FY 2023-24 Third QuarterBudget ReportImelda ArroyoBudget OfficerAgenda Item 15.3October 1, 2024
3rdQuarter FY 2023-24 General Fund RevenuesAs of March 31, 2024:•Year to Date = $188.4 million •61.7% of the $305.5 million budgetYear-end Projection:•$316.9 million•$11.5 million, 3.8% over the budget •Largest variances:•Rev. from Other Agencies +$3.5 million•Point of Sale Sales Tax +$3.3 million•Property Taxes +$2.7 million RevenuesProceeding as expected – tax revenues can take up to 90 days to post.Operating revenues are showing signs of mild cooling anticipated by City’s consultants.BudgetBudgetBudgetBudgetQ3 ActualsQ3 ActualsQ3 ActualsQ3 Actuals0501001502002503002023 Tax Revenue 2024 Tax Revenue 2023 ProgramRevenue2024 ProgramRevenueBudgetQ3 Actuals 3rdQuarter FY 2023-24 General Fund ExpendituresAs of March 31, 2024:•Year to Date = $194.6 million •57% of the $341.0 million budgetYear-end Projection:•$311.6 million•$29.4 million, 8.6% under budget•Police Department $12.6 million•Economic Development $4.9 million•Fire Department $3.2 million•Public Works $2.8 million Expenditures•Expenditures are proceeding as expected.•Currently at 57% Budget Utilization•Due to Salary Savings & Multi-year expenditures that have not posted yet. 1,473out of1,801PositionsfilledAuthorized / budgetedAuthorized / budgetedfilled / utilizedfilled / utilized0%20%40%60%80%100%120%Positions Filled Q3 BudgetUtilizedPolice 56%Fire 22%Public Works7%Econ Dev1%Violence Prevention1%Other Funds 7%Admin 6%Actual Q3 Expenditures 3rdQuarter FY 2023-24 Recommendations•Accept 3rdQuarter Budget Status Update report.•Adopt Resolution approving one budget amendment:Appropriate $1,496,767 from the Development Services fund balance to cover operating budget.•Authorize the continuation of up to $6,815,016 in FY 2023-24 budget appropriations to FY 2024-25 for completion of identified programs.