FY 2022 Quarterly Budget
Review (Third Quarter)
LONG TERM FINANCIAL POLICY AUDIT
SUBCOMMITTEE
APRIL 28, 2022
VERONICA CONNER, BUDGET & FINANCIAL
ANALYSIS MANAGER
ALAN ALTON, CHIEF FINANCIAL OFFICER
Quarterly
Budget
Review
2 Third Quarter General Fund Revenues
Third Quarter General Fund
Expenditures
Year End Projection June 30, 2022
Parking Enterprise Fund
Questions
Q3 General Fund
Revenues
FY 2021- 22
3 FY 2021-22
Adopted
Budget
177.9M recurring
Revenues and Transfers In
Approximately $94.4
million or 53% of overall
revenues are attributable
to property and sales taxes
$9.5M in additional
revenue was appropriated
mid-year
4 5
Operating
Revenues
Adopted
Budget
Mid Year
Changes
Final
Budget
YTD
Actuals
Percent of
Total Budget
Property taxes $31,912,000 $1,500,000 $33,412,000 $18,434,390 55.17% Sales taxes 62,520,200 6,000,000 68,520,200 41,637,840 60.77% Utility users tax 10,388,000 10,388,000 7,425,347 71.48% Other taxes 40,738,600 2,000,000 42,738,600 26,994,897 63.16% License and permits 1,991,000 1,991,000 2,688,821 135.05% Charges for services 24,576,940 (1,863,943) 22,712,997 19,770,229 87.04% Intergovernmental 1,723,510 1,723,510 1,579,588 91.65%
Fines and forfeitures 1,776,600 1,776,600 1,045,055 58.82% Transfers In 2,295,010 2,295,010 2,292,778 99.90%
Total $177,921,860 $7,636,057 $185,557,917 $121,868,944 65.68% Operating Revenues as of March 31, 2022
Year End Projections June 30, 2022
6 Operating Revenues Final Budget Year End Forecast Over (Under) Budget Property taxes $33,412,000 $33,412,000 -
Sales taxes 68,520,200 68,520,200 -
Utility users tax 10,388,000 10,388,000 -
Other taxes 42,738,600 42,938,600 200,000
License and permits 1,991,000 3,582,228 1,591,228
Charges for services 22,712,997 23,780,472 1,067,476
Intergovernmental 1,723,510 1,723,510 -
Fines and forfeitures 1,776,600 1,526,600 (250,000)
Transfers In 2,295,010 2,295,010 -
Total $185,557,917 $188,166,620 $2,608,704
Q3 General Fund
Expenditures
FY 2021- 22
7 Q3 Budgeted
Expenditures
Total Operating
Budgeted
Expenditures:
$179.9M
Budgeted Salaries
and Benefits:
$141.1M
8 Budgeted General Fund Expenditures
FY 2021-22
FY 2021-22
Budgeted
Salaries and
Benefits
9 Mid Year Budget Amendment
appropriated additional $7.7M in
Salaries and Benefits
Cost of Living increase to take
affect for the last 5 pay periods
$1.5M vacancy credit likely to be
exceeded due to recruitment
challenges
Salaries and Benefits
Expenditure
Forecast
Projected unspent
appropriations of $4.3M
Q4 Retirements, Recruitments
and any approved “Salary
Savings” budget revisions could
change this projection
10 Description Amount
Recurring Revenues $185,871,610
Transfers In 2,295,010
Total Revenues & Transfers In 188,166,620
Operating Expenditures 180,792,707
Transfers Out 6,617,688
Total Expenditures & Transfers Out 187,410,395
Total Surplus 756,225
Year End Projection June 30, 2022
11 Parking Enterprise
FY 2021- 22
12 Parking Fund Forecast
13 Budget Budget
FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 FY 26-27 FY 27-28 Operating Revenues 3,604,851 3,689,260 4,800,000 4,800,000 4,800,000 4,800,000 4,800,000 Non-Operating Revenues 200,000 200,000 200,000 200,000 200,000 200,000 200,000 Actual Transfers In 1,183,368 1,191,027 1,235,095 1,263,502 1,293,826 1,319,703 1,346,097 Total Revenue and Transfers In 4,988,219 5,080,287 6,235,095 6,263,502 6,293,826 6,319,703 6,346,097 Operating Expenditures 5,319,862 5,633,735 5,842,183 5,976,553 6,119,991 6,242,391 6,367,238 Transfers Out 121,290 120,571 121,000 121,000 121,000 121,000 121,000 Total Expenditures and Transfers 5,441,152 5,754,306 5,963,183 6,097,553 6,240,991 6,363,391 6,488,238 Operating Surplus/(Deficit) (452,933) (674,019) 271,912 165,949 52,836 (43,688) (142,141) Projects (O&M and CIP) 1,242,300 1,216,355 999,200 4,249,500 4,646,300 3,384,600 4,516,200 Total Fund Surplus/(Deficit) (1,695,233) (1,890,374) (727,288) (4,083,551) (4,593,464) (3,428,288) (4,658,341) Estimated Reserves for Contingency 5,951,328 4,060,954 3,333,666 (749,885) (5,343,350) (8,771,638) (13,429,979) Forecast
Status of Parking Fund Reserves
(Budgetary Basis)
Amount
FYE 2020-21 Reserves for Contingencies $7.6M
FY 22 Estimated Use of Reserves Based on Budget (1.7M)
Estimated Reserve Balance 6/30/22 $5.9M
Mid-Year Changes to Budget (Sale of Lot 2) 1.3M
14 Questions?
15