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19C - FY 18-19 BUDGET UPDATE
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12/04/2018
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19C - FY 18-19 BUDGET UPDATE
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Last modified
11/29/2018 7:15:51 PM
Creation date
11/29/2018 7:12:39 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
19C
Date
12/4/2018
Destruction Year
2023
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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 4, 2018 <br />TITLE: <br />RECEIVE AND FILE — FISCAL YEAR 2018-19 <br />FIRST QUARTER BUDGET UPDATE AND <br />VACANCY REPORT <br />(STRATEGIC PLAN NO. 4, 1) <br />1 i\ <br />Cly MANAGER <br />RECOMMENDED ACTION <br />Receive and file the following: <br />Fiscal year 2018-19 First Quarter Budget Update. <br />Fiscal year 2018-19 First Quarter Vacancy Report. <br />DISCUSSION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1s' Reading <br />❑ <br />Ordinance on 2ntl Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />As part of City Council direction, staff is presenting a quarterly fiscal review for FY 2018-19, for <br />the General Fund, and an update on current citywide vacancies. <br />FISCAL YEAR 2018-19 General Fund: 1St Quarter Update (Exhibit 1) <br />General fund revenues collected during the first quarter (July — September) amounted to <br />approximately $25.5 million representing 9.6% of the general fund budget, slightly below the first <br />quarter historical trend of ten percent (10%). This is $3 million higher than fiscal year 2017-18 of <br />$22.5 million and is largely attributable to increases in sales tax ($300 thousand) permits and <br />plan check (approximately $700 thousand), jail revenue ($1 million) and Adult -Use Retail <br />cannabis revenue ($712 thousand). <br />Top Six General Fund Revenues <br />Sales Tax received in the first quarter represents only one payment. In October 2018, the City <br />began to receive the unprocessed payments related to fiscal year 2017-18 from the California <br />Department of Tax and Fee Administration (CDTFA) formerly the BOE. These unprocessed <br />payments are combined with the City's regular sales tax allocation. Staff is currently working with <br />the City's consultant to determine the amounts related to the prior fiscal year. An update will be <br />provided as part of the Mid -Year (Second Quarter) Review. <br />Property Tax received represents a minimal amount of $673 thousand, primarily consisting of <br />unsecured and supplemental property tax and is slightly below the three-year trend of 2.3%. The <br />19C-1 <br />
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