HomeMy Public PortalAbout12.5) Presentation Slides-FY1920 Fourth Quarter Preliminary Financial Update4th QUARTER BUDGET REVIEW
FISCAL YEAR 2019-2020
September 15, 2020
RECOMMENDED ACTIONS
•Receive and file the Fiscal Year (“FY”) 2019-20
(“1920”) 4th Quarter Budget Report and related
documents; and
•Authorize staff to revise revenue and expenditure
estimates for FY 1920.
2
BACKGROUND
•FY 2019-20 Budget Adopted in June 6, 2019
•Various Adjustments Over the Past Months
•Coronavirus (“COVID-19”) Pandemic
3
Proposed Revenue Adjustments:
Current Proposed Revised
Budget Budget Budget
Category Amount Adjustment Amount % Change
l Intergovernmental* 562,500$ 260,370$ 822,870$ 46.3%
l Interest - Various 100,000 217,110 317,110 217.1%
l Property Tax Allocation 3,508,490 161,790 3,670,280 4.6%
l In Lieu VLF 4,817,905 161,300 4,979,205 3.3%
l Facility Rental Fees 54,000 (22,470)31,530 -41.6%
l Temp Parking Permit Fees 170,000 (24,800)145,200 -14.6%
l Recreation Fees 300,000 (48,120)251,880 -16.0%
l Zoning Fees 250,000 (49,680)200,320 -19.9%
l Sales Tax 1,980,200 (60,400)1,919,800 -3.1%
l Plan Check Fees 560,000 (81,720)478,280 -14.6%
l Building Permit Fees 800,000 (177,240)622,760 -22.2%
REVENUES: PROPOSED 4th QTR BUDGET ADJUSTMENTS
4
GENERAL FUND
*Pending ruling of Federal Office of Management and Budget.
Revenues –GF Budget
Adopted vs. Current vs. Proposed
5
Misc.
+$1,078,910
Property Tax
+$161,790
In-Lieu VLF
+$161,300
Sales Tax
(-$225,400)
Licenses &
Permits
(-$296,770)
Charges for
Services
(-$389,390)
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000 Adopted
Current
Proposed
$15,190,945
$15,223,445
$15,635,655
REVENUES: PROPOSED 4th QTR BUDGET ADJUSTMENTS
6
NON-GENERAL FUND
Proposed Revenue Adjustments:
Current Proposed Revised
Budget Budget Budget
Fund Amount Adjustment Amount % Change
l Gas Tax 2105 202,560$ (118,360)$ 84,200$ -58.4%
l Measure M Allocation 517,740 (25,800)491,940 -5.0%
l Measure R Allocation 456,880 (19,710)437,170 -4.3%
l Prop A Local Return Funds 734,320 (30,620)703,700 -4.2%
l Prop C Local Return Funds 609,100 (25,380)583,720 -4.2%
l Bus Pass Sales (MTA) 44,170 (16,800)27,370 -38.0%
l Measure W Allocation 460,000 (320,700)139,300 -69.7%
l Sewer Construction 40,000 (35,000)5,000 -87.5%
EXPENDITURES: PROPOSED 4th QTR BUDGET ADJ.
