CITY OF MENIFEE
SUBJECT: Fiscal Year 2023/24 Mid-Year Budget Adjustment Review and Capital Improvement Program Status Update
MEETING DATE: February 7, 2024
TO: Mayor and City Council
PREPARED BY: Margarita Cornejo, Deputy Finance Director REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Rebekah Kramer, Acting City Manager
-------------------------------------------------------------------------------------------------------------------------------
RECOMMENDED ACTION
1. Accept the Fiscal Year 2023/24 mid-year budget review and approve the additional budget revenue and appropriations recognitions as presented; and
2. Approve a resolution updating the City’s Authorized Position Listing, approving additional staffing changes; and
3. Receive an update on the fiscal year 2023/24 Capital Improvement Program.
DISCUSSION
In June 2023, the City adopted its first biennial budget, incorporating Fiscal Years (FY) 2023/24 and 2024/25. The biennial budget was introduced with the aim of adopting a more comprehensive perspective as it launches into the initiatives outlined in the new 2023-2028 Strategic Plan, and to simplify and consolidate budgetary procedures. As presented during the budget adoption process, the biennial budget process incorporates the following mid-year/mid-cycle review meetings:
TABLE 1: MID-YEAR/MID-CYCLE REVIEW MEETINGS/TENTATIVE SCHEDULE Description Anticipated Timeline
Year 1 Mid-Year Review (FY 2023/24): Comprehensive review of year 1 year-to-date actuals for expenditures & revenues, and projections for rest of the fiscal year.
February 2024
Mid-Cycle Review (FY 2024/25): Comprehensive review of ending year 1 (FY 2023/24), and adjustments for Year 2 (FY2024/25).
April 2024
Year 2 Mid-Year Review (FY 2024/25): Comprehensive review of year-to-date actuals for expenditures & revenues, and projected rest of the fiscal year.
February 2025
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The City’s biennial budget process/timeline is summarized below:
The mid-year budget review is presented to the City Council as an opportunity for the City Manager and the Finance Department to:
oProvide an overall update of the City’s budget year underway. oPresent any additional necessary budget adjustments identified during the mid-year review process for City Council’s consideration and approval. oUpdate City Council on the Capital Improvement Program (CIP).
As a part of the mid-year review, the Finance Department worked with the various City departments along with the City’s Executive Office to review/analyze the following:
oAdopted Budget vs. Adjusted Budget (Summary of Adjustments): Provides a comprehensive summary of the adopted budget to adjusted budget as of January 25, 2024.
oCurrent Economic Outlook & Revenue Analysis (National, State, Regional and Local):
Provides the economic background and analysis for any recommended changes to the City’s revenues for the remainder of the fiscal year.
oGeneral Fund & Quality of Life Funds (Mid-Year Budget Recommendations):
- Operating revenues vs. operating expenditures
- Staffing/personnel review
oCapital Improvement Program (CIP) Review/Update
oSpecial Revenue & Other Funds (Mid-Year Budget Recommendations):
- Revenue and/or expenditure adjustments
- American Rescue Plan (ARP) funds update
oFiduciary Funds (Mid-Year Budget Adjustment Recommendations) oFiscal Policy and Strategic Plan/Long-Term Financial Planning October-
November
December
January-
February
MarchApril
April - May
July 1st
•July 1: New Fiscal Year
•October - November: Internal Review and
Baseline Revenue/Expenditure Analysis for
two-year Cycle.
•December: Long Term Financial Projection.
Mid-Year Review initial analysis for Year 1.
•January- February: Department two-year
Budget Development Kick-Off, Personnel
Requests. Quality of Life Mid-Year Review.
(Mid-Year Review, Year 1)
•March: City Departments, City Executive
Office, Finance Department Budget Review
Meetings (two-year Budget Development or
Year 2 Mid-Cycle adjustments analysis).
•April: Year 1, Mid-Cycle Review/Adjustments
for Year 2.
•April- May: CIP Workshops, Quality of Life
Committee Meeting, Budget Workshop.
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Overall performance through the first half of the fiscal year is generally meeting budgeted expectations, but there are some operational matters that will be presented for Council’s consideration and there are some variances in several City funds that should be addressed to keep the budget in alignment through the end of the fiscal year and to place the City in the best possible position for the upcoming budget cycle.
In summary, for the citywide budget the City’s Executive Office’s (CEO) mid-year recommendations include a recommended increase in total revenue appropriations of $20,711,161 across all funds and an increase in total expenditure appropriations of $2,690,460. The citywide budget, as adopted, does not include Bonded Community Facilities Districts (CFDs)(Infrastructure) or the corresponding fiduciary funds, as these funds are managed and used exclusively for the purpose of the CFD bond issuance, administration, reimbursements, and debt service payments. mid-year budget adjustments for these funds are discussed in a separate section of the staff report.
The CEO’s request includes an increase in revenue of $2,922,746 for the General Fund, $50,000 for Quality of Life, $27,500 for the Internal Service Funds (ISF), and $17,710,915 for Special Revenue & Other Funds for a total increase of $20,711,161.
On the personnel/staffing side, FY2023/24 includes requests for four position reclassifications, elimination of one part-time position and the addition of personnel for the Aquatics Program that are considered critical at this time. Staffing requests include:
o1 reclassification request (Accounting Technician I) - Finance Department o3 reclassification requests (Principal Engineer, Senior Engineer, and Associate Engineer) - Public Works & Engineering Department
oElimination of 0.5 FTE part-time position (Senior Engineer) -,Public Works & Engineering Department
o27 Part-Time positions equivalent to 4.62 Full-Time Equivalent (FTEs) (Specialist/Pool Manager, Water Swim Instructors, Lifeguards) to support the Aquatics Program previously approved by City Council on December 6, 2023 – Community Services Department The proposed reclassifications will ensure that staff in the Finance and Public Works and Engineering Departments are appropriately classified based upon their assigned scope of work and able to meet the operational needs of each department. The identified reclassifications combined with the elimination of the part-time Senior Engineer will result in a slight cost increase of $425.
