HomeMy WebLinkAboutPOWERPOINT - 65B_PRELIMINARY 2017-2018 YEAR END BUDGET UPDATE
ITEM 65B
1
1
Agenda
Overview of FY 2017-18 Revenue and Expenditures
•
Projected FY 2017-18 Year-End Balance
•
Audit Process for FY 2017-18
•
Next Steps
•
2
2
FY 17-18 “Top 6” General Fund Revenues
As of June 30, 2018(Pending Final Audit Determination)
Top 6General Fund FY 17-18FY 17-18
Variance
RevenuesRevised BudgetActuals
Sales Tax$50,300,000$45,903,421($4,396,579)
Property Tax 34,544,00035,666,778 1,122,778
Property Tax In-Lieu of
30,966,45931,300,302 333,843
VLF
UUT 27,780,00023,942,639(3,837,361)
Business License 11,870,00012,762,694 892,694
Hotel Visitors Tax 9,900,0009,245,942(654,058)
Total Top 6$165,360,459$158,987,895($6,538,683)
* Sales Tax shortage partially due to inconsistent reporting from CDTFA (formerly, BOE)
3
3
FY 17-18 “Key” General Fund Revenues
As of June 30, 2018(Pending Final Audit Determination)
General Fund FY 17-18
FY 17-18ActualsVariance
RevenuesRevised Budget
12,717,316*10,432,230(2,285,086)
Jail Revenue
* Includes $10.2M associated with the US Marshals Contract
4
4
FY 17-18 “Key” General Fund Revenues
As of June 30, 2018(Pending Final Audit Determination)
FY 17-18
Revised FY 17-18ActualsVariance
Budget/Projections
Building Permits$1,999,315$1,578,661($420,654)
BuildingPlan Check 2,338,8111,801,705(537,106)
HeatingPermits 546,412372,960(173,452)
ElectricalPermits 864,148706,847(157,301)
Total$5,748,686$4,460,173($1,288,513)
5
5
FY 17-18 General Fund key “Cannabis”
Revenues
As of June 30, 2018(through Aug. 23rd Accrual)
As of June 30, 2018(Pending Final Audit Determination)
FY 17-18
General Fund
Revised FY 17-18ActualsVariance
Revenue
Budget/Projections
Adult-Use Retail$2,000,000$2,511,271$511,271
Medical Marijuana 3,500,0002,140,293(1,359,707)
Total*$5,500,000$4,651,564($848,436)
*In addition the City captured $800K in other Cannabis Related Revenues including:
One-time Registration Fees, Citations & Regulatory Safety Permit
6
6
FY 17-18 General Fund Expenditures
As of June 30, 2018 (Pending Final Audit Determination)
FY 17-18FY17-18
Departmental ExpendituresOver/(Under)%
RevisedBudgetActuals
$2,896,970$2,408,357($488,613)83%
City Manager
4,734,1433,619,964(1,114,179)76%
Non-Dept.*
10,512,08410,512,0840100%
Transfersto Projects
1,097,873914,610(183,263)83%
Clerk of the Council
3,226,1602,752,087(474,073)85%
City Attorney's Office
1,716,5001,288,474(428,026)75%
Human Resources
5,662,5475,238,853(423,694)93%
Finance & Management Services Agency
1,476,1301,468,035(8,095)99%
Bowers Museum
20,191,30819,705,837(485,471)98%
Parks and Recreation Services Agency
122,023,689121,968,326(55,363)99%
Police Department
50,417,14549,960,061(457,084)99%
Fire Department
10,684,87810,179,456(505,422)95%
Planning & Building Agency
7,427,3666,563,289(864,077)88%
Public Works Agency
1,124,245920,291(203,954)82%
Community Development Agency
200,000
ACCRUALSESTIMATE
$243,191,038$237,699,724($5,691,314)98%
TOTAL GENERAL FUND
* Does not include $4.3M funding for continuation of a type II Jail Facility (US Marshals)
7
7
FY 17-18 Year-End Update
PreliminaryActuals
Revenue$230.5M
Expenditure237.7M
Projected Year-End Structural Deficit*($7.2M)
*Pending Final Review by Auditors
8
8
CAFR*/Audit Process
December 2018:
September 2018: September 2018:
Final city balances to be
Final Determination of Final Determination of
audited and receives final
accrued expenses; accrued expenses;
audit opinion.
preliminary yearpreliminary year--end end
projections.projections.
SEPT.
JUL.OCT.NOV.DEC.
AUG.
October/November 2018:
July/August 2018:
Adjustments are finalized and
Revenues and expenditures
posted.
are accrued to the prior
fiscal year.
*Comprehensive Annual Financial Report (Audit) FY 2017-18
9
9
Next Steps
Year-End Updates
December 18, 2018 -City Council
(Final Year-End)
January 2019-Non-General Funds Update (EDIBT/City Council)
10
10
Next Steps (cont.)
First Quarter and Mid-Year Update for FY 2018-19
October 22, 2018 -EDIBT: First Quarter Update FY 2018-19
October 25, 2018 -Community Budget Presentation (Sunshine
Ordinance)
November 20, 2018 -City Council: First Quarter Update FY 2018-19
December 18, 2018 -Fiscal Year 2019-20 Budget Calendar –City
Council Meeting
January/February 2019 -City Council/EDIBT: Mid-Year General Fund
Budget Update
Citywide Pension Analysis –BartelAssociates
11