Fiscal Year 2022/23 Year- End
B
udget Update
Presented by Jennifer Terry, Finance Manager
Geovanny Calvopina, Financial Analyst
December 5, 2023, City Council Meeting, Agenda Item No. 14 Received After Agenda Printed
12/5/23 - Regular Meeting
Item 14- Staff Presentation
Overview
• Estimated Year-End Budget Results
• Estimated Ending Fund Balances
• Appropriation of Unassigned Fund Balance
• Carryover Requests
• Future Actions
Fiscal Year 2022/23 Year -End
Budget Update
Citywide Results
Fiscal Year 2022/23 Year- End Budget Update
FY 2022/23
Adopted
Budget
FY 2022/23
Amended
Budget
FY23 YTD
thru 6/30/23
Variance
Amount (S)
% Received
thru 6/30/23
Total Revenue 140,279,539$ 181,105,280$ 204,557,987$ 23,452,706$ 113% Total Expenditures 134,308,507$ 169,551,005$ 168,612,218$ (938,787)$ -1% Contributution To/(Use of) Fund Balance 5,971,032$ 11,554,276$ 35,945,768$
CITYWIDE
Citywide Revenue Results
Fiscal Year 2022/23 Year- End Budget Update
FY 2022/23
Adopted
Budget
FY 2022/23
Amended
Budget
FY23 YTD
thru 6/30/23
Variance
Amount (S)
% Received
thru 6/30/23
Revenues
Taxes-Sales Tax 40,683,000 51,716,500 55,317,537 3,601,037 107% Other Misc Revenue 15,418,762 35,731,877 38,786,727 3,054,850 109% Taxes-Property 27,454,867 27,859,574 31,678,533 3,818,960 114% Charges for Services 14,986,948 16,670,863 17,871,983 1,201,120 107% Transfer In 9,711,807 14,198,321 15,527,641 1,329,321 109% Special Assessments 11,229,745 11,229,745 11,360,911 131,166 101% Taxes-VLF/Property Tax Comp 9,301,070 9,638,000 10,186,630 548,630 106% Taxes-Franchises 3,968,420 4,705,100 4,960,011 254,911 105% Taxes-Other 2,955,663 2,955,663 2,815,689 (139,974) 95% Taxes-Transient Occupancy Tax 1,179,270 2,214,700 1,898,348 (316,352) 86% License/Permit Fees 1,618,857 1,814,688 2,352,370 537,682 130% Taxes-Business Licenses 730,330 920,000 928,285 8,285 101% Taxes-Property Transfer 660,800 900,000 576,080 (323,920) 64% Chrg for Svc-Waste Management 360,000 550,000 700,000 150,000 127% Chrg for Svc-ApplealslAdmin Fee - 250 50 (200) 20% Loan/Bond/Lease Proceeds 20,000 - 21,566 21,566 0% Tax-Special Tax - - 9,575,626 9,575,626 0% Total Revenue 140,279,539$ 181,105,280$ 204,557,987$ 23,452,706$ 113%
CITYWIDE
Revenue (Sales Tax)
Fiscal Year 2022/23 Year- End Budget Update
• Two Components of Sales Tax
Bradley Burns
Measure T
• Year-Over-Year Growth
Revenue (Other Major Revenues)
Fiscal Year 2022/23 Year- End Budget Update
• Other Misc. Revenues
• Property Taxes
• Special Taxes
FY 2022/23
Adopted
Budget
FY 2022/23
Amended
Budget
FY23 YTD
thru 6/30/23
Variance
Amount (S)
% Received
thru 6/30/23
Revenues
Other Misc Revenue 15,418,762 35,731,877 38,786,727 3,054,850 109% Taxes-Property 27,454,867 27,859,574 31,678,533 3,818,960 114% Tax-Special Tax - - 9,575,626 9,575,626 0%
CITYWIDE
Citywide Expenditure Results
Fiscal Year 2022/23 Year- End Budget Update
Personnel Costs
-1% or $790 thousand Under Budget
Operations & Maintenance (O&M)
-6% or $3.3 million Under Budget
-$2.9 million requested to be
Carryover into FY24
Capital Outlay
-11% or $921 thousand Over Budget
FY 2022/23
Adopted
Budget
FY 2022/23
Amended
Budget
FY23 YTD
thru 6/30/23
Variance
Amount (S)
% Used thru
6/30/23
Expenditures
Personnel Costs 76,991,369 78,767,913$ 77,977,434$ (790,479)$ -1% Operations & Maintenance 38,620,622 61,067,364$ 57,706,098$ (3,361,266)$ -6% Capital Outlay 1,941,740 8,144,818$ 9,066,436$ 921,618$ 11% Allocations 7,042,968 7,372,588$ 6,834,607$ (537,981)$ -7% Transfer Out 9,711,807 14,198,321$ 17,027,641$ 2,829,321$ 20% Total Expenditures 134,308,507$ 169,551,005$ 168,612,218$ (938,787)$ -1% Expenditures (Personnel)
Fiscal Year 2022/23 Year- End Budget Update
Personnel Costs
-Salaries & Wages
-Benefits
FY21 to FY22 = 8% Increase
FY22 to FY23 = 11% Increase
FY23 to Budgeted FY24 = 15% Increase
Carryover Request
Fiscal Year 2022/23 Year- End Budget Update
Summary by Fund
Revenue Budget-
Only Carryover
Expenditure
Budget-Only
Carryover
CIP PO
Carryover
Operating
PO
Carryover
Total
Carryover
Request