Specific to the General Fund and Quality of Life Fund, expenditure appropriations for the proposed FY2023/24 mid-year recommendations includes requests to be funded from available excess fund balance and/or on-going revenue in the amount of $1,891,055 for the General Fund and expenditure appropriations in the amount of $500,000 for the Quality of Life Fund. Other operational adjustments, such as additional support services, were reviewed and analyzed and will be absorbed within the current year budget through salary savings.
The recommended use of Quality of Life funds was presented at the Quality of Life Committee meeting on January 23, 2024. The Committee reviewed the presented use of available funds and made a motion to recommend use of funds as presented.
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Other revenue sources and Special Revenue sources, such as Development Impact Fees (DIF), have also been reviewed for year-to-date actual and actual tax roll assessments/enrollments for County Service Areas (CSAs), Lighting & Landscape Maintenance Districts (LLMDs), and CFD charges. The City’s Executive Office’s mid-year recommendations for Special Revenue Funds includes expenditure appropriations requests of $299,405 to cover some additional technology capital outlays (IT equipment, secure entry badge system for Community Services headquarters and Lazy Creek, Audio Visual (AV) equipment), and adjustments in projected utility costs in various special districts (LLMDs, CFDs).
Table 2 below summarizes the recommended adjustments by fund type:
TABLE 2: SUMMARY OF MID-YEAR RECOMMENDED APPROPRIATIONS Summary of Mid-Year Appropriation Adjustments by Fund (Revenues) Fund Type Adopted
Budget
FY2023/24
Adjusted
Budget
FY2023/24(1)
Mid-Year
Adjustments
Recommended
Adjusted Budget with
Mid-Year
Adjustment FY2023/24
General Fund $70,722,556 $71,552,491 $2,922,746 $74,475,237 Quality of Life 21,038,120 21,038,120 50,000 21,088,120 General Fund TOTAL: $91,760,676 $92,590,611 $2,972,746 $95,563,357 Internal Service Funds
(ISFs)
$8,460,614 $8,460,614 $27,500 $8,488,114
All Other Special
Revenue Funds
27,902,979 44,150,605 17,710,915 61,861,520
All Funds Total: $128,124,269 $145,201,830 $20,711,161 $165,912,991 Summary of Mid-Year Appropriation Adjustments by Fund (Expenditures) Fund Type Adopted
Budget
FY2023/24
Adjusted
Budget
FY2023/24(1)
Mid-Year
Adjustments
Recommended
Adjusted Budget with
Mid-Year
Adjustment FY2023/24
General Fund $71,955,476 $88,383,809 $1,891,055 $90,274,864 Quality of Life 25,079,745 37,276,430 500,000 37,776,430 General Fund TOTAL: $97,035,221 $125,660,239 $2,391,055 $128,051,294 Internal Service Funds
(ISFs)
$9,065,880 $10,469,771 $200,343 10,670,114
All Other Special
Revenue Funds
29,723,969 102,086,532 99,062 102,185,594
All Funds Total: $135,825,070 $238,216,542 $2,690,460 $240,907,002 (1) See Attachment Listing of FY2023/24 Budget Amendment Resolutions (BARs) Items through February 1, 2024 to see detail of budget adjustments (carry overs and new appropriations).
The adjusted citywide budget includes the one-time use of available fund balance, primarily for CIP projects carried over from the prior year(s). Use of available fund balance does not use any City Reserve Funds.
In addition to the citywide budget represented above, the following adjustments with relation to the City’s bonded CFD (Infrastructure and Fiduciary Funds) are requested, revenue appropriations in the amount of $29,434,051 and expenditure appropriations in the amount of $28,829,971 to reflect recent CFD bond issuances.
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Adopted Citywide Budget vs. Adjusted Citywide Budget as of January 25, 2024 The adopted citywide FY2023/24 budget totaled $128,124,269 in revenue and $135,825,075 in expenditures for all funds, excluding Fiduciary Funds, and supported 330.40 (302 full-time and
28.4 part-time) positions. The City’s General Fund total adopted budget, inclusive of Quality of Life Measure, totaled projected revenues of $91,760,676 and total projected expenditures of $97,035,221, including the planned use of surplus fund balance in the amount of $5,274,545 for high priority capital infrastructure projects, and $90,783,835 in operating expenses, resulting in a balanced operating budget.
The adopted budget is adjusted throughout the year by including appropriations that are carried forward from the prior fiscal year for projects that were planned for and authorized by the City Council, however, not fully completed. In addition, throughout the year the City Council approves adjustments to the adopted budget in separate City Council action agenda items. The summary of expenditure adjustments through February 1, 2024, totals $102,391,472, and the total revenue adjustments through February 1, 2024, totaled $17,077,561, which is comprised of the following:
Since July 1, 2023 and as summarized in the attached budget amendment summary, staff presented 22 budget amendments requesting to increase revenues and expenditure appropriations in the General Fund, Quality of Life, and/or other Special Revenues. Additionally, pursuant to the adopted budget policy, eligible existing encumbrances, CIP budgets, grants and capital outlays/projects have been carried forward under City Manager approval.
Table 3 provides a breakdown of the adopted budget versus the adjusted budget by fund type.
