Year -End
Financial Report
Recommended Carryover from FY 2023-24 to FY 2024-25
October 15, 2024
General Fund Revenue Performance
FY 2023-24 Budget vs. Actual
Category
FY 23-24
Revised Budget
FY 23-24
Actuals Over / (Under)
TAXES 77,079,429 77,991,606 912,177
CHARGES FOR SERVICES 22,519,324 23,865,911 1,346,586
FINES AND FORFEITURE 1,312,392 1,230,559 (81,833)
LICENSES AND PERMITS 2,412,453 2,386,210 (26,243)
INTERGOVERNMENTAL 195,000 186,830 (8,170)
USE OF MONEY/PROPERTY 3,243,743 3,477,451 233,708
OTHER FINANCING SOURCE 1,750,927 1,653,179 (97,748)
OTHER REVENUES* 2,273,106 2,096,393 (176,713)
Total 110,786,374 112,888,138 2,101,763
*Includes: Donations / Reimbursements from other entities/ Sale of Property General Fund Revenue Performance –
Taxes (Historical)
FY 23-24
Actuals
FY 22-23
Actuals
FY 21-22
Actuals
FY 20-21
Actuals
FY 19-20
Actual
FY 18-19
Actuals
PROPERTY TAX 35,936,746 34,196,562 32,026,339 32,073,982 29,307,120 26,691,316 SALES AND USE TAX 10,822,480 11,036,523 11,813,896 10,018,216 9,716,883 10,185,208 UTILITY USERS TAX 8,481,267 9,166,031 8,024,511 6,713,480 6,824,873 6,928,129 TRANSIENT OCCUPANCY TAX 6,461,497 6,174,326 5,419,197 3,400,322 6,335,445 9,172,934 PROPERTY TAX IN LIEU OF VLF 9,716,017 9,214,586 8,653,149 8,376,189 7,897,811 7,150,801 *OTHER 6,573,599 6,658,579 7,762,519 7,037,479 6,304,594 6,987,158 TOTAL 77,991,606 76,446,607 73,699,611 67,619,668 66,386,726 67,115,545 *Property Tax includes Secured, Unsecured, Homeowners Exemption, Property Tax Trust Fund
** Other includes: Taxes: Prop trans/Pub Safety Aug/ Franchise /Business License General Fund Expenditure Performance
FY 2023-24 Budget to Actual
Actuals do not include encumbrances
*Includes: Transfers Out
Category
FY 23-24
Revised Budget
FY 23-24
Actuals (Over)/ Under
PERSONNEL 43,542,372 42,788,291 754,081
PERSONNEL DEBT - - -
FRINGE BENEFITS 16,284,289 16,268,752 15,537
MATERIALS AND SUPPLIES 2,965,867 2,470,199 495,668
EQUIPMENT M&0 769,155 707,620 61,535
CONTRACT AND SERVICE 9,147,972 6,140,129 3,007,842
INTERNAL SERVICE ALL 28,314,128 28,314,128 -
CAPITAL OUTLAY 3,731,289 296,592 3,434,697
*OTHER FINANCING USES 14,857,972 13,973,838 884,135
119,613,044 110,959,548 8,653,496
General Fund Constraints
Balance before
Adjustments
(preliminary)
• Total balance
Mandatory
Designations
&Transfers
• Prepaid Costs/ Notes & Loans ($151,194)
• Committed Items (8.33% Contingency) ($8,599,208)
Assigned Items
• Encumbrances ($2,130,355)
• Petty Cash ($10,450)
• Compensated Absences ($785,832)
• Assignments included in FY 24-25 Budget ($8,691,279)
• Carryover Assignments ($6,374,435)
Remaining
Available
Unassigned
Balance
$27,100,000
-$8,750,402
$357,248*
-$17,992,351
$18,349,598
*Total reflects rounding ($357,247.56)
Carryover Assignments Detail
General Fund Assignments:
FY 2023-24 to FY 2024-25 Amount
FY 2024-25 Anticipated Expenses to Fund with Year-end Savings (MOU commitments and other personnel costs) 998,280
Required Transfers for Harbor Tidelands and Uplands capital projects 1,493,620 Department General Fund Carryover Requests 701,284
Capital Projects Carryover 3,052,125
Donations Carryover (net $47,986 revenue/ $177,112 expenditures) 129,126 Total Proposed Assignments 6,374,435
Recommendations
• Take no action with remaining unallocated fund
balance.
• Adopt by 4/5ths Vote Resolution No. CC-2410-101
Authorizing the Re-budgeting of Departmental
Carryover Requests and Carryover Unexpended
Balances as of June 30, 2023 for Requests,
Donations, Grants, and Capital Projects
Next Steps
1) FY 2023-24 Annual Comprehensive Financial Report
(ACFR) – December 2024
2) FY 2024-2024-25 Midyear Budget – February 2025
▪ Revised General Fund constraints reflecting final ACFR ▪ Revenue, expenditure and fund balance midyear status evaluation ▪ FY 2024-25 revenue and expenditure proposed adjustments