Attachment 3
FY 2023-24 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2023-24 FY 2022-23 FY 2021-22 FAVORABLE % FY 2023-24 FY 2022-23 ADOPTED ANNUAL BUDGET 12 MONTHS 12 MONTHS 12 MONTHS (UNFAVORABLE) INCREASE 12 MONTHS 12 MONTHS Fund BUDGET ACTUAL $ % AS OF 6/30/2024 AS OF 6/30/2023 AS OF 6/30/2022 VARIANCE (DECREASE) AS OF 6/30/2024 AS OF 6/30/2023 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 32,100,000$ 33,163,026 $ 1,063,026 $ 3.3% 33,163,026 $ 31,504,304 $ 29,433,248 $ 1,658,722 $ 5.3% 103.3% 102.3% UNSECURED 1,315,000 $ 1,393,684 $ 78,684 $ 6.0% 1,393,684 $ 1,218,053 $ 1,148,481 $ 175,631 $ 14.4% 106.0% 93.4% SUPPLEMENTAL 969,300 $ 858,275 $ (111,025) $ (11.5%) 858,275 $ 1,151,197$ 943,774 $ (292,922) $ (25.4%) 88.5% 157.6% ERAF 1,619,850$ 3,502,974 $ 1,883,124 $ 116.3% 3,502,974 $ 3,295,053 $ 3,100,633 $ 207,921 $ 6.3% 216.3% 215.8% 002 PROPERTY TAXES (1) 36,004,150$ 38,917,959 $ 2,913,809 $ 8.1% 38,917,959 $ 37,168,607 $ 34,626,136 $ 1,749,352 $ 4.7% 108.1% 108.2% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,387,980 $ 3,780,100 $ (607,880) $ (13.9%) 3,780,100 $ 5,681,466 $ 4,345,596 $ (1,901,366) $ (33.5%) 86.1% 124.1% 001 OTHER TAXES
SALES AND USE 3,927,700 $ 3,698,812 $ (228,888) $ (5.8%) 3,698,812 $ 4,447,372 $ 3,899,280 $ (748,560) $ (16.8%) 94.2% 140.2% TRANSIENT OCCUPANCY (2) 3,559,800 $ 4,284,940 $ 725,140 $ 20.4% 4,284,940 $ 3,435,359 $ 1,982,779 $ 849,581 $ 24.7% 120.4% 139.6% FRANCHISE 1,266,200$ 1,367,718 $ 101,518 $ 8.0% 1,367,718 $ 1,308,136 $ 1,219,963 $ 59,582 $ 4.6% 108.0% 103.8% REAL PROPERTY TRANSFER 311,000 $ 237,716 $ (73,284) $ (23.6%) 237,716 $ 211,031 $ 492,247 $ 26,685 $ 12.6% 76.4% 69.2% SUBTOTAL 9,064,700 $ 9,589,186 $ 524,486 $ 5.8% 9,589,186 $ 9,401,898 $ 7,594,269 $ 187,288 $ 2.0% 105.8% 130.6% 001 LICENSES & PERMITS
BUSINESS LICENSES 1, 615,500$ 1,928,243 $ 312,743 $ 19.4% 1,928,243 $ 1,735,472 $ 1,583,789 $ 192,771 $ 11.1% 119.4% 117.2% PERMITS 1,266,675$ 1,978,175 $ 711,500 $ 56.2% 1,978,175 $ 2,022,412 $ 2,392,328 $ (44,237) $ (2.2%) 156.2% 107.5% SUBTOTAL 2,882,175 $ 3,906,418 $ 1,024,243 $ 35.5% 3,906,418 $ 3,757,884 $ 3,976,117 $ 148,534 $ 4.0% 135.5% 111.8% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) 42,000 $ 46,589 $ 4,589 $ 10.9% 46,589 $ 4,188,872$ 4,107,219 $ (4,142,283) $ (98.9%) 110.9% 102.5% 002 HOMEOWNERS PROPERTY TAX RELIEF 98,000 $ 90,173 $ (7,827) $ (8.0%) 90,173 $ 92,906 $ 96,081 $ (2,733) $ (2.9%) 92.0% 92.9% 003 GRANTS -$ - $ - $ - - $ 6,039$ - $ (6,039)$ (100.0%) - - SUBTOTAL 140,000$ 136,762 $ (3,238) $ (2.3%) 136,762 $ 