General Fund Revenues Expenditures Surplus/(Deficit)
Adopted Budget $93,300,981 $92,825,964 $475,017
Adjusted Budget 93,872,189 95,245,217 (1,373,029)
Mid-Year Projection $94,799,489 $93,686,301 $1,113,188
Mid-Year Variance
FY 2022-2023 Adjusted Projected (Under)/Over
General Fund Revenues Actual Budget (a) Year End Budget (b) % Key Revenues
Property Tax $41,049,070 $42,563,634 $42,756,763 $193,129 0.5% Sales & Use Tax 11,176,629 11,050,000 11,150,000 100,000 0.9% Transient Occupancy Tax 6,267,890 7,250,000 7,300,000 50,000 0.7% Short Term Transient Occupancy Tax 331,957 325,000 900,000 575,000 176.9% Business License Tax 4,935,627 4,850,000 5,000,000 150,000 3.1% Building Permits 1,661,661 1,700,000 1,950,000 250,000 14.7% Building Plan Check Fees 1,703,380 1,850,000 1,800,000 (50,000) -2.7% Interest Earnings 1,132,781 925,000 1,425,000 500,000 54.1% Subtotal Key Revenues $68,258,995 $70,513,634 $72,281,763 $1,768,129 2.5% Other Revenues by Category
Other Taxes & Assessments $1,768,006 $1,628,262 $1,670,375 $42,113 2.6% Real Estate Transfer Tax 696,646 800,000 650,000 (150,000) -18.8% Revenue from Permits 2,376,976 1,981,843 1,889,365 (92,478) -4.7% Fines 2,612,257 2,629,653 1,793,664 (835,989) -31.8%
Use of Property & Money 3,594,529 3,751,400 3,710,600 (40,800) -1.1% Other Governments 453,017 821,666 806,875 (14,791) -1.8% Service Charges 6,835,838 7,046,700 7,498,770 452,070 6.4% Operating Service Transfers 3,557,607 3,761,530 3,886,530 125,000 3.3% Miscellaneous 987,716 937,500 611,547 (325,953) -34.8%
Subtotal Other Revenues $22,882,592 $23,358,555 $22,517,726 ($840,829) -3.6% Total GF Revenues $91,141,586 $93,872,189 $94,799,489 $927,300 1.0% 2 3 5
TABLE #2
General Fund Summary
City of Manhattan Beach
Fiscal Year 2023-2024 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.
General Fund Summary
City of Manhattan Beach
Fiscal Year 2023-2024 Mid-Year Projections
Mid-Year Variance
FY 2022-2023 Adjusted Projected Under/(Over)
General Fund Expenditures Actual Budget (a) Year End Budget (b) % Salaries & Wages $37,722,402 $39,910,865 $40,329,194 ($418,329) -1.0% Employee Benefits 13,506,732 15,927,442 15,536,468 $390,974 2.5% Contract & Professional Services (c) 13,925,304 15,682,360 14,568,602 $1,113,758 7.1% Materials & Services 2,778,794 4,311,540 3,881,918 $429,622 10.0% Utilities 1,312,949 1,251,300 1,270,745 ($19,445) -1.6% Internal Service Charges 9,344,177 12,012,711 12,017,711 ($5,000) 0.0% Property & Equipment 180,138 498,395 431,059 $67,336 13.5% Bond Debt 5,634,542 5,637,470 5,637,470 - 0.0%
Transfers Out 9,447 13,134 13,134 - 0.0%
Total GF Expenditures $84,414,484 $95,245,217 $93,686,301 $1,558,916 1.6% (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) Contract encumbrances that are not fully expended in the year they are originally budgeted may be carried forward into a subsequent year and included in the Adjusted Budget.
General Fund Revenue & Expenditure Summary
Total Projected Revenues $94,799,489
Total Projected Expenditures 93,686,301
Projected Surplus/(Deficit) $1,113,188
Proposed Budget Adjustments (114,198)
Revised Projected Surplus/(Deficit) $998,990
Note: At the end of FY 2023-2024, 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