FY2022/23 Carry-Over Appropriations $90,170,744 FY2022/23 Carry-Over Appropriations $6,835,679 FY2023/24 Added Appropriations 12,220,728 FY2023/24 Added Appropriations 10,241,882 $102,391,472 $17,077,561
RevenueExpenditures
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TABLE 3: FY2023/24 ADOPTED VS ADJUSTED BUDGET (AS OF FEBRUARY 1, 2024) General Fund
Genera Fund Fiscal Year 2023/24 Operating & Capital Budget Category
Adopted
Budget
June 2023
Carry-Over
From
FY2022/23
Budget
Resolutions
FY2023/24
Adjusted
Budget
FY2023/24 (Before
FY23/24 Mid-Year
Adjustments)
Revenue:
Sales Tax $12,880,452 $- $- $12,880,452
Property Tax 21,480,342 - - 21,480,342
Building/Engineering/ 12,648,213 - - 12,648,213
Vehicle License Fee 10,726,533 - - 10,726,533 Franchise Fees 4,875,000 - - 4,875,000
Other 8,112,016 - 829,935 8,941,951
Total Revenue $70,722,556 $829,935 $71,552,491
Expenditures:
Personnel (1) $33,877,684 $- $- $33,897,685
Operating Expenses (1) 26,963,248 4,177,898 20,563 31,144,548 Capital Outlays(1)(2) 1,790,000 24,229 - 1,804,229
Transfers & Allocations 8,041,623 - - 8,041,623
Capital Projects (CIP) (1) (3) 1,282,921 10,415,959 1,789,683 13,495,724 Debt - - - -
Total Expenditure $71,955,476 $14,618,086 $1,810,246 $88,383,809 Use of Fund Balance (3) $1,232,920 $14,618,086 $980,311 $16,831,318
(1) FY2023/24 Adjusted Budget includes net budget transfers between Personnel and Operating Expenses/Capital Outlays of approximately $20k, and transfer from Operating Expenses to CIP of $7,161 for CIP 22-08: Normandy Road Pedestrian Improvements Project with no increase in overall budget appropriations. (2) Capital Outlays category includes capital outlays and 1x studies/consulting services. (3) Use of fund balance corresponds to use of revenues previously collected for approved carry-over expenditures and/or new approved appropriations approved by Council. This does not use City Reserve Funds.
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Quality of Life (Measure DD) Fiscal Year 2023/24 Operating & Capital Budget Category
Adopted Budget
June 2023
Carry-Over
From
FY2023/24
Budget
Resolutions
FY2023/24
Adjusted
Budget
FY2023/24
(Before FY23/24 Mid-Year
Adjustments)
Revenue:
Sales Tax $20,913,120 - - $20,913,120
Interest Earnings 125,000 - - 125,000 Total Revenue $21,038,120 - - $21,038,120
Expenditures:
Menifee Police Department $7,592,849 $789,255 - $8,382,104 Fire Department 12,140,268 - - 12,140,268
Code Enforcement 378,163 - - 378,163
Capital Projects (CIP)(1) 4,968,465 11,407,431 - 16,375,896 Total Expenditure $25,079,745 $12,196,686 $- $37,276,430 Use of Fund Balance(2) $4,041,625 $12,196,686 $- $16,238,311
General Fund & Quality of Life
Expenditures:
$97,035,221 $125,660,239
Special Revenue & Other Funds Fiscal Year 2023/24 Operating & Capital Budget Category
Adopted
Budget
June 2023
Carry-Over
From
FY 2023/24
Budget
Resolutions FY
2023/24
Adjusted
Budget
FY 2023/24
(Before FY23/24 Mid-Year
Adjustments)
Revenue:
Internal Service Funds (ISF) $8,460,614 $ - $ - $8,460,614 Gas Tax & Other Special Revenue
Funds 10,174,543 6,835,679 7,360,320 24,370,542
LLMD Funds 880,007 - - 880,007
CFD Funds (Maintenance) 5,814,215 - 6,464 5,820,679
CSA Funds 1,908,731 - 1,585,460 3,494,191
DIF/Quimby/RBBD Funds 7,369,623 - 219,088 7,588,711
Capital Project Fund - - 240,615 240,615
Debt Service Fund 1,755,860 - - 1,755,860
Total Revenue $36,363,593 $6,835,679 $9,411,947 $52,611,219
Expenditures:
Personnel (1) $6,211,909 $6,617 $- $6,198,521
Operating Expenses(1) 12,486,027 2,556,678 271,533 15,339,966 Capital Outlays(1) 930,602 1,400,189 - 2,331,531
Transfers & Allocations 2,613,736 1,007,500 1,028,460 4,649,697 Capital Projects (CIP) 14,881,715 58,384,987 9,104,025 82,370,727 Debt 1,665,860 - - 1,665,860
Total Expenditure $38,789,849 $63,355,372 $10,431,045 $112,556,303 Use of Fund Balance(2) $2,426,256 $59,945,084
Citywide Total Expenditures: $135,825,070 $238,216,542 (1) Includes planned use of fund balance in the amount of $4,041,625 for high priority CIP projects. (2) Use of fund balance corresponds to use of revenues previously collected for approved carry-over expenditures and/or new approved appropriations approved by Council. This does not use City Reserve Funds. (1) FY2023/24 Adjusted Budget includes budget transfers of approximately $5.7k (Salary savings) from Personnel category to Operating Expenses and/or capital outlays. This reflects a budget transfer between Personnel and other categories, with no increase in overall budget appropriations.
(2) Use of fund balance corresponds to use of revenues previously collected for approved carryover expenditures and/or new approved appropriations approved by Council. This does not use City Reserve Funds.
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The General Fund and Quality of Life adjusted budget shown in Table 3 above do not include the proposed mid-year adjustments.
Current Economic Outlook (National, State, Regional & Local) & Revenue Analysis The FY 2023/24 budget as adopted in June 2023, incorporated a two-year budget with anticipated steady growth across its principal revenues. As the City continues to grow, development related revenue, property tax, and sales tax revenue have steadily increased year-over-year. However, against a national financial background of deliberate interest rate increases by the Federal Reserve in efforts to rein in inflation, the City’s principal revenues, from development to sales activity have overall experienced a flattening in growth. In the first half of the current year, the City’s main revenues (Sales Tax, Quality of Life, Property Tax and Development related fees) have all experienced modest growth. The overall economy seems to move into the “soft landing” rather than the recession feared by some. There are some positive economic signs, as well as some new warning signs of an overall slowdown. On the inflation side, the peak rates of 9.1% (nationally) and 8.3% (California) experienced in June 2022, were at 3.1% and 3.2% respectively by October 2023. Residential permits activity experienced a decline as construction loans are now more expensive.
Nationally, the overall economy experienced an average growth of 3.1% in real Gross Domestic Product (GDP) during the first three quarters of 2023. It is anticipated that GDP will slow to below 1% during the first half of 2024. Increased interest rates to help rein in inflation, have also slowed spending. Housing permits, consumer confidence, manufacturing data, and consumer spending reflect a general sentiment of slowed growth. For instance, the Conference Board Leading Economic Index (LEI) for the U.S. fell by 0.5% in November 2023. The U.S. LEI has maintained a downward trajectory for the last several months with a 3.5% contraction since May 2023.
