Fiscal Year 2023/24 Second
Quarter Budget Update
Presented by Jennifer Terry, Finance Manager
Geovanny Calvopina, Financial Analyst
March 5, 2024, City Council Meeting, Agenda Item No. 8
Received After Agenda Printed
03/05/2024 - Regular Meeting
Item 8 Staff Presentation
Overview
• 1st Year of the Biennial (two-year) Budget
• Personnel Changes
• Approve the Updated Schedule of Authorized Positions List • Year-to-Date Revenues & Expenditures (7/1/23-12/31/23) • Request to Appropriate Measure T Repair Reserves for CIP 21035 • Future Financial Updates
Fiscal Year 2023/24 Second
Quarter Budget Update
Personnel Changes
Fiscal Year 2023/24 Second Quarter Budget Update
Dept. Title FY 24 Changes FY 25 Changes
ADMINISTRATIVE MANAGER 1 -1
ASSISTANT TO CITY MANAGER 1
RISK SPECIALIST -1
RISK MANAGEMENT TECHNICIAN 1
DSD / Building & Safety
MANAGEMENT ANALYST -1
DEVELOPMENT SERVICE TECHNICIAN 1
P/T INTERN 0.5
DSD / Code Enforcement
CODE ENFORCEMENT SUPERVISOR -1
CODE ENFORCEMENT MANAGER 1
Finance
FINANCIAL ANALYST -1
P/T CASHIER -0.5
Fire Operations
FIRE PREVENTION BATTALION CHIEF (TRAINING) -1
DIVISION CHIEF 1
Fire Prevention
DEPUTY FIRE MARSHAL -1
DEVELOPMENT SERVICES TECHNICIAN 1
Police Support
MANAGEMENT ANALYST -1
SR. MANAGEMENT ANALYST 1
Public Works / Engineering
PW INSPECTOR -1
PARKS & LANDSCAPE INSPECTOR I 1
Public Works / Maintenance
DIRECTOR OF MUNICIPAL SERVICES 1
Library
MANAGEMENT ANALYST TRAINEE -1
ASSISTANT MANAGEMENT ANALYST 1
Total Changes for Mid-Year Budget 1.5 -0.5
City Manager
ASD / HR & Risk
Citywide Overview- Revenue & Expenditures
Fiscal Year 2023/24 Second Quarter Budget Update
FY 2023/24
Adopted Budget
FY 2023/24
Amended Budget
YTD thru
12/31/23
% Received
thru 12/31/23
Revenues
Taxes-Sales Tax $ 58,450,800 $ 58,450,800 $ 18,120,998 31% Taxes-Property 29,257,137 29,257,137 8,838,295 30%
Charges for Services 21,700,469 21,700,469 7,775,936 36% Other Misc Revenue 15,904,960 23,520,037 18,851,131 80% Special Assessments 11,604,336 11,604,336 176,000 2%
Taxes-VLF/Property Tax Comp 9,830,800 9,830,800 - 0%
Tax-Special Tax 9,674,724 9,674,724 4,879 0%
Taxes-Franchises 4,710,000 4,710,000 848,455 18%
Taxes-Other 4,049,700 4,049,700 1,361,463 34%
Taxes-Transient Occupancy Tax 3,955,000 3,955,000 673,986 17% License/Permit Fees 1,918,875 1,918,875 1,068,108 56%
Taxes-Business Licenses 1,014,700 1,014,700 520,331 51% Taxes-Property Transfer 800,000 800,000 206,675 26%
Loan/Bond/Lease Proceeds - - 7,544 100%
Total Revenue $ 172,871,501 $ 180,486,578 $ 58,453,802 32% FY 2023/24
Adopted Budget
FY 2023/24
Amended Budget
YTD thru
12/31/23
% Used
thru
12/31/2023
Expenditures
Personnel Costs $ 89,591,715 $ 95,279,475 $ 40,742,143 43% Operations & Maintenance 58,264,963 67,863,037 30,178,239 44% Capital Outlay 2,615,785 13,653,367 3,256,181 24%
Allocations 9,859,971 9,859,971 4,927,835 50%
Total Expenditures $ 160,332,434 $ 186,655,851 $ 79,104,398 42% Contribution to/(Use of) Fund
