|
Receive and file the FY 2021-22 — Third Quarter Budget Update
<br />May 3, 2022
<br />Page 2
<br />DISCUSSION
<br />The Third Quarter Budget Update includes General Fund activity posted during July 2021
<br />through March 2022 and the vacancy report for funded staff positions as of March 31,
<br />2022. The Third Quarter Budget Update is the final update to City Council for the FY
<br />2021-22 budget.
<br />The last budget update to City Council was presented during the Mid -Year Budget Update
<br />on March 1, 2022. At the time, the City Council approved significant proposed revenue
<br />and expenditure adjustments, including several workforce changes. For the Third Quarter
<br />Budget Update, staff is proposing a few revenue adjustments (i.e., sales tax and plan
<br />checks) and anticipates no further adjustments to expenditures for the remainder of the
<br />fiscal year. Staff has reviewed the other funds and there are no proposed adjustments.
<br />In addition to the above, staff will provide a brief update on the next steps for the FY 2022-
<br />23 budget process.
<br />General Fund Revenues
<br />During the FY 2021-22 third quarter, the City received approximately $240.2 million in
<br />General Fund revenues, which is 63.1 percent of the annual estimate.
<br />After analyzing revenue through March 2022, staff recommends adjustments to the sales
<br />tax and plan checks estimates with a net increase of approximately $10.9 million as
<br />summarized below.
<br />Third Quarter Report - Fiscal Year 2021-2022
<br />General Fund Revenue Summary
<br />Sales Tax
<br />57,600,000
<br />61,252,000
<br />3,652,000
<br />Sales Tax - Measu re X
<br />79,000,000
<br />84,221,000
<br />5,221,000
<br />Plan Checks
<br />3,364,300
<br />5,347,000
<br />1,982,700
<br />Other Revenue - No Adjustments Needed
<br />240,483,036
<br />240,483,036
<br />0
<br />Total General Fund Revenue:
<br />380,447,336
<br />391,303,036
<br />10,855,700
<br />Sales Tax (Bradley -Burns & Measure X�: Total sales tax collected for the third quarter
<br />is approximately $35.2 million for Bradley -Burns and $48.7 million for Measure X, for a
<br />combined total of $83.9 million. The First Quarter Budget Report and the Mid -Year Budget
<br />Report approved on January 18, 2022 and March 1, 2022, respectively, included
<br />adjustments for sales tax estimates. In a recent March update, the City's sales tax
<br />consultant has noted strong performance from the General Retail (i.e., Apparel Stores,
<br />
|