Amongst the leading indicators are the continued deterioration of new manufacturing orders, consumers’ expectations of business conditions, and credit conditions.
State-wide, California’s labor market is projected to grow at a more modest rate as it returns to pre-pandemic levels. However, in development of its upcoming state budget, there is also consensus that the state economy will experience a continued economic slow-down through the balance of 2024. Overall projections indicate a generally weaker economy through 2024, with a rebound to stronger growth in 2025.
As the City moves through the second half of the current fiscal year, overall recommendations for adjustments are fiscally conservative. Within the City of Menifee, development activity during the first half of 2023 continued the upward trajectory experienced in the second half of fiscal year 2022/23. It is important to note that overall activity reflects a more modest growth pattern in line with the pre-pandemic years.
The City’s top six budgeted revenue sources for the General Fund, inclusive of Quality of Life (Measure DD) are listed in Table 4 on the following page. Together, these six revenue sources represent 91.02% of the budgeted General Fund revenues as adopted in June 2023.
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TABLE 4: TOP SIX CITY REVENUES
Revenue Description Mid-Year Review/Analysis & Recommendations
1. Sales Tax In the first half of FY2023/24 sales tax revenue has experienced a general slowdown compared to prior
years. The original adopted amount represented growth
from the FY2022/23 Adjusted budget and historical
growth trends. Year-to-date actuals received reflect
revenues in alignment with the adopted budget. Revised
projections, incorporating updated projections for the
balance of the year include a recommendation for No
mid-year adjustments.
2. Quality of Life (Measure DD) The first half of FY2023/24 Quality of Life revenue has experienced a general slowdown compared to prior
years. The original adopted amount represented growth
from the FY2022/23 Adjusted budget and historical
growth trends. Year-to-date actuals received reflect
revenues in alignment with the adopted budget. Revised
projections, incorporating updated projections for the
balance of the year include a recommendation for No
mid-year adjustments.
3. Property Tax HdL projections received in January 2024 indicate property tax revenue is expected to meet adopted budget numbers. Compared to FY2022/23, the taxable assessed
value has increased by 10.7%. During the budget
development and adoption, property taxes were projected to increase based on anticipated property value
appreciation and new construction. Current projections
for the balance of the year are projected to meet adopted budget. Recommendation for balance of the year
includes No mid-year adjustments.
4. Building/Planning/Engineering/Fire
Fees (Development Fees)
In line with the last few months of FY2022/23, in the first half of FY 2023/24, activity has overall experienced
consistent activity (Building & Safety, Planning,
Engineering and Fire). Recommendation for balance of
the year includes No mid-year adjustments.
5. Vehicle License Fee (VLF) Revised HdL projections reflect VLF revenue expected to meet adopted budget projections. Recommendation for
balance of the year includes No mid-year adjustments.
6. Franchise Fees Solid Waste Franchise Fees received for the first 1st quarter of FY2023/24 are trending higher than originally forecast. Other franchise revenues (gas and electricity) are collected later in the year. Cable TV franchise
revenues are trending slightly lower than projected
monthly average. Recommendation for balance of the
year includes No mid-year adjustments.
Economic conditions will continue to be closely monitored and factored during the FY2024/25 Mid-Cycle Review (Year 2) scheduled to be presented for adoption in June 2024. Table 5 on the following page provides an overall summary of some of the Key Economic Indicators incorporated as part of the mid-year review process.
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TABLE 5: SUMMARY OF KEY ECONOMIC INDICATORS (NATIONAL, STATE, LOCAL) Indicator National State Regional/Local
GDP ( ) 1% Forecast for FY
2023/24, slower growth
--- ---
Unemployment ( ) 3.7% November 2023 4.9% November 2023 5.1% / 5.3% Inflation (+) 9.1% (June 2022))/
3.1% (October 2023)
8.3% (June 2022))/
3.2% (October 2023)
7.5% (November
2022)/ 4.3% (Nov.
2023)
Residential Permits
( )
6.1% increase Dec.
2023 to December
2022/ Annual 2023
were 11.7% below
2022 totals
1.7% decrease September
2022 to October 2023 (SFR
decrease of 13.5% over prior
year, and MFR 1.3 decrease
from over prior year)
---
Note: Sources include, UCLA Economic Forecast (December 2023), State of CA Budget 2024 (January 2024), U.S.
Census Bureau and U.S. Department of Housing and Urban Development Monthly New Residential Construction (December 2023)., California Department of Finance Economic Update (December 2023), HdL January 2024 Property Tax and Sales Tax projections.
General Fund & Quality of Life Funds (Mid-Year Budget Recommendations) Revenue Adjustments
Based on the revenue analysis discussed in the preceding section relative to the City’s top six revenue sources, no budget adjustments are recommended for these revenues. However, staff is recommending the following adjustments to revenues for the General Fund and Quality of Life Funds and as reflected in Table 6 and 7 on the following pages, principally related to increased interest earnings, recreation fees, and CEQA revenue to match the adjusted expenditures for FY2023/24.
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TABLE 6: FY2023/24 MID-YEAR GENERAL FUND & QUALITY OF LIFE REVENUE
PROPOSED REVENUE ADJUSTMENTS
No. Fund Description FY2023/24
Mid-Year
Revenue
Adjustment
Amount ($)
Justification
1 General Fund Interest Income $250,000 Higher interest revenue receipts based on YTD actuals.
2 General Fund Class Registration
Fee
50,000 Anticipated increased recreation
classes based on YTD activity.
Offsets corresponding expenditure
appropriation request.
3 General Fund City Activity/Program
Fees (Aquatics
Program)
14,500 Fees charged for the Aquatics
Program will begin collection in
FY23/24.
4 General Fund CEQA Revenue 2,608,246 Based on Adjusted FY2023/24 CEQA budget including carryover
encumbrances. Expenditures are fully
paid by developer.
5 Quality of Life Interest Income 50,000 Higher interest revenue receipts based on YTD actuals.
TOTAL: $2,972,746
Expenditure Analysis & Adjustments
Overall, budgetary expenditures within the General Fund, including Quality of Life, are in line with their original budget projections. The mid-year appropriation requests are reflective of critical expenditures needed to support Council priorities and on-going operations.
