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Finance Highlights 2009 0120 v2
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Finance Highlights 2009 0120 v2
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2/13/2009 11:39:54 AM
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2/13/2009 11:29:52 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
1/20/2009
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_CC Agenda 2009 0202
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2009\Packet 2009 0202
_CC Agenda 2009 0202
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2009\Packet 2009 0202
Finance Highlights 2009 0120 V1
(Superseded)
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\City Clerk\City Council\Committees\Finance Committee
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market. Revenue collections to date indicate that this revenue will fall short of budget by <br />approximately $100,000. <br />Business License Tax-The City's Business License Tax has been relatively stable over <br />the years. Based on Council action taken a few years ago, this important revenue source <br />is adjusted each year for inflation and generally, shows some dollar growth. Even though <br />it is early in the annual renewal process, staff believes that this revenue source will not <br />meet budget for the year. Consequently, based on activity to date, staff is reducing this <br />revenue by $100,000 for 2008-09. <br />Franchise Taxes and Transient Occupancy Tax-A review of the various franchise <br />taxes and the City's Transient Occupancy Tax, totaling some $4.7 million indicates that <br />budget will not be met for 2008-09. Based on collections to date, staff is reducing these <br />revenues overall by $100,000. <br />Revenue/Money and Property-This revenue category represents both investment <br />income (interest income) and rental income to the General Fund. Since the budget for <br />2008-09 was developed, interest rates on allowed investments (the City cannot invest in <br />equities) have declined significantly. Consequently, based on current rates and the <br />expected decline in future rates, staff is reducing this revenue source by $500,000 for <br />2008-09. <br />Together the reductions noted above indicate an additional revenue shortfall for San <br />Leandro for 2008-09 of approximately $2.5 million. <br />Expenditures: <br />In addition to reviewing revenues, staff has also reviewed expenditures through mid-year <br />and it appears that savings are developing in several categories. In particular, Salaries <br />and benefits may come in under budget by approximately $1.0 million. The primary <br />reason for this savings is the "soft" hiring freeze implemented earlier this year. Similarly, <br />a curtailment of certain expenditures such as travel and training is contributing to a <br />savings in the Supplies and Services categories of some $402,000. Finally, the Fire Chief <br />indicated at his last quarterly review of the fire contract that a savings of approximately <br />$127,000 would be realized in 2008-09. Together these savings amount to approximately <br />$1.5 million and will partially offset the revenue reductions discussed above. <br />Staff will continue to monitor all revenue sources in the upcoming months, particularly <br />for the General Fund, and assess any impact both to the current year and the upcoming <br />budget year, 2009-10. <br />Please let me know if you have any questions. <br />
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