February 6, 2024
City of Fullerton, CA
FY 2023-24 Q2 Financial Report & Mid-Year Budget Amendments
FY 2023-24 Q2 Financial Report
General Fund Q2 Revenues Overview
General Fund Q2 Expenditures Overview
Mid-Year Budget Amendments
Recommendations
2 FY 2023-24 Q2 General Fund Revenues
Property Tax – $54.6 million budget for FY 23-24
Currently at $18.2M thru December 31, 2023
Consistent, stable year-to-year growth
Sales Tax – $30.4 million budget for FY 23-24
Down by 6% from last year; currently at $9.7M thru December 31, 2023 Stabilization of the economy (fuel & service stations / autos & transportation sectors down from FY 22-23) Planning & Development Fees
Down in FY 23-24 from Q2 in FY 22-23
Continued development activity and projects in the City Transient Occupancy Tax (TOT) – In line with budget levels for FY 23-24 3 FY 2023-24 Q2 General Fund Expenditures
General Fund Expenditures – $120.9 million budget adopted for FY 23-24 General Fund expenditures total $56.9 million.
Includes approved MOA agreements approved earlier in FY 23-24.
Currently at 47% of adopted expenditures thru Q2 FY 23-24.
On track to be within FY 23-24 Adopted Budget.
4 FY 2023-24 Mid-Year Amendments
General Fund Budget Amendments ~ $128,800
Homeless Encampment Cleanup Services ($80,000) ~ Increased costs to support Public Works staffing and supplies / materials.
First Night ($48,800) ~ Higher than anticipated costs (i.e. inflationary / cost of doing business) to support & produce event.
IT Fund Budget Amendments (IT Fund) ~ $195,000
Originally not factored into FY 23-24 Budget.
Supports existing contractual adjustments & additional licenses to existing permitting software. 5 Recommendations
Receive and file the Second Quarter Financial Report for FY 2023-24.
Approve FY 2023-24 Mid-Year Budget Amendments (Attachment 4) and authorize the City Manager or designee to make approved budget amendments to the FY 2023-24 Adopted Budget. 6