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Receive and file the FY 2022-2023 — Third Quarter Budget Update
<br />May 16, 2023
<br />Page 3
<br />12/20/2022
<br />Main Library
<br />CA State Library Grant —
<br />$9,329,973
<br />Building Forward Grant
<br />5/2/2023
<br />Main Library
<br />Community Development Block
<br />$300,237
<br />Grant parkin lot
<br />6/15/2021
<br />Newhope Library
<br />Cannabis Public Benefit Fund
<br />$1,267,280
<br />6/21/2022
<br />Newhope Library
<br />Cannabis Public Benefit
<br />$1,082,501
<br />5/3/2022
<br />Newhope Library
<br />Community Development Block
<br />$531,250
<br />Grant windows & roof
<br />3/21/2023
<br />Newhope Library
<br />Cannabis Public Benefit
<br />$1,150,000
<br />Based on the original cost estimates, an additional $2.9 million is needed for the Main
<br />Library and $1 million for Newhope. Therefore, staff recommends a General Fund
<br />appropriation to complete the funding requirements based upon the original project
<br />estimates.
<br />General Fund Revenues
<br />Through March 31, the City received approximately $254 million in General Fund
<br />revenues, which is 63.6 percent of the annual estimate. This is in line with expectations,
<br />especially considering the City will continue to accrue FY22-23 through August 2023.
<br />Revenue Source
<br />Property Tax + In -Lieu of VLF + Residual
<br />Estimate
<br />Updated
<br />• -.
<br />94,235,000
<br />Received as of
<br />03/31/2023
<br />56,036,512
<br />% Received
<br />59.5%
<br />Sales Tax (Measure X�
<br />88,102,000
<br />50,901,073
<br />57.8%
<br />Sales Tax (Bradley -Burns)
<br />64,550,000
<br />36,575,910
<br />56.7%
<br />Utility User's Tax
<br />27,400,000
<br />19,652,501
<br />71.7%
<br />Cannabis Tax
<br />22,200,000
<br />12,087,154
<br />54.4%
<br />Business License
<br />15,000,000
<br />11,296,372
<br />75.3%
<br />Cther Taxes
<br />12,491,100
<br />9,684,130
<br />77.5%
<br />Charges for Service, Licenses & Permits
<br />23,319,580
<br />21,256,747
<br />91.2%
<br />Jail Facility Revenue
<br />16,521,360
<br />9,891,962
<br />59.9%
<br />Franchise Fees
<br />10,960,100
<br />5,902,566
<br />53.9%
<br />Al Other
<br />24,523,800
<br />20,798,835
<br />84.8%
<br />Total General Fund Revenues
<br />399,302,940
<br />254,083,764
<br />63.6%
<br />Business License Tax: During the Mid -Year Budget Update on March 21, the City did
<br />not have enough data to analyze the impact of the voter -approved Measure W. Now
<br />that we have reviewed the current data, we believe that the original revenue estimate of
<br />$15 million will be met.
<br />City Council 11 — 3 5/16/2023
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