4,287,817$ 4,203,300 $ (4,151,055) $ (96.8%) 97.7% 102.4%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 471,534 $ 590,405 $ 118,871 $ 25.2% 590,405 $ 698,023 $ 647,610 $ (107,618) $ (15.4%) 125.2% 211.6% 003 RECREATION AND LEISURE 1,526,935 $ 1,710,319 $ 183,384 $ 12.0% 1,710,319 $ 1,393,272 $ 959,671 $ 317,047 $ 22.8% 112.0% 112.7% SUBTOTAL 1,998,469 $ 2,300,724 $ 302,255 $ 15.1% 2,300,724 $ 2,091,295 $ 1,607,281 $ 209,429 $ 10.0% 115.1% 133.5% 001 FINES & FORFEITURES 24,900$ 31,263 $ - $ - 31,263 $ 36,149 $ 30,319 $ (4,886) $ (13.5%) 125.6% 251.0%
INTEREST AND RENTALS
INTEREST (3) 1,521,700 $ 2,631,007 $ 1,109,307 $ 72.9% 2,631,007 $ 1,504,279 $ 224,070 $ 1,126,728 $ 74.9% 172.9% 293.2% UNREALIZED MARK-TO-MARKET GAIN (LOSS) ON INVESTMENTS - $ - $ - $ - 133,088 $ (1,428,802)$ (133,088) $ (100.0%) - - RENTS & CONCESSIONS 1, 425,828$ 1,703,524 $ 277,696 $ 40.3% 1,703,524 $ 1,518,459 $ 1,377,393 $ 185,065 $ 12.2% 119.5% 169.5% SUBTOTAL 2,947,528 $ 4,334,531 $ 1,387,003 $ 47.1% 4,334,531 $ 3,155,826 $ 172,661 $ 1,178,705 $ 37.4% 147.1% 72.8% OTHER REVENUES 496,385$ 475,968 $ (20,417) $ (4.1%) 475,968 $ 353,118 $ 750,893 $ 122,850 $ 34.8% 95.9% 99.2% TOTAL GENERAL FUND (FUNDS 001-003) 57,946,287 $ 63,472,911 $ 5,520,261 $ 9.5% 63,472,911 $ 65,934,060 $ 57,306,572 $ (2,461,149) $ (3.7%) 109.5% 115.6% 001 Total Fund 001 18,591,974$ 20,217,348 $ 1,619,011 $ 8.7% 20,217,348 $ 25,106,768 $ 20,146,829 $ (4,889,420) $ (19.5%) 108.7% 123.5% 002 Total Fund 002 37,299,250$ 40,896,367 $ 3,604,944 $ 9.7% 40,896,367 $ 38,908,107 $ 35,797,984 $ 1,988,260 $ 5.1% 109.6% 110.7% 003 Total Fund 003 2,055,063$ 2,359,196 $ 304,133 $ 14.8% 2,359,196 $ 1,919,185 $ 1,361,759 $ 440,011 $ 22.9% 114.8% 124.7% Total Funds 001-003 57,946,287$ 63,472,911 $ 5,528,088 $ 9.5% 63,472,911 $ 65,934,060 $ 57,306,572 $ (2,461,149) $ (3.7%) 109.5% 115.6% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM 6,500$ 52,054 $ 45,554 $ 700.8% 52,054 $ 35,605 $ 68,221 $ 16,449 $ 46.2% 800.8% 2373.7% 006 GENERAL FUND - DARE 900$ 1,923$ 1,023 $ 113.7% 1,923 $ 38,635 $ 288 $ (36,712)$ (95.0%) 213.7% 386350.0% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM 1,800$ 2,618 $ 818 $ 45.4% 2,618 $ 2,066 $ 359 $ 552 $ 26.7% 145.4% 1033.0% 008 GENERAL FUND - RENTAL ASSISTANCE 800$ 2,851$ 2,051 $ 256.4% 2,851 $ 1,796 $ 272 $ 1,055 $ 58.7% 356.4% 898.0% 009 GENERAL FUND - ASSET SEIZURE 1,600$ 1,145 $ (455) $ (28.4%) 1,145 $ 2,094 $ 746 $ (949) $ (45.3%) 71.6% 190.4% 010 GENERAL FUND - PENSION STABILIZATION FUND 3,300$ 4,355 $ 1,055 $ 32.0% 4,355 $ 2,745 $ 416 $ 1,610 $ 