FY 2022 Quarterly Budget Review
(Second Quarter)
LONG TERM FINANCIAL POLICY AUDIT
SUBCOMMITTEE
JANUARY 27, 2022
ALAN ALTON
CHIEF FINANCIAL OFFICER
Quarterly
Budget
Review
2 General Fund Revenues
General Fund Expenditures
Mid Year Budget Adjustment
Next Steps
Questions
FY 2021/22
Adopted
Budget
177.9 million of
Revenues and Transfers
In were adopted in the
Budget
Approximately $94.4
million or 53% of overall
revenues are attributable
to property and sales
taxes
3 Q2 Revenues
$83.7 million of
Revenues and
Transfers In through
the First Quarter
(47.0%)
First installment of
Property Taxes are
received in Q2
Sales Taxes are
received on a two
month lag
4 Operating Revenues Budget Q2 Actuals Percent of
Budget
Property taxes 31,912,000 18,434,390 57.8%
Sales taxes 62,520,200 23,383,261 37.4%
Utility users tax 10,388,000 4,129,408 39.8% Other taxes 40,738,600 17,830,345 43.8%
License and permits 1,991,000 1,930,968 97.0% Charges for services 24,576,940 14,587,859 59.2% Intergovernmental 1,723,510 1,407,398 81.7% Fines and forfeitures 1,776,600 443,885 25.0% Transfers 2,295,010 1,564,593 68.2%
Total Operating Revenues 177,921,860 83,712,107 47.0% Q2 Property
Taxes
First Installment of
Property Taxes are
received in December
First Installment is
Typically 55% of annual
total
$1.5M Mid Year budget
adjustment
recommended
5 Q2 Sales Tax
YTD Sales Taxes received
represents 4 months
Sales Taxes are projected
to come in ahead of
budget
$6M Mid-Year budget
adjustment
recommended
6 Q2 Other
Taxes
7 Other Taxes Budget Q2 Actuals Percent of
Budget
VLF Swap 15,670,200 7,955,660 50.8%
Franchise Fees 10,653,400 3,610,870 33.9% Motor Vehicle License Fees 100,000 - 0.0% Cannabis Industry Tax 1,800,000 714,682 39.7% Business Tax 4,515,000 372,179 8.2% Real Property Transfer Tax 3,500,000 2,650,975 75.7% Occupancy Tax 4,500,000 2,525,980 56.1% Total Other Taxes 40,738,600 17,830,346 43.8% Most revenue sources in
line with expectations
RPTT revenues are
forecasted to be $5.5M
$2M Mid Year budget
adjustment
recommended for RPTT
Q2
Expenditures
$96.3 million of
Expenditures and
Transfers Out in the
2nd Quarter (51.8%)
Non-Operating
Expenditures
(projects) are not
included
8 Operating Expenditures Budget Q2 Actuals Percent of
Budget
City Council 1,169,785.00 387,554.38 30.9%
City Manager 2,115,190.00 878,810.56 39.4%
City Attorney 3,824,241.00 1,851,657.95 48.3%
Human Resources 2,778,452.00 1,686,247.14 53.7% Finance 10,986,983.00 5,068,237.30 45.8%
Comms & Intergovt Relations 1,378,362.00 600,199.84 43.2% Planning, Economic Development 15,052,699.00 7,832,307.45 50.6% Housing & Community Services 195,057.00 154,956.13 74.3% Recreation 9,491,797.00 4,385,889.41 45.5%
Fire 45,242,770.00 24,152,977.85 53.5%
Police 64,327,871.00 34,109,378.69 50.7%
Public Works 28,632,359.00 14,289,583.48 49.4%
Water 736,453.00 411,100.61 55.8%
Non Departmental (6,004,433.00) (5,124,679.18) 85.3% Transfers 6,132,668.00 5,628,117.98 86.8%
Total Operating Expenditures 186,060,254.00 96,312,339.59 51.8% Revenue Source Amount
Property Taxes $1,500,000
Sales Tax $6,000,000
Real Property Transfer Tax $2,000,000
Total $9,500,000
Mid Year Budget Adjustment
General Fund Revenue
9 Description Amount
General Fund Labor Agreement Costs $7,500,000
Vacancy Credit ($1,500,000)
Staffing Changes – Partial Annual Appropriations
1.0 FTE Devlpt Review Coordinator, 1.0 FTE Building Plans Examiner,
1.0 FTE Civil Engineer Tech, 1.0 FTE Human Resources Analyst $150,000
Public Safety Building Boiler Line Replacement $500,000 Fire Department Overtime $1,550,000
Total $8,200,000
Mid Year Budget Adjustment
General Fund Expenditures
10 Fund Description Revenue Expenditures
1205 Police Measure O $125,000 $125,000
1206 Fire Measure O $100,000 $100,000
1207 Violence Prevention Measure O $100,000 $100,000
1611 Water Enterprise Fund $810,000
1621 Water Regional Enterprise Fund $560,000
Mid Year Budget Adjustment
Labor Agreement Costs in Other Funds
11 Next Steps
Finance Department Council Items for February 15,
2022
Mid-Year Budget Adjustment
Appropriation of One-Time Funds
Budget Priorities Public Hearing
Finance will report on Q3 Budget Performance in April
2022
12 Questions?
13