FY 2020-21
Financial Results
Presentation to Budget Subcommittee
JANET SALISBURY, Director of Finance
8 FEBRUARY 2022
AGENDA
1 FY 20-21 Financial Highlights
2 FY 20-21 General Fund Overview
3 FY 21-22 Financial Update
(2nd Quarter)
4 Reserve & Other Considerations
5 Q&A
22 Citywide Financial Highlights for FY2020-21
FY20-21 Financial Highlights 1
▪ Revenues* (excluding transfers) = $110.1 million
▪ Expenditures (excluding transfers) = $108.6 million
▪ General Fund* Operating Deficit = -$2.3 million
➢ Revenues = $110.1 million
➢ Expenditures = $108.6 million
➢ Transfers = -$3.8 million
▪ Operating Deficit was Anticipated and Lower than Budgeted ➢ Projected Deficit at FY 2020-21 Budget Adoption = - $3.4 million * Excludes Measure W Sales Tax
3 General Fund Revenues
Revenue Comparison (FY19-20 Results, FY20-21 Budget, FY20-21 Actuals)
44.2 19.5
6.7 4.5 4.5
15.6 0.5
4.3 6.5
2.2 0.7
0 5
10 15
20 25
30 35
40 45
50 $ million
FY2019-20 Results
FY2020-21 Budget
FY2020-21 Actuals
4 FY 20-21 General Fund Overview 2
TOTAL FY2020-21 Revenues (excluding transfers): $110.1M General Fund Expenditures
Expenditure Comparison (FY19-20 Results, FY20-21 Budget, FY20-21 Actuals)
0.2 1.0
0.0 1.0
5.3 3.4
1.1 1.8
8.4 32.0
31.0 6.0 5.9
16.0 0
5 10
15 20
25 30
35 $ million
FY2019-20 Results
FY2020-21 Budget
FY2020-21 Actuals
5 FY 20-21 General Fund Overview 2
TOTAL FY2020-21 Expenditures (excluding transfers): $108.6M FY 2021-22 General Fund Budget - Revenues
▪ FY2021-22 Budgeted Revenues = $113.4 million
▪ Total Receipts through December 31 = $47.0 million (41.5%) 6 REVENUES FY 2020-21 FY2021-22
(in millions) Budget Actuals
as of 12/31
%age of
Budget
Budget Actuals
as of 12/31
%age of
Budget
Property Tax $43.1 $21.4 49.7% $41.1 $19.0 46.2%
Sales Tax $18.5 $6.5 35.1% $19.5 $6.8 34.6%
TOT $5.9 $2.5 41.9% $7.1 $4.5 63.6%
Licenses & Permits $15.0 $7.4 49.4% $16.5 $6.4 38.6%
Intergovernmental $3.3 $1.2 35.9% $4.4 $1.6 35.5%
Service Charges $7.1 $3.4 48.0% $9.3 $3.6 39.1%
All Other Revenues $12.4 $4.9 39.5% $13.3 $4.6 34.6%
Transfers In $2.3 $0.8 32.9% $2.2 $0.5 22.7%
TOTAL $107.6 $48.1 44.7% $113.4 $47.0 41.5%
FY 21-22 Financial Update 3
$0.8M →$20.3M
$1.5M → $7.8M
Recommended
Projection
Adjustments
$1.5M → $8.5M
$0.8M →114.2M
FY 2021-22 General Fund Expenditure Budget
➢ City Manager’s Office
‒ Irrigation Designer $ 30,000
➢ Non-Departmental
– Mental Health Clinician $ 25,000
➢ Public Works
– P-T Staff Graffiti Remediation $ 55,000
➢ Parks & Rec
– Concert in the Park $ 150,000
➢ CIP (Parks & Rec)
– Breezeway Improvements $ 72,000
7 ▪ FY2021-22 Budgeted Expenditures = $124.9 million
▪ Total Expenses through December 31 = $61.9 million (49.6%) Additional Appropriations Request:
Total Request
$332,000
FY 21-22 Financial Update 3
Non-General Fund Budget Adjustments
▪ Employee Down Payment Assistance Program $650,000
▪ Employee Rental Assistance Program $50,000
▪ Parks and Recreation Vehicle Replacement $820,000
Total Non- GF Expenditure Budget Adjustments $1,520,000 (From Infrastructure Reserves)
FY 21-22 Financial Update 3
8 American Rescue Plan Act (ARPA)
FY 21-22 Financial Update 3
9 Description
Total Project
Cost
Tranche 1
(2021)
Tranche 2
(2022)
Amount
Appropriated
Economic Advancement Center $ 2,000,000 $ 1,000,000 $1,000,000 $1,000,000 Guaranteed Income Program 1,000,000 1,000,000 - 1,000,000 Food Voucher Program 100,000 100,000 - 100,000
Spit Sea Level Rise 30,000,000 1,000,000 3,000,000 1,000,000 City Operations – COVID Recovery 3,400,000 1,560,000 370,000 - Jobs for Youth 300,000 100,000 200,000 -
City Broadband Expansion TBD 1,000,000 1,000,000 1,000,000 Community Navigator Program 500,000 - - -
Community Promotores Program 70,000 - 70,000 -
Francisco Terrace Flood Prevention 620,000 120,000 500,000 120,000 Restaurant Grants 260,000 260,000 - -
TOTAL -- $6,140,000 $6,140,000 $4,220,000
▪ Tranche 1 (June 2021) = $6.14 million
▪ Tranche 2 (expected June 2022) = $6.14 million
American Rescue Plan Act (ARPA)
▪ Economic Advancement Center (Tranche 2) $ 1,000,000
▪ City Operations – COVID Recovery (Tranche 1) $ 1,560,000 ▪ Jobs for Youth Program (Tranche 1 & 2) $ 300,000
▪ Restaurant Grants – SAMCEDA (Tranche 1) $ 260,000
Total ARPA Appropriations $ 3,120,000
FY 21-22 Financial Update 3
10 FY2020-21 GF Surplus & Reserves
Reserve & Other Considerations 4
City Reserves
▪ General Reserves $ 21,900,000
▪ Pension Reserves 5,546,000
▪ Infrastructure Reserves 13,700,000
TOTAL Reserve Levels $ 41,146,000
FY20-21 General Fund Surplus
Combined:
$53,764,000
11 FY2020-21 General Fund Surplus $15,000,000
Adjustments
- Budgeted Shortfall for FY2021-22 ($2,800,000)
+ Add’l Proj. Revenue Adjustments $ 750,000
- Mid-Year Appropriations Request ($ 332,000)
Total Adjustments ($2,382,000)
General Fund Surplus less Adjustments equals:
Net GF Unappropriated Surplus $12,618,000
Unfunded Capital Projects & Reserve Considerations
Reserve & Other Considerations 4
12 Description Estimated
Cost*
1 Oyster Point Sea Level Rise Protection $30M
2 Colma Creek/Oak Ave Bridge Replacement $7M
3 Building Repairs/Upgrades $3M
4 Replace Fire Station 63 (MSB) $25M
5 New Finance Computer System $5M
6 Grand Avenue Improvements $4M
7 Grand Boulevard Initiative Mediates $3M
8 Park Renovation / Expansion $7.5M
9 Oak Avenue Extension $15M
10 Annex Reconstruction $30M
* Very preliminary and expected to change when requirements are better understood.
City Reserves
▪ General Reserves $ 21,900,000
▪ Pension Reserves 5,546,000
▪ Infrastructure Reserves 13,700,000
▪ Future Capital Needs 12,618,000
TOTAL $ 53,764,000
QUESTIONS?
Q&A 5
13