FY 2024 Quarterly Budget Review
(Second Quarter)
LONG TERM FINANCIAL POLICY AUDIT
SUBCOMMIT TEE
JANUARY 25, 2024
VERONICA CONNER
BUDGET & FINANCIAL ANALYSIS MANAGER
2nd
Quarter
Budget
Review
2 General Fund Revenues
General Fund Expenditures
Next Steps
Questions
FY 2023-24
Adopted
Budget
✓ 204.8 million in
Revenues and
Transfers In were
adopted in the
Budget
✓ Approximately
$112.2 million or
55% of are property
and sales taxes
✓ Budgeted deficit of
$3 million
3 YTD Q2
Revenues
✓ 42.4% of Revenues
and Transfers In
have been collected
through the Second
Quarter
✓ Sales Tax received
on a two-month lag
4 Operating Revenues Budget YTD Actuals Percent of
Budget
Property taxes 36,325,000 20,616,351 56.8% Sales taxes 75,866,735 23,529,219 31.0% Utility users tax 11,641,100 4,701,943 40.4% Other taxes 45,258,029 19,009,639 42.0% License and permits 3,075,000 1,524,065 49.6% Charges for services 23,151,558 12,549,254 54.2% Intergovernmental - Recurring 1,893,693 1,419,654 75.0% Fines and forfeitures 1,710,900 668,290 39.1% Other Revenues 2,970,000 1,033,352 34.8% Transfers 2,876,247 1,676,369 58.3% Total Operating Revenues 204,768,262 86,728,135 42.4% Q2 Other
Taxes
5 ▪ Detail of “Other
Taxes” line on
previous slide
Other Taxes Budget YTD Actuals Percent of
Budget
VLF Swap 17,278,677 8,880,969 51.4%
Franchise Fees 11,123,600 3,222,026 29.0%
Motor Vehicle License Fees 200,000 - 0.0% Cannabis Industry Tax 1,800,000 1,048,482 58.2% Business Tax 4,605,752 900,787 19.6%
Real Property Transfer Tax 4,250,000 1,530,037 36.0% Occupancy Tax 6,000,000 3,427,338 57.1%
Total Other Taxes 45,258,029 19,009,639 42.0% 6 Q2 Operating Revenues 2022-23 vs 2023-24
General Fund Operating
Revenues
FY 22-23 YTD
Actuals
FY 23-24 YTD
Actuals $ Change % Change
Property taxes 19,155,350 20,616,351 1,461,001 7.6% Sales taxes 25,160,525 23,529,219 (1,631,307) -6.5% Utility users tax 4,713,832 4,701,943 (11,890) -0.3% Other taxes 17,844,097 19,009,639 1,165,542 6.5% License and permits 1,465,612 1,524,065 58,453 4.0% Charges for services 12,583,839 12,549,254 (34,585) -0.3% Intergovernmental - Recurring 1,474,052 1,419,654 (54,398) -3.7% Fines and forfeitures 627,985 668,290 40,305 6.4% Miscellaneous 1,257,202 1,033,352 (223,851) -17.8% Transfers In 1,174,060 1,676,369 502,309 42.8% Total 85,456,555 86,728,135 1,271,579 1.5%
Q2
Expenditures
✓ Expenditures by
Department
✓ Non-Operating
Expenditures
(projects) are not
included
7 Operating Expenditures Budget YTD Actuals Percent of
Budget
City Council 934,174 566,160 60.61% City Manager 3,034,775 1,185,642 39.07%
City Attorney 4,069,687 1,818,890 44.69%
Human Resources 4,262,083 1,830,387 42.95% Finance 7,186,371 3,588,204 49.93%
Comms & Intergovt Relations 1,866,762 697,071 37.34% Planning, Economic Development 17,261,545 8,397,620 48.65% Housing & Community Services 51,000 11,742 23.02% Recreation & Parks 17,641,694 8,259,951 46.82% Fire 52,962,963 27,805,351 52.50%
Police 71,938,905 36,206,635 50.33%
Public Works 26,458,860 11,851,740 44.79%
Water 804,466 418,394 52.01%
Non Departmental (9,590,573) (5,399,001) 56.29% Transfers 6,499,609 3,426,821 52.72%
Total Operating Expenditures 205,382,322 100,665,607 49.01% 8 Expenditures by Dept. 2022-23 vs 2023-24
General Fund Operating
Expenditures
FY 22-23 YTD
Actuals
FY 23-24 YTD
Actuals $ Change % change
City Council 321,835 566,160 244,325 75.9% City Manager 1,140,412 1,185,642 45,230 4.0% City Attorney 1,849,144 1,818,890 (30,254) -1.6% Human Resources 1,533,299 1,830,387 297,088 19.4% Finance 3,117,759 3,588,204 470,445 15.1% Comms & Intergovt Relations 632,546 697,071 64,524 10.2% Planning, Economic Development 7,944,588 8,397,620 453,032 5.7% Housing & Community Services 42,066 11,742 (30,324) -72.1% Recreation and Parks 4,585,584 8,259,951 3,674,366 80.1% Fire 23,871,097 27,805,351 3,934,254 16.5% Police 33,838,584 36,206,635 2,368,051 7.0% Public Works 15,028,443 11,851,740 (3,176,704) -21.1% Water 422,346 418,394 (3,952) -0.9% Non Departmental (4,413,602) (5,399,001) (985,400) 22.3% Total 89,914,102 97,238,786 7,324,683 8.1% YTD Salaries and Benefits
9 YTD Salaries
& Benefits Budget YTD Actuals Percent of
Budget
Salaries 91,065,298 45,526,778 50.0%
Benefits 62,647,465 30,206,473 48.2%
Total 153,712,763 75,733,251 49.3%
Next Steps
▪Staff will continue to refine revenue estimates and the General Fund Long-Range Financial Forecast
▪ Departments will enter budget data beginning on January 29, lasting through the end of February
▪ Q3 update in April 2024 will show where the General Fund may land by year end
▪Budget Study session is scheduled for May 7 - 8
10 11
Questions?