Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
1 4th QUARTER ENDING JUNE 30, 2024
OVERVIEW
This financial report summarized the city’s financial position for the quarter ending June 30, 2024, for the General Fund, Water Funds, and Special Revenue Funds. The purpose of this report is to provide the City Council, City management, and the Lomita community an update on the city’s fiscal status based on the most recent financial information available.
General Fund Summary
Through the fourth quarter, the General Fund is tracking as expected. The table presented in this report include budgetto-actual comparisons between the current fiscal year and the previous fiscal year to show results of the fourth quarter of each year compared to the adjusted budget as it stood on June 30th of each year. A year-over-year comparison is also presented to show results of the three months of the current fiscal year as compared to the previous year. Major difference in budget-to-actual and year-over-year comparisons are explained in this report.
The City’s General Fund for the fourth quarter of Fiscal Year 2023-2024, which ended June 30, 2024, are tracking as expected. General Fund revenues are up $164,382 compared to the same period last year; this increase is due mainly to business license and development taxes. Usually most of the revenues are expected to come in in the second half of the fiscal year, which is typical for the city. Fiscal year to date expenditures, excluding transfers to other funds, are at $2.5 million, compared to $2.3 million last year. Details of revenue and expenditure changes from the prior year are explained later in this report.
Budgeted Fund Balance Summary
The General Fund audited fund balance as of July 1, 2023, was higher than the projected beginning balance in the Fiscal Year 2023-2024 Adopted Annual Operating & Capital Improvements Budget. The following table details the General Fund’s budgeted Fiscal Year 2023-2024 Fund Balance computation:
Revenues
Property Tax, Sales Tax, Vehicle License Fees, Franchise Tax, and Building and Safety Fees are the city’s major tax revenues, and account for nearly 74% of total General Fund Revenues. The table below shows fourth quarter budget-to-actual revenues for Fiscal Years 2022-2023 and 2023-2024. The Fiscal Year 2023-2024 General Fund revenue amended budget is General Fund
Budgeted Fund Balance
Amended
Budget
Projected as of
06/30/24
Fund Balance, 07/1/2023 (Audited) $ 8,054,390 $ 8,054,390 Budgeted Revenues 14,542,230 16,056,296
Budgeted Expenditures (13,611,224) (13,248,641)
Budgeted Operating, Transfers In 77,921 -
Budgeted Operating, Transfers Out (1,266,377) (2,807,655) Budgeted Fund Balance, 06/30/2024 $ 7,796,940 $ 8,054,390 Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
2 4th QUARTER ENDING JUNE 30, 2024
$14,620,151. Through the end of the fourth quarter (Q4) of Fiscal Year 2023-2024, total General Fund Revenues were $16 million which is approximately $100,000, or 0.5% less than the same period last fiscal year. Overall, total revenues are at 109.8% of budget through the fourth quarter of the current fiscal year, which is slightly higher than the same period last fiscal year, 106% of budget.
Six revenue sources account for approximately 79% of the General Fund revenue budget. Those accounts, in order of greatest to smallest, are Sales and Use Tax, Vehicle License Fee, Property Taxes, Franchise Taxes, Business License Taxes, and Building and Safety Fee. As of the end of the fourth quarter, these revenues are tracking closely to last fiscal year’s percentages. Below is a comparison of prior and current fiscal year through the end of the fourth quarter. 2022-2023
Budget
06/30/2023
Actuals
% of
Budget
Received
2023-2024
Amended
Budget
06/30/2024
Projected
% of
Budget
Received
Revenues