The General Fund recommended mid-year budget for FY2023/24 includes Revenue adjustment net increase of $2,922,746, and expenditure appropriation adjustment requests of $1,891,055.
The majority of the revenue adjustments are derived from CEQA revenue adjustments to match expenditure appropriations. Interest revenue is also adjusted to reflect higher than projected interest earnings, with a combined recommended adjustment of $300,000. Table 7 on the following page depicts the recommended revenue and expenditures adjustments by category within the General Fund.
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TABLE 7: FY2023/24 MID-YEAR ADJUSTMENT RECOMMENDATIONS (GENERAL FUND) General Operating & Capital Budget Year-to-Date (YTD) & Fund Balance Fund Type
Adopted
Budget
2023/24
Adjusted
Budget
2023/24
Mid-Year
Adjustments
Recommended
Adjusted
FY2023/24
Budget with
Mid-Year
Adjustment
YTD Actuals
2023/24 as of
1/26/2024
Percentage
(%) YTD to
Adjusted
Budget
Revenue:
Sales Tax $12,880,452 $12,880,452 $- $12,880,452 $4,661,934 36.19% Property Tax 21,480,342 21,480,342 - 21,480,342 7,979,724 37.15% Development
Fees
12,648,213 12,648,213 - 12,648,213 7,858,760 62.13%
Vehicle
License Fee
10,726,533
10,726,533
- 10,726,533 - 0.00%
Franchise
Fees
4,875,000 4,875,000 - 4,875,000 747,974 15.34%
Other 8,112,016 8,941,951 2,922,746 11,864,697 8,451,398 94.51% Total
Revenue
$70,722,556 $71,552,491 $2,922,746 $74,475,237 $29,699,790 41.51%
Expenditures:
Personnel $33,877,684 $33,897,685 $78,000 $33,975,685 $17,247,773 50.88% Operating
Expenses
26,963,248 31,144,548 1,813,055 32,957,603 9,089,308 29.18% Capital
Outlays
1,790,000 1,804,229 - 1,804,229 77,386 4.29%
Transfers &
Allocations
8,041,623 8,041,623 - 8,041,623 8,041,623 100.00%
Capital
Projects (CIP)
1,282,921 13,495,724 - 13,495,724 1,168,751 8.66% Debt - - - - - 0.00% Total
Expenditures
$71,955,476 $88,383,809 $1,891,055 $90,274,864 $35,624,841 40.31% Unassigned
Fund Balance
(6/30/2023)(1)
$24,032,268 $24,032,268 $24,032,268
Fund Balance
Adjustments
- 1,450,000(2) 1,450,000(2)
Use of Fund
Balance (1)
($1,232,921) ($16,831,318) ($15,799,627)
Estimated
Unassigned
Fund Balance
(6/30/2024)1)
$22,799,347 $8,650,950 $9,682,641(3)
(1) Net of required 35% Reserve Requirement of $31,520,593, Committed Fund Balances, and Assigned Fund Balances. (2) On 12/6/2023, $450,000 from Assigned Fund Balance was moved from Assigned to Unassigned Fund Balance and corresponding expenditure appropriation of $450,000 approved. 1/18/2024 $1,000,000 from Committed Fund Balance from Community Center was moved to Unassigned Fund Balance and corresponding expenditure appropriation of $1,000,000 approved.
(3) Pursuant to adopted Fund Balance Policy, Surplus Fund Balance will be considered a surplus if over 40% of the budgeted operating expenditures. Based on adopted FY2023/24 adopted operating expenditure, estimated Surplus Fund Balance at 6/30/24 would be $5,179,699.
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FY 2023/24 Mid-Year Budget Adjustments & Review, Including a CIP Status Update February 7, 2024
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The Quality of Life recommended mid-year budget revenue adjustment for FY2023/24 is $21,088,120 a total increase of $50,000, and a recommended $500,000 increase in expenditure appropriations for a revised expenditure budget of $37,776,430 from the 2023/24 adjusted budget (current). Table 8 below depicts the recommended revenue and expenditure adjustments by category within the Quality of Life Fund.
TABLE 8: FY2023/24 MID-YEAR ADJUSTMENT RECOMMENDATIONS (QUALITY OF LIFE) Quality of Life Operating & Capital Budget Year-to-Date (YTD) & Fund Balance Fund Type
Adopted
Budget
2023/24
Adjusted
Budget
2023/24
Mid-Year
Adjustments
Recommended
Adjusted
Budget with
FY23/24 Mid-
Year
Adjustments
YTD Actuals
2022/23 as of
1/26/2024
Percentage
(%) YTD to
Adjusted
Budget
Revenue:
Sales Tax(1) $20,913,120 $20,913,120 $ - $20,913,120 $6,992,218 33.43% Interest 125,000 125,000 50,000 175,000 147,054 117.64% Total
Revenue
$21,038,120 $21,038,120 $50,000 $21,088,120 $7,139,272 33.93%
Expenditures:
Personnel $6,973,012 $6,944,760 $ - $6,994,760 $3,268,546 47.06% Operating
Expenses
13,138,268 13,144,172 - 13,144,172 - 0.00%
Capital Outlays - 761,603 - 761,603 208,091 27.32%
Transfers &
Allocations
- - - - - 0.00%
Capital Projects
(CIP)
4,968,465 16,375,896 500,000 16,875,896 426,481 2.60%
Debt - - - - - 0.00%
Total
Expenditures
$25,079,745 $37,276,430 $500,000 $37,776,430 $3,903,118 10.47% Unassigned
Fund Balance
(6/30/2023)(2)
$17,516,685 $17,516,685 $17,516,685
Use of Fund
Balance
($4,041,624) ($16,238,310) ($16,688,310)
Estimated
Unassigned
Fund Balance
(6/30/2024)(2)
$13,475,062 $1,278,375 $828,375
(1) Reflects revenues collected through October 2023.
(2) Net of Assigned Fund Balances.
Personnel/Mid-Year Requests
Personnel expenditures year-to-date actuals are 50.17% of the adjusted budget for General Fund and Quality of Life. The Fiscal Year 2023/24 budget currently includes a total of 330.40 full-time equivalent personnel.
