIP) 62,530 - - -
RTCIP - (5,000) (5,000) -
RMRA Reimb (86,990) (86,990) (166,654) (79,664)
PEG Fee Reimb (40,000) (40,000) (40,000) -
Total Transfers 938,930 963,015 957,411 (5,604)
City Hall Debt 905,670 905,670 905,670 -
Cash Flow (before CIP & SP) 1,508,890 $ 1,472,805 $ 2,665,719 $ 1,192,914 $ Transfer to CIP
Open Space 530,000 530,100 530,100 -
General Fund 438,170 390,000 476,422 86,422
Clean Water 273,000 276,000 194,366 (81,634)
Total CIP 1,241,170 1,196,100 1,200,888 4,788
Transfer to Special Projects 621,500 621,500 617,508 (3,992) Cash Flow (after CIP & SP) (353,780) $ (344,795) $ 847,323 $ 1,192,118 $ Reserves
Contingency Reserves 2,986,154 3,379,834 4,325,043 945,209 Self-Insurance 300,000 378,447 378,447 -
Pension Reserves 1,470,200 2,292,700 2,292,700 -
Leave Liability 63,123 100,000 100,000 -
Equipment Replecement 721,650 900,000 900,000 -
7,050,981 5,541,127 7,996,190 945,209
21 March 7, 2022 Item 08
City of Del Mar
Major Industry Groups
Quarterly Sales Tax/Measure Q Comparison
Major Industry Group Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Restaurants and Hotels 178,063 $ 183,300 $ 189,475 $ 186,660 $ 51,133 $ 60,741 $ 110,225 $ 113,616 $ General Consumer Goods 80,496 100,082 28,750 100,634 11,123 81,350 28,321 142,816 Business and Industry 68,284 22,095 15,436 70,404 9,653 79,891 9,966 73,323 Autos and Transportation 46,008 97,135 54,023 90,913 3,771 73,355 6,816 147,486 State and County Pools 51,299 ‐ 49,210 ‐ 24,940 ‐ 40,973 ‐ Other* 2,048 22,670 3,802 31,388 22,179 30,037 2,626 47,605 Total 380,009 $ 471,471 340,696 $ 479,999 122,799 $ 325,374 198,927 $ 524,846 Major Industry Group Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Restaurants and Hotels 215,977 $ 214,061 $ 342,964 $ 344,702 $ 104,685 $ 108,825 $ 254,618 $ 268,005 $ General Consumer Goods 134,468 129,605 110,535 160,508 37,755 132,231 30,700 183,301 Business and Industry 74,793 28,042 22,384 98,560 11,129 70,924 12,125 74,161 Autos and Transportation 3,950 106,810 4,089 80,332 4,751 83,805 4,518 105,454 State and County Pools 63,104 ‐ 83,259 ‐ 44,603 ‐ 68,409 ‐ Other* 2,915 33,630 9,235 50,343 3,726 42,082 4,379 57,160 Total 448,456 $ 558,899 572,466 $ 734,445 206,649 $ 437,867 374,749 $ 688,081 Major Industry Group Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Restaurants and Hotels 606,242 $ 594,926 $ 458,711 $ 470,433 $ 198,460 $ 195,490 $ 425,756 $ 437,599 $ General Consumer Goods 136,431 216,763 81,663 194,379 43,269 173,897 61,699 217,004 Business and Industry 145,786 78,865 43,193 114,749 15,692 91,426 17,615 79,730 Autos and Transportation 4,099 105,440 6,169 106,531 4,420 92,984 4,590 129,713 State and County Pools 125,990 ‐ 106,009 ‐ 80,653 ‐ 122,125 ‐ Other* 9,564 60,682 21,407 35,456 3,732 48,539 5,268 64,081 Total 961,191 $ 1,123,597 717,152 $ 921,548 346,226 $ 602,336 637,053 $ 928,127 Major Industry Group Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Restaurants and Hotels 223,528 $ 217,962 $ 205,543 $ 229,402 $ 91,745 $ 96,652 $ General Consumer Goods 58,796 144,724 67,899 177,818 54,238 173,046 Business and Industry 112,869 51,237 12,094 79,603 13,784 82,212 Autos and Transportation 45,789 105,164 68,111 97,395 5,436 104,644 State and County Pools 58,456 ‐ 78,118 ‐ 54,943 ‐ Other* 2,956 47,702 6,179 39,539 3,052 50,326 Total 440,762 $ 628,421 437,944 $ 623,757 223,198 $ 506,880 476,648 $ 829,838 Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q Sales Tax Measure Q FY 2019 FY 2019 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 Totals 2,315,115 $ 2,966,462 $ 1,484,544 $ 2,308,546 $ 1,143,100 $ 2,322,143 $ 1,113,701 $ 1,757,965 *Includes: Building and Construction; Food and Drugs; Fuel and Service Stations; and Transfer & Unidentified. 1Q18 1Q19 1Q20 1Q21
2Q18 2Q19 2Q20 2Q21
3Q18 3Q19 3Q20 3Q21
4Q18 4Q19 4Q20 4Q21
22 March 7, 2022 Item 08
RESOLUTION NO. 2020-41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DEL MAR,
CALIFORNIA, SETTING PRIORITIES FOR THE USE OF INCREASED REVENUES DURING FISCAL YEAR 2020-21
