Fiscal Year 2023/24 Year- End
B
udget Update
Presented by Javier Carcamo, Director of Finance
Jennifer Terry, Finance Manager
Tanner Benson, Financial Analyst
December 3, 2024, City Council Meeting, Agenda Item No. 12 R e c e i v e d A f t e r A g e n d a P r i n t e d 1 2 / 0 3 / 2 0 2 4 - R e g u l a r M e e t i n g D I S C U S S I O N - I t e m N o . 1 2
P r e s e n t a t i o n
Overview
• Estimated Year-End Budget Results
• Estimated Ending Fund Balances
• Carryover Requests
• Future Actions
Fiscal Year 2023/24 Year -End
Budget Update
2 FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
6/30/24
% Received
thru 06/30/24 Variance
Revenues
Taxes-Sales Tax 58,450,800$ 54,559,140$ 53,880,062$ 99% (679,078)$ Taxes-Property 29,257,137 30,270,013 33,652,361 111% 3,382,348 Charges for Services 21,700,469 20,575,737 18,943,919 92% (1,631,818) Other Misc Revenue 15,904,960 30,986,968 39,450,084 127% 8,463,116 Special Assessments 11,604,336 11,604,336 12,067,292 104% 462,956 Taxes-VLF/Property Tax Comp 9,830,800 9,830,800 10,897,034 111% 1,066,234 Tax-Special Tax 9,674,724 9,674,724 9,489,741 98% (184,983) Taxes-Franchises 4,710,000 4,710,000 5,193,305 110% 483,305 Taxes-Other 4,049,700 3,003,380 3,027,443 101% 24,063 Taxes-Transient Occupancy Tax 3,955,000 2,095,000 1,989,170 95% (105,830) License/Permit Fees 1,918,875 2,054,875 1,940,116 94% (114,759) Taxes-Business Licenses 1,014,700 1,014,700 1,185,824 117% 171,124 Taxes-Property Transfer 800,000 550,000 686,263 125% 136,263 Loan/Bond/Lease Proceeds - 7,544 16,674 100% 9,130 Total Revenue 172,871,501$ 180,937,217$ 192,419,287$ 106% 11,482,070$ Use of Unassigned Fund Balance - 4,645,281 - Total Revenue Sources 172,871,501$ 185,582,498$ 192,419,287$ FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
6/30/24
% Used
thru 6/30/24 Variance
Expenditures
Personnel Costs 89,591,715$ 93,934,567$ 88,582,909$ 94% (5,351,658)$ Operations & Maintenance 58,264,963 69,821,612 58,091,856 83% (11,729,756) Capital Outlay 2,615,785 12,930,994 9,516,883 74% (3,414,111) Allocations 9,859,971 8,895,325 7,616,265 86% (1,279,060) Total Expenditures 160,332,434$ 185,582,498$ 163,807,913$ 88% (21,774,585)$ Contribution to Unassigned Fund Balance 12,539,067 - 28,611,374 Total Expenditures Uses 172,871,501$ 185,582,498$ 192,419,287$ Transfers
Transfer In 12,272,830 12,947,617 8,754,886 68% (4,192,731) Transfer Out 12,272,830 12,947,616 8,754,886 68% (4,192,731) Net Transfers -$ -$ -$ -
CITYWIDE
Citywide Results
Fiscal Year 2023/24 Year- End Budget Update
3 FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Received
thru 06/30/2024
Revenues
Taxes-Sales Tax 27,926,000$ 26,056,700$ 25,653,511$ (403,189)$ 98% Taxes-VLF/Property Tax Comp 9,830,800 9,830,800 10,897,034 1,066,234 111% Taxes-Property 9,780,700 10,165,700 11,421,421 1,255,721 112% Other Misc Revenue 4,776,152 6,835,116 14,126,081 7,290,965 207% Taxes-Franchises 4,652,000 4,652,000 5,156,401 504,401 111% Charges for Services 4,747,960 4,417,120 4,620,012 202,892 105% License/Permit Fees 1,908,375 2,044,375 1,925,696 (118,679) 94% Taxes-Transient Occupancy Tax 3,955,000 2,095,000 1,989,170 (105,830) 95% Taxes-Business Licenses 1,014,700 1,014,700 1,185,824 171,124 117% Taxes-Property Transfer 800,000 550,000 686,263 136,263 125% Loan/Bond/Lease Proceeds - 7,544 9,874 2,330 131% Transfer In - - 2,584 2,584 0% Total Revenue 69,391,687$ 67,669,055$ 77,673,870$ 10,004,815$ 115% Use of Unassigned Fund Balance - 6,428,567 - Total Revenue Sources 69,391,687$ 74,097,622$ 77,673,870$ FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Expended
thru 06/30/2024
Expenditures
Personnel Costs 47,417,310$ 49,139,617$ 46,580,054$ (2,559,563)$ 95% Operations & Maintenance 12,726,798 16,408,822$ 13,154,044 (3,254,778) 80% Capital Outlay 1,349,126 1,501,675$ 794,041 (707,633) 53% Allocations 6,561,200 5,977,164$ 5,287,002 (690,162) 88% Transfer Out 1,070,344 1,070,344$ 965,374 (104,971) 90% Total Expenditures 69,124,778$ 74,097,622$ 66,780,515$ (7,317,107)$ 90% Contribution to Unassigned Fund Balance 266,909 - 10,893,355 Total Expenditures Uses 69,391,687$ 74,097,622$ 77,673,870$
