City of Morgan Hill
Fund Activity Summary - Fiscal Year 2021-22
For The Seven Months Ended January 31, 2022
58% of Year Complete
Year to-Date
Fund Fund Balance YTD % of YTD % of Deficit or
No. Fund 06-30-21 Actual Budget Actual Budget Carryover Reserved1 Unreserved Revenues Expenses Ending Fund Balance
640 SEWER OPERATIONS $ 3,602,581 $ 7,380,535 52% 7, $ 365,690 52% 14,845 $ 194,410 3,423,016 641 SEWER IMPACT FUND* 22,121,700 1,991,667 28% 297,983 1% 1,693,685 524,140 23,291,244 642 SEWER RATE STABILIZATION 2,692,314 94,487 48% 58% 93,822 665 - 2,786,136 643 SEWER-CAPITAL PROJECTS 29,354,687 2,754,522 59% 5,251,172 24% (2,496,650) 1,270,848 25,587,189 650 WATER OPERATIONS 3,580,575 8,251,245 51% 8,334,878 51% (83,633) 847,304 2,649,638 651 WATER IMPACT FUND* 2,979,950 349,815 19% 480,220 21% (130,406) 3,029 2,846,515 652 WATER RATE STABILIZATION 3,162,416 81,093 57% 58% 80,876 217 - 3,243,292 653 WATER -CAPITAL PROJECT 8,134,534 2,959,590 59% 543,193 7% 2,416,397 321,695 10,229,235 TOTAL ENTERPRISE FUNDS $ 75,628,757 $ 23,862,955 48% $ 22,274,018 26% $ 1,588,937 $ 3,161,427 $ 74,056,266 730 INFORMATION SERVICES $ 849,651 $ 1,312,657 58% 1, $ 004,905 38% $ 307,753 $ 928,829 $ 228,575 740 BUILDING MAINTENANCE 6,945 659,621 19% 603,732 17% 55,889 86,241 (23,407) 741 BUILDING REPLACEMENT 3,561,339 410,063 54% 181,156 30% 228,908 53,217 3,737,030 745 CIP ENGINEERING 55,476 1,106,214 61% 981,273 57% 124,941 6,764 173,653 760 UNEMPLOYMENT 328,958 840 33% 3,846 19% (3,006) - 325,952 770 WORKERS COMPENSATION 2,115,661 444,608 49% 707,534 81% (262,926) 30,000 1,822,735 790 EQUIPMENT REPLACEMENT 5,996,455 654,094 60% 423,735 27% 230,359 212,867 6,013,947 791 EMPLOYEE BENEFITS FUNDS (28,785) 355,179 34% 536,268 86% (181,089) 4,187,404 (4,397,278) 795 GEN. LIABILITY INSURANCE 1,236,516 1,003,144 58% 1,493,139 87% (489,995) - 746,521 TOTAL INTERNAL SERVICE FUNDS $ 14,122,216 $ 5,946,421 46% $ 5,935,587 45% $ 10,834 $ 5,505,322 $ 8,627,729
SUMMARY BY FUND TYPE
GENERAL FUND GROUP 24,896,179 $ $ 22,030,613 43% 27, $ 022,256 53% (4, $ 991,643) $ 1,763,220 $ 18,141,315 SPECIAL REVENUE GROUP 11,755,250 11,942,398 64% 6,554,350 35% 5,388,048 7,170,124 9,973,174 DEBT SERVICE GROUP 337,290 402,544 58% 546,437 79% (143,893) 6 193,391 CAPITAL PROJECTS GROUP 36,951,461 18,040,448 82% 21,251,373 32% (3,210,926) 12,179,229 21,561,306 ENTERPRISE GROUP 75,628,757 23,862,955 48% 22,274,018 26% 1,588,937 3,161,427 74,056,266 INTERNAL SERVICE GROUP 14,122,216 5,946,421 46% 5,935,587 45% 10,834 5,505,322 8,627,729 TOTAL ALL GROUPS $ 163,691,153 $ 82,225,379 53% 83, $ 584,022 36% (1, $ 358,643) $ 29,779,329 $ 132,553,181 For Enterprise Funds: Unrestricted fund balance = Fund balance net of fixed assets and long-term liabilities. *Unreserved fund balance includes bond proceeds reserved for projects listed in bond documents. 1 Amount restricted for encumbrances, fixed asset replacement, long-term receivables, and bond reserves.2 Amount restricted for debt service payments and AB1600 capital expansion projects as detailed in the City's five year CIP Plan and bond agreements.
Item #13
Monthly Budget Update
March 2, 2022
Overview
• Monthly Budget Update
• Staff does not recommend any budget
adjustments at this time
1
• Property tax and sales tax are trending
higher
• Both recreation services revenues and
expenditures are trending below budget
• TOT continues to remain low compared to
pre-pandemic level
General Fund
2
• Both revenues and expenditures are
tracking budget
Development Services Fund
3
• Sewer operations revenue is tracking slightly
higher than budget
• Water sales is slightly below budget due to
drought measures
• Finalizing water rate study
Enterprise Funds
4
Updated General Fund Forecast
5 53% 51%
52%
47%
44% 42%
47%
41%
31%
21%
32%
27% 26% 25% 24%
24%
0%
10%
20%
30%
40%
50%
60%
70%
20-21 Actual 21-22
Amended
22-23
Forecast
23-24
Forecast
24-25
Forecast
25-26
Forecast
GF Six Year Forecast January 28, 2022 GF Six Year Forecast with Unfunded Needs GF Six Year Forecast June 17, 2020 Fund Balance Minimum Level 15% of Revenues Fund Balance Goal 25% of Revenues
• Police $1.3 million
• Fire: $2.3 million
• Operational loss due to RDCS suspension:
$1.0 million
Unfunded General Fund Needs -
$4.6 million
6
• Public Employees Retirement System
(PERS) - $57.3 million
• Other Postemployment Benefits (OPEB) -
$3.8 million
• General Fund Share - 67% or $40.9 million
• Current Funded Status
• Misc. Plan – 71.8%
• Safety Plan –68.0%
Unfunded Liabilities- $61.1 million
7
Questions?
8