Balance $ 12,539,067 $ (6,169,273)
CITYWIDE
• 32% of Revenue Budget Collected to
Date
• Most Significant Revenue Sources
• Certain Revenues are Collected
Periodically Throughout the Year
Citywide Overview- Revenue Year-to-Date
Fiscal Year 2023/24 Second Quarter Budget Update
FY 2023/24
Adopted Budget
FY 2023/24
Amended Budget
YTD thru
12/31/23
% Received
thru 12/31/23
Revenues
Taxes-Sales Tax $ 58,450,800 $ 58,450,800 $ 18,120,998 31% Taxes-Property 29,257,137 29,257,137 8,838,295 30%
Charges for Services 21,700,469 21,700,469 7,775,936 36% Other Misc Revenue 15,904,960 23,520,037 18,851,131 80% Special Assessments 11,604,336 11,604,336 176,000 2%
Taxes-VLF/Property Tax Comp 9,830,800 9,830,800 - 0%
Tax-Special Tax 9,674,724 9,674,724 4,879 0%
Taxes-Franchises 4,710,000 4,710,000 848,455 18%
Taxes-Other 4,049,700 4,049,700 1,361,463 34%
Taxes-Transient Occupancy Tax 3,955,000 3,955,000 673,986 17% License/Permit Fees 1,918,875 1,918,875 1,068,108 56%
Taxes-Business Licenses 1,014,700 1,014,700 520,331 51% Taxes-Property Transfer 800,000 800,000 206,675 26%
Loan/Bond/Lease Proceeds - - 7,544 100%
Total Revenue $ 172,871,501 $ 180,486,578 $ 58,453,802 32%
CITYWIDE
Revenue (Sales Tax)
Fiscal Year 2023/24 Second Quarter Budget Update
Citywide Overview- Revenue Types
Fiscal Year 2023/24 Second Quarter Budget Update
• 42% Expended
• Personnel Budget Includes
Several Unfilled Positions
• One Month Delay in Billing
for Services
• Timing of Expenditures
Varies throughout the Year
Citywide Overview- Expenditure Year-to-Date
Fiscal Year 2023/24 Second Quarter Budget Update
FY 2023/24
Adopted Budget
FY 2023/24
Amended Budget
YTD thru
12/31/23
% Used
thru
12/31/2023
Expenditures
Personnel Costs $ 89,591,715 $ 95,279,475 $ 40,742,143 43% Operations & Maintenance 58,264,963 67,863,037 30,178,239 44% Capital Outlay 2,615,785 13,653,367 3,256,181 24%
Allocations 9,859,971 9,859,971 4,927,835 50%
Total Expenditures $ 160,332,434 $ 186,655,851 $ 79,104,398 42%
CITYWIDE
Sustainability Reserves
Fiscal Year 2023/24 Second Quarter Budget Update
Estimated
Beginning
Fund Balance
Contribution to
Reserves
General Fund
Contribution to
Reserves
Measure T
Fund
Contribution to
Reserves
Information
Services Fund
Use of Reserves
General Fund
Use of
Reserves
Measure T
Fund
Use of Reserves
Information
Services Fund
Estimated
Ending Fund
Balance
General Fund Operating Reserves - 30% 16,795,491 3,620,839 - - - - - 20,416,330 Measure T Operating Reserves - 30% 3,812,350 - 1,120,458 - - - - 4,932,808 Fire District Operating Reserves - (FD) 3,787,453 - - - - - - 3,787,453 Fire District Operating Reserves - (MT) 1,817,745 - 1,609,391 - - - - 3,427,136 CSD Operating Reserves - (CSD) 1,039,015 - - - - - - 1,039,015 CSD Operating Reserves - (MT) 50,047 - 491,704 - - - - 541,751 Library District Operating Reserves - (LF) 747,833 - - - - - - 747,833 Library District Operating Reserves - (MT) - - 246,152 - - - - 246,152 Total Operating Reserves 28,049,933 3,620,839 3,467,705 - - - - 35,138,477 Economic Contingency (110) 4,510,443 45,273 - - - - - 4,555,716 Economic Contingency (111) 3,827,168 - - - - - - 3,827,168 Fleet Replacement (111) 1,153,000 300,000 - - - - 1,453,000 Fleet Replacement (110) - 2,000,000 2,000,000
