South San Francisco City Council
October 23, 2024

FY 2023-24
Preliminary Year End
FY 2024-25 Q1
Financial Review
Presentation to City Council
Karen Chang, Director of Finance
OCTOBER 23, 2024
AGENDA
1 FY 2023-24 Financial Update
(Year End)
2 Reserve Status and Plan
3 FY 2024-25 Financial Update
(1st Quarter)
4 Q&A
22 General Fund Summary- FY 2023-24 ($ Millions)
3 Description Actual
Revenues $155.0
Expenditures (140.8)
Surplus $ 14.2
FY 2023-24 Year End 1
FY 2023-24 General Fund Revenues
4 FY 2023-24 Year End 1
Property
Tax
• $7 M
• RDA & ERAF
• County
License &
Permit
• $1.5 M
• Fire & Building
Use of $
• $2.5 M
• High-interest rate
environment
FY 2023-24 General Fund Revenues by Source
5 1
Property Tax
36%
Sales Tax
15%
Transient
Occupancy
Tax
10%
Other Tax
5%
Franchise Fees
4%
License and Permits
9%
Fines & Forfeitures
0%
Intergovernmental
4%
Charges for Services
8%
Use of Money & Property
5%
Other Revenues
0%
Transfers In
4%
FY 2023-24 Year End
FY 2023-24 General Fund Revenues
6 REVENUES FY 2022-23 FY2023-24
(in millions) Budget Actuals
as of 6/30
Percentage
of Budget
Budget Actuals
as of 6/30
Percentage
of Budget
Property Tax $45.8 $54.0 118% $49.3 $56.4 114%
Sales Tax 22.4 21.7 97% 22.0 23.6 107%
TOT 14.2 16.4 115% 14.0 14.9 106%
Licenses & Permits 19.4 20.5 106% 12.5 14.0 112%
Intergovernmental 4.3 3.6 84% 7.8 6.5 83%
Service Charges 8.3 11.7 141% 11.6 13.0 112%
All Other Revenues 16.7 14.0 84% 16.6 20.3 122%
Transfers In 6.2 5.3 85% 9.0 6.3 70%
TOTAL $137.3 $147.2 107% $142.8 $155.0 109%
FY 2023-24 Year End 1
FY 2023-24 General Fund Expenditures
7 Expenditures FY 2022-23 FY2023-24
(in millions) Budget Actuals
as of 6/30
Enc / Proj
Carryover
% of
Budget
Budget Actuals
as of 6/30
Enc / Proj
Carryover
% of
Budget
Payroll $100.2 $103.5 103% $106.8 $106.1 99%
Supplies & Services 31.0 27.0 8.7 115% 35.4 23.0 7.8 87% Capital Outlay 0.8 0.2 25% 0.9 0.2 22%
InterDept Charges 7.4 8.1 109% 9.5 10.2 107%
Transfers 4.5 1.4 3.8 115% 4.9 1.2 3.9 104%
TOTAL $143.9 $140.2 $12.5 106% $157.5 $140.7 $11.7 97%
FY 2023-24 Year End 1
FY 2023-24 GF Expenditures by Department
8 1
-$5 M
$0 M
$5 M
$10 M
$15 M
$20 M
$25 M
$30 M
$35 M
$40 M
Actual Encumbrance Capital Carryforward Budget Remaining FY 2023-24 Year End
GF Fund Balances (As of June 30, 2024) (millions)
Reserve Status and Plan 2
9 Beginning Fund Balance 7-1-2024 $71.7
Revenues 155.0
Expenditures (140.7)
Total Fund Balance as of 6-30-2024 $86.0
Designated for Encumbrances (7.8)
Designated for Capital Projects (3.9)
Designated for ERP Replacement (6.0)
Designated for Land Held for Development (3.8)
General Fund Reserves (20% of Revenue) (29.7)
Unassigned General Fund Balance 6-30-24 $34.8
City Reserves (As of June 30, 2024) (millions)
Reserve Status and Plan 2
10 General Fund Reserves (20%) $29.7
Pension Stabilization Reserves 5.8
Infrastructure Reserves 6.7
Total Reserves $43.6
Available Unassigned GF Fund Balance 34.8
Combined Reserves & Surplus Fund Balance $77.1
FY 2022-23
Unassigned
• $21 M
FY 2023-24
Unassigned
• $34.8 M
Increase
• $13.8 M
Recommended Options for General Fund Surplus
Setting aside $8 million to offset the City’s project deficit for FY 2024-25 Allocating $2 million to the Pension Stabilization Reserve Allocating $1 million to address increasing legal liabilities in the Workers' Compensation Fund
Allocating $1.6 million to support the Vehicle Replacement Program Using a portion to relieve the Measure W share of the deficit burden Reserve Status and Plan 2
FY 2024-25 Q1 Financial
Update
Through September 30, 2024
FY 2024-25 General Fund Revenues
1 3
REVENUES FY 2023-24 FY2024-25
(in millions) Adjusted
Budget
Actuals
as of 9/30
% of
Budget
Adjusted
Budget
Actuals
as of 9/30
% of
Budget
Property Tax $48.0 $0.0 0% $50.2 $2.9 6%
Sales Tax 23.4 2.3 10% 23.2 1.6 7%
TOT 14.9 2.4 16% 14.5 2.7 19%
Licenses & Permits 16.9 4.1 24% 13.2 3.0 23%
Intergovernmental 4.2 1.7 41% 2.8 1.1 40%
Service Charges 8.2 2.3 28% 8.5 2.6 30%
All Other Revenues 18.5 2.6 14% 20.5 2.0 10%
Transfers In 8.7 0.5 6% 4.7 0.0 0%
TOTAL $142.9 $15.9 11% $137.6 $15.9 12%
FY 2024-25 Q1 3
FY 2024-25 General Fund Expenditures
1 4
FY 2024-25 Q1 3
Expenditures FY 2023-24 FY2024-25
(in millions) Adjusted
Budget
Actuals
as of 9/30
% of
Budget
Adjusted
Budget
Actuals
as of 9/30
% of
Budget
Payroll 106.5 25.2 24% 113.4 27.0 24%
Supplies & Services 31.9 3.7 12% 22.2 4.1 18%
Capital Outlay 0.9 0.0 5% 0.0 0.0 0%
InterDept Charges 9.5 2.4 25% 9.5 2.4 25%
Transfers 4.9 0.1 3% 0.5 0.0 0%
TOTAL $153.7 $31.4 20% $145.6 $33.5 23%
QUESTIONS?
Q&A 4
15