General Fund Revenues (a) Expenditures Surplus/(Deficit) Adopted Budget $82,260,257 $77,698,292 $4,561,965
Adjusted Budget 82,376,365 78,914,667 3,461,698
Mid-Year Projection $86,966,164 $78,482,695 $8,483,469
Mid-Year Variance
FY 2020-2021 Adjusted Pro jected (Under)/Over
General Fund Revenues Actual Budget (a) Year End Budget (b) % Key Revenues
Property Tax $36,823,265 $38, 049,313 $39,192,151 $1,142,838 3.0% Sales & Use Tax 8,038,137 9,260,000 9,709,000 449,000 4.8% Transient Occupancy Tax 2, 382,137 4,025,000 4, 613,000 588,000 14.6% Business License Tax 3,755, 555 3,600,000 3,750,000 150,000 4.2% Building Permits 1,433,778 1,532,712 1,532,712 - 0.0%
Building Plan Check Fees 1, 986,711 1,755,000 2, 000,000 245,000 14.0% Interest Earnings 453, 863 637,522 675,000 37,478 5.9%
Real Estate Transfer Tax 1 ,132,663 810,000 1, 100,000 290,000 35.8% Subtotal Key Revenues $56,006,109 $59,669,547 $62,571,863 $2,902,316 4.9% Other Revenues by Category
Other Taxes & Assessments $1, 630,245 $1,545,000 $1, 609,867 $64,867 4.2% Revenue from Permits 2,191, 659 1,827,874 1,981,699 153,825 8.4% Fines 1,443,177 2,030, 000 2,116,000 86,000 4.2%
Use of Property & Money 1 ,821,940 2,803,796 3, 067,548 263,752 9.4% Other Governments (c) 5,228,798 4,823,197 4, 905,328 82,131 1.7% Service Charges 5,009,202 5,073,113 5,424,478 351,365 6.9% Operating Service Transfers 3,731,425 3,981,338 3, 981,338 - 0.0% Miscellaneous (d) 86,026,734 622,500 1, 308,043 685,543 110.1% Subtotal Other Revenues $107,083,180 $22,706,818 $24,394,301 $1,687,483 7.4% Total GF Revenues $163,089,289 $82,376,365 $86,966,164 $4,589,799 5.6% 2 3 5
(a) Includes pending second installment of American Rescue Plan Act funds of $4.2 million.
TABLE #2
General Fund Summary
City of Manhattan Beach
Fiscal Year 2021-2022 Mid-Year Projections
TABLE #1
(a) Adjusted Budget includes City Council-approved amendments during the current year as well as encumbrances carried forward from the prior year.
(b) For revenues, a positive variance indicates above budget; a negative variance indicates below budget. (c) The amount in this category includes installments of American Rescue Plan Act funds totaling $4.2 million in both FY 2020- 2021 and FY 2021-2022.
(d) FY 2020-2021 includes receipt of Pension Obligation Bond proceeds of $85.4 million.
General Fund Summary
City of Manhattan Beach
Fiscal Year 2021-2022 Mid-Year Projections
Mid-Year Variance
FY 2020-2021 Adjusted Pro jected Under /(Over)
General Fund Expenditures Actual Budget (a) Year End Budget (b) % Salaries & Wages $33,900,075 $35,467,656 $35,542,125 ($74,469) -0.2% Employee Benefits (c) 103,513,975 14,122,507 13, 197,645 $924,862 6.5% Contract & Professional Services 8,951,060 10,685,126 11, 319,174 ($634,048) -5.9% Materials & Services 2,110, 124 2,818,707 2,633,574 $185,132 6.6% Utilities 944,565 964,361 1,010,917 ($46,556) -4.8%
Internal Service Charges 6 ,139,675 8,698,193 8, 698,282 ($89) 0.0% Property & Equipment 82,869 392,263 313,894 $78,369 20.0% Bond Debt
(d) 955,791 5,643,853 5,645, 083 ($1,230) 0.0%
Transfers Out 11,060 122,001 122,001 - 0.0%
Total GF Expenditures $156,609,193 $78,914,667 $78,482,695 $431,972 0.5% (a) Adjusted Budget includes City Council-approved amendments during the current year as well as anticipated grant reimbursements carried forward from the prior year. (b) For expenditures, a positive variance indicates under budget; a negative variance indicates over budget. (c) FY 2020-2021 includes one-time payoff of CalPERS Unfunded Accrued Liabilities after the issuance of Pension Obligation Bond (d) Category includes Pension Obligation Bonds debt service beginning FY 2021-2022.
General Fund Revenue & Expenditure Summary
Total Projected Revenues $86,966,164
Total Projected Expenditures 78,482,695
Projected Surplus/(Deficit) $8,483,469
FY 2021-2022 ARPA Allocation (4,208,260)
Projected Surplus/(Deficit) $4,275,209
Note: At the end of FY 2020-2021, the projected surplus will revert to unreserved fund balance, which will be drawn down by budgeted transfers to other funds (Stormwater Fund, Street Lighting Fund, etc.).
TABLE #3
TABLE #4