FY 2022-23
Second Quarter
Budget
Update
July 11, 2023
Item 15.3
2nd Quarter FY 2022-23
General Fund Revenues
As of December 31, 2022:
• Year to Date = $86.4 million
• 30.3% of the $285.3 million budget
Year‐end Projection:
•$304.9 million
• $19.5 million, 6.8% over the budget
• Largest variances:
• Sales Tax +$13.1 million
• Utility User Tax +$1.9 million
• Franchise Tax +$1.4 million
FY 2018‐19 FY 2019‐20 FY 2020‐21 FY 2021‐22 FY 2022‐23 1st Quarter 12% 14% 15% 10% 13%
2nd Quarter 31% 31% 34% 24% 30%
3rd Quarter 67% 67% 66% 60% 0%
Year‐End 105% 106% 121% 118% 0%
Budget 100% 100% 100% 100% 100%
‐5%
5%
15%
25%
35%
45%
55%
65%
75%
85%
95%
105%
115%
125%
% of Annual Budget
General Fund Revenues
Quarterly Receipts as a % of Budget
2nd Quarter Revenues
2nd Quarter FY 2022-23
General Fund Expenditures
As of December 31, 2022:
• Expenditures = $124.0 million
• 35% of the $349.9 million budget
Year‐end Projection:
• $328.0 million
• $21.9 million, 6.3% under budget
• Police Department $16.3 million
• Fire Department $2.4 million
2nd Quarter FY 2022-23
General Fund Budget
2nd Quarter FY 2022-23
Recommendation
• Accept 2nd Quarter Budget Status
Update report.
• Approve one budget amendment.
1. Transfer funds in the amount of
$234,489 from the Miner Avenue
Complete Street Improvements,
Project No. WT16007 to the Miner
Ave/San Joaquin Roundabout, Project
No. WT15015