GENERA L FUND
General Fund Results
Fiscal Year 2023/24 Year- End Budget Update
4 FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Received
thru 06/30/2024
Revenue
Taxes-Property 14,043,949$ 14,562,805$ 16,391,638$ 1,828,833$ 113% Other Misc Revenue 951,534.9 1,489,289 1,599,411 110,122 107% Charges for Services 504,426.0 642,730 678,176 35,446 106% Special Assessments 1,577,711.0 1,577,711 1,548,599 (29,112) 98% License/Permit Fees 10,500.0 10,500 14,421 3,921 137% Loan/Bond/Lease Proceeds - - 6,800 6,800 0% Transfer In 6,960,508.8 7,131,187 3,954,583 (3,176,604) 55% Total Revenue 24,048,630$ 25,414,222$ 24,193,627$ (1,220,595)$ 95% Use of Unassigned Fund Balance - 110,793 - Total Revenue Sources 24,048,630$ 25,525,015$ 24,193,627$ FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Expended
thru 06/30/2024
Expenditures
Personnel Costs 19,839,749$ 21,420,951$ 19,386,815$ (2,034,135)$ 91% Operations & Maintenance 2,378,921.0 2,409,424 2,407,707 (1,717) 100% Allocations 1,829,960.0 1,694,640 1,481,100 (213,540) 87% Total Expenditures 24,048,630$ 25,525,014$ 23,275,622$ (2,249,392)$ 91% Contribution to Unassigned Fund Balance - - 918,005 Total Expenditures Uses 24,048,630$ 25,525,014$ 24,193,627$
FIRE DISTRICT
Fire District Fund Results
Fiscal Year 2023/24 Year- End Budget Update
• Property Taxes came in 13%,
or $1.8 Million, over what was
anticipated
• Personnel Costs came in 9%,
or $2 Million, under Budget
• Due to the increase in
Revenues and Decrease in
Expenditures Operating
Transfers were lower than
expected.
5 FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Received
thru 06/30/2024
Revenue
Special Assessments 1,927,712$ 1,927,712$ 2,087,154$ 159,442$ 108% Charges for Services 520,125 548,125 687,193 139,068 125% Other Misc Revenue 147,135 155,635 218,112 62,477 140% Transfer In 2,945,577 2,945,577 2,166,490 (779,087) 74% Total Revenue 5,540,549$ 5,577,049$ 5,158,948$ (418,101)$ 93% FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Expended
thru 06/30/2024
Expenditures
Personnel Costs 2,030,685$ 2,139,815$ 1,739,131$ (400,683)$ 81% Operations & Maintenance 3,253,088 3,334,993 3,392,133 57,141 102% Capital Outlay 68,000 68,000 12,870 (55,130) 19% Allocations to Landscape Districts (671,163) (671,163) (803,052) (131,889) 120% Allocations - ISF/Liability 588,610 547,260 481,771 (65,489) 88% Total Expenditures 5,269,219$ 5,418,904$ 4,822,853$ (596,051)$ 89% Contribution to Unassigned Fund Balance 271,330 158,145 336,095 Total Expenditures Uses 5,540,549$ 5,577,049$ 5,158,948$
COMMUNITY SERVICES DISTRICT
CSD Fund Results
Fiscal Year 2023/24 Year- End Budget Update
Special Assessments
• 8% or $159,442 Over Budget
Charges for Services
• 25% or $139,068 Over Budget
Transfer In
• 26% or $779,087 Under Budget
Personnel Costs
• 19% or $400,683 Under Budget
Allocations/Internal Service Charges
• 20% or $131,889 Additional Savings
6 Library Fund Results
Fiscal Year 2023/24 Year- End Budget Update
Property Taxes
• Came in 12%, or $313,491, over the
Amended Budget
Other Misc. Revenues
• Came in 60%, or $51,436, over the
Amended Budget
Operations & Maintenance
• Ended 10%, or $83,421, under the
Amended Budget
FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Received
thru 06/30/2024
Revenue
Taxes-Property 2,424,794$ 2,533,814$ 2,847,305$ 313,491$ 112% Other Misc Revenue 95,200 85,700 137,136 51,436 160% Charges for Services 14,300 18,750 22,497 3,747 120% Transfer In 143,773 143,773 783 (142,990) 1% Total Revenue 2,678,067$ 2,782,037$ 3,007,720$ 225,684$ 108% Use of Unassigned Fund Balance 635,214 514,896 122,620 Total Revenue Sources 3,313,281$ 3,296,933$ 3,130,340$ FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Expended
