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Home My WebLink AboutRPT 2 EXPEND REPORT 02-01-88FRIDM: . ~ILI,IBtJECT: WILLIAM A. HUSTON, CiTY MANAGER RONALD A. NAULT, DIRECTOR OF FINANCE REVENUE AND EXPENDITURE REPORT FOR THE SECOND QUARTER OF FISCAL 1988 ,,, J Attached for your review is the Revenue and Expenditure Report for the Second Quarter of the current fiscal year. This report generally has more significance in that by mid-year we have a better picture of the flow of revenues and expenditures to apply year end projections. We will be using the projected numbers in this report to begin our 1988-89 Budget process in February. A review of the revenue and expenditure summaries, starting on page two, indicate that we are generally on target in all funds. The following is a brief analysis of the major funds. In the conclusion of the report is a request for additional appropriations for unanticipated program costs that are expected to exceed their original budgets at year-end. General Fund General Fund Revenues are anticipated to come in at-about 99% of budget. Property taxes will probably come in at 93% of budget, and Sales Tax will probably come in at 10+% of budget. There are several departments that have incurred excessive expenses for which we are asking additional appropriations. The City Clerk and the City Attorney have annexation related expenditures that have contributed to budget over-runs. Administrative Services has incurred additional recruitment costs due to new hires and personnel turnover. Public Works has asked to reappropriate funds for major sidewalk repairs during the current year. This is addressed in the appropriation request on page three. The balance of the departments may show some divisional variances but the departments in total, are within the authorized budgets. The General Fund Capital Improvement program is detailed in the attached report prepared by the Public Works Department. At this time they are projecting expenditures to be under those appropriated with some projects carried over into 1988-89. Gas Tax The most significant item in the Gas Tax Fund is the FAU funded projects. The Capital Improvement Program Report identifies Page 2 Second Quarter Expenditure Report January 29, 1988 these projects as carryovers into 1988-89. This has caused the significant change in the funds projected revenues and expenditures. 1971 Park Bond Redemption Fund We are presently projecting a balance in this fund of $75,000 net of the redemption that took place October 1, 1987. These funds will be transferred to the General Fund at year-end. Landscape/Lighting District We will be asking for a revenue appropriation of $96,00'0 which represents that amount as reported to us by the assessors office for 1987-88 collections. Redevelopment Agency The increment and other revenue is anticipated to exceed budget by $350,000. The majority of this is related to the growth in valuation for the new fiscal year. Total expenditures are anticipated to be 88% of budget with some carryover in the Capital Improvement Program. Water Enterprise Water revenues are somewhat below estimated at this time, for purchased water. Fixed costs, service billing, debt surcharge, etc., are on-line. Billings for purchased water from MWD lag consumption significantly causing a lag in our projections. We will have a much better projection for the Third Quarter Report. We will be transferring an additional $500,000 to the Water Capital Improvement Fund this year. Risk Management and Health Benefits These quasi-internal service funds are experiencing heavy expenditures in paid claims. Any shortfall in current revenues versus current expenditures will be addressed in next years premium calculation. Ail in all, I think that all departments have managed their budgets quite well. Page 3 second Quarter Expenditure January 29, 1988 Report Recommended Action It is recommended that the City Council take following appropriations: i · $96,000 revenue appropriation Lighting District. 2. General Fund Expenditures: A. City Clerk - B. City Attorney - C. Administrative Services D. Public Works- 3. Risk Management 4. Health Benefits action to make the in the Landscape/ $ 3,500 69,000 14,000 108,100 145,000 '75,000 Director of Finance RAN:is Attachments II o') II I"-.. II (1') II · , II f".,.. II t"q'U II T'"'d II ,.. Il ~ Ii ~ II ~ II c) I.I_W I WZ t--0~ s--I V V %-" ~ t'B I.D C3 0 C3 II 0 II ~ !1 II II II II II II II II II I.~ OD CZ) I I~- C~ Oi-- n" 0 ~ W LIJW WLIJ ,-~> Cl. II F.. II !~. 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