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FY 2023-24 Third Quarter Budget Report and Proposed Appropriation Adjustments
<br />June 4, 2024
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<br />The materials provided for the May 16 Budget Work Session indicated a spendable
<br />balance of $12.8 million, with staff recommendations to appropriate that amount for one-
<br />time spending in FY 2024-25. The General Fund Reserve policy requires the City to
<br />maintain a balance equivalent to 18% of annual recurring revenue. With the expected
<br />increase of revenue in FY 2024-25, approximately $1 million of the spendable balance
<br />at June 30, 2024 shifts to the General Fund reserve for FY 2024-25, leaving only $12.8
<br />million available for the budget FY 2024-25 process.
<br />DISCUSSION
<br />The Third Quarter Budget Update includes General Fund activity posted from July 2023
<br />through March 2024.
<br />General Fund Revenues
<br />FY2023-24 3rd Quarte r Budge t Update
<br />FY23-24 Adjuste d
<br />Budge t
<br />(As of 03/31/24)¹
<br />Propose d 3rd
<br />Quarte r
<br />Adjustme nts
<br />Update d
<br />Estimate
<br />Beginning Balanc e at July 1,
<br />2023 127,208,578 -127,208,578
<br />Revenue Es timate 400,845,809 (3,140,780)397,705,029
<br />Appropriated Spending (417,220,543)1,730,800 (415,489,743)
<br />Pension Trus t Set As ide (24,034,731)-(24,034,731)
<br />Es tim ated Ending Balanc e at
<br />June 30, 2024 86,799,113 (1,409,980)85,389,133
<br />Less: 18% Reserve 72,151,382 (565,340)71,586,905
<br />Es tim ated Spendable Balanc e 14,647,731 (844,640)13,802,228
<br />¹Includes all Appropriation Adjustments through Marc h 31, 2024, ex c luding Carry Forwards
<br />appropriated on Septem ber 19, 2023
<br />Re ve nue Source
<br /> Annual Estimate
<br />through M id-Year
<br /> Re ce ived As of
<br />3/31/2024
<br />%
<br />Rece iv e d
<br />Property Tax+In-Lieu of + Residual 100,099,640 59,140,800 59.1%
<br />Sales Tax (Measure X) 85,693,500 49,198,318 57.4%
<br />Sales Tax (Bradley Burns)61,042,050 35,212,586 57.7%
<br />Charges for Service 33,816,140 29,152,626 86.2%
<br />Utili ty Users Tax 27,500,000 19,668,543 71.5%
<br />All Other 25,970,049 19,511,951 75.1%
<br />Business License Tax 16,000,000 11,263,986 70.4%
<br />Cannabis Tax 13,060,130 10,359,793 79.3%
<br />Jail Facility Revenue 17,209,500 8,277,160 48.1%
<br />Hotel Vi sitor's Tax 9,500,000 6,092,989 64.1%
<br />Franchise Fees 10,950,000 5,852,940 53.5%
<br />T otal Ge neral Fund Re v enue 400,841,009 253,731,692 63.3%
<br />
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<br />City Council 13 – 2 6/4/2024
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