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FY 2023/24 Mid-Year Budget Adjustments & Review, Including a CIP Status Update February 7, 2024
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As part of the mid-year process, departments reviewed organizational structure and operations to identify critical staffing needs. Staff is requesting approval of the following: reclassification of four positions, elimination of a part time (.5 FTE) position and addition of 27 part-time personnel (equivalent to 4.62 FTEs) to support the Aquatics Program. If the FY2023/24 mid-year personnel requests are approved, the updated personnel total will be 334.52, 302 full-time and 32.5 part- time FTE.
TABLE 9: FY2023/24 MID-YEAR PERSONNEL REQUESTS
No. Department Position Title FY2023/24
Mid-Year
Appropriation
Request
Prorated
FY2023/24 Total
Personnel
Costs(1)
Justification
1 Finance (1) Accounting
Technician I
(Reclassification
from Accounting
Assistant)
$ - $ 2,225 Operational Need – Align position with current function/assignments
of position and overall
department. organization. Full
Year Additional Cost
FY2024/25: $6,674.
2 Community
Services
27 part-time
staff = 4.62
FTE (Aquatics
Program)
78,000 78,000 Aquatics Program was pre-
approved by Council on
12/6/2023. Full Year Cost
FY2024/25: $210,700.
3 Engineering(1) PT Senior
Engineer
(Position
Eliminated)
- (25,218) Operational Need - Eliminating
position to consolidate and re-
structure department positions.
Full Year Savings FY2024/25:
($75,653).
4 Engineering(1) Principal
Engineer
(Reclassification
from Sr. Traffic
Engineer)
- 8,875 Operational Need – Align position
with current function/assignments
of position and overall
department organization. Full
Year Additional Cost
FY2024/25: $26,625.
5 Engineering(1) Senior
Engineer
(Reclassification
from Associate
Engineer)
- 6,078 Operational Need – Align position
with current function/assignments
of position and overall
department. Full Year
Additional Cost FY2024/25:
$18,234.
6 Engineering(1) Associate
Engineer
(Reclassification
from Assistant
Engineer)
- 8,465 Operational Need – Align position
with current function/assignments
of position and overall
department. Full Year
Additional Cost FY2024/25:
$25,394.
TOTAL $ 78,000 $ 78,425
(1)Prorated to begin 3/1/2024, 4 months. No additional expenditure appropriation is needed in the current year, as other budget savings accomplished during the year accommodate the additional expenses needed for the balance of the year. On-going increases in General Fund revenues include the capacity to absorb the positions in the upcoming years.
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Operations & Maintenance/Mid-Year Requests
Year-to-date, operations and maintenance expenditures are 18.21% of the adjusted budget for General Fund and Quality of Life. Larger expenses, such as dispatch and fire services are anticipated to be received later in the fiscal year and are therefore not yet realized. The requests outlined in Table 10 below are made from the General fund: the Instructor Payment Request (No. 3) would be offset by corresponding revenue, the Aquatics Program (No. 4) would be funded by program fees, as well as supported by on-going revenue, the remainder of the identified requests are one-time expenses to be funded with available excess fund balance. No Quality of Life fund appropriations will be required for the identified operations and maintenance expenditures.
TABLE 10: FY2023/24 MID-YEAR OPERATIONS & MAINTENANCE REQUESTS No. Department Description Increase/(Decrease) Justification 1 HR/Risk
Management
Insurance Premium
Costs & Claims
Expenses
$ 698,555 Increase from overall
insurance premium
increases beyond
originally budgeted as
well as increasing claims
expenses based on YTD
actuals.
2 Community
Services
Support tree
maintenance in
unfunded areas (LLMD
& CSA).
35,000 Increase in the cost of
tree maintenance and
trimming for FY 2023/24.
3 Community
Services
Instructor Payments 50,000 Increase in instructor
payments due to the
increase in classes
offered. Offset by
$50,000 in new revenue.
4 Community
Services
Aquatics Program 29,500 Operating costs of the
Aquatics program for FY
2023-24. This also
includes costs for
supplies and venue
rental. Total Aquatics
Program (Personnel &
Operating Costs is
$107,500 for FY2023/24,
and anticipated at
$231,850 for FY2024/25)
5 General
Services (Non-
Departmental)
Unfunded Pension
Liability (FY2023/24)
adjustment
1,000,000 Outstanding Unfunded
Pension Liability for
FY2023/24 adjustment
significantly higher than
projected during budget
adoption.
TOTAL $ 1,813,055
Other Operational Adjustments
Other operational adjustments were reviewed and analyzed and will be absorbed within the current year budget through salary savings. Of note, operational adjustments include budget transfer of savings for $200k for legal services to support increased legal activity (litigation, labor negotiations etc). Some items will also be incorporated within the FY2024/25 mid-cycle process.
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Capital Outlay/Mid-Year Requests
Year-to-date capital outlay expenditures are 11.13% of the adjusted budget for General Fund and Quality of Life. The City has continued to experience delays in realized expenditures for larger capital outlays, such as vehicle purchases. due to supply shortages. There are no appropriation requests from the General Fund or Quality of Life fund as part of the FY2023/24 mid-year review.
Special Revenue & Other Funds (Mid-Year Budget Recommendations) Recommended FY2023/24 mid-year budget adjustments for Special Revenue and Other Funds sources include increases of $17,738,415 in revenues and $299,405 in additional expenditure appropriations. The expenditure appropriation requests include the following:
oAdditional appropriations of $200,343 for technology capital outlays (equipment replacements ($110,000), badge reader system for CSD facility Kay Ceniceros campus, and Lazy Creek Recreation Center ($38,043), laptop computer for Aquatics Program and additional software licenses ($7,300), as well as web compliance upgrades to ensure the City website adheres with ADA requirements ($15,000) and additional data back-up capacity to accommodate growth ($30,000)).
oAudio Visual (A/V) equipment (dual channel communications headset and teleprompters) to support A/V operations ($14,000)
o$85,062 for special districts (LLMDs, CSAs, CFDs (maintenance) increased utility costs).
