Attachment No. 3
CITY OF POMONA
Fiscal Year 2023
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24 Mid Year Summary
50% Complete
Fiscal Year 2023
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24 General Fund Revenue
Mid Year Summary
General Fund Revenues
• Property Tax – $89k Increase vs. Budget
• Includes Property Tax, Property Tax In-Lieu of VLF, and Prior Year Supplemental. Large portion of revenue received
December to June.
• Sales Tax – $691k Increase vs. Budget
• Three sources; a 1.0% share of local sales, the recently approved 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) – $2.2M Increase vs. Budget
• Collected on water, gas, electricity & telephone services • Rate increases for electricity & increased cost of gas General Fund Revenues (cont.)
• Other Taxes - $1.4M Increase vs. Budget
• Other taxes include Business Licenses,
Transient Occupancy Tax, Property
Transfer Tax, Cannabis Tax, and Franchise
Fees
• Other Sources - $131k Decrease vs Budget
• All Other Sources include Fees, Licenses,
Permits and Revenue from Use and
Property categories; ARP Funds
Fiscal Year 2023
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24 Mid Year
Expenditure By Category Summary
Fiscal Year 2023
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24 Mid Year By Department
General Fund Appropriation and
Revenue Estimate Requests
+$700k City Manager Contract Closeout (Administration)
+$306k Building and Safety Contract (Dev Svcs)
+$400k for corresponding revenue adjustment
+$250k Memorandum of Agreement (MOA)
(Police/Finance)
+$250k for corresponding revenue adjustment
General Fund Revenue Estimate and CIP
Amendment Requests
Revenue
+ $2.2M Utility Users Tax(Electricity and Gas)
+ $500k Transient Occupancy Tax (TOT)
+ $500k Business License
CIP Amendments
+$525k City Hall Complex Remodel and Flooring CIP
Project No.74115
($500k) Civic Center Plaza CIP Project No.71063
General Fund
Fund Balance
ITEM
2023-24
BUDGET
Fund Balance FY 2022-23 (Based on Annual Audit) 62,959,951 Total Amended Revenue to Date 155,861,464
Total Amended Expense to Date (160,770,750)
Net Total To Date (Revenue/Expenditures) (4,909,286)
Total Request at March 18, 2024 City Council Meeting 2,198,457 Anticipated 2023-24 Surplus Budgeted To Date (2,710,829) Updated Budgeted Fund Balance FY 2023-24 60,249,122
Estimated Committed Fund Balance Per Policy (23%) 37,364,027 Non
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General Fund
Appropriation and Revised Revenue
Requests
+ $50k Traffic Offender Fund (Police)
+ $9k Wellness Grant (Police)
- Corresponding Revenue Estimate
+ $46k State Homeland Security Grant (Police)
- Corresponding Revenue Estimate
+ $50k Public Art Fund (Development Services)
Non
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General Fund
Administrative Cleanup Items
(2) Administrative Cleanup Items
- Asset Forfeiture Fund reorganization (Police)
- January 22, 2024 Agenda Item #4 – Cleanup of Funds
budgeted to move budgets to correct funds Measure H
and Miscellaneous Grant (Neighborhood Services)
Summary
• Staff is recommending the City Council adopt the amendments proposed for the General Fund:
• 7 Revised Revenue and/or Appropriation changes (GF)
• 4 Revised Revenues and/or Appropriators Changes (NGF) • 2 CIP Amendments that impact current CIP projects
• 2 Administrative Cleanup Items
• General Fund recommendations included herein will result in impact to the General Fund Budget with a Deficit of $2.7M • A $1.2M deficit could materialize based on year end projections • The General Fund will exceed the 23% policy requirement FY 2023
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24 Mid Year Budget
Conclusion
• The National economy will be closely monitored for any impacts to the City’s revenues and trends
• The City’s Fiscal and Financial Polices have been revised and these practices will be addressed in the upcoming budget as well via a report focusing on the FY 2022-23 Unassigned Fund Balance. Both actions will continue to help the City address long-term financial 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 2023-24 as projected
FY 2023
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24 Mid Year Budget
Conclusion
• Finance Department will continue to apprise the Mayor and City Council of any significant financial impacts. Items to note in the coming months:
• March 25th - FY 2024- 25 Budget Preview Study Session; Presentation & Resident Feedback (7:00pm)
• April 3rd - FY 2024-25 Budget Preview Study Session; Presentation & Resident Feedback (3:00pm)
• May 13th - FY 2024-25 Budget Study Session – Proposed Budget (7:00pm)
• June 3rd – Public Hearing – Regular City Council Meeting - Adoption of the FY 2024-25 Budget
FY 2023
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24 Mid Year Budget
Conclusion