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Receive and file Fiscal Year 2019-2020 General Fund First Quarter Update
<br />December 3, 2019
<br />Page 2
<br />Subtotal Major General Fund
<br />Revenues
<br />$180,299,701
<br />$ 180,351,612
<br />100.0%
<br />Other General Fund Revenue
<br />$82,647,581
<br />$88,793,406
<br />107.4%
<br />Total General Fund Revenue
<br />$262,947,282
<br />$269,145,019
<br />102.4%
<br />Preliminary results reflect over $180 million were received by the City's major general fund
<br />revenues and were within mid -year projections. Measure X dollars of $13.6 million were less than
<br />the $15 million anticipated by June 30th, due to late payments of $1.6 million received beyond the
<br />60-day accrual period. Therefore, the total amount received for the April -June 2019 quarter is
<br />closer to $15.2 million.
<br />Overall, general fund revenues exceeded projections by over $6 million or 2.4% due to higher than
<br />anticipated revenues related to property tax residuals, Southern California Edison (SCE) rebates
<br />and other general fund revenues. City Council has appropriated $5.6 million of anticipated
<br />revenues and therefore projects an anticipated excess revenue of $0.6 million.
<br />The City's General Fund Expenditures were $3.1 million less than budget due to vacancy and
<br />contractual savings related to pending projects. On September 17th, 2019, City Council approved
<br />a list of carry forward projects amounting to $1.1 million which reduces expense savings to nearly
<br />$2 million or less than 1 % of amended budget.
<br />General Fund Revenues for FY 2019-2020
<br />The table below summarizes first quarter results for the major General Fund revenue sources.
<br />Major General Fund Revenues
<br />Revenue Source
<br />FY 19-20
<br />Adopted Budget
<br />FY 19-20 1st
<br />Quarter Actuals
<br />% Received
<br />Sales Tax
<br />$51,509,900
<br />$ 4,190,813
<br />8.1%
<br />Sales Tax (Measure X)
<br />$60,000,000
<br />$ 5,598,021
<br />9.3%
<br />Property Tax
<br />$37,346,100
<br />$ 649,011
<br />1.7%
<br />Property Tax In -Lieu of Vehicle
<br />Licenses Fees VLF
<br />$34,167,600
<br />$ 0
<br />0%
<br />Utility Users' Tax
<br />$22,500,000
<br />$ 4,087,222
<br />18.2%
<br />Business License
<br />$13,000,000
<br />$ 832,630
<br />6.4%
<br />Hotel Visitors Tax
<br />$9,500,000
<br />$ 2,043,836
<br />21.5%
<br />Subtotal Major General Fund
<br />Revenues
<br />$228,023,600
<br />$ 17,401,532
<br />7.6%
<br />Other General Fund Revenue
<br />$88,654,440
<br />$10,451,074
<br />11.8%
<br />Total General Fund Revenue
<br />$316,678,040
<br />$27,852,606
<br />8.8%
<br />Comments regarding noteworthy variances follow.
<br />Sales Tax (Bradley Burns): Receipts through September 30th are for one month of activity.
<br />19C-2
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