The largest proposed revenue adjustment increases are represented by the following:
oCorresponding carryovers of Transportation Uniform Mitigation Fee (TUMF) related revenues ($16.6 million) to align with previously carried over expenditures (CIP projects); and
oIncreased Quimby Fees based on year-to-date trends.
oIncreased Interest revenue based on year-to-date actuals and trends.
Table 11 on the following page details the recommended adjustments (revenues and/or expenditure appropriations) for the Special Revenue and Other Funds:
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TABLE 11: FY2023/24 MID-YEAR ADJUSTMENT RECOMMENDATIONS (SPECIAL
REVENUE & OTHER FUNDS)
Fund Category Type Revenue
Adjustment ($)
Expenditure
Adjustment ($)
Justification/Explanation
Internal Service Funds
(ISF)
$27,500 $200,343 Higher interest revenue, and
appropriations for Technology capital
outlays
Gas Tax & Other Special
Revenue Funds
16,715,470 14,000
Corresponding carryovers of TUMF
related revenues to align with previously
carried over expenditures (Budget and
encumbrances).
Higher interest revenue receipts based on
YTD actuals.
LLMD Funds
19,175 38,100
Higher interest revenue receipts based on
YTD actuals.
Additional appropriations in several special
districts for higher YTD actuals on utilities.
CFD Funds (Maintenance)
91,672 46,962
Higher interest revenue receipts based on
YTD actuals.
Additional appropriations in several special
districts for higher YTD actuals on utilities.
CSA Funds 13,270 - Higher interest revenue receipts based on YTD actuals.
DIF/Quimby/RBBD Funds 865,128 - Overall YTD actuals revenues are trending higher than budgeted.
Additionally, effective July 1, 2023 new DIF
fee schedule was effective, new funds
were set up from Parks DIF,
Circulation/Transportation DIF, and
Drainage DIF. Budget adjustments
between the old funds (included as part of
the budget adoption) and new funds (to
account revenues now being received in
new DIF).
Debt Service 6,200 - Higher interest revenue receipts based on YTD actuals.
TOTAL: $17,738,415 $299,405
Capital Improvement Program (CIP) Review & Update
At budget adoption, the FY2023/24 CIP program included a total of 32 projects and funding totaling $21,133,101. Including FY2023/24 mid-year requests of $500,000, the CIP Budget would be updated to reflect the requests summarized in Table 12 on the following page.
FY2023/24 Mid-Year CIP Requests
There is an appropriation request for $500,000 from Quality of Life funds to cover two CIP projects, the 2024 Pavement Management Program (PMP) Update (CIP 24-23) and the City of Menifee Staff Report
FY 2023/24 Mid-Year Budget Adjustments & Review, Including a CIP Status Update February 7, 2024
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Americans with Disability Act (ADA) Self-Evaluation and Transition Plan (CIP 24-24) required to receive federal funding, with a budget request of $250,000 for each of the projects.
TABLE 12: FY 2023/24 ADOPTED vs. FY 2023/24 ADJUSTED BUDGET (CIP) UPDATE (Including FY2023/24 Mid-Year Requests)
No. Project Category No. of
Original
Projects
FY2023/24
Adopted Budget:
Project Costs
No. of Active
Projects
FY2023/24
Adjusted Budget:
Project Costs
1 Transportation 7 $8,251,470 14 $67,403,512
2 Traffic Signals 2 733,300 5 2,408,798
3 Street Improvements 5 2,342,331 12 4,220,478
4 Pavement
Management(1)
4 4,730,000 11 10,800,211
5 Drainage - - - -
6 Streetlights - - 1 250,000
7 Public Facilities (2) 4 2,176,000 12 15,898,260
8 Parks, Trails and
Recreation
9 2,625,000 20 10,552,584
9 Information Technology 1 275,000 1 1,208,504
Total 32 $21,133,101 76 $112,742,347
(1) Includes the FY2023/24 mid-year request of $250,000 for CIP 24-23: 2024 Pavement Management Program. (2) Includes the FY2023/24 mid-year request of $250,000 for CIP 24-24: 2024 Americans with Disability Act (ADA) Self-Evaluation and Transition Plan.
In total, the Fiscal Year 2023/24 CIP Budget, inclusive of: (1) the current year adopted budget funding, (2) additional appropriations requests since July 1, 2023, (3) FY2023/24 mid-year requests discussed above, and prior year budget and encumbrance carryovers for on-going projects will be $112,742,347.
In summary, the following updates have occurred from July 2023 through February 2024 (prior to the FY2023/24 mid-year requests):
- Budget carryovers of $80,208,377 (encumbrances and appropriated budget) for previously approved CIP projects underway.
- One budget transfer from operating expenses in the amount of $7,161 for CIP 22-08:
Normandy Road Pedestrian Improvements Project.
- Additional budget appropriations totaling $10,893,708, for the following Projects (listed in Table 13):
TABLE 13: ADDITIONAL CIP APPROPRIATIONS THRU FEBRUARY 1, 2024 Council Date Project Appropriation Amount
($)
7/19/2023 CIP 13-03: Holland Overpass Fair Share $240,615 8/2/2023 CIP 23-08: Quail Valley Streetlights 150,000
8/16/2023
CIP 20-13: Paloma Wash Pedestrian Bridge (SB 821 Bicycle & Pedestrian Grant)(1) 690,120
11/1/2023
CIP 22-03: McCall Blvd. Widening (RCTC Regional Arterial Improvement Grant) (1) 3,140,000
11/1/2023
CIP 24-04: Romoland Elementary School ATP (CalTrans ATP Grant) (1) 255,000
11/15/2023 CIP 13-03 Holland Overpass WRCOG(1) 1,500,000 City of Menifee Staff Report
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Council Date Project Appropriation Amount
($)
12/6/2023 CIP 19-15 Central Park Amphitheater(1) 3,755,973 12/6/2023
CIP 24-12: La Ladera Park Enhancements (CSA 145 Quimby
Fees) (Fund 480) (1) 200,000
12/6/2023
CIP 24-12: La Ladera Park Enhancements (CSA 145 Quimby
Fees) (200,000)
1/17/2024 CIP 23-10: Community Center Project1) 1,000,000 1/17/2024
CIP 24-01: Citywide Traffic Signal Safety Improvement (HSIP 11 Grant) 162,000
TOTAL $10,893,708
(1) These project appropriations include total additional revenue appropriations of $7,329,402 including grants funds and use of American Rescue Plan Fund (ARP). Additionally, $1,000,000 was appropriated using the Assigned Committed Fund Balance for CIP 23-10: Community Center.
