CITY OF SANTA MARIA
FY 2023-24 Quarter 4 Financial Report
August 20, 2024
Receive and file the Financial Report for the Forth
Quarter Ending June 30, 2024.
Council Action
1. Economic Outlook
2. General Fund & Measure U Rev/Exp Trends
4. Enterprise Funds Rev/Exp Trends
Economic Outlook
US Economy grew at 2.8% compared
to 1.6% in the first three months of
2024. The growth was 3.4% in Q4 of
2023.
US Unemployment rose to 4.2%
compared to 3.8% reported last
quarter.
US Inflation was at 3.0% in June.
Federal Reserve is expected to
continue to lower rates into 2026.
General Fund & Measure U
Key Revenue Trends
GENERAL FUND
(in millions)
Adopted
Budget
Current
Budget
Year-End
Estimates
2023-24
Actual
Percent of
Current Budget
Revenues & Transfers In
Sales Tax $ 32,188 $ 32,188 $ 31,057 $ 31,825 98.9%
Property Tax 25,696 25,696 25,696 26,724 104.0%
Hotel/Bed Tax 4,273 4,273 4,273 3,987 93.3%
Licenses, Permits & Fees 3,104 3,104 3,601 3,684 118.7% All Other Revenues 25,575 26,078 25,684 26,985 103.5% Total Revenues & Transfers In $ 90,836 $ 91,339 $ 90,311 $ 93,205 102.0%
Expenses & Transfers Out
Staffing $ 62,492 $ 62,761 $ 59,725 $ 59,863 95.4%
Contracts & Services 10,819 12,317 12,376 12,006 97.5% Materials & Supplies 4,306 5,041 4,925 4,827 95.7% Maintenance & Operations 9,210 9,226 9,222 9,173 99.4% Capital Outlay 5 1,095 1,015 1,051 96.0%
Debt Service 267 267 267 267 100.0%
Transfers 3,737 6,052 4,283 4,757 78.6%
Total Expenses & Transfers Out $ 90,836 $ 96,759 $ 91,813 $ 91,944 95.0%
Key Expenditure Trends
• Transfers Out: Under budget by 21.4 percent due to
less need for the General Fund to subsidize Library
operations.
• Fire: Under budget by 11.1 percent, or $1.3 million,
due to vacancies and fewer mutual aid responses
resulting in lower overtime costs, as well as timing of some capital purchases. A promotional recruitment
to fill vacant Battalion Chief, Captain, and Engineer
positions has been tentatively scheduled.
• Staffing: Under budget by 4.6 percent through the fourth quarter, due to vacancies mostly experienced in the Police Department. Recruitments of lateral and entry positions continue to be the D ’ focus to fill 28 vacancies.
Revenue Trend Compared to Prior Year
Fiscal Year 2023-24 Fiscal Year 2022-23
Expenditure Trend Compared to Prior Year
Fiscal Year 2023-24 Fiscal Year 2023-24
Measure U
MEASURE U FUND
(in millions)
Adopted
Budget
Current
Budget
Year-End
Estimates
2023-24
Actual
Percent of
Current Budget
Revenue $ 26,886 $ 26,886 $ 25,881 $ 26,546 98.7%
Expenses
Community Development $ 963 $ 963 $ 963 885 91.9%
’ O 189 189 189 162 85.7%
Finance 3 3 3 3 100.0%
Library 1,188 1,232 1,221 1,227 99.6%
Recreation & Parks 3,590 3,692 3,692 3,333 90.3%
Fire 17,889 21,449 19,405 19,536 91.1%
Police 12,268 13,090 13,099 12,237 93.5%
Total Expenses $ 36,090 $ 40,618 $ 38,572 $ 37,383 92.0%
Through June, Measure U expended 90 percent on Public
Safety, 5 percent on Youth Services, and 5 percent on
Quality of Life.
Enterprise Funds
Water & Wastewater
• Revenues increased 6.0 percent, or $3.5
million, compared to the prior year due
to higher revenues generated through
sales of metered water.
• Expenses are $5.5 million more than last
year primarily due to an increase in debt
service payments as well as payments to
the Central Coast Water Authority.
• Through the fourth quarter, Water and
Wastewater operational expenses are
under budget by 11.2 percent due to
personnel savings from vacant positions
and timing of maintenance and
contractual agreements.
Solid Waste
• Through the fourth quarter, Solid Waste
revenues exceeded expenditures by
$760 thousand.
• Operational costs are under budget by
9.6 percent, or $3.4 million.
Public Transit
• Fare revenue through the fourth quarter
is approximately $626 thousand, which is
about $19 thousand more than last year.
This difference is attributed to an
increase in ridership.
• The farebox ratio through June 30, 2024,
is 8.1 percent based on fares received
and operating expenses recorded to
date.
Receive and file the Financial Report for the Forth
Quarter Ending June 30, 2024.
Council Action