February 7, 2023
City of Fullerton, CA
FY 2022-23 Q2 Financial Report & Mid-Year Budget Amendments
FY 2022-23 Q2 Financial Report
General Fund Q2 Revenues and Expenditures Overview
Mid-Year Budget Amendments
CalPERS Actuarial Update
2 FY 2022-23 Q2 General Fund Revenues
Property Tax – $52.2 million budget for FY 22-23
Currently at $19.3M thru December 31, 2022
Consistent, stable year-to-year growth
Sales Tax – $29.4 million budget for FY 22-23
Up by 13.6% from last year; currently at $10.4M thru December 31, 2022 Continued strong growth from pandemic
Planning & Development Fees
Continued development activity and projects in the City 85% of FY 22-23 budgeted levels to date.
Transient Occupancy Tax (TOT) – Appears back on track in FY 22-23 Hotel business closure in FY 22-23
3 FY 2022-23 Q2 General Fund Expenditures
General Fund Expenditures – $114.3 million budget adopted for FY 22-23 General Fund expenditures total $53.7 million / 47% of adopted expenditures Linear in nature vs revenues
Police Approved MOAs Impacts ~ $1.7 million
Inclusive of approved 5.25% increases for POA-Safety, POA-Dispatch and PMA.
Vacancy Savings
High vacancy rate and vacant positions contribute to expenditure levels. 4 FY 2022-23 Mid-Year Amendments
Addition of 7th Lieutenant Position ~ No Fiscal Impact to General Fund Will provide public safety support to HOPE Center
Grant-funded, limited term
Homeless Encampment Cleanup ~ $150,000
IT Services and Software (IT Fund) ~ $155,515
Originally not factored into FY 22-23 Budget.
Supports vital software upgrades, additional licenses to existing software 5 CalPERS Actuarial Update
6 Recommendations
Receive and file the Second Quarter Financial Report for FY 2022-23.
Approve FY 2022-23 Mid-Year Budget Amendments (Attachment 4) and authorize the City Manager or designee to make approved budget amendments to the FY 2022-23 Adopted Budget.
Authorize and approve addition of 1.0 FTE grant-funded Lieutenant position to Police Department Position Summary (Attachment 5). 7