FY 2024 Proposed Budget – General Fund Overview
FY 2024 Proposed Budget
General Fund Revenues - $481.7 million
2 All Other Revenue
Amount
(in millions)
Franchise Fees $14.9
Inter/Intra-governmental 18.5
Cannabis 5.4
Prop 172/RE Transfer Taxes 5.1
Card Room 1.1
Other 1.7
Total – All Other Revenue $46.7
Beg. Carryover, $24.8 , 5.2%
Sales Tax, $153.6 ,
31.9%
Property Tax, $174.1 ,
36.1%
Business Licenses, $24.1 ,
5.0%
Room Tax, $16.2 ,
3.4%
Charges for Current Services, $42.1 ,
8.7%
All Other Revenue, $46.7 ,
9.7%
GENERAL FUND – 1000-1001 FY 2021
Actuals
FY 2022
Actuals
FY 2023
Estimate
FY 2024
Proposed Annual Change
PRIOR YEAR CARRYOVER $25,432,600 $45,523,800 $48,804,700 $24,848,000 -49.1%
REVENUES
Sales Tax 119,640,200 144,706,500 150,736,500 153,603,500 1.9% Property Tax 151,479,300 154,702,800 167,052,600 174,107,000 4.2% Business License 19,332,300 21,870,800 23,073,300 24,121,000 4.5% Room Tax 11,980,700 15,349,100 14,899,200 16,193,100 8.7% Charges for Current Services 37,961,800 41,760,400 41,491,400 42,079,700 1.4% All Other Revenue 49,353,900 47,372,200 50,778,400 46,714,300 -8.0% Total Annual Operating Revenue 389,748,200 425,761,800 448,031,400 456,818,600 2.0% Total Available Funding$415,180,800 $471,285,600 $496,836,100 $481,666,600 -3.1% FY 2024 Proposed Budget
General Fund Revenue
13.5% 5.4% -3.1%Annual Change3
GENERAL FUND – 1000-1001 FY 2021
Actuals
FY 2022
Actuals
FY 2023
Estimate
FY 2024
Proposed Annual Change
Franchise Fees 16,710,100 17,647,400 14,959,100 14,948,600 -0.1% Intergovernmental 12,864,100 9,193,700 13,917,900 4,185,900 -69.9% Intragovernmental 12,210,600 11,824,800 13,366,200 14,341,000 7.3% Cannabis 409,800 0 1,168,900 5,381,400 360.4%
Prop 172 Sales Tax 3,314,500 4,059,200 3,236,800 3,501,500 8.2% Real Estate Transfer Tax 1,950,300 2,304,700 1,380,700 1,577,600 14.3% Card Room 30,000 683,800 1,030,000 1,050,600 2.0%
Other 1,864,500 1,658,600 1,718,800 1,727,700 0.5%
Total All Other Revenue 49,353,900 47,372,200 50,778,400 46,714,300 -8.0% FY 2024 Proposed Budget
General Fund All Other Revenue
4 FY 2024 Proposed Budget
Sales Tax Revenue – 10-year History
• FY 2023 estimate and FY 2024 projection based
primarily on Muni Services (Avenu Insights &
Analytics) guidance
• Five of 31 business segments account for nearly 61%
of total
Retail 26.7%
Department Stores 9.9%
Restaurants 9.9%
New Auto Sales 8.1%
Building Materials 6.2%
• FY 2024 projection reflects further slowing due to
inflationary impacts and increased borrowing costs
5 $57.1
$67.5
$83.6 $84.5
$97.7 $95.2
$91.1
$125.2
$158.4
$58.8
$68.0
$83.0
$87.4
$100.3
$95.1
$119.6
$144.7 $150.7
$153.6
0 20
40 60
80 100
120
140
160
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Budget Actuals / Est. / Budget
($s in millions)
FY 2024 Proposed Budget
Property Tax Revenue – 10-year History
• FY 2024 growth projection budgeted at
4.2% over FY 2023 estimate
• FY 2023 estimate based on assessed
values published July 2022
