FY 2023-24Financial Results
Presentation to Budget Subcommittee
Karen Chang, Director of Finance
FEBRUARY 5, 2024
AGENDA
1 General Fund Overview
2 FY 2023-24 Financial Update
(2nd Quarter)
3 Reserve & Other Considerations
4 Q&A
2 2
Overview of General Fund Revenues
3 1
General Fund Overview
Major Revenue Trends
4 1
General Fund Overview
Property Tax Revenues
Sales Tax Revenues
Transient Occupancy Tax Revenues
Other Tax Revenues
Major Revenue Trends
5 1
General Fund Overview
Franchise Fees
License and Permits
Fines and Forfeitures
Intergovernmental
Major Revenue Trends
6 1
General Fund Overview
Charges For Services
Use of Money and Property
Other Revenues
Transfers In
FY 2022-23 General Fund Budget Revenues
7 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Adjusted Budget - Revenues
FY 2023-24 Budgeted Revenues = $143.1 million
Total Receipts through December 31 = $59.0 million (41.3%) 8 REVENUES
FY 2022-23
FY2023-24
(in millions)
Budget
Actuals
as of 12/31
Percentage of Budget
Budget
Actuals
as of 12/31
Percentage of Budget
Property Tax
$45.8
$25.5
55.7%
$48.0
$26.2
46.2%
Sales Tax
$22.4
$7.9
35.3%
$23.4
$7.9
34.6%
TOT
$14.2
$7.4
52.1%
$14.9
$5.6
63.6%
Licenses & Permits
$19.4
$11.8
60.8%
$17.0
$6.9
38.6%
Intergovernmental
$4.3
$0.9
20.9%
$4.4
$2.3
35.5%
Service Charges
$8.3
$4.8
57.8%
$10.2
$4.7
39.1%
All Other Revenues
$16.7
$8.0
47.9%
$16.5
$4.7
34.6%
Transfers In
$6.1
$2.5
41.0%
$8.7
$0.8
22.7%
TOTAL
$137.3
$68.8
50.1%
$143.1
$59.0
41.3%
2 FY 2023-24 Financial Update
Recommended
Projection
Adjustments
$2.8M 140.3M
$1.3M $49.3M
$1.4M $22.0M
$0.9M $14.0M
$4.5M $12.5M
$1.2M $5.6M
$0.2M $16.7M
$1.4M $11.6M
FY 2022-23 GF Budget Expenditures by Department
9 2
FY 2023-24 Financial Update
Salary and Benefits Trends ($ millions)
10 2
FY 2023-24 Financial Update
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
Total Adjusted Budget
$106.7
$116.9
$120.4
$139.2
$123.8
$138.6
$143.9
Salary and Benefits
$71.5
$74.7
$79.7
$85.2
$87.4
$95.4
$103.5
% of Total Adj Budget
67.0%
63.9%
66.2%
61.2%
70.6%
68.9%
71.9%
FY 2023-24 General Fund Budget - Expenditures
11 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Budget - Expenditures
12 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Budget - Expenditures
13 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Budget - Expenditures
14 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Budget - Expenditures
15 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Budget - Expenditures
16 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Budget - Expenditures
17 2
FY 2023-24 Financial Update
FY 2023-24 General Fund Budget - Expenditures
18 2
FY 2023-24 Financial Update
Additional GF Revenue Amendment Request
Economic and Community Development $150,000
Increase in Building Permit collected fee $150,000
Fire Department $1,275,000
Paramedic Service Fee Increase $1,200,000
Fire Plan Check Fee $75,000
Transfer in from ARPA $1,238
Residual balance for revenue loss category $1,238 19 2
FY 2023-24 Financial Update
Additional GF Appropriations Request
Economic and Community Development $75,000
Construction Coordination Consultant (2-Year contract) $75,000 Fire Department $689,600
Contracts for Fire Plan Reviews $175,000
Department of Health Care Services program $506,000
Ambulance billing fees $8,600
Upgrade 1.0 FTE Administrative Assistant I to Management Analyst I with no fiscal impact in FY2023-24.
Parks & Recreation $285,000
One-time Contractual landscape services $125,000
Ongoing Contractual landscape services $10,000
Police Department building window washing services $40,000 Purchase of Westborough Blvd privately owned parcels
along eastbound shoulders $110,000
20 2
FY 2023-24 Financial Update
Additional Non-GF Appropriations Request
1. American Rescue Plan Act Fund (201) $1,238
Transfer residual balance for Rev Loss category to GF $1,238
2. West Park Maintenance District Fund (Fund 231) $370,700 Adjustment to full-time payroll salaries calculation $159,800 Adjustment to part-time payroll salaries calculation $11,100 Adjustment to benefit calculation $199,800
3. Stonegate Ridger Maintenance Fund (Fund 232) $20,170 Adjustment to full-time payroll salaries calculation $630 Adjustment to benefit calculation $19,540
4. Willow Gardens Maintenance Fund (Fund 233) $4,350 Adjustment to full-time payroll salaries calculation $1,450 Adjustment to benefit calculation $2,900
21 2
FY 2023-24 Financial Update
Additional Non-GF Appropriations Request
5. West Park Maintenance District 1 & 2 Fund (Fund 234) $21,450 Adjustment to full-time payroll salaries calculation $1,240 Adjustment to benefit calculation $20,210
6. Developer Deposits Fund (Fund 270) $125,000
ECD TDM Enforcement and Trip Cap Implementation $50,000 ECD Objective Architectural Standards Updates $75,000
7. Commercial Linkage Fee (Fund 823) $300,000
ECD Preparing sites for housing suitability $100,000 ECD Property acquisition due diligence and negotiations $200,000
8. Storm Water Fund (Fund 740) $150,000
Public Works: Storm line repairs identified in Storm Drain Master Plan $150,000 22 2
FY 2023-24 Financial Update
Additional Non-GF Appropriations Request
9. Park Acquisition Fund (Fund 805) $100,000
Parks and Rec: Parkland acquisition due diligence $100,000
10. PEG Equipment & Access Fund (Fund 786) $55,000
Upgrade City Manager conference room for Special City Council meetings $30,000 Closed caption services for City Council meetings $25,000 23 2
FY 2023-24 Financial Update
Mid-Year Capital Improvement Plan (CIP) Request
1. SSF Shoreline Protection and Connectivity (New project sd2402) $30,000 Funding Source: East of 101 Traffic Impact Fee
Funding request is for the pre-design phase of this project to fund consultant for Caltrans grant application.
