FY 2023-24 Quarterly Budget Review
(Third Quarter)
FINANCE SUBCOMMITTEE
APRIL 25, 2024
VERONICA CONNER
BUDGET MANAGER
Quarterly
Budget
Review
2 Q3 General Fund Revenues &
Expenditures
Year End Projections June 30, 2024
5-Year Lookback & Outlook
Questions
3 Operating
Revenues
Adopted
Budget Changes Final
Budget
YTD
Actuals
Percent
Received
Property taxes $36,325,000 - $36,325,000 $20,616,351 56.8% Sales taxes 75,866,735 - 75,866,735 41,413,497 54.6%
Utility Users tax 11,641,100 - 11,641,100 8,311,264 71.4% Other taxes 45,258,029 - 45,258,029 28,568,325 63.1%
License and permits 3,075,000 - 3,075,000 2,062,984 67.1% Charges for services 23,151,558 104,704 23,256,262 17,088,797 73.5% Intergovernmental 1,980,181 - 1,980,181 1,464,648 74.0% Fines and forfeitures 1,710,900 - 1,710,900 1,206,310 70.5% Miscellaneous 2,970,000 168,573 3,138,573 1,420,477 45.3% Transfers In 2,876,247 - 2,876,247 2,316,677 80.5%
Total $204,854,750 $273,277 $205,128,027 $124,469,330 60.7% Operating Revenues as of March 31, 2024
Other Taxes
Detail of “Other Taxes”
line on previous slide
4 Other Taxes Budget YTD Actuals Percent of
Budget
VLF Swap 17,278,677$ 8,880,969$ 51.4%
Franchise Fees 11,123,600 6,516,806 58.6% Motor Vehicle License Fees 200,000 219,893 109.9% Cannabis Industry Tax 1,800,000 1,537,225 85.4% Business Tax 4,605,752 4,324,077 93.9%
Real Property Transfer Tax 4,250,000 2,179,025 51.3% Occupancy Tax 6,000,000 4,910,330 81.8% Total Other Taxes 45,258,029$ 28,568,325$ 63.1% 5 Q3 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 19,155,404$ 20,616,351$ 1,460,947$ 7.6% Sales taxes 43,602,981 41,413,497 (2,189,484) -5.0% Utility users tax 8,689,658 8,311,264 (378,394) -4.4% Other taxes 27,007,325 28,568,325 1,561,000 5.8% License and permits 2,126,805 2,062,984 (63,821) -3.0% Charges for services 17,861,558 17,088,797 (772,762) -4.3% Intergovernmental - Recurring 1,489,172 1,464,648 (24,523) -1.6% Fines and forfeitures 1,152,741 1,206,310 53,569 4.6% Miscellaneous 1,967,596 1,420,477 (547,120) -27.8% Transfers In 1,780,249 2,316,677 536,428 30.1% Total 124,833,490$ 124,469,330$ (364,160)$ -0.3%
6 Operating Revenues Final Budget Year End Forecast Over (Under) Budget Property taxes $36,325,000 $37,735,000 $1,410,000
Sales taxes 75,866,735 70,780,000 (5,086,735)
Utility Users tax 11,641,100 12,703,000 1,061,900
Other taxes 45,258,029 46,087,690 829,661
License and permits 3,075,000 2,800,000 (275,000)
Charges for services 23,256,262 23,256,262 -
Intergovernmental 1,980,181 1,980,181 -
Fines and forfeitures 1,710,900 1,600,000 (110,900)
Miscellaneous 3,138,573 2,500,000 (638,573)
Transfers In 2,876,247 2,876,247 -
Total $205,128,027 $202,318,380 ($2,809,647)
Revenue Year End Projections June 30, 2024
Expenditures as of March 31, 2024
7 Operating Expenditures Budget YTD Actuals Percent of Budget City Council $934,174 $782,931 83.81%
City Manager 3,084,775 1,928,140 62.51%
City Attorney 4,679,592 3,150,902 67.33%
Human Resources 4,262,083 2,847,007 66.80%
Finance 7,186,371 5,536,882 77.05%
