CITY OF SANTA MARIA
FY 2024-25 Quarter 1 Financial Report
November 19, 2024
Council Action
1. Receive and file the Financial Report for
the First Quarter ending September 30,
2024.
2. Adopt a Resolution approving First
Quarter Amendments to the 2024-25
Budget for personnel and operational
changes.
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 3.0 % in the second quarter of
2024, primarily reflecting an increase in
consumer spending.
US Unemployment dropped to 4.1%
compared to 4.2% reported last
quarter.
US Inflation was at 2.4% in September.
Down from a peak of 9.1% in 2022.
General Fund & Measure U
Key Revenue Trends
GENERAL FUND
(in thousands)
Adopted
Budget
Current
Budget
2024-25
Actual
Percent of
Current Budget
Revenues & Transfers In
Sales Tax $ 31,872 $ 31,872 $ 8,051 25.3%
Property Tax 26,498 26,498 - 0.0%
Hotel/Bed Tax 4,274 4,274 762 17.8%
Licenses, Permits & Fees 3,196 3,196 1,354 42.4%
All Other Revenues 34,309 34,321 5,858 17.1%
Total Revenues & Transfers In $ 100,149 $ 100,161 $ 16,025 16.0%
Expenses & Transfers Out
Staffing $ 73,048 $ 73,048 $ 13,788 18.9%
Contracts & Services 10,184 10,184 1,807 17.7%
Materials & Supplies 4,257 4,257 1,173 27.6%
Maintenance & Operations 10,835 10,835 2,522 23.3%
Capital Outlay 1,800 1,800 9 0.5%
Debt Service 267 267 - 0.0%
Transfers 8,328 8,328 - 0.0%
Total Expenses & Transfers Out $ 108,719 $ 108,719 $ 19,299 17.8%
Year over Year Comparison
Sales Tax Trends
Key Expenditure Trends
• Staffing: Under budget by 6.1 percent through the first quarter, due to vacancies mostly experienced in the Police Department and overtime savings for the Fire Department.
• Contracts & Services: Under budget by 7.3% through the first quarter due to timing of the payment for contractual services with Santa Barbara County for Animal Control Services.
• Transfers Out: Transfers from the General Fund to other funds as approved in the adopted budget will be evaluated in the second quarter.
Measure U
MEASURE U FUND
(in thousands)
Adopted
Budget
Current
Budget
2024-25
Actual
Percent of
Current Budget
Revenue $ 26,716 $ 26,716 $ 6,876 25.7%
Expenses
Community Development $ 824 $ 824 203 24.6%
C y ’ c 1,435 1,435 275 19.1%
Finance 3 3 - 1.5%
Library 1,015 1,015 231 22.8%
Recreation & Parks 3,071 3,071 619 20.2%
Fire 11,946 11,946 2,819 23.6%
Police 12,836 12,836 3,172 24.7%
Total Expenses $ 31,130 $ 31,130 $ 7,319 23.5%
Enterprise Funds
Water & Wastewater
• Revenues increased 5.8 percent, or $983
thousand, compared to the prior year
due to higher revenues generated
through sales of metered water.
• Through the first quarter, Water and
Wastewater operational expenses are
under budget by 18.7 percent due to
personnel savings from vacant positions
and timing of maintenance and
contractual agreements.
Solid Waste
• Through the first quarter, Solid Waste
revenues exceeded expenditures by
$857 thousand.
• Operational costs are under budget by
12.1 percent lower, due to staffing
vacancies and timing in projects.
Public Transit
• Fare revenue through the first quarter is
approximately $124 thousand, which is
about $18 thousand less than last year.
This difference is attributed to a
decrease in ridership.
• The farebox ratio through September 30,
2024, is 12.3 percent based on fares
received and operating expenses
recorded to date.
Budget Amendments
1. Increase appropriations by $1,210,852 in the Business Equipment Fund to correct allocations to meet the needs for h B q m F d’ c h c c year; and
2. Increase appropriations by $48,000 in the Business
Equipment Fund to fund the increase in Dell-VMW software costs; and
3. Increase appropriations by $360,000 in the Business
q m F d d h P c D m ’ c c
with AXON and Flock; and
4. Increase appropriations by $50,000 in the General Fund Capital Projects Fund for the Motorola Backhaul Refresh Project; and
4. Increase allocations by $640,000 for two (2) full-time Crew Leader and four (4) full-time Maintenance Worker I positions in the Landscape Districts Funds; and
5. Increase appropriations in the Growth Mitigation Fund by $523,688 and decrease appropriations in the Capital
Improvement Fund for the Betteravia/US 101 project; and
6. Reallocate appropriations from the Water Fund to the Wastewater Fund in the amount of $108,710 for the
replacement of a 2015 International Terrastar 4x2 Regular Cab Utility Body truck and authorize a corresponding
reduction in the Water Fund; and
7. Increase appropriations by $234,550 in the Solid Waste Disposal Fund for postclosure maintenance of the Santa
Maria Regional Landfill.
Council Action
1. Receive and file the Financial Report for
the First Quarter ending September 30,
2024.
2. Adopt a Resolution approving First
Quarter Amendments to the 2024-25
Budget for personnel and operational
changes.