MID-YEAR BUDGET REPORT –
GENERAL FUND
FISCAL YEAR 2023-2024
OVERVIEW
Reports on actuals from 7/1/23 through 12/31/23
Year-end estimates based on mid-year actual
Review estimated fund balance at 6/30/24
2 FY 24 GENERAL
FUND
MIDYEAR
REVENUE
3 $49,720,082 or
36.3% of budget
*excluding transfers
Sales Tax
36%
Property Tax
33%
TOT
4%
Franchises, 1%
License and Permits
7%
Fines and Forfeitures
2%
Fees for Services
4%
Misc Revenues
2%
Use of Money and
Property, 2%
Revenue from Other
Agencies, 5%
Interfund Revenues
4%
Other
11%
FY 24 – GENERAL FUND REVENUES
CURRENT BUDGET VS. MIDYEAR
% RECEIVEDFY 24 MID-YEAR
ACTUAL
CURRENT
BUDGET
30.016,529,05055,024,850Property Tax
35.718,026,87050,438,051Sales Tax
41.52,221,2225,350,000Transient Occupancy Tax
13.8392,8532,852,060Franchises
46.53,272,587 7,040,474Licenses and Permits
37.8764,1652,023,320Fines and Forfeitures
71.31,043,0011,463,069Use of Money and Property
110.32,520,6082,286,340Revenues from Other Agencies
40.22,194,6575,463,736Fees for Service
70.9937,2531,322,704Miscellaneous Revenues
50.01,817,8163,635,631Interfund Revenues
36.349,720,082136,900,535TOTAL OPERATING REVENUES
4 0-3,863,281Transfers In
35.349,720,082140,763,816TOTAL REVENUES
FY 24 – GENERAL FUND REVENUES
YEAR END ESTIMATE
% CHANGEFY 24 YEAR-
END ESTIMATES
FY 23 UNAUDITED
ACTUALS
2.854,223,50052,761,606Property Tax
-0.250,010,60050,110,935Sales Tax
-2.05,960,0006,080,399Transient Occupancy Tax
8.82,852,0602,622,044Franchises
-9.96,289,6006,983,399Licenses and Permits
0.42,017,8002,008,770Fines and Forfeitures
-12.82,000,0002,294,788Use of Money and Property
193.53,627,0711,235,990Revenues from Other Agencies
-14.05,585,1006,491,550Fees for Service
-61.11,081,4002,779,559Miscellaneous Revenues
3.13,635,6313,526,228Interfund Revenues
0.3137,282,762136,895,267TOTAL OPERATING REVENUES
5 322,629,0002,000,000Transfers In
0.7139,911,762138,895,267TOTAL REVENUES
FY 24 GENERAL
FUND
MIDYEAR
EXPENDITURE
6 $ 65,619,439 or
46.1% of budget
*excluding transfers
Salaries and
Benefits -
Safety
58%
Salaries and
Benefits -
Non-Safety
19%
Contractual
Services
10%
Materials and
Supplies
2%
Misc Expenses
0.4%
Capital Outlay
<0.1%
Internal Service Costs
11%
FY 24 – GENERAL FUND EXPENDITURES
CURRENT BUDGET VS. MIDYEAR
% RECEIVEDMID-YEAR
ACTUAL
CURRENT
BUDGET
52.350,901,47997,281,513Salaries and Benefits
40.96,666,16616,307,804Contractual Services
34.2913,9582,669,845Materials and Supplies
63.1230,870365,700Miscellaneous Expenses
10.053,403536,349Capital Outlay
29.26,853,56323,472,851Internal Services Costs
0.0-1,713,000Debt Service
46.165,619,439142,347,062TOTAL OPERATING EXPENDITURES
7 0.0-1,363,281Transfers Out
45.765,619,439143,710,343TOTAL EXPENDITURES
FY 24 GENERAL
FUND
MIDYEAR
EXPENDITURE
8 $ 65,619,439
or 46.1% of
budget
*excluding transfers
Library Services
4%
Fire Department
26%
Police Department
43%
Public Works 7%
Community
Development 4%
Community
Services
8%
City Attorney 1%
City Clerk 1%
City Council
0.06%
