Attachment No.2
CITY OF POMONA
Fiscal Year 2021
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22 Mid Year Summary
50% Complete
Fiscal Year 2021
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22 Mid Year Summary
General Fund Revenues
• Property Tax – $ 1.2M Increase vs. Budget
• Includes Pr operty Tax, Property Tax In-Lieu of VLF, and Prior Year Supplemental. Large portion of revenue received
December to June.
• Sales Tax – $ 2M Increase vs. Budget
• Three sources; a 1.0% share of local sales, the recently a
pproved Transactions and Use Tax at .75% (Measure PG) and allocations of Public Safety Augmentation Fund (PSAF) sales tax from the County.
• Utility Users Tax (UUT) – Al igned with Budget
• Collected on water, gas, electricity & telephone services • UUT T elecom continues to trend low due to less landlines General Fund Revenues (cont.)
• Other Taxes - $2.7M Increase vs. Budget
• Other taxes include Business Licenses,
T
ransient Occupancy Tax, Property
Transfer Tax, Cannabis Tax, and Franchise
Fees
• Other Sources - $2.4M Increase vs Budget
• All Other Sources include Fees, Licenses,
P
ermits and Revenue from Use and
P
roperty categories
Fiscal Year 2021
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22 Mid Year
Expenditure By Category Summary
Fiscal Year 2021
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22 Mid Year By Department
General Fund Appropriation and
Revenue Estimate Requests
+$211k Series BC Debt Payment – Transfer from DIF
+$20k Fiscal and Financial Policy Update
-$625k Redistribution of ARP Funds to NGFs for MOU
agreements (Corresponding Revenue Adjustment)
+$800k Building and Safety Contract
+$1.2M for corresponding revenue adjustment
General Fund
Fund Balance
Staffing Changes
Changes to the City’s Authorized Staffing Level:
Finance Department
Reclassification of 1.00 Senior Accounting Technician to Senior Administrative Assistant ; Cost $1.6k
Non General Fund
Appropriation and Revised Revenue
Requests
+$44k Appropriation for Public Works Traffic Operations Emergency Repairs
+$625k Redistribution of ARP Funds to NGFs from the GF for MOU agreements (Corresponding Revenue Adjustment)
FY 2021
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22 Mid Year Budget
Conclusion
• Staff is recommending the City Council adopt the amendments pr
oposed for the General Fund:
• 4 Revised Revenue and/or Appropriation changes (GF)
• 2 Revised Revenues and/or Appropriators Changes (NGF) • 1 Update to the City’s Authorized Staffing level
• General Fund recommendations included herein will result in impact to the General Fund Budget with a Surplus of $1.5M • As much as a $12M surplus could materialize based on year end projections (Includes the $6.8M budgeted from ARP)
• The General Fund will exceed the 17% policy requirement FY 2021
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22 Mid Year Budget
Conclusion
• The National economy will be closely monitored for any impacts to the City’s revenues and trends
• City Fiscal and Financial Polices will be reviewed and revised were necessary to instill practices to help the City’s long-term needs
• All City Departments will continue to operate within budget & will monitor expenditures, All revenues will need to come in on target or above projections to end the Fiscal Year 2021-22 as projected.
FY 2021
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22 Mid Year Budget
Conclusion
• Finance D epartment will continue to apprise the Mayor and City Council of any significant financial impacts . Items to note in the coming months:
• March 30th - FY 2022- 23 Budget Preview Presentation & Citizen Feedback (7pm)
• April 1st - FY 2022-23 Budget Preview Presentation & Citizen Feedback (3pm)
• May 9th - FY 2022-23 Budget Study Session – Proposed Budget • June 6th – Public Hearing – Adoption of the FY 2022-23 Budget FY 2021
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22 Mid Year Budget
Conclusion