Fiscal Year 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
1 2nd QUARTER ENDING DECEMBER 31, 2024
OVERVIEW
This financial report summarized the city’s financial position for the quarter ending December 31, 2024, for the General Fund, Water Funds, and Special Revenue Funds. The purpose of this report is to provide 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 second 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 second quarter of each year compared to the adjusted budget as it stood on December 31st of each year. A year-over-year comparison is also presented to show results of the six 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 second quarter of Fiscal Year 2024-2025, which ended December 31, 2024, are tracking as expected. General Fund revenues are up $1,152,911 compared to the same period last year; this increase is due mainly to transfers in from ARPA funds. 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 $5.9 million, compared to $5.5 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 preliminary fund balance as of July 1, 2024, 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 2024-2025 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 57% of total General Fund Revenues. The table below shows second quarter budget-to-actual revenues for Fiscal Years 2023-2024 and 2024-2025. The Fiscal Year 2024-2025 General Fund revenue amended budget is General Fund
Budgeted Fund Balance
Amended
Budget
Actuals as of
12/31/24
Fund Balance, 07/1/2024 $ 7,927,752 $ 7,927,752
Budgeted Revenues 14,990,643 7,244,558
Budgeted Expenditures (14,660,339) (5,965,153)
Budgeted Operating, Transfers In - -
Budgeted Operating, Transfers Out (330,304) -
Budgeted Fund Balance, 06/30/2025 $ 7,927,752 $ 9,207,157 Fiscal Year 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
2 2nd QUARTER ENDING DECEMBER 31, 2024
$16,327,619. Through the end of the second quarter (Q2) of Fiscal Year 2024-2025, total General Fund Revenues were $7.2 million which is approximately $1,2 million, or 18% more than the same period last fiscal year. Overall, total revenues are at 44.4% of budget through the second quarter of the current fiscal year, which is slightly higher than the same period last fiscal year, 41.7% of budget.
Six revenue sources account for almost 77% of the General Fund revenue budget. Those accounts, in order of greatest to smallest, are Sales and Use Tax, Vehicle License Fee, Property Taxes, Business License Taxes, Franchise Taxes, and Building and Safety Fee. As of the end of the second 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 second quarter. 2023-2024
Budget
12/31/2023
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
12/31/2024
Actuals
% of
Budget
Received
Revenues
Sales Tax $ 5,000,000 $ 1,608,393 32.2% $ 5,127,143 $ 1,560,291 30.4% Vehicle License Fee 2,765,000 - 0.0% 2,970,000 - 0.0%
Property Tax 2,057,084 837,068 40.7% 2,100,000 938,988 44.7% Other Taxes 1,749,646 737,526 42.2% 1,773,000 810,965 45.7% Licenses and Permits 1,124,000 346,429 30.8% 1,274,000 568,292 44.6% Fines and Forfeitures 598,000 233,663 39.1% 633,000 258,274 40.8% Intergovernmental 435,000 321,217 73.8% 420,000 291,932 69.5% Use of Money & Property 570,000 1,945,398 341.3% 410,000 1,403,389 342.3% Recreation Services 161,000 55,034 34.2% 161,000 36,020 22.4% Other Revenues 82,500 6,918 0.0% 122,500 39,431 0.0%
Transfers In 77,921 - 0.0% 1,336,976 1,336,976 0.0%
Total Revenues $ 14,620,151 $ 6,091,647 41.7% $ 16,327,619 $ 7,244,558 44.4% 2023-2024
Budget
12/31/2023
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
12/31/2024
Actuals
% of
Budget
Received
4210 - Sales and Use Tax $ 5,000,000 $ 1,608,393 32.2% $ 5,127,143 $ 1,560,291 30.4% 4629 - Vehicle License Fee 2,765,000 - 0.0% 2,970,000 - 0.0% 4125 - Property Tax 2,057,084 837,068 40.7% 2,100,000 938,988 44.7% 4414 - Business License Tax 696,646 412,777 59.3% 700,000 423,230 60.5% 4270 - Franchise Tax 785,000 218,995 27.9% 795,000 302,584 38.1% 4470 - Building and Safety Fee 700,000 174,630 24.9% 850,000 280,579 33.0% Fiscal Year 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
3 2nd QUARTER ENDING DECEMBER 31, 2024
Expenditures
The table below shows the budget-to-actual expenditures for Fiscal Years 2023-2024 and 2024-2025 by department.