Community Services District (171) 76,872$ 76,872$ General Fund (110) 42,000 2,146,402 2,188,402$ Information Services (726) 250,000 7,984 257,984$ Measure T (111) 89,999 622,140 148,905 861,044$ Sum of All Other Funds 3,934,425 3,866,979 6,252,913 602,948 14,657,265$ Grand Total 3,934,425$ 4,248,978$ 6,875,053$ 2,983,110$ 18,041,566$ Changes in Unassigned Fund Balances
Fiscal Year 2022/23 Year- End Budget Update
Fund
Beg. Unassigned
Fund Bal., 7/1/22
Est. End. Unassigned
Fund Bal., 6/30/23
Contribution / (Use)
of Unassigned Fund
Balance
General Fund 25,843,991 36,610,663 10,766,672 Measure T 13,797,012 22,077,387 8,280,374 Fire District Fund 9,717 (53,642) (63,359) CSD Fund (43,628) (7,661) 35,968 Library Fund 657,380 640,303 (17,077) Total 40,264,472 59,267,050 19,002,578 Appropriation of Unassigned Fund Balance
Fiscal Year 2022/23 Year- End Budget Update
General Fund
-Proposal to allocate during
Mid-Year Budget Update (2nd
Quarter)
Measure T
FY 2022/23
Adopted
Budget
FY 2022/23
Amended
Budget
FY23 YTD thru
6/30/23
General Fund
Total Revenue 54,369,787$ 63,984,351$ 71,011,416$ Total Expenditures 56,810,893$ 63,704,349$ 60,336,744$ Contribution to/(Use of) Fund Balance (2,441,105)$ 280,003$ 10,674,672$ Measure T
Total Revenue 20,083,000$ 26,968,500$ 28,538,253$ Total Expenditures 19,557,299$ 22,245,159$ 19,125,561$ Contribution to/(Use of) Fund Balance 525,701$ 4,723,341$ 9,412,691$ Future Actions
• February 2024 Fiscal Year 2023/24 Mid-Year (2nd Quarter) Budget Update • February 2024 (tentative) Fiscal Year 2022/23 Annual Comprehensive Financial Report
• April 2024 Single Audit Report
• May 2024 Fiscal Year 2023/24 3rd Quarter Budget Update • December 2024 Fiscal Year 2024 Year-End (4th Quarter) Budget Update Fiscal Year 2022/23 Year- End Budget Update
Recommended Actions
• Accept this Year-End Budget Update Report
• Amend the Fiscal Year 2023/24 Operating Budget to include the Fiscal Year 2022/23 Rollovers
• Appropriate Unassigned Fund Balance
Fiscal Year 2022/23 Year- End Budget Update
Changes in Fund Balance Details
Fiscal Year 2022/23 Year- End Budget Update
Fund
Beg.
Unassigned
Fund Bal., 7/1/21
Actuals
Revenues
Actuals
Transfers In
Actuals
Expenditures
Actuals
Transfers Out
Actuals Capital
Outlay
Use of
Reserves
Transfer to
Reserves
Est. End.
Unassigned Fund
Bal., 6/30/22
General Fund 18,495,523 59,864,331 664,948 (52,476,087) (1,213,154) (230,212) - (592,000) 25,843,991 Measure T 14,491,599 28,538,175 (8,415,497) (5,729,146) (8,413,265) 2,119,000 (10,357,274) 13,797,012 Fire District Fund 445,554 16,765,684 3,389,144 (20,501,003) - (1,067) - - 9,717 CSD Fund 180,000 2,920,935 1,089,502 (4,126,898) - (107,167) - - (43,628) Library Fund 677,658 2,414,428 - (2,434,707) - - - 657,380 Total 34,290,335 110,503,553 5,143,595 (87,954,192) (6,942,300) (8,751,711) 2,119,000 (10,949,274) 40,264,472 Fund
Est. Beg.
Unassigned
Fund Bal., 7/1/22
Actuals
Revenues
Actuals
Transfers In
Actuals
Expenditures
Actuals
Transfers Out Capital Outlay
Use of
Reserves
Transfer to
Reserves
Est. End.
Unassigned Fund
Bal., 6/30/23
General Fund 25,843,991 70,969,884 41,532 (59,030,469) (1,306,275) - 92,000 - 36,610,663 Measure T 13,797,012 28,538,253 (13,093,289) (6,032,272) (3,853,458) 4,156,600 (1,435,459) 22,077,387 Fire District Fund 9,717 18,865,709 2,863,919 (21,792,987) - - - - (53,642) CSD Fund (43,628) 2,891,764 1,696,112 (4,551,908) - - - - (7,661) Library Fund 657,380 2,750,410 61,541 (2,829,028) - - - - 640,303 Total 40,264,472 124,016,019 4,663,104 (101,297,681) (7,338,547) (3,853,458) 4,248,600 (1,435,459) 59,267,050 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 - (72,197,282) (1,139,715) 98,000 (4,000,000) (18,620,839) 10,292,864 Measure T 22,077,387 30,524,800 (17,366,299) (10,082,199) (1,960,648) (450,000) (14,367,705) 8,375,336 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 (5,434,569) - - - - 98,319 Library Fund 640,303 2,534,294 143,773 (3,393,880) - - - (75,510) Total 59,267,050 122,284,224 10,220,537 (123,950,259) (11,221,914) (1,862,648) (4,450,000) (32,988,544) 17,298,446 Fiscal Year 2021/22
Fiscal Year 2022/23
Fiscal Year 2023/24