Bonded CFDs: (Infrastructure) Funds and Fiduciary Funds Through its established CFD policy, the City works with developers on the formation and bond issuance of infrastructure CFDs used to finance eligible public improvements and/or fees. During the first half of FY2023/24 the City had several CFD bond issuances. The CFD bond issuances completed after July 1, 2023, included CFD 2021-1 (Banner Park), CFD 2021-2 (Sumac Ridge), and CFD 2022-1 (Quartz Ranch). These represent the bond proceeds which will be applied against eligible CFD reimbursements. It is important to note, the related debt is not an obligation of the City, but of the CFD and respective properties. The following requested adjustments for the bonded CFDs are outlined below in Table 14.
TABLE 14: Bonded CFDs FY2023/24 Mid-Year Appropriation Requests Fund Category Type Revenue
Adjustment ($)
Expenditure
Adjustment ($)
Justification/Explanation
CFD Funds (Infrastructure) $26,594,453 $28,463,848 Based on YTD Actuals Including higher interest
earnings as well as 3
bond issuances (CFD
proceeds) and related
costs.
CFD Funds (Fiduciary) 2,839,598 366,123 Based on YTD Actuals Including higher interest
earnings as well as 3
bond issuances (CFD
proceeds used to
establish Reserve
Requirement within the
Fiduciary Fund for term of
CFD.
TOTAL $29,434,051 $28,829,971
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American Rescue Plan (ARP) Funds
As presented in June 2022, the City has received just over $13 million in direct federal assistance as part of the American Rescue Plan (ARP) program. Funding is to be used to address the impacts of Covid-19.
As of February 1, 2024, the remaining available balance of ARP funds is $0. Per the ARP federal guidelines, all ARP funds must be encumbered by December 31, 2024, and fully expended by December 31, 2026. All funded projects are underway and expected to be completed by the expenditure deadline.
Fiscal Policy and Strategic Plan/Long-Term Financial Planning Year to year, and even in times of economic prosperity, the City’s concerted approach to its spending plans has been that of fiscal prudence and thinking of the needs of the Menifee community now and in the future. Long-term financial planning essentially combines (1) financial forecasting with financial strategy to identify future challenges and opportunities, (2) fiscal imbalances and (3) strategies to secure financial sustainability. Therefore, in the City’s budgetary oversight and implementation of the City’s vision to build a safe, thriving, and premier place to live, work and call home, the City consciously budgets with these key strategies, policies and tools in mind. This is carried out through the following methods:
•Structurally Balanced Budget / Strategic Plan: The City aims to develop a structurally balanced budget where recurring revenues match recurring expenditures. The City also develops an overall budget that reflects and aligns with the strategic plan, objectives, goals, and priorities, provides conservative estimates of revenue and expenditures, and provides actual revenue/expenditure history to assist with future forecasts and projections anchored to a 5-year financial forecast. A budget forecast is essentially a financial plan projecting revenue and expenditures for a defined period of time. •10-year Financial Forecast – Beginning with FY2022/23 the City has expanded efforts in using analytics to take a long-term view through the lens of a rolling 10-year financial forecast model. Taking the longer view will help the City better respond to any unforeseen financial crisis, bring financial perspective to planning, stimulate long-term thinking, address a particular issue or proposal, and heighten financial discipline and sustainability. •Reserve Policy: In September 2021, the City Council adopted an updated reserve fund balance policy to set aside funds for future emergencies. This policy establishes a minimum 12.5% fund balance reserve for natural disasters and catastrophic events; a
12.5% reserve for economic slowdown due to the onset of a recession or other economic crisis; and a 10% reserve to offset the timing of grant reimbursements and the collections of property taxes. Pursuant to the adopted policy, the City plans to review the policy every three (3) years, and tentatively has considered increasing the reserve fund percentage to 40% in FY 2024/25.
•Unfunded Pension Liability: Historically, the City proactively pays off any annual unfunded pension liability adjustments and currently does not have any outstanding unfunded pension liability balance through the most recent fiscal year completed.
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•Infrastructure Needs: With an adopted five (5) year CIP Program which identifies over 150 projects, estimated at nearly $577 million, the City continues to strategize on funding the wide range of infrastructure needs, year by year.
•Capital Asset Financing: The City enters into long-term financing arrangements only in the case where funding may be necessary to purchase or lease a long-term strategic asset.
STRATEGIC PLAN OBJECTIVE
Regular City Business
FISCAL IMPACT
Summary of Revenue & Expenditures by Fund Type
Table 15 provides an overall summary of all revenue and expenditure mid-year adjustments requests by fund type and amount.
TABLE 15: FY2023/24 MID-YEAR ADJUSTMENTS RECOMMENDATIONS Fund Category Proposed FY2023/24
Revenue Adjustments
Proposed FY2023/24
Expenditure Adjustments
General Fund $2,922,746 $1,891,055 Quality of Life Fund 50,000 500,000 Internal Service Funds (ISF) 27,500 200,343 Gas Tax & Other Special Revenue Funds 16,715,470 14,000 LLMD Funds 19,175 38,100 CFD Funds (Maintenance) 91,672 46,962
CSA Funds 13,270 - DIF/Quimby/RBBD Funds 865,128 -
Debt Service 6,200 -
Sub-Total Citywide Budget $20,711,161 $2,690,460
CFD Funds (Infrastructure) & Fiduciary
Funds
$29,434,051 $28,829,971
TOTAL ALL FUNDS $50,145,212 $31,520,431
ATTACHMENTS
1. Resolution - Authorized Position Listing
2. Resolution Exhibit A - Authorized Position Listing
3. FY2023/24 Adopted Budget Amendment Resolution Summary
4. Budget Amendment Resolution - Mid-Year Adjustments