General Fund expenditures appear to be tracking slightly higher than the prior fiscal year at 39.3% of the budget through the end of the second quarter of the current fiscal year (50%). Overall, departments are tracking below budget. 2023-2024
Budget
12/31/2023
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
12/31/2024
Actuals
% of
Budget
Received
Expenditures
City Attorney $ 233,000 $ 124,166 53.3% $ 250,000 $ 94,293 37.7% City Clerk 347,860 166,604 47.9% 541,597 162,587 30.0%
City Council 76,000 30,292 39.9% 86,312 35,719 41.4%
City Manager 1,102,861 517,042 46.9% 1,136,505 525,772 46.3% Community Development 1,361,241 455,352 33.5% 826,251 542,447 65.7% Administrative Services 607,175 310,123 51.1% 741,730 432,959 58.4% Human Resources 964,005 575,716 59.7% 1,060,892 657,235 62.0% Information Technology 281,400 113,977 40.5% 391,200 159,707 40.8% Public Safety 5,037,021 1,729,857 34.3% 5,261,663 1,690,046 32.1% Public Works Aministration 1,449,344 689,451 47.6% 2,028,730 734,560 36.2% Recreation & Facilities Administration 1,820,656 822,831 45.2% 2,517,712 929,828 36.9% Transfers Out 2,515,050 - 0.0% 330,304 - 0.0%
Total Expenditures $ 15,795,613 $ 5,535,410 35.0% $ 15,172,896 $ 5,965,153 39.3% Fiscal Year 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
4 2nd QUARTER ENDING DECEMBER 31, 2024
Proprietary Funds – Water Operations and Water Capital
The Water Funds for the second quarter of Fiscal Year 2024-2025, which ended December 31, 2024, are tracking as expected. The revenues of the Water Funds are slightly lower compared to the same period last year. Fiscal year to date expenditures, excluding transfers to other funds, are at $3.8 million, which is the slightly higher 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 2024-2025 revenue budget for the Water Funds is $10,993,253. Through the end of the second quarter (Q2) of Fiscal Year 2024-2025, total revenues for the Water Funds were $2,619,312 which is slightly lower compared to the same period last fiscal year. Overall, total revenues are at 23.8% of budget through the second quarter of the current fiscal year, which is slightly lower compared to the same period last fiscal year, 24.5% of budget.
Water Funds revenues appear to be tracking slightly lower than the prior year at 23.8% of the budget through the end of the second quarter of the current fiscal year (50%). 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 2023-2024 and 2024-2025 by department. Expenditures in the Water Funds appear to be tracking below budget at 27.2% of the budget through the end of the second quarter of the current fiscal year (50%). Overall, most departments are tracking below expectations. 2023-2024
Budget
12/31/2023
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
12/31/2024
Actuals
% of
Budget
Received
Revenues
Waterworks #13 Anney $ 920,000 $ 407,957 44.3% $ 975,000 $ 457,495 46.9% Permits and Fees 246,000 98,608 40.1% 96,000 39,438 41.1% Use of Money & Property 30,000 - 0.0% 30,000 - 0.0%
Intergovernmental 2,000,000 15,503 0.8% 3,114,846 31,725 1.0% Water Billing Fees 6,577,580 1,872,701 28.5% 6,774,907 2,083,398 30.8% Miscellaneous 2,500 2,193 87.7% 2,500 7,257 290.3%
Total Revenues $ 9,776,080 $ 2,396,963 24.5% $ 10,993,253 $ 2,619,312 23.8% Fiscal Year 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
5 2nd QUARTER ENDING DECEMBER 31, 2024
2023-2024
Budget
12/31/2023
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
12/31/2024
Actuals
% of
Budget
Received
Expenditures
City Attorney $ 20,000 $ 6,768 33.8% $ 20,000 $ 6,788 33.9% City Clerk 79,480 41,060 51.7% 80,952 41,063 50.7%
City Council 2,993 1,406 47.0% 3,746 1,459 38.9%
City Manager 174,090 87,856 50.5% 173,992 73,236 42.1%
Administrative Services 515,524 288,201 55.9% 543,263 310,230 57.1% Human Resources 229,046 157,621 68.8% 246,242 208,670 84.7% Information Technology 83,553 79,006 94.6% 147,275 75,878 51.5% Water Maintenance 5,473,203 2,048,154 37.4% 6,062,957 2,288,195 37.7% Capital Outlay 4,334,210 400,835 9.2% 6,410,633 616,213 9.6% Debt Service 466,034 233,534 50.1% 461,952 233,516 50.5% Total Expenditures $ 11,378,133 $ 3,344,439 29.4% $ 14,151,012 $ 3,855,247 27.2% Fiscal Year 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
6 2nd QUARTER ENDING DECEMBER 31, 2024
Special Revenue Funds
The Special Revenue Funds for the second quarter of Fiscal Year 2024-2025, which ended December 31, 2024, are tracking as expected. The revenues are slightly higher at $1.8 million, compared to the same period last year. Fiscal year to date expenditures, excluding transfers to other funds, are at $2,087,088, compared to $729,142 last year.
Revenues
The Fiscal Year 2024-2025 revenue budgets for the Special Revenue Funds are $6,595,937. Through the end of the second quarter (Q2) of Fiscal Year 2024-2025, total revenues were $1,762,567 which is higher than last fiscal year for the same period. Overall, total revenues are at 26.7% of budget through the second quarter of the current fiscal year, which is higher than the same period last fiscal year, 19% of budget. The Special Revenue Funds revenues appear to be tracking as expected at 26.7% of the budget through the end of the second quarter of the current fiscal year (50%). 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 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
7 2nd QUARTER ENDING DECEMBER 31, 2024
Expenditures
The table below shows the current budget-to-actual expenditures for Fiscal Years 2023-2024 and 2024-2025 by fund.