thru 06/30/2024
Expenditures
Personnel Costs 2,036,462$ 2,038,862$ 2,000,982$ (37,881)$ 98% Operations & Maintenance 819,908 851,551 768,130 (83,421) 90% Capital Outlay 26,000 1,369 - (1,369) 0% Allocations 430,910 405,150 361,228 (43,922) 89% Total Expenditures 3,313,280$ 3,296,933$ 3,130,340$ (166,593)$ 95%
LIBRA RY
7 FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Received
thru 06/30/2024
Revenue
Taxes-Sales Tax 30,524,800$ 28,502,440$ 28,226,552$ (275,888)$ 99% Transfer In - 239,040 239,040 - 100% Total Revenue 30,524,800$ 28,741,480$ 28,465,592$ (275,888)$ 99% FY 2023/24
Adopted
Budget
FY 2023/24
Amended
Budget
YTD thru
06/30/2024
Variance
Amount
% Expended
thru 06/30/2024
Expenditures
Personnel Costs 11,582,288$ 12,137,408$ 12,155,639$ 18,231$ 100% Operations & Maintenance 2,890,475 2,886,549 2,143,992 (742,557) 74% Capital Outlay 1,172,659 2,405,017 2,505,483 100,466 104% Allocations 797,270 672,110 577,097 (95,013) 86% Transfer Out 10,049,859 10,049,859 5,950,395 (4,099,464) 59% Total Expenditures 26,492,551$ 28,150,943$ 23,332,605$ (4,818,337)$ 83% Contribution to Unassigned Fund Balance 4,032,249 590,537 5,132,986 Total Expenditures Uses 30,524,800$ 28,741,480$ 28,465,591$ MEASURE TMeasure T Fund Results
Fiscal Year 2023/24 Year- End Budget Update
• Sales Tax for Measure T ended at
99% of the Amended Budget
• Operating Transfers Out were
lower than anticipated
8 Changes in Unassigned Fund Balances
Fiscal Year 2023/24 Year- End Budget Update
9 Fund
Beg.
Unassigned
Fund Bal., 7/1/23
End. Unassigned
Fund Bal., 6/30/24
Contribution/(Use)
of Unassigned Fund
Balance
General Fund 37,055,337 34,483,419 (2,571,918) Measure T 31,212,827 14,473,840 (16,738,987) Fire District Fund (52,575) 865,430 918,005 CSD Fund 99,506 435,602 336,095 Library Fund 640,303 517,683 (122,620) Total 68,955,399 50,775,974 (18,179,425) Fiscal Year 2023/24
Changes in Unassigned Fund Balances
Fiscal Year 2023/24 Year- End Budget Update
10 Summary By Fund CIP PO Carryover
Operating PO
Carryover
Total Carryover
Request
General Fund (110) 5,265$ 1,072,874$ 1,078,139$ Measure T (111) 130,110 80,228 210,339 Fire District (151) - 73,424 73,424 Community Service District (171) - 12,818 12,818 Information Services (726) - 188,413 188,413 Sum of All other Funds 3,694,722 204,779 3,899,501 Grand Total 3,830,098$ 1,632,537$ 5,462,634$ Carryover Request
Fiscal Year 2023/24 Year- End Budget Update
• Fire District appropriation of $230,305.37 for AMR Enhancement expenditures budget
11 Operating Reserves Balances
Fiscal Year 2023/24 Year- End Budget Update
11 Policy 100-11
• Fund Balance and Reserve Policy
• Established Reserves
• 25% Operating Reserve
• 30% Reserve Target
• $1.8 million contribution from
Measure T Fund Unassigned
Fund Balance.
• FY 2024/25 Mid-Year Budget
Update
Reserve Balance
Reserve
Level
General Fund 21,250,000 28.2%
Measure T Fund 5,275,784 30.7%
Fire District Fund 7,425,024 28.2%
CSD Fund 1,631,039 29.3%
Library District Fund 1,016,788 28.1%
Total 36,598,634$
FY 2024/25
Operating Reserve Balance
Future Actions
• January 2025 (tentative) Fiscal Year 2023/24 Annual Comprehensive Financial Report and Single Audit Report
• March 2025 Fiscal Year 2024/25 Mid-Year (2nd Quarter) Budget Update • May 2025 Fiscal Year 2024/25 3rd Quarter Budget Update • December 2025 Fiscal Year 2025 Year-End (4th Quarter) Budget Update Biennial Budget Development for FY 2025/26 and 2026/27
• Dec 2024 Budget Development Process
• April/May 2025 Budget Workshop
• June 2025 Adoption of Proposed Budget
Fiscal Year 2023/24 Year- End Budget Update
12 Recommended Actions
• Accept this Year-End Budget Update Report;
• Amend the Fiscal Year 2024/25 Operating Budget to include the Fiscal Year 2023/24 Carryover Requests; and
• Amend the Fiscal Year 2024/25 Operating Budget to include an appropriation of $230,305.37 for the Fire District.
Fiscal Year 2023/24 Year- End Budget Update
13