WHEREAS, on June 17, 2019, the City Council adopted a two-year Operating and Capital Budget for Fiscal Years 2019-2020 and 2020-2021; and
WHEREAS, on March 14, 2020, the City declared an emergency related to the COVID19 pandemic, which has resulted in revenue losses that have created an economic crisis for the City; and
WHEREAS, from March through June 2020, the City will lose an estimated $3.2 Million in revenues; and
WHEREAS, the City is projected to lose an additional $4 Million in revenues in Fiscal Year 2020-21 (FY20/21); and
WHEREAS, the pandemic and related economic crisis have necessitated dramatic action to maintain essential services, a balanced budget, and adequate reserves; and WHEREAS, all aspects of the City government have been impacted and sacrifices, including financial concessions by City staff and consultants, as well as reductions in all but essential city programs and services; and
WHEREAS, the City Council adopted an update to the FY20/21 Operating and Capital Budget on June 17, 2020, which included over $1 Million in employee concessions and more than $550,000 in reduced operating expenditures; and
WHEREAS, the City Council has authorized the use of the City’s General Fund Contingency and Measure Q Fund in an equal share to offset the City’s budget shortfall; and WHEREAS, the City Council authorized the deferral of year-end funding for the City’s Pension Reserve Fund in FY19/20 and FY20/21 totaling $1,072,500; and WHEREAS, the City Council authorized the deferral of a year-end transfer to a Housing Reserve totaling $300,000 for FY20/21; and
WHEREAS, the forgoing actions were necessary to allow adoption of a balanced budget as required by law; and
WHEREAS, the City Council wants to be clear that these emergency financial actions are intended to be temporary; and
WHEREAS, it is the City Council’s commitment that all Measure Q funds used during the emergency for other than the Measure Q priority projects of: (1) citywide utility undergrounding; (2) downtown streetscape; (3) Shores Park Master Planning and Development; and (4) the 23 March 7, 2022 Item 08
Resolution. 2020-41
Measure Q share of the City’s Maintenance of Effort (MOE) obligation, are to be repaid to the Measure Q fund under the priorities set forth below; and WHEREAS, it is City Council’s intention that the City’s Pension Reserve Fund, Measure Q Fund, and General Fund Contingency all be replenished as a matter of priority when revenues permit; and
WHEREAS, it is the goal to replenish the General Fund Contingency to at least the preCOVID-19 level of 14.87% during the fiscal year 2020-21; and, WHEREAS, the City Manager will reassess staffing and operational expenditures and make a recommendation to the City Council prior to restoring any General Fund reserves; and, WHEREAS, it is further the goal to replenish the Pension Reserve Fund and the Measure Q fund as soon as practicable; and
WHEREAS, the City Council wishes to identify how, and the order of priority, in which revenues should be used if revenues come in higher than projected for FY20/21; and WHEREAS, with the assistance of the City Manager and staff it will always be the highest priority of City Council to manage city finances in a cautious and prudent manner so as to provide essential services to Del Mar residents and businesses.
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby sets the following priorities, in order, on how increased revenues received during FY20/21, in comparison to the revenues included in the updated budget, should be used:
1. For every .5% in increased General Fund revenues, a 1% increase to employee salaries will be implemented, up to the previously approved salary increase of 3% for FY20/21.
Increases to be implemented following the second financial quarter will be effective January 1, 2021, and increases to be implemented following the third financial quarter will be implemented on April 1, 2021.
