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Home My Public Portal About2020-05-26 Item 10CITY COUNCILAGENDA REPORTCITY0^€%?:c<^p-s<CITY OF MILLBRAE621 Magnolia AvenueMillbrae, CA 94030SUBJECT: Receive Monthly General Fund FinancialReport for the Period Ending April 30,2020ATTACHMENTS:General Fund ReportReport No. ^tf^For Agenda of: May 26, 2020Department: FinanceOriginator: Emily Boyd, Interim FinanceDirector EB ^ /^Approved:^,^^^Budget ActionYes:No:xi^Finance Re\^ew: SS_REPORT TYPE: ACTIONITEM TYPE: CONSENT PUBLIC HEARINGINFORMATIONAL XEXISTING BUSINESSNEW BUSINESS XRECOMMENDATION:Staff recommends that the City Council receive a monthly General Fund Financial Report for the periodending April 30, 2020.BACKGROUND:On April 28, 2020, the City Council heard a presentation of the fiscal impact on the General Fund due toeconomic slowdowns caused by COVID19. At that time. Council requested staff provide a monthlyupdate. These reports will be presented at the second meeting of each month and will report on fiscalactivities through the end of the preceding month.ANALYSIS:As of April 30, 2020, 83.3% of the fiscal year has passed; leaving 16.7% of the year remaining. Theattached table contains a percent budget remaining column. Amounts in this column should beapproximately 16.7%. A negative amount in this column means that the actual amount received/expendedto date has exceeded budget. Generally, it is allowable for revenues to exceed budget and not allowablefor expenditures to exceed budget.Property tax - The majority of property tax revenue has been received, the City will receive final propertytax disbursement from the County in May and JuneSales and use tax - In the worst-case scenario, staff has projected sales tax revenues for the fiscal year tototal $2,102,374. To date, we have received $2,166,430, exceeding worst-case expectations by $64,056with another two months revenue yet to be received.Other taxes - Revenue receipts are coming in at budget projections.Page 1 of 2 Transient Occupancy Tax - TOT receipts are slightly higher than they were a month ago due to latepayment ofFebmary receipts by one hotel. No hotels have remitted any march receipt as of April 30,2020. Hotels in the City are experiencing little to no occupancy.Interest Income - Original budget estimates were more conservative than actual experience.Other revenues - Receipts are coming in at budget projections.Expenditures - The Actual YTD column contains both disbursements made, and encumbrances entered.In total, expenditures are coming in under budget projections. This is due, in part, to a spending freezeimplemented by the City Manager in March 2020. Staff recommends this spending freeze remain in placeuntil more is known about the ultimate fiscal impact ofCOVID19.FISCAL IMPACT:There is no fiscal impact to receiving the report.COUNCIL ACTION:Receive Monthly General Fund Finance Report for the period ending April 30, 2020.Page 2 of 2 City of Millbrae -- General Fund as of April 30, 2020Description2019Actual2020AmendedBudget2020Actual YTD *as of 4-30-202020RemainingBudget2020 PercentBudgetRemaining #Revenue:Property TaxSales and Use TaxOther TaxesTOT TaxTaxes TotalFranchise FeesInterest/lnvestment IncomeRent & ConcessionIntergovernmentalCharges for ServicesInterdepartmentalCity Clerk / City ManagerFinanceCommunity DevelopmentPublic WorksPublic SafetyTotal OtherTOTAL REVENUEExpense (Operating & Capital):00-000 Non-Divisional10-000 City Council20-000 City Attorney30-211 City Manager30-232 City Clerk40-221 Human Resources50-610 Finance60-510 Community Development70-xxx Public Works90-Public SafetyTOTAL EXPENSENet - Revenue - ExpenseGeneral Fund Available Balance @ 6-30-19Use of General Fund Balance FY202Estimated Remaininb Available Fund Balance12,749,8543,312,020789,9978,810,8891,126,418617,550763,39345,07663,742641,63198631,5551,864,071194,5641,458,4956,807,4814,736,199204,291104,975822,880501,256587,9862,384,5403,857,9908,319,50017,303,08912,441,8163,290,593782,4308,300,00011,898,4442,166,430638,5595,799,338543,3721,124,163143,8712,500,66225,662,760 24,814,839 20,502,7704,312,0691,101,466337,220752,43220,0003,0001,114,41349,8601,870,270648,0061,428,181861,238626,413720,44252,19611,5971,144,41547239,4801,217,623486,4631,146,028240,228(289,193)31,990(32,196)(8,597)(30,002)(472)10,380652,647161,543282,1537,324,8486,306,3671,018,48132,470,241 32,139,687 26,809,1375,330,5504,284,182239,232225,0001,034,446533,541496,1752,897,7043,635,53110,401,05816,559,0291,761,371133,93165,883682,537456,019374,2532,042,6942,440,4784,609,41915,433,8802,522,811105,301159,117351,90977,522121,922855,0101,195,0535,791,6391,125,14938,822,706 40,305,898 28,000,464 12,305,4344.4%34.2%18.4%30.1%17.4%21.8%-85.8%4.3%-161.0%-286.6%-2.7%0.0%20.8%34.9%24.9%19.8%13.9%16.6%58.9%44.0%70.7%34.0%14.5%24.6%29.5%32.9%55.7%6.8%30.5%(6,352,465) (8,166,211) (1,191,327) (6,974,884)13,326,170(8,166,211)WORST CASESCENARIO2020Adjusted13,147,2302,102,374704,1875,876,66121,830,4521,101,466337,220677,15852,1968,9981,144,41547238,6141,231,513486,9621,228,4966,307,51028,137,9624,390,982239,232225,0001,034,446533,541503,1072,788,5332,937,4585,547,02816,516,46534,715,792(6,577,830)5,159,95913,326,170(6,577,830)6,748,340* Includes encumbrancesft Percent of year remainging 16.7%C:\User5\alouis\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\PUNGSSCM\FY13 20 Status Report to Council 101-April 2020