Expenditures in the Special Revenue Funds appear to be tracking lower than expectations at 15.7% of the budget through the end of the second quarter of the current fiscal year (50%). 2023-2024
Budget
12/31/2023
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
12/31/2024
Actuals
% of
Budget
Received
Revenues
State Gas Tax $ 1,120,153 $ 432,664 38.6% $ 1,497,216 $ 482,630 32.2% Measure R Local Return 375,971 172,796 46.0% 356,564 163,824 45.9% Measure M 422,434 162,650 38.5% 400,440 185,779 46.4%
Measure W 575,000 - 0.0% 225,000 377,922 168.0%
Community Development Block Grant 140,077 10,792 7.7% 334,368 10,199 3.1% Prop A Local Return 610,316 282,584 46.3% 594,120 268,443 45.2% Prop C Local Return 499,628 230,609 46.2% 473,752 218,476 46.1% Transportation Development Act 29,503 - 0.0% 50,000 - 0.0% South Coast AQMD 26,500 7,145 27.0% 26,500 6,909 26.1%
Landscape Maintenance District #1 11,738 4,631 39.5% 11,838 4,705 39.7% Park Facilities Fee 6,000 4,800 0.0% 6,000 1,200 20.0%
Park Athletic 55,000 30,247 55.0% 58,000 37,808 65.2%
Park Grant 7,800 - 0.0% 756,000 - 0.0%
Lomita Manor 548,339 - 0.0% 548,458 - 0.0%
American Rescue Plan - - 0.0% - - 0.0%
General Plan Update 866,377 - 0.0% 866,377 - 0.0%
Capital Improvement 1,500 - 0.0% 1,500 - 0.0%
Street Improvement 805,000 - 0.0% 319,304 - 0.0%
Facility Improvement 548,673 - 0.0% 54,000 - 0.0%
Equipment Replacement 200,500 343 0.2% 500 - 0.0%
Park Equipment Replacement 100,000 - 0.0% - - 0.0%
Sewer Replacement 92,200 - 0.0% - - 0.0%
Railroad Museum Foundation 15,000 3,866 25.8% 15,000 4,671 31.1% Tom Rico Memorial 1,000 1,226 122.6% 1,000 - 0.0%
Other Special Funds Total: $ 7,058,709 $ 1,344,353 19.0% $ 6,595,937 $ 1,762,567 26.7% Fiscal Year 2024-2025 Quarterly Financial Report
2nd Quarter Ending December 31, 2024
8 2nd QUARTER ENDING DECEMBER 31, 2024
2023-2024
Budget
12/31/2023
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
12/31/2024
Actuals
% of
Budget
Received
Expenditures
State Gas Tax $ 767,572 $ 234,813 30.6% $ 2,677,710 $ 175,119 6.5% Measure R Local Return 155,680 - 0.0% 1,405,680 - 0.0%
Measure M 300,000 17,581 5.9% 866,711 171,177 19.8%
Measure W 736,000 27,164 3.7% 336,000 27,164 8.1%
Community Development Block Grant 140,077 12,274 8.8% 334,368 14,850 4.4% Prop A Local Return 142,800 56,698 39.7% 370,052 59,075 16.0% Prop C Local Return 29,503 - 0.0% 530,000 19,139 3.6%
Transportation Development Act 13,843 360 2.6% 50,000 19,276 38.6% South Coast AQMD 35,000 6,250 17.9% 53,000 6,250 11.8%
Landscape Maintenance District #1 11,738 2,752 23.4% 16,500 3,376 20.5% Park Facilities Fee - - 0.0% 200,000 - 0.0%
Park Athletic 52,574 11,761 22.4% 64,142 27,074 42.2%
Park Grant 58,200 18,000 30.9% 738,000 - 0.0%
Lomita Manor 690,922 - 0.0% 536,927 - 0.0%
American Rescue Plan 1,336,976 - 0.0% 1,336,976 1,336,976 100.0% Capital Improvement 70,000 - 0.0% - - 0.0%
Street Improvement 410,000 102,782 25.1% 1,610,679 192,913 12.0% Facility Improvement 1,504,720 - 0.0% 1,848,624 17,250 0.0% Equipment Replacement 285,000 189,754 66.6% 200,000 - 0.0% Park Equipment Replacement 515,000 233 0.0% - 233 0.0%
Sewer Replacement 137,544 45,215 0.0% 60,000 13,363 0.0% Railroad Museum Foundation 15,000 3,504 23.4% 15,000 3,852 25.7% Tom Rico Memorial - - 0.0% 1,000 - 0.0%
Other Special Funds Total: $ 7,408,149 $ 729,142 9.8% $ 13,251,369 $ 2,087,088 15.7%