Fiscal Year 2023/24 Year-End
Budget 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 Received After Agenda Printed
12/03/2024 - Regular Meeting
DISCUSSION - Item No. 12
Presentation
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
GENERAL 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%
LIBRARY
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 T Fund Results MEASURE T
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