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Fiscal Year 2020-21 Mid-Year Budget Update and Appropriation Adjustments
<br />February 16, 2021
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<br />FY20-21 FY20-21 FY20-21 FY20-21
<br />Original Updates Prior Midyear Updated
<br />Budget to Midyear**Updates Budget
<br />Beginning Balance 70,822,050$ 11,046,654$ -$ 81,868,704$
<br />Revenue 307,392,970 500,000 15,695,173 323,588,143
<br />Expenditures (307,026,470)(8,334,040)2,129,737 (313,230,773)
<br />Net Transfers (18,921,560)2,351,900 (4,720,600)(21,290,260)
<br />Net Activity (18,555,060)$ (10,932,890)$
<br />Estimated Ending Balance 52,266,990$ 70,935,814$
<br />Operating Reserve
<br />(16.67% of annual revenue)(51,242,408)(53,858,793)
<br />Economic Uncertainty Reserve
<br />(minimum 1%)(1,000,000)(3,230,881)
<br />Estimated Available at June 30, 2021 24,582$ 13,846,139$
<br />**Updates prior to Midyear include City Council approved items such as carryover of unspent FY19-20
<br />appropriations, sale of the YMCA Building, funding for Clean & Safe, and COVID-19 Testing.
<br />DISCUSSION
<br />General Fund Revenue
<br />The following table summarizes adjustments to General Fund revenue, and discussion
<br />follows.
<br />Description FY 19-20
<br />Actuals
<br />FY 20-21
<br />Budget FY 20-21 Update
<br />Mid-Year
<br />Adjustment
<br />Increase/
<br />(Decrease)
<br />Property Tax 73,510,275 75,914,000 76,624,612 710,612
<br />Sales Tax 107,504,119 98,103,900 110,631,000 12,527,100
<br />Half-Cent Sales Tax (Safety)2,110,558 2,420,900 2,232,800 (188,100)
<br />Hotel Visitor's Tax 7,739,780 5,730,000 4,250,000 (1,480,000)
<br />Utility User Tax 21,710,236 24,300,000 22,650,000 (1,650,000)
<br />Business Tax 13,031,757 9,210,000 9,300,000 90,000
<br />Medical Marijuana Taxes 701,367 525,000 1,150,000 625,000
<br />Commercial Cannabis 754,718 500,000 1,200,000 700,000
<br />Adult-Use Retail Business Cannabis 10,947,403 9,650,000 16,900,000 7,250,000
<br />Paramedic Services Charge 7,188,651 8,300,000 5,500,000 (2,800,000)
<br />Parks, Recreation and Community Service Fees 1,584,037 1,887,100 380,863 (1,506,237)
<br />Planning and Building Fees 9,405,804 6,940,860 7,320,062 379,202
<br />Parking Fines 5,111,477 4,000,000 4,900,000 900,000
<br />Jail Revenue Facility 15,332,808 16,443,000 16,100,596 (342,404)
<br />AB 109 Revenues 472,159 -480,000 480,000
<br />Other Revenue - No Adjustments Needed 48,597,351 43,968,210 43,968,210 -
<br />Total General Fund Revenue 325,702,500 307,892,970 323,588,143 15,695,173
<br />General Fund Revenue Summary
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