Comms & Intergovernmental Relations 1,866,762 1,108,887 59.40% Planning, Economic Development 17,261,545 12,462,180 72.20% Housing & Community Services 51,000 11,742 23.02%
Recreation & Parks 17,509,026 12,216,177 69.77%
Fire 53,005,463 42,074,101 79.38%
Police 71,949,860 54,768,424 76.12%
Public Works 26,591,528 18,722,900 70.41%
Water 804,466 650,363 80.84%
Non-Departmental (9,590,573) (8,242,326) 85.94%
Transfers 8,502,211 6,028,103 70.90%
Total Operating Expenditures $208,098,284 $154,046,410 74.03% 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 929,187$ 782,931$ (146,256)$ -15.7% City Manager 1,841,271 1,928,140 86,869 4.7% City Attorney 2,845,354 3,150,902 305,548 10.7% Human Resources 2,458,279 2,847,007 388,727 15.8% Finance 5,190,754 5,536,882 346,128 6.7% Comms & Intergovt Relations 1,026,128 1,108,887 82,759 8.1% Planning, Economic Development 12,342,163 12,462,180 120,016 1.0% Housing & Community Services 66,565 11,742 (54,823) -82.4% Recreation and Parks 7,017,576 12,216,177 5,198,601 74.1% Fire 37,525,846 42,074,101 4,548,255 12.1% Police 51,657,409 54,768,424 3,111,015 6.0% Public Works 22,280,268 18,722,900 (3,557,368) -16.0% Water 634,969 650,363 15,394 2.4% Non Departmental (7,118,221) (8,242,326) (1,124,105) 15.8% Transfers 4,009,680 6,028,103 2,018,422 50.3% Total 142,707,228$ 154,046,410$ 11,339,182$ 7.9%
9 Q3 Salaries and Benefits
Budget YTD Actuals Percent of
Budget
Salaries 91,065,298$ 69,679,745$ 76.5%
Benefits 62,647,465 46,711,056 74.6%
Total 153,712,763$ 116,390,801$ 75.7%
10 Operating Expenditures Final Budget Year End Forecast Over (Under) Budget Salaries $91,065,298 $90,583,668 $481,630
Benefits 62,647,465 60,724,372 1,923,093
Services & Supplies 45,883,309 45,883,309 -
Transfers Out 8,502,211 8,502,211 -
Total $208,098,284 $205,693,561 $2,404,723
Expenditure Year End Projections June 30, 2024
Description Amount
Recurring Revenues $199,442,133
Transfers In 2,876,247
Total Revenues & Transfers In $202,318,380
Operating Expenditures 197,191,350
Transfers Out 8,502,211
Total Expenditures & Transfers Out $205,693,561
Total Operational Deficit ($3,375,181)
Year End Projection June 30, 2024
11 5-Year Lookback
12 5-Year Lookback
13 5-Year Outlook
14 Revenues
Transfers In
Total Revenues & TI
Expenditures
Transfers Out
Total Expenditures & TO
Surplus (Deficit)
$500K General Fund
Subsidy to Golf
Course
Election Year -
additional $600K in
Professional Services
Labor Negotiations -
additional $500K in
Professional Services
No BVGC Transfer No BVGC Transfer
No BVGC Transfer No BVGC Transfer
$1.3M RedCom
contract paid by M/H
FY 27-28FY 24-25
$213.0
2.3 $230.6
2.5 FY 28-29
$235.7
2.6 $215.3
211.9
8.4 $220.2
($4.9) ($4.6)
FY 26-27
$225.2
2.4 $227.6
224.3
10.0 FY 25-26
$218.4
2.4 $220.8
215.5
$234.3
($6.6)
9.8 $225.3
$665K rev & exp for
Roseland Pvmnt
Maintenance from
SoCo discontinued
ARPA funds for
Homeless Services
expire, +$1.7M
annual Transfer OutLabor Negs ($500K);
Elections ($600K)
($9.9)
$238.2
242.0
9.8 $251.8
($13.6)
$233.1
232.8
10.2 $243.0
15 Questions?