Fire Fleet Replacement (111) 2,415,443 - 1,400,000 - - - - 3,815,443 Fleet Replacement (715) 1,015,909 - - - - - - 1,015,909 Total Fleet Replacement 4,584,352 2,000,000 1,700,000 - - - - 8,284,352 Information Services (726) 282,000 - - - - - 282,000
Total Information Services 282,000 - - - - - - 282,000
Facility Repair (111) 1,100,000 - 800,000 - - (533,000) - 1,367,000 CSD Facility Repair (111) 1,105,850 4,500,000 - - - - 5,605,850 CSD Facility Repair (110) 2,000,000 - 2,000,000
Fire Facility Repair (111) 35,000 900,000 - - - - 935,000 Fire Facility Repair (110) 1,000,000 1,000,000
Information Technology (110) - 1,000,000 - - - - - 1,000,000 Pension 115 Trust (PARS) (111) 3,000,000 2,000,000 5,000,000 Pension 115 Trust (PARS) (110) 2,000,000 2,000,000
OPEB 115 Trust (CERBT) (111) 1,000,000 - - - - 1,000,000 OPEB 115 Trust (CERBT) (110) - 1,000,000 - - - - 1,000,000 Continuing Operations (110) 6,000,000 (4,000,000) 2,000,000 Continuing Operations (111) 4,025,000 - - - - - 4,025,000 Totals 50,519,746 18,666,112 14,367,705 - (4,000,000) (533,000) - 79,020,563 Sustainability Reserves Fiscal Year 2023/24
Estimated Fund Balance
Fiscal Year 2023/24 Second Quarter Budget Update
Fund
Est. Beg.
Unassigned
Fund Bal., 7/1/23
Proposed
Amended
Revenues
Proposed
Amended
Transfers In
Proposed
Amended
Expenditures
Proposed
Amended
Transfers Out Capital Outlay
Use of
Reserves
Transfer to
Reserves
Est. End.
Unassigned Fund
Bal., 6/30/24
General Fund 36,610,663 69,542,037 - (74,455,055) (1,070,344) - 4,000,000 (18,666,112) 15,961,190 Measure T 16,794,503 30,524,800 - (18,726,806) (10,049,859) (1,701,289) 533,000 (14,367,705) 3,006,644 Fire District Fund (53,642) 17,088,121 7,131,187 (25,558,229) - - - - (1,392,563) CSD Fund (7,661) 2,594,972 2,945,577 (5,511,441) - - - - 21,448 Library Fund 640,303 2,534,294 143,773 (3,400,811) - - - - (82,441) Total 53,984,166 122,284,224 10,220,537 (127,652,341) (11,120,203) (1,701,289) 4,533,000 (33,033,817) 17,514,277 Fiscal Year 2023/24
Future Finance Updates
• April 2024 Fiscal Year 2022/23 Annual Comprehensive Financial Report (ACFR) • May 2024 Fiscal Year 2023/24 3rd Quarter Budget Update • December 2024 Fiscal Year 2024 Year-End (4th Quarter) Budget Update Fiscal Year 2023/24 Second Quarter Budget Update
Recommended Actions
• Accept and File the report;
• Establish appropriation using Measure T Facility Repair Reserves for CIP project 21035 in the amount of $83,000; and
• Approve the Updated Schedule of Authorized Positions List.
Fiscal Year 2023/24 Second Quarter Budget Update