2. Employee hours will be restored from 39 hours to 40 hours, therefore eliminating the
2.5% reduction in current salaries.
3. The Pension Reserve Fund, Measure Q Fund, and General Fund Contingency have equal priority. As General Fund revenues become available the City Manager shall make recommendations to the City Council on how these available revenues should be allocated across these three funds. The City Council will make the final decision at a noticed public hearing. Any funds borrowed from Measure Q to offset the City’s budget shortfall will be repaid in full.
4. The City’s Equipment Replacement Reserve (ERR) schedule will be updated and funds will be deposited into ERR Fund to ensure sufficient funding is available for future equipment replacement.
24 March 7, 2022 Item 08
Resolution. 2020-41
5. Funds will be transferred into a Housing Reserve Fund in an amount equal to the FY20/21 year-end transfer payment that was deferred.
6. The priorities set forth herein are subject to revision by City Council action at a noticed public hearing as may be appropriate to address changes in circumstances and needs.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Del Mar, California, at the Regular Meeting held the 6th day of July 2020. ____________________________
Ellie Haviland, Mayor
City of Del Mar
APPROVED AS TO FORM:
___________________________
Leslie E. Devaney, City Attorney
City of Del Mar
ATTEST AND CERTIFICATION:
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF DEL MAR
I, ASHLEY JONES, Administrative Services Director/City Clerk of the City of Del Mar, California, DO HEREBY CERTIFY, that the foregoing is a true and correct copy of Resolution No. 2020-41, adopted by the City Council of the City of Del Mar, California, at a Regular Meeting held the 6th day of July, 2020, by the following vote:
AYES: Mayor Haviland, Deputy Mayor Gaasterland, Council Members Druker, Parks and Worden
NOES: None
ABSENT: None
ABSTAIN: None
_______________________________
Ashley Jones, Administrative Services
Director/City Clerk
City of Del Mar
25 March 7, 2022 Item 08
S&P MATURITY QUARTERLY YIELD/ BOOK PAR MARKET
RATING TYPE INSTITUTION ACCT # CUSIP NO. DATE COUPON RATE VALUE VALUE VALUE - General Account UNION BANK 2740012145 N/A N/A N/A 871,230 871,230 871,230- Workers Comp UNION BANK 2740020806 N/A N/A N/A 26,639 26,639 26,639- MM LAIF - GENERAL 98-37-244 N/A N/A 0.206% 9,608,620 9,608,620 9,607,406 AAA MM SAN DIEGO COUNTY 44076 N/A N/A 0.730% 2,780,001 2,780,001 2,789,948 MM US BANK 157518707631 N/A N/A 0.005% 24,677 24,677 24,677 13,311,167 13,311,167 13,319,899
- FHLB FEDERAL GOVERNMENT AGENCY 6736303800 3134GWPT7 8/19/2025 0.600% 200,000 200,000 198,172 CD CERTIFICATE OF DEPOSITS SEE ATTACHED DETAIL 1.824% 3,647,000 3,647,000 3,734,677 3,847,000 3,847,000 3,932,850
17,158,167 17,158,167 17,252,749
PRINCIPAL FIRST FIRST PRINCIPAL TOTAL
TYPE OF BALANCE QUARTER QUARTER BALANCE PERCENTAGE
INVESTMENT INVESTMENT DESCRIPTION JUN 30,2021 PURCHASES CALLED/MATURED SEP. 30, 2021 BY TYPE Cash on Hand 694,953 - - 871,230 5.08%
Workers Comp 13,257 - - 26,639 0.16%
