|
Fiscal Year 2024-25 First Quarter Budget Update and Proposed Appropriation
<br />Adjustments
<br />November 19, 2024
<br />Page 2
<br />4
<br />6
<br />8
<br />0
<br />General Fund Summary (Fund 011)
<br />The FY23-24 audit is currently underway and the final carryover amounts based on the
<br />remaining FY23-24 budget availability are still being compiled. The City received revenue
<br />that exceeded estimates and anticipates additional savings in expenditures. Staff expects
<br />to have final information by the second City Council meeting in December to determine
<br />the increase of the General Fund balance available for one-time spending.
<br />A summary of General Fund revenues through September 30 follows.
<br />General Fund Revenue
<br />FY2024-25 1st Quarter Budget Update
<br />FY24-25 Original
<br />Budge t
<br />Ge neral Fund
<br />Adjustme nts
<br />approve d by City
<br />Council through
<br />09/30/2024
<br />Update d Estimate s
<br />Estimated Beginning Balance at
<br />July 1, 2024 109,495,834 109,495,834
<br />Revenue Es timate 406,527,340 15,803 406,543,143
<br />Appropriated Spending (406,773,060)(134,351)(406,907,411)
<br />Pension Trust Set Aside (34,565,751)(34,565,751)
<br />Estimated Ending Balance at June
<br />30, 2024 74,684,363 (118,548)74,565,815
<br />Less: 18% Reserve ¹73,173,121 73,173,121
<br />Estimated Spendable Balanc e 1,511,242 (118,548)1,392,694
<br />¹The $15,803 in rec ognized revenue is one-time m oney. The City's 18% reserve policy applies to
<br />annual rec urring revenue only.
<br />Re v e nue Source
<br /> FY24-25 Original
<br />Budge t
<br /> Re ce iv e d As of
<br />9/30/2024 % Re ce iv e d
<br />Property Tax/ Property Tax In-Lieu of VLF 92,819,320 820,345 0.9%
<br />Sales Tax (Measure X)85,632,610 6,928,251 8.1%
<br />Sales Tax (Bradley Burns)61,682,950 5,193,690 8.4%
<br />Other General Fund Revenue 41,743,660 5,899,966 14.1%
<br />Charges for Servic e 30,590,300 7,970,831 26.1%
<br />Utility Users Tax 27,300,000 5,938,572 21.8%
<br />Busines s License 16,200,000 1,295,406 8.0%
<br />Cannabis Revenue 14,530,000 2,195,424 15.1%
<br />Jail Revenue 14,153,500 1,062,079 7.5%
<br />Franchise Fees 12,375,000 874,673 7.1%
<br />Hotel Visitor's Tax 9,500,000 1,842,020 19.4%
<br />T otal Gene ral Fund Re v e nue ¹406,527,340 40,021,255 9.8%
<br />¹Exc ludes rev enue rec ognized for the Library by $15,802.58 approved at the Sept 16 City Council
<br />meeting.
|