6 $108.0
$112.9
$120.8
$126.5
$131.7
$140.2
$148.5
$160.0 $159.7
$111.8 $116.3
$122.1
$129.1
$137.2
$141.3
$151.5 $154.7
$167.1
$174.1
0 20
40 60
80 100
120
140
160
180
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Budget Actuals / Est. / Budget
($s in millions)
FY 2024 Proposed Budget
Sales Tax, Business Tax, and Room Tax – 10-year History • Sales Tax is an indicator for
other revenues
• Annual Business Tax and Room
Tax correlate with Sales Tax
7 $58.8 $68.0
$83.0 $87.4
$100.3 $95.1
$119.6
$144.7 $150.7 $153.6
$17.2
$18.3
$18.1
$19.3
$20.0
$19.8
$19.3
$21.9
$23.1 $24.1
$10.9
$11.9
$12.9
$13.7
$14.1
$13.1
$12.0
$15.3
$14.9 $16.2
20 40
60 80
100
120
140
160
180
200
FY 2015
Actuals
FY 2016
Actuals
FY 2017
Actuals
FY 2018
Actuals
FY 2019
Actuals
FY 2020
Actuals
FY 2021
Actuals
FY 2022
Actuals
FY 2023
Estimate
FY 2024
Proposed
Budget
Sales Tax Business Tax Room Tax
($s in millions)
Revenue Source 2021
Actuals
2022
Actuals
2023
Estimate
2024
Proposed
Budget
Annual
Change
Sales Tax $119,640,200 $144,706,500 $150,736,500 $153,603,500 1.9% Business Tax 19,332,300 21,870,800 23,073,300 24,121,000 4.5% Ratio: Business Tax to
Sales Tax 16.2% 15.1% 15.3% 15.7%
Room Tax 11,980,700 15,349,100 14,899,200 16,193,100 8.7% Ratio: Room Tax to
Sales Tax 10.0% 10.6% 10.0% 10.5%
FY 2024 Propsosed Budget
Sales Tax, Business Tax, and Room Tax
• $1M added in FY 2024 for rental crowdsourcing entities to collect transient Occupancy Tax per amended municipal code section 7-602
8 FY 2024 Proposed Budget
General Fund Appropriations by Department – $457.3 million 9 City Council Districts, 5.1 , 1%
Mayor/City Manager, 5.9 ,
1%City Clerk, 1.5 ,
0%City Attorney, 25.5 , 5%
Police, 244.8 , 49%
Fire, 85.6 , 17%
PARCS, 27.2 , 6%
Public Works, 23.5 , 5%
General City Purpose, (20.6), -4%
Economic Development,
1.9 , 0%
Planning and Development, 34.5 ,
7%
Finance, 7.8 , 2%
All Other, 14.6 , 3%
GENERAL FUND – 1000-1001 FY 2021
Actuals
FY 2022
Actuals
FY 2023
Estimate
FY 2024
Proposed Annual Change
City Council Districts $4,055,800 $4,454,100 $5,254,500 $5,072,000 -3.5% Mayor/City Manager 4,812,000 4,352,900 7,104,100 5,863,000 -17.5% City Clerk 1,009,300 765,100 1,455,200 1,547,300 6.3%
City Attorney 18,738,800 18,671,200 20,310,000 25,539,300 25.7% Police 187,749,400 207,058,200 215,742,400 244,754,600 13.4% Fire 75,085,300 82,199,200 87,383,800 85,609,400 -2.0%
PARCS 23,250,800 18,611,800 22,248,400 27,217,900 22.3% Public Works 10,286,600 13,471,800 14,734,100 23,538,800 59.8% General City Purpose 24,316,200 13,232,000 17,148,800 (20,632,600) -220.3% Economic Development 0 1,049,700 2,670,100 1,908,300 -28.5% Planning and Development 22,600,100 32,522,100 34,463,000 34,543,500 0.2% Finance 46,781,500 4,968,900 7,108,400 7,751,200 9.0%
All Other 3,982,600 6,454,700 10,966,500 14,583,300 33.0% TOTAL $422,668,400 $407,811,700 $446,589,300 $457,296,000 2.4% FY 2024 Proposed Budget
General Fund Expenses by Department
10 QUESTIONS
11