58.7% 132.0% 686.3% 011 GENERAL FUND - FACILITIES REPLACEMENT 86,000$ 114,045 $ 28,045 $ 32.6% 114,045 $ 71,869 $ 10,894 $ 42,176 $ 58.7% 132.6% 684.5% 012 SUSTAINABLE FOSTER CITY 1,600$ 11,733 $ 10,133 $ 633.3% 11,733 $ 8,896 $ 845 $ 2,837 $ 31.9% 733.3% 808.7% TOTAL ALL GENERAL FUND (FUNDS 001-011) 58,048,787 $ 63,663,635 $ 5,616,312 $ 9.7% 63,663,635 $ 66,097,766 $ 57,388,613 $ (2,434,131) $ (3.7%) 109.7% 115.9%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 60,000 $ 42,389 $ (17,611) $ (29.4%) 42,389 $ 39,827 $ 76,768 $ 2,562 $ 6.4% 70.6% 66.4% 102 MEASURE "A" 874,000$ 1,183,512$ 309,512 $ 35.4% 1,183,512 $ 1,065,257 $ 786,215 $ 118,255 $ 11.1% 135.4% 139.9% 103 GAS TAX 980,697$ 951,739 $ (28,958) $ (3.0%) 951,739 $ 877,787 $ 772,928 $ 73,952 $ 8.4% 97.0% 106.0% 104 PARK-IN-LIEU FEES 74,800 $ 133,771 $ 58,971 $ 78.8% 133,771 $ 84,300 $ 12,779 $ 49,471 $ 58.7% 178.8% 679.8% 105 MEASURE "M" 121,700$ 100,000 $ (21,700) $ (17.8%) 100,000 $ 119,300 $ 1,908 $ (19,300) $ (16.2%) 82.2% 108.9% 108 SLESF/COPS GRANT 155,000 $ 186,159 $ 31,159 $ 20.1% 186,159 $ 165,271 $ 161,285 $ 20,888 $ 12.6% 120.1% 165.3% 114 CALOPPS 514,077$ 533,753 $ 19,676 $ 3.8% 533,753 $ 562,700 $ 501,854 $ (28,947) $ (5.1%) 103.8% 136.0% 116 FOSTER CITY FOUNDATION 38,900 $ 41,261 $ 2,361 $ 6.1% 41,261 $ 42,818 $ 59,776 $ (1,557) $ (3.6%) 106.1% 113.6% 119 SB 1 ROAD MAINTENANCE AND REHAB 856,598 $ 929,762 $ 73,164 $ 8.5% 929,762 $ 782,575 $ 646,368 $ 147,187 $ 18.8% 108.5% 121.9% 122 HOUSING SUCCESSOR-LMIHF 133,700$ 190,399 $ 56,699 $ 42.4% 190,399 $ 137,531 $ 228,355 $ 52,868 $ 38.4% 142.4% 138.5% 124 FC AFFORDABLE HOUSING FUND 8,900 $ 134,697$ 125,797 $ 1413.4% 134,697 $ 211,414 $ 38,425 $ (76,717) $ (36.3%) 1513.4% 729.0% 128 GENERAL PLAN MAINTENANCE 34,700 $ 488,945 $ 454,245 $ 1309.1% 488,945 $ 727,803 $ 262,558 $ (238,858) $ (32.8%) 1409.1% 234.8% 129 CONSTRUCTION AND DEMO RECYCLING 66,000 $ 119,666 $ 53,666 $ 81.3% 119,666 $ 182,389 $ 41,496 $ (62,723) $ (34.4%) 181.3% 336.5% 130 TECHNOLOGY MAINTENANCE 37,540 $ 74,238 $ 36,698 $ 97.8% 74,238 $ 93,114 $ 139,591 $ (18,876) $ (20.3%) 197.8% 45.9%
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE TWELVE MONTHS ENDED JUNE 30, 2024
Attachment 3
FY 2023-24 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2023-24 FY 2022-23 FY 2021-22 FAVORABLE % FY 2023-24 FY 2022-23 ADOPTED ANNUAL BUDGET 12 MONTHS 12 MONTHS 12 MONTHS (UNFAVORABLE) INCREASE 12 MONTHS 12 MONTHS Fund BUDGET ACTUAL $ % AS OF 6/30/2024 AS OF 6/30/2023 AS OF 6/30/2022 VARIANCE (DECREASE) AS OF 6/30/2024 AS OF 6/30/2023
