65B - 1ST QUARTER BUDGET UPDATE - Laserfiche WebLink

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Fiscal Year 2017-18 First Quarter Budget Update November 21, 2017 Page 2 for additional staff to assist in streamlining the development process as well as to assist with the increased demand. PBA has determined the increase in revenue to be derived from the following projects: CURRENT LARGE PROJECTS IN ENTITLEMENTS - FUTURE PLANCHECK PROJECTS PROJECT Legado at the Met - 284 unit multifamily project The Madison - 219 unit mixed use multifamily project 2222 E. First St. - 443 unit senior housing facility Tom's Truck Residential Development Shea Homes - 2001 W. MacArthur Blvd. - 42 single family homes AMCAL Housing - Residential project 64 affordable housing units AMG - Residential project 694 affordable housing units, mixed use Eight Eight 8 - 888 N. Main adaptive reuse project Hampton Inn - 2129 N. Main New 6 -story hotel Wermer's Properties Elks Site - mixed use 601 -unit residential 666 Dyer - Shea Commercial Division 493,000 sq. ft. new industrial Bridging the Aqua 317 E. Seventeenth St. 56 affordable housing units Elk's Lodge 1701 E. St. Andrew PI.52,720 commercial building FY 2016-2017 General Fund Overview and Year -End Results During fiscal year 2016-2017, the City experienced significant impacts to the general fund operations budget. In September 2016, City Council approved a reduction in the assessment from the Water Enterprise Fund to the General Fund by approximately $2.4 million. Additionally, the City approved nearly $1.2 million in General Fund expenditures for Graffiti Abatement Services. Other major impacts include the termination of the jail rental contract for U.S. Immigration and Customs Enforcement (ICE) detainees in February 2017. The action resulted in a revenue reduction of nearly $1.5 million. Furthermore, the City Council approved funding for Civic Center Security enhancements and along with the City's portion of construction for the Orange County Animal Shelter which totals approximately $1.5 million. On May 2, 2017, the City Council received a preliminary update regarding the projected year-end (FY 2016-17) General Fund results. At that time an operational deficit of $2.2 million was projected. However, after finalizing year end expenditures along with revenues received, the General Fund is currently projected to incur a deficit of $390,475. The reduced deficit is due in part to higher than anticipated revenues collected in the fourth quarter from Residual monies (from the former Redevelopment Agency) in the amount of $1.2 million, Permits of $275 thousand and Zoo admissions of $138 thousand. Overall, general fund revenues were at 98.7% of budget and expenditures were at 98.9% of budget. A final audit opinion of all of the City's finances will be 65B-2