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HomeMy Public PortalAbout2023-02-28 Item 5SUBJECT: CITY OF MILLBRAE 621 MAGNOLIA AVE MILLBRAE, CA 94030 CITY COUNCIL AGENDA REPORT Receive and File Monthly General Fund Financial Report for the Period Ending January 31, 2023 ATTACHMENTS: 1. General Fund Report Report No. t0Y Agenda Item: For Agenda of: February 28, 2023 Department: Finance Originator: Mike Sung, Finance Director Approved: Budget Action: ❑ Yes Z No Finance Review: MS REPORT TYPE: ❑ ACTION ® INFORMATIONAL ITEM TYPE: ® CONSENT ❑ PUBLIC HEARING ❑ EXISTING BUSINESS ❑ NEW BUSINESS RECOMMENDATION: Staff recommends that the City Council receive and file a monthly General Fund Financial Report for the period ending January 31, 2023. BACKGROUND: On April 28, 2020, the City Council heard a presentation of the fiscal impact on the General Fund due to economic slowdowns caused by COVID-19. At that time, Council requested staff provide a monthly update. These reports will be presented at the second meeting of each month and will report on fiscal activities through the end of the preceding month. ANALYSIS: As of December 31, 2022, 58.3% of the fiscal year has passed. The attached presentation shows a summary of the current information available in the City's Financial Management System. Generally, it is allowable for revenues to exceed budget and not allowable for expenditures to exceed budget. Property Tax: Generally, the first property tax payments will occur in November, with a much larger payment in December. More payments will be remitted by the County from March to June, with a clean- up payment for the previous fiscal year in August. Sales Tax and Transient Occupancy Tax: Sales Tax remittance occurs approximately 7 weeks after the end of the reporting month. Transient Occupancy Tax receipts continue to be impacted by the COVID-19 pandemic and appears to be in the recovery process. Franchise Fees: Franchise Fees are generally paid after the quarter has ended. Other Taxes: Includes property transfer tax and parking tax. Property transfer tax are trending at budget estimates. Parking tax receipts continue to be impacted by the COVID-19 pandemic and appear to be in the process of recovery. Page 1 of 2 Monthly General Fund Financial Report Page 2 of 2 Other revenues: Business Licenses are trending at budget estimates. Expenditures: The Actual YTD column contains both disbursements made, and encumbrances entered. In total, expenditures are currently trending at budget projections. This is due, in part, to a spending freeze implemented by the City Manager in February 2020. Cost containment measures continued in Fiscal Year 2020 -2021, Fiscal Year 2021-2022 and Fiscal Year 2022-2023 as per the budget resolution adopted by the City Council at the May 24, 2022 meeting. It should be noted that Ca1PERS Unfunded Accrued Liability (UAL) payments, totaling $4.0 million in the General Fund, were prepaid in July, saving the City 3.3% ($133,000). Additionally, the City saved 3.3% ($41,000) when Central County Fire District's (CCFD) decided to prepay CCFD's UAL. FISCAL IMPACT: There is no fiscal impact to receiving the report. COUNCIL ACTION: Receive and File Monthly General Fund Finance Report for the period ending January 31, 2023. Monthly Budget Report FY 2022/23, January Finance Department February 28, 2023 Mike Sung Resources: Revenues and Transfers In - Il l!rINFIUIllimllr'IMMIIIEIIIId n ! - . . " 66. 0 Property Tax $ 15,002 $ 9,978'- Sales Tax 3,061 1,339 43.74% Transient Occupancy Tax 6,961 4,067 58.43% Franchise Tax 1,358 511 37.63% Other Taxes 757 440 58.12% Licenses and Permits 1,488 1,640 110.22% Charges for Services 1,263 1,689 133.73% Fines and Forfeitures 1,255 432 34.42% Use of Money and Property 925 647 69.95% Grants and Intergovernmental 15 194 1293.33% Miscellaneous 2,557 1,206 47.16% Total $ 34,642 $ 22,143 63.92% MILLBRAE City of Millbrae Uses: Expenditures and Transfers Out 111r —‘111"111111111V Dollars in Thousa �..—, Adopted , FY ? 23 u igrscent of ' Adsatd... General Government $ 5,381 $ 3,280 60.96% Public Safety Fire 10,625 7,912 74.47% Public Safety Police 9,116 3,378 37.06% Public Works 3,286 2,008 61.11% Parks 2,403 1,223 50.89% Community Development 2,975 1,791 60.20% Transfers Out 2,779 1,215 43.72% Total $ 36,565 $ 20,807 56.90% MILLBRAE City Of Millbrae Unreserved Fund Balance o s n us Adopte ource of Funds Encumbrance Reserves $ 566 Fund Balance (including Reserves) 17,628 Revenues (inc. Transfers In) 34,642 Total Source of Funds 52,836 Use of Funds Expenditures and Transfers Out 36,565 Encumbrance Balance 566 Total Use of Funds 37,131 Unreserved Fund Balance $ 10,220 Reserves (15% of Operating Budget) $ 5,485 MILLBRAE City Of Millbrae