2. Storm Drain Master Plan (Existing project sd2301) $500,000 Funding Source: Infrastructure Reserve
These funds are needed for additional storm drain cleaning required for conditional assessment.
3. Parking District Lot Rehabilitation (Existing project pf2402) $100,000 Funding Source: Parking District Fund
Additional funds to rehabilitate parking lots based on Engineering estimates. This is for rehabilitation (surface seal asphalt pavement treatment and new striping) of six (6) City Public Parking lots in the downtown area. 24 2
FY 2023-24 Financial Update
Mid-Year Capital Improvement Plan (CIP) Request
4. Adaptive Traffic Control System (Existing project tr1901) $100,000 Funding Source: Citywide Traffic Impact Fee
Additional funds requested for plan, design, and implementation of adaptive traffic control in West of 101.
5. Junipero Serra Class 4 Bike Lanes (New project tr2414) $50,000 Funding Source: Citywide Traffic Impact Fee
Additional funding is required for the TDA Grant match.
6. Colma/SSF: El Camino Real Bicycle and Pedestrian Improvement Project (PSR_PDS) and (PAED) (New project tr2415) $100,000 Funding Source: Citywide Traffic Impact Fee
Opportunity to follow through on part of the Bike/Ped Master Plan. Colma is leading the project and has secured a TA Grant. Caltrans asked to further previous project extends to Hickey Blvd & ECR for project effectiveness/continuity. 25 2
FY 2023-24 Financial Update
Mid-Year Capital Improvement Plan (CIP) Request
7. Caltrain Station Enhancement/Karyl Matsumoto Plaza (Existing project st1603) $120,000 New Funding Source: Park Construction Fees
Benefits Agreement for 200 Airport. It includes ongoing maintenance of the new plaza and contributions to construction that included $120,000 payment for plaza improvements.
8. Sewer Master Plan (Existing Project ss1801) $100,000 Funding Source: East of 101 Sewer Impact Fees
These funds will be used for additional design costs to update sewer model and report.
9. Broadband Fiber Optic Expansion (Existing Project pf2210) $289,332 Funding Source: American Rescue Plan Act (ARPA)
These funds will be used for installation of fiber optic cables in new City-owned conduits from 550 North Canal to Skyline Blvd in the Westborough Area to provide the middle mile for the carriers to connect to the last mile in the Westborough area. 26 2
FY 2023-24 Financial Update
Consolidating Projects
10. Citywide School Traffic Calming Improvement Project ($600,000) Original-existing project tr2405
Funding Source: Citywide Traffic Impact Fee
This project will be combined with existing project st2402. The funding source will still be Citywide traffic Impact fee. This will be an additional funding source to existing project st2402 (2024 Surface Seal Project).
11. 2024 Surface Seal Project (Existing project st2402) $600,000 New/Additional Funding Source: Citywide Traffic Impact Fee Requesting Citywide Traffic Impact Fee as an additional funding source for this project. Combining tr2405 (Citywide School Traffic Calming Improvement project) to st2402. The funds will be utilized for the traffic calming improvements and tracked accordingly. 27 2
FY 2023-24 Financial Update
Remove Funding From Existing Project
12. Transit Village Park (Existing project pk2101) ($2,000,000) Funding Sources: Park Land Acquisition Fee and Park Land Construction Alternative sites for a park are still being considered. Funding is not needed currently. Should a site be found, funding will be requested from the City Council separately. 28 2
FY 2023-24 Financial Update
American Rescue Plan Act (ARPA)
3 Reserve and Other Considerations
29 City Reserves (As of June 30, 2023
3 Reserve & Other Considerations
30 General Reserves (20%)
$29,298,000
Pension Stabilization Reserves
5,596,000
Infrastructure Reserves
8,194,000
Total Reserve Levels
$43,088,000
Available Unassigned GF Fund Balance
20,344,000
Reserves & Surplus Fund Balance
$63,432,000
Infrastructure Reserve Activities and Balance
3 Reserve & Other Considerations
31 Item
Amount
FY2022-23 Balance
$20,229,000
Add: Developer Contributions
250,000
Total
$20,479,000
Less: YTD Appropriation
FY 2023-24 CIP project funding
$4,050,000
Downpayment Assistance Program
1,513,000
Previously funded CIP projects
10,186,000
Total appropriation
$15,749,000
Mid-year Requests
$500,000
Net IR activities after Mid-year
$16,249,000
Available Reserve Balance after Mid-Year
$4,230,000
Projected GF Revenue and Expenditure Summary
3 Reserve & Other Considerations
32 Reserve for Encumbrances rollover
$8,661,000
Adopted Budget Surplus
$9,000
- FY 2023-24 Net Budget Adjustments
(10,771,000)
- Mid-Year Revenue Adjustments
(2,749,000)
- Mid-Year Appropriation Requests
(1,050,000)
Total Adjustments
(14,561,000)
FY 2023-24 Projected Deficit
($5,900,000)
QUESTIONS?
4 Q&A
33