Sales Tax $ 5,000,000 $ 4,944,221 98.9% $ 5,000,000 $ 5,166,947 103.3% Vehicle License Fee 2,650,000 2,789,586 105.3% 2,765,000 2,944,395 106.5% Property Tax 1,920,670 2,112,200 110.0% 2,057,084 2,093,294 101.8% Other Taxes 1,636,750 1,711,305 104.6% 1,749,646 1,982,475 113.3% Licenses and Permits 1,009,000 1,840,611 182.4% 1,124,000 1,307,955 116.4% Fines and Forfeitures 517,892 818,565 158.1% 598,000 683,623 114.3% Intergovernmental 1,120,500 1,024,238 91.4% 435,000 517,933 119.1% Use of Money & Property 450,000 50,983 11.3% 570,000 1,178,103 206.7% Recreation Services 150,000 162,805 108.5% 161,000 119,912 74.5% Other Revenues 349,500 363,388 0.0% 82,500 61,658 0.0%
Transfers In 332,860 332,860 0.0% 77,921 - 0.0%
Total Revenues $ 15,137,172 $ 16,150,762 106.7% $ 14,620,151 $ 16,056,296 109.8% 2022-2023
Budget
06/30/2023
Actuals
% of
Budget
Received
2023-2024
Amended
Budget
06/30/2024
Projected
% of
Budget
Received
4210 - Sales and Use Tax $ 5,000,000 $ 4,944,221 98.9% $ 5,000,000 $ 5,166,947 103.3% 4629 - Vehicle License Fee 2,650,000 2,789,586 105.3% 2,765,000 2,944,395 106.5% 4125 - Property Tax 1,920,670 2,112,200 110.0% 2,057,084 2,093,294 101.8% 4270 - Franchise Tax 659,750 678,225 102.8% 696,646 915,095 131.4% 4414 - Business License Tax 720,000 817,104 113.5% 785,000 876,726 116.6% 4470 - Building and Safety Fee 650,000 1,114,776 171.5% 700,000 841,573 120.2% Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
3 4th QUARTER ENDING JUNE 30, 2024
Expenditures
The table below shows the budget-to-actual expenditures for Fiscal Years 2022-2023 and 2023-2024 by department.
General Fund expenditures appear to be tracking slightly higher than the prior fiscal year at 107.9% of the budget through the end of the fourth quarter of the current fiscal year (100%). Overall, departments are tracking below budget. 2022-2023
Budget
06/30/2023
Actuals
% of
Budget
Received
2023-2024
Amended
Budget
06/30/2024
Projected
% of
Budget
Received
Expenditures
City Attorney $ 200,000 $ 260,405 130.2% $ 185,000 $ 232,362 125.6% City Clerk 323,449 360,750 111.5% 345,360 347,733 100.7% City Council 60,703 59,204 97.5% 65,856 76,000 115.4%
City Manager 1,114,516 998,188 89.6% 1,179,261 1,102,300 93.5% Community Development 922,955 973,340 105.5% 1,071,241 1,360,985 127.0% Administrative Services 601,628 775,687 128.9% 617,175 606,764 98.3% Human Resources 831,353 758,659 91.3% 934,005 963,300 103.1% Information Technology 672,000 441,793 65.7% 327,000 280,313 85.7% Public Safety 4,745,921 4,642,386 97.8% 5,087,685 5,030,426 98.9% Public Works Aministration 1,342,030 1,172,502 87.4% 1,819,245 1,447,915 79.6% Recreation & Facilities Administration 1,914,955 1,795,502 93.8% 1,979,396 1,800,545 91.0% Transfers Out 2,492,103 2,492,103 100.0% 1,266,377 2,807,655 221.7% Total Expenditures $ 15,221,613 $ 14,730,519 96.8% $ 14,877,601 $ 16,056,296 107.9% Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
4 4th QUARTER ENDING JUNE 30, 2024
Proprietary Funds – Water Operations and Water Capital
The Water Funds for the fourth quarter of Fiscal Year 2023-2024, which ended June 30, 2024, are tracking as expected.
The revenues of the Water Funds are slightly higher compared to the same period last year. Fiscal year to date expenditures, excluding transfers to other funds, are at $1.2 million, which is the same as compared to the same period last year. Details of revenue and expenditure changes from the prior year are explained later in this report.
Revenues
The Fiscal Year 2023-2024 revenue budget for the Water Funds is $9,776,080. Through the end of the fourth quarter (Q4) of Fiscal Year 2023-2024, total revenues for the Water Funds were $4,774,853 which is slightly higher compared to the same period last fiscal year. Overall, total revenues are at 48.8% of budget through the fourth quarter of the current fiscal year, which is slightly higher compared to the same period last fiscal year, 36% of budget.
Water Funds revenues appear to be tracking slightly higher than the prior year at 48.8% of the budget through the end of the fourth quarter of the current fiscal year (100%). Usually most of the revenues are expected to come in in the second half of the fiscal year, which is typical for the city.