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE TWELVE MONTHS ENDED JUNE 30, 2024
131 SB 1186 5,200$ 8,931 $ 3,731 $ 71.8% 8,931 $ 7,513 $ 6,493 $ 1,418 $ 18.9% 171.8% 181.0% 132 SMIP FEE 620$ 416 $ (204) $ (32.9%) 416 $ 222 $ 446 $ 194 $ 87.4% 67.1% 19.6% 133 CRV GRANT FUND 8,740 $ 8,984 $ 244 $ 2.8% 8,984 $ 8,910 $ 8,500 $ 74 $ 0.8% 102.8% 104.1% 134 CURBSIDE RECLYCLING 22,600 $ 24,775 $ 2,175 $ 9.6% 24,775 $ 35,414 $ 15,459 $ (10,639) $ (30.0%) 109.6% 172.8% 135 GREEN BUILDING FEE 900 $ 747 $ (153) $ (17.0%) 747 $ 789 $ 893 $ (42) $ (5.3%) 83.0% 108.1% 136 MEASURE W 389,200$ 476,881 $ 87,681 $ 22.5% 476,881 $ 442,708 $ 372,869 $ 34,173 $ 7.7% 122.5% 124.9% 137 COMMERCIAL LINKAGE FEE (4) 14,800 $ 4,888,484$ 4,873,684 $ 32930.3% 4,888,484 $ 17,093 $ 2,591 $ 4,871,391$ 28499.3% 33030.3% 2.1% 138 TENANT RELOCATION ASSISTANCE 2,000 $ 10,790 $ 8,790 $ 439.5% 10,790 $ 6,799 $ 131,431$ 3,991 $ 58.7% 539.5% 13.1% 139 WORKFORCE HOUSING 625,640 $ 632,613 $ 6,973 $ 1.1% 632,613 $ 292,300 $ 112 $ 340,313$ 116.4% 101.1% 43.1% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING 27,900 $ 23,577 $ (4,323) $ (15.5%) 23,577 $ 22,418 $ - $ 1,159$ 5.2% 84.5% 101.9% 141 SB1383 IMPLEMENTATION 200 $ 94,628$ 94,428 $ 47214.0% 94,628 $ 1,273 $ 47,347 $ 93,355 $ 7333.5% 47314.0% - 142 PARK FACILITIES IMPACT FEE (4) - $ 568,798$ 568,798 $ - 568,798 $ - $ - $ 568,798$ - - - 143 PUBLIC SAFETY IMPACT FEE (4) - $ 61,579$ 61,579 $ - 61,579 $ - $ - $ 61,579$ - - - 144 TRANSPORTATION IMPACT FEE (4) - $ 192,840$ 192,840 $ - 192,840 $ - $ - $ 192,840$ - - - TOTAL SPECIAL REVENUE FUNDS 5,054,412 $ 12,104,334 $ 7,049,922 $ 139.5% 12,104,334 $ 5,927,525 $ 4,316,447 $ 6,176,809 $ 104.2% 239.5% 92.8% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,011,500 $ 4,409,256 $ 397,756 $ 9.9% 4,409,256 $ 4,216,688 $ 4,219,559 $ 192,568 $ 4.6% 109.9% 107.2% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 230,451 $ 231,466 $ 1,015 $ 0.4% 231,466 $ - $ - $ 231,466$ - 100.4% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY 2,270,050 $ 4,767,085 $ 2,497,035 $ 110.0% 4,767,085 $ 2,602,702 $ 537,577 $ 2,164,383 $ 83.2% 210.0% 1720.8% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND 1,240,555$ 1,297,873 $ 57,318 $ 4.6% 1,297,873 $ 1,838,554 $ 522,954 $ (540,681) $ (29.4%) 104.6% 164.7% 327 LEVEE PROJECT FUND 5,200$ 124,815$ 119,615 $ 2300.3% 124,815 $ 665,123 $ (236,947)$ (540,308) $ (81.2%) 2400.3% 3325.6% 328 LEVEE PROJECT FUND - 2023 GO Bonds -$ 5,031,254$ 5,031,254 $ - 5,031,254 $ - $ - $ 5,031,254$ - - - TOTAL CAPITAL PROJECTS FUNDS 3,515,805 $ 11,221,027 $ 7,705,222 $ 219.2% 11,221,027 $ 5,106,379 $ 823,584 $ 6,114,648 $ 119.7% 319.2% 396.7%