LAIF Local Agency Investment Fund 7,960,698 - - 9,608,620 55.99% SD Invest Pool San Diego Co. Investment Pool 2,775,200 - - 2,780,001 16.20% Investment MM US Bank Investment Account 303,845 - - (279,168) 24,677 0.14% FHLB Federal Government Agencies 200,000 - - 200,000 1.17% CD Certificate of Deposits 2,999,000 648,000 - 3,647,000 21.26% Total 14,946,953 648,000 17, - 100.00% 158,167
This investment report reflects the City of Del Mar's pooled investments which conform to the City of Del Mar's Investment Policy approved by the City Council on June 21, 2021. This program provides sufficient estimated revenues and cash flow liquidity to meet estimated expenses for the next six months. The Local Agency Investment Fund information is a synopsis. The complete reports are available from the Treasurer.Prepared by: Date: 11/10/21 Reviewed by: Date:
Marilen Santos, Finance Officer Monica Molina, Finance Manager/Treasurer
CITY OF DEL MAR
TREASURER'S REPORT
September 30, 2021
NET
ACTIVITY
JUL-SEP
-
648,000
2,211,214
176,278
13,382
1,647,922
4,801
T:\FINANCE-2\Investments\FY2021-2022\Treasurer's Report\Treasurers Report_FY21-22.xls Monica Molina
11/17/21
M. Santos
26 March 7, 2022 Item 08
Annualized
PRINCIPAL NOMINAL Rate of Portfolio Weighted MATURITY
CUSIP AMOUNT COUPON Return Weighting Coupon DATE
Comenity Cap Bank - CD 20033ASN7 248,000.00 1.70000 1.70000 6.80% 0.11560186 10/12/2021Morgan Stanley Bank - CD 61760AYP8 246,000.00 2.60000 2.60000 6.75% 0.17537702 4/11/2022Goldman Sachs Bank - CD 38148PKT3 200,000.00 2.35000 2.35000 5.48% 0.12887305 6/14/2022Allegiance BK Tex Housten 01748DAX4 248,000.00 2.15000 2.15000 6.80% 0.14620236 9/29/2022Sallie Mae Bank - CD 795450H32 246,000.00 2.50000 2.50000 6.75% 0.16863175 12/20/2022Citibank - CD 17312QL98 240,000.00 3.20000 3.20000 6.58% 0.21058404 5/23/2023Medallion Bank - CD 58404DCM1 248,000.00 3.25000 3.25000 6.80% 0.22100356 7/31/2023Enerbank USA - CD 29278TDM9 249,000.00 3.20000 3.20000 6.83% 0.21848094 9/28/2023Morgan Stanley Bank NA 61690UGC8 200,000.00 2.60000 2.60000 5.48% 0.14258294 5/23/2024Toyota Financial Savings Bank 89235MLF6 200,000.00 0.55000 0.55000 5.48% 0.03016178 8/5/2024BMW Bank North America 05580AXF6 249,000.00 0.50000 0.50000 6.83% 0.03413765 9/25/2025Texas Exchange Bank Crowley 88241TJN19 225,000.00 0.60000 0.60000 6.17% 0.03701673 11/25/2025BMO Harris Bank NA 0560XBY5 200,000.00 0.55000 0.55000 5.48% 0.03016178 2/18/2026Bank United NA 066519QV4 200,000.00 0.95000 0.95000 5.48% 0.05209761 4/14/2026UBS Bank USA 90348JP61 248,000.00 0.90000 0.90000 6.80% 0.06120099 7/8/2026Synchrony Bank Draper 87165FA38 200,000.00 0.95000 0.95000 5.48% 0.05209761 9/17/2026 $ 1.47333 1.47333 100.00% 1.82421168 3,647,000.00
CITY OF DEL MAR
CERTIFICATE OF DEPOSITS (with U.S. BANK)
As of September 30, 2021
27 March 7, 2022 Item 08
S&P MATURITY QUARTERLY YIELD/ BOOK PAR MARKET
RATING TYPE INSTITUTION ACCT # CUSIP NO. DATE COUPON RATE VALUE VALUE VALUE - General Account UNION BANK 2740012145 N/A N/A N/A 1,167,697 1,167,697 1,167,697- Workers Comp UNION BANK 2740020806 N/A N/A N/A 24,442 24,442 24,442- MM LAIF - GENERAL 98-37-244 N/A N/A 0.212% 15,613,890 15,613,890 15,573,904 AAA MM SAN DIEGO COUNTY 44076 N/A N/A 0.630% 2,784,756 2,784,756 2,780,165 MM US BANK 157518707631 N/A N/A 0.005% 46,795 46,795 46,795 19,637,580 19,637,580 19,593,002