Expenditures
The table below shows the current budget-to-actual expenditures for Fiscal Years 2022-2023 and 2023-2024 by department. Expenditures in the Water Funds appear to be tracking below budget at 40.9% of the budget through the end of the fourth quarter of the current fiscal year (100%). Overall, most departments are tracking below expectations. 2022-2023
Budget
03/31/2023
Actuals
% of
Budget
Received
2023-2024
Amended
Budget
03/31/2024
Actuals
% of
Budget
Received
Revenues
Waterworks #13 Anney $ 900,000 $ 569,462 63.3% $ 920,000 $ 568,845 61.8% Permits and Fees 136,000 60,960 44.8% 246,000 107,857 43.8% Use of Money & Property 25,000 - 0.0% 30,000 - 0.0%
Intergovernmental 4,220,404 5,439 0.1% 2,000,000 22,713 1.1% Water Billing Fees 6,386,000 3,566,350 55.8% 6,577,580 4,072,668 61.9% Miscellaneous 2,500 932 37.3% 2,500 2,770 110.8%
Total Revenues $ 11,669,904 $ 4,203,143 36.0% $ 9,776,080 $ 4,774,853 48.8% Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
5 4th QUARTER ENDING JUNE 30, 2024
2022-2023
Budget
03/31/2023
Actuals
% of
Budget
Received
2023-2024
Amended
Budget
03/31/2024
Actuals
% of
Budget
Received
Expenditures
City Attorney $ 20,000 $ 10,542 52.7% $ 20,000 $ 9,678 48.4% City Clerk 57,287 41,744 72.9% 79,480 57,265 72.0%
City Council 2,990 1,989 66.5% 2,993 1,973 65.9%
City Manager 152,241 118,982 78.2% 174,090 106,806 61.4% Administrative Services 497,267 367,368 73.9% 515,524 398,978 77.4% Human Resources 209,158 171,907 82.2% 224,446 173,770 77.4% Information Technology 83,500 74,660 89.4% 83,500 112,572 134.8% Water Maintenance 5,210,903 2,971,929 57.0% 5,473,203 3,261,064 59.6% Capital Outlay 4,209,602 739,549 17.6% 5,616,075 826,456 14.7% Debt Service 470,008 234,502 49.9% 466,034 233,534 50.1% Total Expenditures $ 10,912,956 $ 4,733,172 43.4% $ 12,655,345 $ 5,182,095 40.9% Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
6 4th QUARTER ENDING JUNE 30, 2024
Special Revenue Funds
The Special Revenue Funds for the fourth quarter of Fiscal Year 2023-2024, which ended June 30, 2024, are tracking as expected. The revenues are down $2.4 million, compared to the same period last year; this decrease is due mainly to ARPA Funds that were received last fiscal year. Fiscal year to date expenditures, excluding transfers to other funds, are at $2,320,431, compared to $4,734,823 last year.
Revenues
The Fiscal Year 2023-2024 revenue budgets for the Special Revenue Funds are $7,272,441. Through the end of the fourth quarter (Q4) of Fiscal Year 2023-2024, total revenues were $2,320,431 which is lower than last fiscal year for the same period. Overall, total revenues are at 31.9% of budget through the fourth quarter of the current fiscal year, which is less than the same period last fiscal year, 53.9% of budget. The Special Revenue Funds revenues appear to be tracking as expected at 31.9% of the budget through the end of the fourth quarter of the current fiscal year (100%). Usually most of the revenues are expected to come in in the second half of the fiscal year, which is typical for the city.
Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
7 4th QUARTER ENDING JUNE 30, 2024
Expenditures
The table below shows the current budget-to-actual expenditures for Fiscal Years 2022-2023 and 2023-2024 by fund.
