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Receive and file the FY 2022-2023 – Third Quarter Budget Update
<br />May 16, 2023
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<br />12/20/2022 Main Library CA State Library Grant –
<br />Building Forward Grant $9,329,973
<br />5/2/2023 Main Library Community Development Block
<br />Grant (parking lot)$300,237
<br />6/15/2021 Newhope Library Cannabis Public Benefit Fund $1,267,280
<br />6/21/2022 Newhope Library Cannabis Public Benefit $1,082,501
<br />5/3/2022 Newhope Library Community Development Block
<br />Grant (windows & roof)$531,250
<br />3/21/2023 Newhope Library Cannabis Public Benefit $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 />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 />Property Tax + In-Lieu of VLF + Residual 94,235,000 56,036,512 59.5%
<br />Sales Tax (Measure X)88,102,000 50,901,073 57.8%
<br />Sales Tax (Bradley-Burns)64,550,000 36,575,910 56.7%
<br />Utility User's Tax 27,400,000 19,652,501 71.7%
<br />Cannabis Tax 22,200,000 12,087,154 54.4%
<br />Business License 15,000,000 11,296,372 75.3%
<br />Other Taxes 12,491,100 9,684,130 77.5%
<br />Charges f or Service, Licenses & Permits 23,319,580 21,256,747 91.2%
<br />Jail Facilit y Revenue 16,521,360 9,891,962 59.9%
<br />Franchise Fees 10,960,100 5,902,566 53.9%
<br />All Ot her 24,523,800 20,798,835 84.8%
<br />Tot al Gener al Fund Rev enues 3 9 9 ,3 0 2 ,9 4 0 2 5 4 ,0 8 3 ,7 6 4 6 3 .6 %
<br />Revenue Sour ce % Recei ved
<br />FY 2 2 -2 3
<br />Est i m at e
<br />Updat ed w/
<br />Mi d-Year
<br />Recei ved as of
<br />0 3 /3 1 /2 0 2 3
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