FY 2025 Quarterly Budget Review
(Second Quarter)
LONG TERM FINANCIAL POLICY AUDIT
SUBCOMMIT TEE
FEBRUARY 13, 2025
VERONICA CONNER
BUDGET & FINANCIAL ANALYSIS MANAGER
2nd
Quarter
Budget
Review
2 General Fund Revenues
General Fund Expenditures
Next Steps
Questions
FY 2024-25
Adopted
Budget
✓ Adopted 215.3
million in Revenues +
Transfers In
✓ Approximately $115
million or 53% of are
property and sales
taxes
3 4
Q2 General Fund Operating Revenues
Operating Revenues Budget FY 24-25 YTD
Actuals
Percent of
Budget
FY 23-24 YTD
Actuals $ Change % change
Property taxes 39,068,300 22,040,998 56.4% 20,616,351 1,424,647 6.9% Sales taxes 75,866,735 22,917,073 30.2% 23,529,219 (612,146) -2.6% Utility users tax 14,200,000 5,525,926 38.9% 4,701,943 823,983 17.5% Other taxes 48,375,700 19,590,755 40.5% 19,009,639 581,117 3.1% License and permits 3,181,000 1,357,071 42.7% 1,524,065 (166,994) -11.0% Charges for services 26,727,653 14,935,629 55.9% 12,549,254 2,386,376 19.0% Intergovernmental - Recurring 1,903,424 1,506,203 79.1% 1,419,654 86,549 6.1% Fines and forfeitures 1,610,900 513,162 31.9% 668,290 (155,128) -23.2% Other Revenues 2,521,000 2,678,090 106.2% 1,033,352 1,644,738 159.2% Transfers 2,321,153 1,201,984 51.8% 1,676,369 (474,385) -28.3% Total Operating Revenues 215,775,865 92,266,892 42.8% 86,728,135 5,538,757 6.4% 5 Other Taxes Budget YTD Actuals Percent of
Budget
VLF Swap 18,295,000 9,433,347 51.6%
Franchise Fees 12,230,700 4,076,648 33.3%
Motor Vehicle License Fees 200,000 - 0.0% Cannabis Industry Tax 1,900,000 1,053,835 55.5% Business Tax 4,750,000 221,809 4.7%
Real Property Transfer Tax 4,000,000 1,512,666 37.8% Occupancy Tax 7,000,000 3,292,451 47.0%
Total Other Taxes 48,375,700 19,590,755 40.5% 2nd Quarter
Other
Taxes
6 Q2 General Fund Operating Expenditures
Operating Expenditures Budget FY 24-25 YTD
Actuals
Percent of
Budget
FY 23-24 YTD
Actuals $ Change % Change
City Council 1,557,693 585,503 37.59% 566,160 19,343 3.4% City Manager 3,390,185 1,402,719 41.38% 1,185,642 217,077 18.3% City Attorney 4,868,229 2,030,691 41.71% 1,818,890 211,801 11.6% Human Resources 4,716,153 1,754,410 37.20% 1,830,387 (75,977) -4.2% Finance 7,703,289 3,529,918 45.82% 3,588,204 (58,286) -1.6% Comms & Intergovt Relations 1,964,064 751,698 38.27% 697,071 54,627 7.8% Planning, Economic Development 19,186,096 8,656,867 45.12% 8,397,620 259,247 3.1% Housing & Community Services 111,000 19,986 18.01% 11,742 8,244 70.2% Recreation & Parks 18,946,617 9,868,538 52.09% 8,259,951 1,608,587 19.5% Fire 58,146,296 30,293,428 52.10% 27,805,351 2,488,077 8.9% Police 79,299,200 40,706,079 51.33% 36,206,635 4,499,443 12.4% Public Works 26,854,861 13,143,287 48.94% 11,851,740 1,291,547 10.9% Water 798,969 375,267 46.97% 418,394 (43,127) -10.3% Non Departmental (8,461,454) (5,303,731) 62.68% (5,399,001) 95,270 -1.8% Transfers 8,187,515 4,847,809 59.21% 4,758,992 88,817 1.9% Total Operating Expenditures 227,268,713 112,662,469 49.57% 101,997,778 10,664,692 10.5% YTD Salaries and
Benefits
7 YTD Salaries & Benefits Budget YTD Actuals Percent of Budget
Salaries 100,671,532 48,562,023 48.2%
Benefits 68,798,539 33,940,302 49.3%
Total 169,470,071 82,502,325 48.7%
Conclusion
▪General Fund is materially in line with Adopted Budget ▪Held vacancies may reduce deficit
▪Sales Tax may have positive growth in calendar year 2025 ▪$13.3M Structural Deficit is ongoing
▪City Council will have the opportunity to make reductions on January 28, 2025
▪Sales Tax Budget moving downward, even with positive growth ▪FY 2025/26 Budget will be focused on further reducing General Fund operations
8 Next Steps
▪Staff will continue to refine revenue estimates and the General Fund Long- Range Financial Forecast
▪FY 2025-26 Budget Season officially open; Departments enter budget data January 21 - February 14
▪ Q3 update in April 2025 will show where the General Fund may land by year end
▪Budget Study session is scheduled for April 15, 2025 to discuss budget reductions and May 6&7 for Budget Review
9 10
Questions?