HomeMy WebLinkAboutPOWERPOINT MID-YEAR BUDGETMid-Year Budget
FY 2010-11
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FY 10/11 Mid-Year General Fund
Projected General Fund Revenue June 30, 2011
•
Mid-Year FY10/11 projected revenues are $47,083,142
•
1% or $566,397 greater than adopted budget, $46,516,745
•
Major contributors to the change in revenues:
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Higher sales tax revenues: $481,600
•
Higher license & permit fees: $369,600
•
Decrease rental income (15171 Del Amo): -$252,800
•
Interest income netted against All Other Sources, principle
•
and interest payments were reallocated
Sales Tax
$25
Millions
$20
$15
$20.4
$18.8
$19.3
$19.8
$15.7
$10
$18.9
$17.9
$18.1
$18.6
$17.4
$15.7
$18.1
$5
$0
00-01
01-02
02-03
03-04
04-05
05-06
06-07
07-08
08-09
09-10
10-11
10-11
Adopted
Projected
Property Tax
$9
Millions
$8
$7
$6
$7.9
$5
$8.1
$7.2
$5.0
$4
$7.9
$5.2
$6.7
$7.2
$3
$5.4
$6.3
$2
$5.8
$1
$0
00-01
01-02
02-03
03-04
04-05
05-06
06-07
07-08
08-09
09-10
10-11
Adopted
&
Projected
FY 10/11 Mid-Year General Fund Cont.
Projected General Fund Expenditures June 30,
•
2011
Operating expenditures are projected to be $47,763,633
•
About 1% or $409,597 less than adopted budget, $48,173,230
•
Major contributors to the change in expenditures:
•
Salary & benefit savings: -$179,901
•
Operational savings: -$229,696
•
Overall most of the departments have operational savings,
•
however, a few departments have slightly higher than
budgeted expenditures, which nets out against those with
savings resulting in an overall savings of more than
$409,000.
FY 10/11 Mid-Year General Fund Cont.
Planned Use of Reserves
•
The originally adopted budget: $1,656,485
•
Revised Mid-Year budget: $680,491
•
Savings:$975,994
•
Projected Year End Fund Balance
•
Revised Mid-Year budget:$10,442,815
•
22% of General Fund Expenditures
•
FY 10/11 Mid-Year All Funds
Increased expenditures
•
CDBG Fund: Increase of $157,500 for capital projects that are
•
outlined in the seven-year CIP budget. The City will be
reimbursed for these expenditures through the grant.
Gas Tax Fund: Increase of $341,420 for capital projects that
•
are outlined in the seven-year CIP budget. The Gas Tax funds
are used for transportation relief/improvement related projects
Asset Forfeiture: Increase of $20,000 for security keypads
•
outside the records unit and City gym facility as recommended
by CALEA accreditation process & wellness committee
Liability Fund: increase of $44,200 for increased City Attorney
•
costs associated with general litigation
FY 10/11 Mid-Year All Funds Cont.
Increased expenditures
•
Water Enterprise Fund: Increase of $366,612 for salary &
•
benefit costs for the Water Distribution Division that was under
budgeted in the FY 2010-11 adopted budget.
The full operating costs were included in the water rate study that
•
was presented to City Council on June 15, 2010.
Operating revenues are projected to be $13,795,800. It is an
•
increase of $2,455,900 from adopted budget. The adopted budget
didn’t account the rate increase that was passed on June 15, 2010.
The Mid-Year projected revenues are consistent with revenue
projections in the rate study.
Retained earnings are projected to increase by $1,817,145 to
•
$28,209,924 as of June 30, 2011. Of this amount, $24,541,113 of
it is invested in capital assets, net of related debt.
Mid-Year FY 2010-11 CIP
FY 11/12
AdoptedProjectedProject
CategoryFY 10/11FY 10/11Carryovers
Flood Control Facilities$349,469$250,000$99,469
Park Facilities$793,000$701,030$91,970
Public Facilities$3,380,076$2,733,199$646,877
Traffic Control Facilities$953,525$742,045$211,480
Transportation Facilities$6,618,196$4,321,691$2,296,505
Marine Base Development$18,816,014$1,768,154$17,047,860
Water Facilities$460,788$325,000$135,788
$31,371,068$10,841,119$20,529,949
FY 10/11 Mid-Year Budget Recommendations
Approve supplemental appropriation of:
•
$157,500 from the CDBG fund for Capital Projects
•
$341,420 from the Gas Tax fund for Capital Projects
•
$20,000 from the Asset Forfeiture fund for security
•
keypads
$44,200 from the Liability fund for additional City
•
Attorney costs
$366,612 from the Water Enterprise fund for under
•
budgeted salary and benefit costs