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FY 2023-24 Third Quarter Budget Report and Proposed Appropriation Adjustments
<br />June 4, 2024
<br />Page 2
<br />FY2023-24 3rd Quarter Budaet Update
<br />FY23-24 Adjusted
<br />Budget
<br />(As of 03/31/24)'
<br />Proposed 3rd
<br />Quarter
<br />Adjustments
<br />Updated
<br />Estimate
<br />Beginning Balance at July 1,
<br />2023
<br />127,208,578
<br />-
<br />127,208,578
<br />Revenue Estimate
<br />400,845,809
<br />3,140,780
<br />397,705,029
<br />Appropriated Spending
<br />417,220,543
<br />1,730,800
<br />415,489,743
<br />Pension Trust Set Aside
<br />(24,034,731)
<br />-
<br />(24,034,731)
<br />Estimated Ending Balance at
<br />June 30, 2024
<br />86,799,113
<br />(1,409,9821
<br />85,389,133
<br />Less: 18% Reserve
<br />72,151,382
<br />565,340
<br />71,586,905
<br />Estimated Spendable Balance
<br />14,647,731
<br />844,640
<br />13,802,228
<br />'Includes all Appropriation Adjustments through March 31, 2024, excluding Carry Forwards
<br />appropriated on September 19, 2023
<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 />Property Tax+ln-Lieu of + Residual
<br />100,099,640
<br />59,140,800
<br />59.1%
<br />Sales Tax (Measure X)
<br />85,693,500
<br />49,198,318
<br />57.4%
<br />Sales Tax (Bradley Burns)
<br />61,042,050
<br />35,212,586
<br />57.7%
<br />Charges for Service
<br />33,816,140
<br />29,152,626
<br />86.2%
<br />Utility Users Tax
<br />27,500,000
<br />19,668,543
<br />71.5%
<br />All Other
<br />25,970,049
<br />19,511,951
<br />75.1 %
<br />Business License Tax
<br />16,000,000
<br />11,263,986
<br />70.4%
<br />Cannabis Tax
<br />13,060,130
<br />10,359,793
<br />79.3%
<br />Jail Facility Revenue
<br />17,209,500
<br />8,277,160
<br />48.1%
<br />Hotel Visitor's Tax
<br />9,500,000
<br />6,092,989
<br />64.1%
<br />Franchise Fees
<br />10,950,000
<br />5,852,940
<br />53.5%
<br />Total General Fund Revenue
<br />400,841,009
<br />253,731,692
<br />63.3%
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