- FHLB FEDERAL GOVERNMENT AGENCY 6736303800 3134GWPT7 8/19/2025 0.600% 200,000 200,000 196,114 CD CERTIFICATE OF DEPOSITS SEE ATTACHED DETAIL 1.787% 3,647,000 3,647,000 3,671,929 3,847,000 3,847,000 3,868,043
23,484,580 23,484,580 23,461,045
PRINCIPAL SECOND SECOND PRINCIPAL TOTAL
TYPE OF BALANCE QUARTER QUARTER BALANCE PERCENTAGE
INVESTMENT INVESTMENT DESCRIPTION SEP 30,2021 PURCHASES CALLED/MATURED DEC 30, 2021 BY TYPE Cash on Hand 871,230 - - 1,167,697 4.97%
Workers Comp 26,639 - - 24,442 0.10%
LAIF Local Agency Investment Fund 9,608,620 - - 15, 66.49% 613,890SD Invest Pool San Diego Co. Investment Pool 2,780,001 - - 2,784,756 11.86% Investment MM US Bank Investment Account 24,677 - - 22,118 46,795 0.20% FHLB Federal Government Agencies 200,000 - - 200,000 0.85% CD Certificate of Deposits 3,647,000 248,000 (248,000) 3,647,000 15.53% Total 17,158,167 248,000 23,484,580 (248,000) 100.00%
This investment report reflects the City of Del Mar's pooled investments which conform to the City of Del Mar's Investment Policy approved by the City Council on June 21, 2021. This program provides sufficient estimated revenues and cash flow liquidity to meet estimated expenses for the next six months. The Local Agency Investment Fund information is a synopsis. The complete reports are available from the Treasurer.Prepared by: Date: 2/3/22 Reviewed by: Date:
Marilen Santos, Finance Officer Monica Molina, Finance Manager/Treasurer
CITY OF DEL MAR
TREASURER'S REPORT
December 31, 2021
NET
ACTIVITY
OCT-DEC
--
6,326,412
296,467
(2,197)
6,005,270
4,754
T:\FINANCE-2\Investments\FY2021-2022\Treasurer's Report\Treasurers Report_FY21-22.xls Monica Molina
2/28/22
M. Santos
28 March 7, 2022 Item 08
Annualized
PRINCIPAL NOMINAL Rate of Portfolio Weighted MATURITY
CUSIP AMOUNT COUPON Return Weighting Coupon DATE
Morgan Stanley Bank - CD 61760AYP8 246,000.00 2.60000 2.60000 6.75% 0.17537702 4/11/2022Goldman Sachs Bank - CD 38148PKT3 200,000.00 2.35000 2.35000 5.48% 0.12887305 6/14/2022Allegiance BK Tex Housten 01748DAX4 248,000.00 2.15000 2.15000 6.80% 0.14620236 9/29/2022Sallie Mae Bank - CD 795450H32 246,000.00 2.50000 2.50000 6.75% 0.16863175 12/20/2022Citibank - CD 17312QL98 240,000.00 3.20000 3.20000 6.58% 0.21058404 5/23/2023Medallion Bank - CD 58404DCM1 248,000.00 3.25000 3.25000 6.80% 0.22100356 7/31/2023Enerbank USA - CD 29278TDM9 249,000.00 3.20000 3.20000 6.83% 0.21848094 9/28/2023Morgan Stanley Bank NA 61690UGC8 200,000.00 2.60000 2.60000 5.48% 0.14258294 5/23/2024Toyota Financial Savings Bank 89235MLF6 200,000.00 0.55000 0.55000 5.48% 0.03016178 8/5/2024BMW Bank North America 05580AXF6 249,000.00 0.50000 0.50000 6.83% 0.03413765 9/25/2025Texas Exchange Bank Crowley 88241TJN19 225,000.00 0.60000 0.60000 6.17% 0.03701673 11/25/2025BMO Harris Bank NA 0560XBY5 200,000.00 0.55000 0.55000 5.48% 0.03016178 2/18/2026Bank United NA 066519QV4 200,000.00 0.95000 0.95000 5.48% 0.05209761 4/14/2026UBS Bank USA 90348JP61 248,000.00 0.90000 0.90000 6.80% 0.06120099 7/8/2026Synchrony Bank Draper 87165FA38 200,000.00 0.95000 0.95000 5.48% 0.05209761 9/17/2026State Bank of India New York 856285YH8 248,000.00 1.15000 1.15000 6.80% 0.07820126 10/29/2026 $ 1.46290 1.46290 100.00% 1.78681108 3,647,000.00
CITY OF DEL MAR
CERTIFICATE OF DEPOSITS (with U.S. BANK)
As of December 31, 2021
29 March 7, 2022 Item 08