City Manager
1%
Finance Department
3%
Human Resources
1%
Non-Departmental
1%
Administrative Services
8%
Mid Year Actual Expenditures by Department
FY 24 GENERAL
FUND
MIDYEAR
EXPENDITURE
9 $ 65,619,439
or 46.1% of
budget
*excluding transfers
76% 64%
84%
85%
47% 80% 51%
24%
36%
16%
15%
53% 20% 49%
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
Mid Year Actual Expenditures by Department
Salaries & Benefits Maintenance & Operations
FY 24 – GENERAL FUND EXPENDITURES
YEAR END ESTIMATE
% CHANGEF Y2 4 Y E A R
END ESTIMATE
FY 23 UNAUDITED
ACTUALS
6.499,918,54193,878,356Salaries and Benefits
1.114,754,53614,591,246Contractual Services
-24.01,967,9732,590,240Materials and Supplies
-52.1263,013548,951Miscellaneous Expenses
-65.1175,097501,255Capital Outlay
8.823,472,85121,566,017Internal Services Costs
-10.21,713,0001,908,256Debt Service
4.9142,265,011135,584,321TOTAL OPERATING
EXPENDITURES
10 -100.0-23,276,946Transfers Out
-10.4142,265,011158,861,268TOTAL EXPENDITURES
VARIANCEYEAR-END
ESTIMATE
CURRENT
BUDGET
-11,68711,687Est. Beginning Undesignated Fund
Balance – 7/1/23
382,227137,282,762136,900,535Revenues
(1,234,281)2,629,0003,863,281Transfers-In
(852,054)139,911,732140,763,816Total Revenues
82,051(142,265,011)(142,347,063)Expenditures
(350,000)(350,000)-Mid-Year Appropriation (Fuel)
(195,855)(195,855)-Mid-Year Appropriation (Elect.)
1,363,281-(1,363,281)Transfers-Out
899,477(142,810,866)(143,710,344)Total Expenditures
-1,736,5281,736,528Carryovers from FY 23
47,424(1,150,889)(1,198,313)Estimated Ending Fund Balance – 6/30/24
(76,991)(1,199,606)(1,122,615)Catastrophic Reserve Designation (29,567)(2,350,495)(2,320,928)
ESTIMATED
UNDESIGNATED FUND
BALANCE – 6/30/24
FUND BALANCE – GENERAL FUND
VARIANCEYEAR-END
ESTIMATE
CURRENT
BUDGET
-22,506,99722,506,997Beginning Reserve Balance at
7/1/24
76,9911,199,6061,122,615Increase/(Decrease) to Reserve
76,99123,706,60323,629,612
ESTIMATED
UNDESIGNATED FUND
BALANCE – 6/30/24
GENERAL FUND CATASTROPHIC
RESERVE BALANCE
RECOMMENDED ACTIONS
1. HOME to General Fund Transfers for expenses reimbursement for the Homeless Resource Center
2. Utilizing 553 Bond funding for recently awarded Administrative Services Building CIP project
3. Increase to Electricity in various City departments for City facilities 4-6. Allocate additional funding for Fuel and Gas expenses from various operating funds
7. Appropriation to cover liability claims for the remainder of the year
8. Appropriation to cover property damage expenses for the remainder of the year
9. Administrative costs associated with the management of Low & Moderate Income housing programs
10-13. Authorize changes to the City’s Schedule of Positions and amending related Resolutions to reflect revisions
13 FY 2024-25 BUDGET
TIMELINE
MAR APR MAY
21 st Budget Study
Session – General
Fund
16 th Budget
Study Session –
CIP
30 th Second
Strategic
Planning Session
14 th/28 th
Preliminary
Budget
14 JUNE
11 th Budget
Adoption
QUESTIONS
15