ENTERPRISE FUNDS
401 WATER REVENUE (6) 18,301,000 $ 19,108,497 $ 807,497 $ 4.4% 19,108,497 $ 16,536,389 $ 15,872,745 $ 2,572,108 $ 15.6% 104.4% 91.5% 405 WATER CIP -$ 11,909$ 11,909 $ - 11,909 $ 15,186 $ 29,092 $ (3,277) $ (21.6%) - - 408 WATER EQUIPMENT REPLACEMENT 448,097 $ 448,097 $ - $ - 448,097 $ 518,359 $ 633,532 $ (70,262) $ (13.6%) 100.0% 101.6% 409 WATER CONNECTION FEES (5) 823,615 $ 49,158 $ (774,457) $ (94.0%) 49,158 $ 81,215 $ 446,988 $ (32,057) $ (39.5%) 6.0% 16.3% 451 WASTEWATER REVENUE (6) 21,540,300 $ 24,287,239 $ 2,746,939 $ 12.8% 24,287,239 $ 21,605,924 $ 16,958,548 $ 2,681,315 $ 12.4% 112.8% 108.0% 453 WASTEWATER RATE STABILIZATION - $ - $ - $ - - $ - $ - $ - $ - - - 454 SM-FC PUBLIC FINANCING AUTHORITY LOAN - $ - $ - $ - - $ - $ 59$ - $ - - - 455 WASTEWATER CIP -$ - $ - $ - - $ - $ - $ - $ - - - 456 WASTEWATER PLANT EXPANSION 636 $ 2,797$ 2,161 $ 339.8% 2,797 $ 2,715 $ 5,367 $ 82 $ 3.0% 439.8% 426.9% 458 WASTEWATER EQUIPMENT REPLACEMENT 342,955 $ 342,955 $ - $ - 342,955 $ 271,126 $ 258,508 $ 71,829 $ 26.5% 100.0% 101.9% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN - $ 5,884,510$ 5,884,510 $ - 5,884,510 $ 390,182 $ 200,466 $ 5,494,328 $ 1408.1% - - 460 WASTEWATER CONNECTION FEES (5) 8,936,837 $ 16,015 $ (8,920,822)$ (99.8%) 16,015 $ 18,166 $ 181,394 $ (2,151) $ (11.8%) 0.2% 1.5% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 50,393,440 $ 50,151,177 $ (242,263) $ (0.5%) 50,151,177 $ 39,439,262 $ 34,586,699 $ 10,711,915 $ 27.2% 99.5% 97.2%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND 2,059,573 $ 2,337,218 $ 277,645 $ 13.5% 2,337,218 $ 2,255,954 $ 1,776,153 $ 81,264 $ 3.6% 113.5% 127.3% 502 EQUIPMENT REPLACEMENT FUND 292,163 $ 626,962 $ 334,799 $ 114.6% 626,962 $ 793,808 $ 639,188 $ (166,846) $ (21.0%) 214.6% 168.3% 503 SELF INSURANCE FUND 1,543,261 $ 1,554,463 $ 11,202 $ 0.7% 1,554,463 $ 1,223,670 $ 563,339 $ 330,793 $ 27.0% 100.7% 98.9% 504 INFORMATION TECHNOLOGY 2,749,884 $ 2,973,910 $ 224,026 $ 8.1% 2,973,910 $ 2,736,141 $ 2,257,835 $ 237,769 $ 8.7% 108.1% 107.7% 505 BUILDING MAINTENANCE 3,752,145 $ 4,107,704 $ 355,559 $ 9.5% 4,107,704 $ 3,766,573 $ 3,231,782 $ 341,131 $ 9.1% 109.5% 109.5% 507 LONGEVITY RECOGNITION PLAN 319,200 $ 374,053 $ 54,853 $ 17.2% 374,053 $ 306,204 $ 240,779 $ 67,849 $ 22.2% 117.2% 120.4% 508 PEMHCA FUND 453,063 $ 579,697 $ 126,634 $ 28.0% 579,697 $ 403,024 $ 232,840 $ 176,673 $ 43.8% 128.0% 143.4% 509 COMPENSATED ABSENCES FUND 632,242$ 742,701 $ 110,459 $ 17.5% 742,701 $ 667,914 $ 438,324 $ 74,787 $ 11.2% 117.5% 112.4% TOTAL INTERNAL SERVICE FUNDS 11,801,531 $ 13,296,708 $ 1,495,177 $ 12.7% 13,296,708 $ 12,153,288 $ 9,380,240 $ 1,143,420 $ 9.4% 112.7% 114.8%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY 289,500$ 497,524 $ 208,024 $ 71.9% 497,524 $ 494,676 $ 318,798 $ 2,848 $ 0.6% 171.9% 175.7% 607 TOURISM ASSESSMENT - $ - $ - $ - - $ - $ 31,430$ - $ - - - 608 SMC FIRE 320,000$ 117,640 $ (202,360) $ (63.2%) 117,640 $ 132,919 $ 147,331 $ (15,279) $ (11.5%) 36.8% 60.2% TOTAL CITY / EMID FUNDS 133,665,426 $ 155,692,767 $ 22,028,805 $ 16.5% 155,692,767 $ 133,568,503 $ 111,212,701 $ 22,124,264 $ 16.6% 116.5% 111.0% 1 2 FY 2023-24 TOT revenues were $4.3 m illion or $1.3 million above budget estimates, showing that the recovery trend has been encouraging. FY 2023-24 revenues surpassed budgeted estimates and are now marginally below the level of the $4.39 million high back in FY 2018-19. 3 FY 2023-24 interest and rental income were $4.3 m illion or $1.4 million higher than the estimates as the City's investment portfolio yield averaged approximately 4.60% which is better than the 3.5% budgeted for the year and demand of the facility rentals accelerated. 4 Impact fee revenue from Gilead 331 Lakeside Drive project. 5 6 FY 2023-24 water consumption rates and fixed charges increased by 4.3% and 6% respectively; wastewater rates increased by 3%. Additionally, investment income surged in FY 2023-24.
The City s property tax revenues continue to be the bedrock of General Fund revenues with assessed value growth supported by price gains of home sales. Excess ERAF surpassed the City s conservative estimates. Property Tax in lieu of VLF revenues was slightly behind the budget as the State provided funding for prior period shortfalls. While the County continues to advocate a legislative fix for its annual VLF shortfalls, the State has been reluctant to accommodate. Notwithstanding, the City received approximately $1.39 million in August 2024 from the State to backfill the FY 22/23 Property Tax in Lieu of VLF shortfall.
Similarly, we received $667,557 in August 2023 from the State to backfill the FY 21/22 Property Tax in lieu of VLF shortfall.
Notes and Explanation of Variances:
Several projects including the Hotel at the S/W Corner of Metro Center and Shell and the Biomed Realty Lincoln Center Drive Phase II project have been postponed, while the Life Sciences building on Vintage Park was delayed resulting is the substantial miss on impacts fee revenues for FY 2023-24.