Expenditures in the Special Revenue Funds appear to be tracking lower than expectations at 10.9% of the budget through the end of the fourth quarter of the current fiscal year (100%). 2022-2023
Budget
03/31/2023
Actuals
% of
Budget
Received
2023-2024
Amended
Budget
03/31/2024
Actuals
% of
Budget
Received
Revenues
State Gas Tax $ 994,796 $ 649,823 65.3% $ 1,120,153 $ 693,009 61.9% Measure R Local Return 313,089 256,653 82.0% 375,971 231,621 61.6% Measure M 352,434 290,355 82.4% 422,434 261,284 61.9%
Measure W 225,000 226,909 100.8% 575,000 228,784 39.8%
Community Development Block Grant 148,379 47,333 31.9% 140,077 33,734 24.1% Prop A Local Return 526,451 419,368 79.7% 610,316 425,809 69.8% Prop C Local Return 418,452 342,305 81.8% 499,628 346,958 69.4% Transportation Development Act 19,204 - 0.0% 13,843 - 0.0% South Coast AQMD 26,300 13,311 50.6% 26,500 13,288 50.1% Landscape Maintenance District #1 11,738 7,461 63.6% 11,738 7,442 63.4% Park Facilities Fee 5,500 2,100 0.0% 6,000 6,000 100.0% Park Athletic 54,500 42,199 77.4% 55,000 53,110 96.6%
Park Grant 272,000 - 0.0% - - 0.0%
Lomita Manor 468,542 - 0.0% 548,339 - 0.0%
American Rescue Plan 2,430,488 2,430,488 100.0% - - 0.0% General Plan Update 683,623 - 0.0% 866,377 - 0.0%
Capital Improvement 1,000 - 0.0% 1,500 - 0.0%
Street Improvement 1,003,000 - 0.0% 396,089 - 0.0%
Facility Improvement 100,000 - 0.0% 1,186,976 - 0.0%
Equipment Replacement 500,500 - 0.0% 300,500 12,549 4.2% Park Equipment Replacement 100,000 - 0.0% 100,000 - 0.0% Sewer Replacement 108,480 - 0.0% - - 0.0%
Railroad Museum Foundation 15,000 6,518 43.5% 15,000 5,616 37.4% Tom Rico Memorial 1,000 - 0.0% 1,000 1,226 122.6%
Other Special Funds Total: $ 8,779,476 $ 4,734,823 53.9% $ 7,272,441 $ 2,320,431 31.9% Fiscal Year 2023-2024 Quarterly Financial Report
4th Quarter Ending June 30, 2024
8 4th QUARTER ENDING JUNE 30, 2024
2022-2023
Budget
03/31/2023
Actuals
% of
Budget
Received
2023-2024
Amended
Budget
03/31/2024
Actuals
% of
Budget
Received
Expenditures
State Gas Tax $ 639,563 $ 373,005 58.3% $ 2,214,572 $ 332,434 15.0% Measure R Local Return 167,698 76,548 45.6% 955,680 - 0.0% Measure M 192,485 75,272 39.1% 1,058,623 6,827 0.6%
Measure W 163,076 116,017 71.1% 336,000 45,434 13.5%
Community Development Block Grant 148,379 46,008 31.0% 140,077 69,475 49.6% Prop A Local Return 1,123,600 1,114,436 99.2% 142,227 92,995 65.4% Prop C Local Return 408,572 10,560 2.6% 250,000 12,084 4.8% Transportation Development Act 13,226 7,560 57.2% 13,843 360 2.6% South Coast AQMD 35,000 6,250 17.9% 35,000 6,250 17.9%
Landscape Maintenance District #1 16,738 4,927 29.4% 11,738 3,758 32.0% Park Facilities Fee - - 0.0% - - 0.0%
Park Athletic 51,193 25,750 50.3% 52,574 20,771 39.5%
Park Grant 250,000 - 0.0% - 32,520 0.0%
Lomita Manor 468,542 - 0.0% 496,602 - 0.0%
American Rescue Plan 2,063,348 - 0.0% 1,336,976 - 0.0%
Capital Improvement 5,000 - 0.0% 70,000 3,360 4.8%
Street Improvement 1,438,455 133,370 9.3% 775,000 137,390 17.7% Facility Improvement 9,000 - 0.0% 1,504,720 - 0.0%
Equipment Replacement 400,000 6,815 1.7% 285,000 275,267 96.6% Park Equipment Replacement 15,000 6,046 0.0% 515,000 233 0.0% Sewer Replacement 10,000 - 0.0% 115,000 80,640 0.0%
Railroad Museum Foundation 15,000 6,775 45.2% 15,000 5,231 34.9% Tom Rico Memorial 2,000 2,000 100.0% 1,000 - 0.0%
Other Special Funds Total: $ 7,635,875 $ 2,011,339 26.3% $ 10,324,632 $ 1,125,029 10.9%