General Fund Review
Fiscal Year End 2021-22
LONG TERM FINANCIAL POLICY
AUDIT SUBCOMMITTEE
OCTOBER 27, 2022
VERONICA CONNER,
BUDGET & FINANCIAL ANALYSIS MANAGER
ALAN ALTON, CHIEF FINANCIAL OFFICER
General
Fund
Review
2 2021-22 Overall Surplus (Deficit)
General Fund Revenues
General Fund Expenditures
General Fund Reserves June 30, 2022
Looking Ahead: Revenue
Questions
Description Amount
Recurring Revenues & Transfers In 196,563,120
Recurring Expenditures & Transfers Out (192,600,055)
Total 3,963,065
Encumbrances (3,227,506)
Total Operational Surplus 735,559
Operational Year End Results FY 2021-22
3 Budget vs. Actuals FY 2021-22
4 Adopted Budget
Revenues & Transfers In $180.1M
Expenditures & Transfers
Out (191.8)
Deficit ($11M)
Actual Results
Revenues & Transfers In $196.6M
Expenditures, Transfers
Out & Encumbrances (195.8)
Surplus $736K
5 Operating Revenues
Adopted
Budget +
Changes
Actual
Revenue Variance Percent
Property taxes $33,412,000 $33,689,779 $277,779 100.8%
Sales taxes 68,520,200 71,236,599 2,716,399 104.0%
Utility users tax 10,388,000 12,107,855 1,719,855 116.6% Other taxes 42,738,600 45,350,742 2,612,142 106.1%
License and permits 1,991,000 3,439,656 1,448,656 172.8% Charges for services 22,737,652 25,439,287 2,701,636 111.9% Other (Fines, Forfeitures &
Intergovernmental Revenue) 2,393,840 2,705,099 311,259 113.0% Transfers In 2,409,942 2,594,102 184,160 107.6%
Total $184,591,234 $196,563,120 11,971,886 106.5%
General Fund Operating Revenues
6 Revenues
Adopted
Budget +
Changes
Actual
Revenue Variance Percent
VLF Swap $15,670,200 $15,911,320 $241,120 1.54%
Franchise Fees 10,653,400 11,245,435 592,035 5.56%
MVLF 100,000 198,370 98,369 98.37%
Cannabis Tax 1,800,000 1,688,672 (111,328) -6.18%
Business Tax 4,515,000 4,712,765 197,765 4.38%
RPTT 5,500,000 5,720,489 220,489 4.01%
Occupancy Tax 4,500,000 5,873,690 1,373,690 30.53%
Total $42,738,600 $45,350,742 2,612,142 106.1%
Operating Revenues - Other Taxes
VLF Swap
35%
Franchise
Fees
25%
Motor Vehicle
License Fees
0%
Cannabis
Industry Tax
4%
Business Tax
10%
RPTT
13%
Occupancy
Tax
13%
7 20,000
30,000
40,000
50,000
60,000
70,000
80,000
FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22
Property Taxes Sales Taxes Other Taxes Charges for Services Major General Fund Revenue Lookback
Thousands
8 General Fund Operating Expenditures
Expenditures Adopted Budget
+ Changes
Actual
Expenditures Encumbrances Variance
Salaries $91,285,894 $87,771,448 - $3,514,446
Benefits 55,197,877 54,006,154 - 1,191,722
Services &
Supplies 42,415,212 39,763,956 2,616,827 32,578
Administration 2,609 2,986 - (377)
Capital Outlay 715,769 442,120 610,679 (337,031)
Transfers Out 10,940,893 10,613,390 - 327,503
Total $200,558,254 $192,600,055 3,227,506 4,728,842
General
Fund
Salaries and
Benefits
FY 2021-22: 790.50 FTEs
FY 2020-21: 797.25 FTEs
FY 2019-20: 798.75 FTEs
9 0 20,000 40,000 60,000 80,000 100,000
Benefits
Salaries
FY 2019-20
FY 2019-20
FY 2020-21
FY 2020-21
FY 2021-22
FY 2021-22
Thousands
Description Amount
General Fund Reserve Balance $105,655,929
PG&E Funds ($10M Roseland Library, $10M 115
Trust, $2.7M Fire Equipment Replacement, $27.3M
Fiscal Stability)
(50,000,000)
Total Unassigned Reserves 55,655,929
17% Mandated Reserve Policy (31,308,761)
Amount Over Mandated Reserve Policy 24,347,167
General Fund Reserves June 30, 2022
10 Property Tax
• Moderate growth with slowing housing market
Sales Tax
• Consultants predict modest growth in FY 23-24 and FY 24-25 • Recovery in the out years
PED Revenues
• Fee Study in process
11 Looking Ahead: Revenue
Recreation Revenues
• Optimistic projections post-COVID
Real Property Transfer Tax
• Anticipated to drop with high interest rates and slowing housing market
Transient Occupancy Tax
• Anticipated to grow with travel recovering and Short Term Rental activity
12 Looking Ahead: Revenue
Questions?
13