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FY 2023-24 Mid -Year Budget Update, Appropriation Requests, and Workforce Changes
<br />February 20, 2024
<br />Page 2
<br />FY2023-24 Mid -Year Budaet Update
<br />FY23-24 Adjusted
<br />Budget'
<br />(As of 12/31/23)
<br />Proposed Mid-Yr
<br />Adjustments
<br />Updated Estimate
<br />Beginning Balance at July 1,
<br />2023
<br />127,208,578
<br />-
<br />127,208,578
<br />Revenue Estimate
<br />400,425,309
<br />415,700
<br />400,841,009
<br />Appropriated Spending
<br />(416,881,123)
<br />(334,620)
<br />(417,215,743)
<br />Pension Trust Set Aside
<br />(24,034,731)
<br />-
<br />(24,034,731)
<br />Estimated Ending Balance
<br />at June 30, 2024
<br />86,718,033
<br />81,080
<br />86,799,113
<br />Less: 18% Reserve
<br />72,073,561
<br />74,826
<br />72,148,387
<br />Estimated Spendable
<br />Balance
<br />14,644,472
<br />6,254
<br />14,650,726
<br />'Includes FY22-23 Final General Fund Results & all Appropriation Adjustments through December
<br />31, 2023, excluding Carry Forwards
<br />General Fund Revenue
<br />A summary of General Fund revenue follows. The City receives most of its revenue up
<br />to 60 days after the corresponding period. For example, the City receives December
<br />Sales Tax in February. Therefore, we can expect to have received approximately four
<br />(4) months (or 33%) of revenue by December 31. One notable exception is Business
<br />License Tax, where the City receives a majority of revenue in the spring of each year.
<br />Discussion is included below for changes to revenue estimates based on the latest
<br />information.
<br />Annual Estimate
<br />Received As of
<br />%
<br />Revenue Source
<br />Updated with 1st Qtr
<br />12/31/2023
<br />Received
<br />Business License Tax
<br />16,000,000
<br />2,833,148
<br />18%
<br />Cannabis Tax
<br />13,060,130
<br />5,967,602
<br />46%
<br />Charges for Service
<br />32,416,140
<br />20,153,022
<br />62%
<br />Franchise Fees
<br />10,950,000
<br />2,424,167
<br />22%
<br />Hotel Visitor's Tax
<br />9,500,000
<br />4,177,109
<br />44%
<br />Jail Facility Revenue
<br />17,209,500
<br />3,895,672
<br />23%
<br />Property Tax+ln-Lieu of + Residual
<br />99,387,690
<br />24,567,830
<br />25%
<br />Sales Tax (Bradley Burns)
<br />62,515,400
<br />20,331,656
<br />33%
<br />Sales Tax (Measure X)
<br />85,916,400
<br />28,093,401
<br />33%
<br />Utility Users Tax
<br />27,500,000
<br />12,998,021
<br />47%
<br />All Other
<br />25,970,049
<br />11,139,680
<br />43%
<br />Totals
<br />400,425,309
<br />136,581,307
<br />34%
<br />Sales Tax (Bradley,)
<br />The original budget estimate for Bradley -Burns was $64.7 million. The First Quarter
<br />Budget report on November 7, 2023, included an adjustment to reduce revenue
<br />
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