7
GENERAL FUND
Proposed Expenditure Adjustments:
Current Proposed Revised
Budget Budget Budget
Category Amount Adjustment Amount % Change
l Events 348,250$ (124,500)$ 223,750$ -35.8%
l Personnel 1,951,910 (150,750)1,801,160 -7.7%
l Professional Services 1,805,760 (336,850)1,468,910 -18.7%
l Supplies and Equipment 107,240 (22,470)84,770 -21.0%
l Training and Travel 42,500 (30,900)11,600 -72.7%
l CIP and Cap Outlay 626,390 (521,360)105,030 -83.2%
Expenditures –GF Budget
Adopted vs. Current vs. Proposed
8
General
Government
+$82,430 Public Safety
(-$241,340)
Community
Development
(-$293,730)
Parks &
Recreation
(-$373,830)
CIP
(-$394,970)
Public Works
(-$386,675)
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
$5,500,000
$6,000,000 Adopted
Current
Proposed
$17,077,070
$15,468,958
$16,655,788
EXPENDITURES: PROPOSED 4th QTR BUDGET ADJUSTMENTS
9
NON-GENERAL FUND
Proposed Expenditure Adjustments:
Current Proposed Revised
Budget Budget Budget
Category Amount Adjustment Amount % Change
Maintenance & Operations
l Lighting and Landscape District $ 558,475 (123,000)$ 435,475$ -22.0%
CIP/Vehicles
l Air Quality Management District 40,000$ (40,000)$ 0$ 100.0%
l Lighting &Landscape District 197,500 (197,500) 0 100.0%
l Measure A 425,000 (425,000)0 100.0%
l Measure M 800,000 (644,800)155,200 80.6%
l Measure R 750,000 (750,000)0 100.0%
l Measure W 76,000 (76,000)0 100.0%
l Park Acquisition 43,000 (17,000)26,000 39.5%
l Road Maintenance and Repair Act 1,384,000 (920,000)464,000 66.5%
FY 1920 4th Quarter Budget Review -GF
10
FUND BALANCE
FY 2019-20
Total Fund Balance, July 1, 2019, Audited 20,043,987$
Estimated FY 2019-20 Actuals:
Revenues 14,919,670$
Expenditures (15,310,262)
Surplus(Deficit)(390,591)$
Net Transfers 20,500
Net Surplus (Deficit) with Net Transfers (370,091)$
One-Time Revenues:
CARES Act Allocation*260,370$
Proposition A Fund Exchange 562,500
Total One-Time Revenues 822,870$
Net Surplus (Deficit) with One-Time Revenues 452,779$
Estimated Fund Balance, June 30, 2020, Unaudited 20,496,766$
4TH QUARTER, FY 2019-20 GENERAL FUND BALANCE ESTIMATE
FY 1920 4th Quarter Budget Review -GF
11
*FUND BALANCE (CARES Act in FY 2020-21)
FY 2019-20
Total Fund Balance, July 1, 2019, Audited 20,043,987$
Estimated FY 2019-20 Actuals:
Revenues 14,919,670$
Expenditures (15,310,262)
Surplus(Deficit)(390,591)$
Net Transfers 20,500
Net Surplus (Deficit) with Net Transfers (370,091)$
One-Time Revenues:
Proposition A Fund Exchange 562,500
Total One-Time Revenues 562,500$
Net Surplus (Deficit) with One-Time Revenues 192,409$
Estimated Fund Balance, June 30, 2020, Unaudited 20,236,396$
*4TH QUARTER, FY 2019-20 GENERAL FUND BALANCE ESTIMATE
KEY SUCCESS FACTORS
•Increased Revenues:
o Investment Income –Investment in shorter, higher rate terms
o One-Time Revenues –CARES Act allocation and Prop A exchange
o Property Tax Revenues –Higher property assessed valuations
•Lower Expenditures:
o Expenditure Control –Includes unfilled vacancies
FY 1920 4th Quarter Budget Review -GF
12
SUMMARY
��C o n t i n u e d C O V I D - 1 9 F i s c a l I m p a c t L o s s o f R e v e n u e s
" S a l e s T a x R e v e n u e s
" T r a n s i e n t O c c u p a n c y T a x
" T e m p o r a r y P a r k i n g P e r m i t s
" R e a l P r o p e r t y T r a n s f e r T a x
" C o r r e l a t e d R e v e n u e s a n d E x p e n d i t u r e s :
o P l a n n i n g a n d B u i l d i n g A c t i v i t i e s
o R e c r e a t i o n P r o g r a m s
��P r o p e r t y A s s e s s e d V a l u a t i o n s U n a f f e c t e d t h i s y e a r
��I m p a c t o f D e f e r r e d M a i n t e n a n c e a n d U p g r a d e s
F Y 1 9 2 0 4 t h Q u a r t e r B u d g e t R e v i e w - G F
1 3
F Y 2 0 2 0 - 2 1 F I N A N C I A L O U T L O O K