General Fund Review
Fiscal Year End 2022-23
LONG TERM FINANCIAL POLICY
AUDIT SUBCOMMITTEE
OCTOBER 19, 2023
VERONICA CONNER,
BUDGET & FINANCIAL ANALYSIS MANAGER
ALAN ALTON, CHIEF FINANCIAL OFFICER
General
Fund
Review
2 2022-23 Overall Surplus (Deficit)
General Fund Revenues
General Fund Expenditures
General Fund Reserves June 30, 2023
Questions
Description Amount
Recurring Revenues & Transfers In $205,761,184
Recurring Expenditures,
Transfers Out & Encumbrances (199,191,788)
Total Operational Surplus $6,569,396
Preliminary Year End Results FY 2022-23
3 Budget vs. Actuals FY 2022-23
4 Adopted Budget
Revenues & Transfers In $199.8M
Expenditures & Transfers
Out (199.8M)
Deficit -
Actual Results
Revenues & Transfers In $205.8M
Expenditures, Transfers
Out & Encumbrances (199.2M)
Surplus $6.6M
5 Operating Revenues
Adopted
Budget +
Changes
Actual
Revenue
Over
(Under)
Budget
Percent
Property taxes $34,695,000 $35,721,102 $1,026,102 102.9% Sales taxes 74,745,226 73,294,984 (1,450,242) 98.1%
Utility Users tax 10,674,100 14,056,526 3,382,426 131.7% Other taxes 44,382,853 45,793,429 1,410,576 103.2%
License and permits 2,360,000 3,017,502 657,502 127.9%
Charges for services 21,473,618 23,298,731 1,825,113 108.5% Other (Fines, Forfeitures &
Intergovernmental Revenue) 10,206,094 8,136,014 (2,070,080) 79.7% Transfers In 2,376,925 2,442,896 65,971 102.7%
Total $200,913,816 $205,761,184 $4,847,367 102.4%
General Fund Operating Revenues
6 Other Taxes
Other Taxes Budget YTD Actuals Percent of
Budget
VLF Swap 16,309,103 16,857,247 103.4%
Franchise Fees 10,763,600 12,024,947 111.7% Motor Vehicle License Fees 200,000 182,475 91.2% Cannabis Industry Tax 1,800,000 2,078,267 115.5% Business Tax 4,560,150 4,615,743 101.2% Real Property Transfer Tax 5,000,000 3,433,593 68.7% Occupancy Tax 5,750,000 6,601,158 114.8% Total Other Taxes 44,382,853 45,793,429 103.2% VLF Swap 37%
Franchise Fees
26%
Motor Vehicle
License Fees 0.4%
Cannabis Industry
Tax 5%
Business Tax 10%
Real Property
Transfer Tax 7%
Occupancy Tax
14%
7 Operating Revenues 2021-22 vs 2022-23
Operating Revenues FY 2021-22
Actuals
FY 2022-23
Actuals $ Change % Change
Property taxes 33,689,779 35,721,102 2,031,323 6.0% Sales taxes 71,236,599 73,294,984 2,058,385 2.9% Utility users tax 12,107,855 14,056,526 1,948,671 16.1% Other taxes 45,350,742 45,793,429 442,687 1.0% License and permits 3,439,656 3,017,502 (422,153) -12.3% Charges for services 25,439,287 23,298,731 (2,140,556) -8.4% Intergovernmental 1,998,012 2,089,188 91,175 4.6% Fines and forfeitures 1,633,148 1,944,474 311,326 19.1% Miscellaneous 3,903,410 4,102,352 198,942 5.1% Transfers 2,594,102 2,442,896 (151,206) -5.8% Total 201,392,591 205,761,184 4,368,593 2.2%
8 Major General Fund Revenue Lookback
9 General Fund Operating Expenditures
Expenditures Adopted Budget
+ Changes
Actual
Expenditures Encumbrances Over (Under)
Budget
Salaries $87,885,014 $85,611,224 - ($2,273,790)
Benefits 59,047,495 57,788,944 - (1,258,551)
Services &
Supplies 44,959,148 43,799,651 1,897,667 738,170
Total $191,891,657 $187,199,819 1,897,667 (2,794,171)
Expenditure Turnback = 1.46%
10 Expenditures by Dept. 2021-22 vs 2022-23
Operating Expenditures FY 2021-22
Actuals
FY 2022-23
Actuals $ Change % Change
City Council 875,507 1,225,775 350,268 40.0% City Manager 1,929,180 2,452,202 523,022 27.1% City Attorney 3,621,162 3,730,420 109,258 3.0% Human Resources 3,747,154 3,586,475 (160,679) -4.3% Finance 8,698,202 6,921,905 (1,776,297) -20.4% Comms & Intergovt Relations 1,234,980 1,394,299 159,318 12.9% Planning, Economic Development 15,999,788 17,889,766 1,889,978 11.8% Housing & Community Services 84,581 108,420 23,839 28.2% Recreation 8,765,880 11,554,123 2,788,243 31.8% Fire 47,437,172 49,351,180 1,914,008 4.0% Police 67,140,536 68,400,709 1,260,173 1.9% Public Works 29,547,780 29,180,325 (367,456) -1.2% Water 832,002 796,013 (35,989) -4.3% Non Departmental (7,155,879) (7,494,126) (338,247) 4.7% Total 182,758,046 189,097,485 6,339,440 3.5%
Description Amount
General Fund Reserve Balance $87,748,719
Budgeted Deficit FY 2023-24 (3,299,942)
Fiscal Stability Reserves (24,000,000)
Total Unassigned Reserves 60,448,777
17% Mandated Reserve Policy (32,598,117)
Amount Over Mandated Reserve Policy $27,850,660
General Fund Reserves June 30, 2023
11 Questions?
12