Midyear
Financial Report
Midyear Review FY 2024-25
February 18, 2025
General Fund Revenue
by Category
Category Adopted
Budget
Proposed with
Midyear
Revisions
Increase/
(Decrease)
including Decision
Packages)
TAXES 79,697,278 82,215,919 2,518,641
CHARGES FOR SERVICES (excluding overhead) 10,608,427 10,668,631 24,140 FINES AND FORFEITURE 1,520,814 1,520,814 -
LICENSES AND PERMITS 2,571,453 2,571,453 -
INTERGOVERNMENTAL 195,000 195,000 -
USE OF MONEY/PROPERTY 3,411,107 3,375,043 -
OTHER REVENUES 2,574,836 2,574,836 -
INTERNAL REVENUE (overhead & transfers in) 18,074,945 19,002,920 927,975 Total including Transfers 118,653,860 122,124,615 3,470,755 Other Revenues: Donations, Reimbursements from other entities, Sale of Property Category
FY 24-25
Proposed
with
Midyear
Revisions
FY 24-25
Adopted
Budget
FY 23-24
Actuals
FY 22-23
Actuals
FY 21-22
Actuals
FY 20-21
Actuals
FY 19-20
Actuals
PROPERTY TAX 37,244,656 36,215,920 35,936,746 34,196,562 32,026,339 32,073,982 29,307,120 SALES AND USE TAX 11,000,000 11,000,000 10,822,480 11,036,523 11,813,896 10,018,216 9,716,883 UTILITY USERS TAX 8,500,000 8,500,000 8,481,267 9,166,031 8,024,511 6,713,480 6,824,873 TRANSIENT OCCUPANCY TAX 8,281,822 8,281,822 6,461,497 6,174,326 5,419,197 3,400,322 6,335,445 PROPERTY TAX IN LIEU OF VLF 10,045,976 8,933,867 9,716,017 9,214,586 8,653,149 8,376,189 7,897,811 OTHER 6,765,669 6,765,669 6,573,599 6,658,579 7,762,519 7,037,479 6,304,594 TOTAL 81,838,123 79,697,278 77,991,606 76,446,607 73,699,611 67,619,668 66,386,726 Annual % Change 4.9% 2.2% 2.0% 3.7% 9.0% 1.9%
Property Tax includes Secured, Unsecured, Homeowners Exemption, Property Tax Trust Fund Other includes: Taxes: Prop trans/Pub Safety Aug/ Franchise /Business License General Fund Revenue
Taxes
Category
Adopted
Budget
Adopted
Budget
(with year-end
carryover)
Proposed
with
Midyear
Revisions
Increase/
(Decrease)
(including
Decision
Packages)
PERSONNEL 45,669,362 46,638,140 46,638,140 -
FRINGE BENEFITS 16,657,107 16,657,107 16,657,107 -
MATERIALS AND SUPPLIES 3,234,608 3,296,714 3,296,714 -
EQUIPMENT M&0 900,257 907,493 907,493 -
CONTRACT AND SERVICE 8,426,846 9,215,103 9,373,103 158,000 INTERNAL SERVICE ALL 28,314,128 28,314,128 30,805,104 2,490,976 CAPITAL OUTLAY 25,110 75,410 75,410 -
OTHER FINANCING USES (transfers out) 15,880,783 15,880,783 15,880,783 - Total including Transfers 119,108,202 120,984,879 123,633,854 2,648,975 General Fund Expenditure
by Category
Revenue
• Taxes: $2.5 million
Property Tax ($1.2 million)
Property Tax in lieu of VLF ($1.3 million)
• Charges for Service: no net change
Parking meter & McCormick ambulance fees +$0.4 million Recreation fees: -$0.4 million
• Internal Services: $0.9 million
Total General Fund Recommendations: $3.47 million
Recommended Changes
General Fund
• Parking Meter Revenue Adjustment: $50,000
Credit card fees related to increased parking meter use/ supported by corresponding revenue
• Technology & Training Expense Account: $108,000
Building & Planning training & technology supported by corresponding revenue.
Total Recommendations: $158,000
Decision Packages
Other Funds
• Refuse Rates: no net increase (Solid Waste Fund)
Update for annual refuse rate adjustment; $68,434 revenue and expenditure increases
• Housing Legal Services: $25,000 (Housing Authority Fund) Provide legal services to assist with housing related complaints.
Total Recommendations: $25,000
Decision Packages
Internal Services
PLAN FY 23-24 FY 24-25 Delta %
BUILDING OCCUPANCY 3,316,653 3,922,105 605,452 18%
CITY FACILITY SEWER FEE 40,205 40,203 (2) 0%
EMERGENCY COMMUNICATIONS 3,319,752 3,756,442 436,690 13% INFORMATION TECHNOLOGY 3,884,302 4,571,602 687,300 18%
MAJOR FACILITY REPAIR 110,545 137,270 26,725 24%
OVERHEAD 13,809,418 14,737,393 927,975 7%
SELF-INSURANCE 6,760,350 7,548,944 788,594 12%
VEHICLE MAINT & REPAIR 4,790,708 4,904,917 114,209 2%
GRAND TOTAL ALL FUNDS 36,031,933 39,618,876 3,586,943 10% General Fund Spending
• Decision Packages: $158,000
• Internal Services: $2.5 million
Anticipated, cyclical plan increases
Proposed smoothing to Information Technology & Emergency Communications increases
Total General Fund Recommendations: $2.6 million
Recommended Changes
General Fund Estimated Fund Balance
Year-end Fund Balance
Before Midyear
$1,455,658
Proposed Revenue
Changes
Proposed Spending
Changes
Revised Estimated
Ending Fund Balance
$3,470,755
($2,648,975)
$2,277,437
FY 24-25 CIP Update
City Council
February 18, 2025
Total number of capital projects:120
Street improvements- 42
Public facility improvements- 26
Park improvements- 21
Waterfront improvements- 18
Drainage improvements- 6
Sewer improvements- 6
General improvements- 1
18 CIPs have been completed in FY 2024-25
Background
Sewer Projects Drainage Projects
Park Projects Street Projects
Waterfront Projects Public Facility Projects
General Improvement Projects
FY 2025 CIP Project Summary
FY 2024-25
Projects currently in Design 20
Projects currently in Procurement 12
Projects currently in Construction 11
Completed Projects (as of 2/13/25) 18
Expenditures (millions) $12.1 (as of 2/13/25)
CIP Projects FY 2025
Five-Year History
FY 2020-21 FY 2021-22* FY 2022-23 FY 2023-24 FY 2024-25 (as of 2-13-25) Total Projects 82 112 122 130 120
Projects in Design 18 26 21 20 20
Projects in Construction 13 10 22 30 11
Completed Projects 13 7 20 25 18
Expenditures (millions) 13.3 13.5 20.4 24.5 12.1
*Staffing down 20%
Note: Staffing Levels for CIP is
approximately 7 FTE
CIP Projects per Fiscal Year
$13.3 $13.5
$20.4
$24.5
$12.1
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25
(as of 2-13-
25)
millions
Expenditures by Fiscal Year
18 26 21 20 20
13 10 22 30
11 13 7
20 25
18 0
10 20
30 40
50 60
70 80
FY 2020-21 FY 2021-22* FY 2022-23 FY 2023-24 FY 2024-25 (as of 2-13-25)
Projects by Fiscal Year
Projects in Design Projects in Construction Completed Projects Budget Response Reports
BRR # BRR Name BRR
#
BRR Name
1 Light Pole Hardware & Banners 10 Non-residential Street Reconstruction 2 Waterfront Critical Infrastructure 11 Bronze Plaque Replacement 3 Crossing Guards 12 Lanakila Classic Fee Waiver
4 Parking Meter Permit Fee 13 Firefighter Personal Protective Equipment
5 Riviera Village Parking Meter
Revenue
14 Transient Occupancy Tax
6 Perry Park Baseball Field Fencing 15 July 4th Fireworks Celebration 7 Pier Parking Structure Upper Deck 16 Intersection Painting with New Logo 8 Bicycle Lanes Palos Verdes Blvd. 17 Dale Page Park Shade Structure 9 Street Sign & Traffic Signal Pole
Replacement
• Retain estimated year-end unallocated fund balance
Harbor Tidelands/ Uplands support
FY 2025-26 unfunded accrued liability payment
• Receive and file the Fiscal Year 2024-25 Midyear Budget Report and Associated Budget Response Reports
• Receive and file a Presentation on the Status of the City’s Capital Improvement Projects
• Adopt BY 4/5ths vote and by title only Resolution No. CC-2502- 007, a Resolution of the City Council of the City of Redondo Beach, California, modifying the budget for Fiscal Year 2024-25.
Recommended Actions