My WebLink
|
Help
|
About
|
Sign Out
Home
10A Action 2011 0222
CityHall
>
City Clerk
>
City Council
>
Agenda Packets
>
2011
>
Packet 2011 0222
>
10A Action 2011 0222
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/3/2011 11:08:18 AM
Creation date
2/17/2011 3:50:01 PM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
2/22/2011
Retention
PERM
Document Relationships
_CC Agenda 2011 0222
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2011\Packet 2011 0222
RDA Reso 2011-003
(Reference)
Path:
\City Clerk\City Council\Resolutions\2011
Reso 2011-054
(Reference)
Path:
\City Clerk\City Council\Resolutions\2011
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
14
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
FY 2010 -11 Mid -year review and budget adjustments February 22, 2011 <br /> Property Taxes ( +S100, 000) <br /> Property Taxes revenues declined last fiscal year — a direct result of the economy and real estate <br /> downturn. The FY 2010 -11 Adopted Budget reflects a conservative estimate based on this <br /> decline. Staff received a statement from the Alameda County Auditor - Controller dated February <br /> 7, 2011 that provides current projections for property tax receipts based on revenues received to- <br /> date by the County for the countywide 1 % tax levy. Based on this new information, the year -end <br /> projection for property tax revenues is relatively flat over the original projections. Staff is <br /> projecting a modest $100,000 increase based on anticipated correction and delinquent payments <br /> (based on prior year trends). <br /> Sales Tax ( +$1.66M) <br /> Sales Taxes represents San Leandro's largest General Fund revenue source. The State <br /> significantly reduced the City's sales tax Triple Flip backfill amount last year to reconcile <br /> overpayments in prior years. The current year budget conservatively projected these revenues at <br /> the lower FY 2009 -10 level. Recent data from the State Board of Equalization regarding a true - <br /> up of the City's Triple Flip backfill revenue adjusts this portion of the sales tax revenue back to <br /> the normal base. This results in an increase in FY 2010 -11 of $1.66 million (a one -time <br /> adjustment of $660,000 and a recurring base increase of about $1 million). Therefore, staff has <br /> adjusted Sales Tax projections for the current year from $17.85 million to $19.5 million (9.3 %). <br /> While new sales tax revenues from the passage of Measure Z are anticipated for next fiscal year <br /> (at about $3.8 million in new annual revenue), revenues related to this sales tax increase are <br /> unknown for this fiscal year. The new .25 cent transaction and use tax rate commences on April <br /> 1. 2011, and revenues will not actually be received by the City until after August 2011. Based on <br /> this timing, staff is not sure if we can accrue these revenues to FY 2010 -11 and therefore, staff <br /> has not included any additional revenue in the revised projections. <br /> Utility Users Tax (UUT) ( +$163, 000), 911 Tax & Other Taxes ( +$165, 000) <br /> UUT revenues are comprised of taxes on energy and cable /telecom usage. San Leandro <br /> experienced a decline in these revenues last year and the Adopted Budget reflects a conservative <br /> revenue estimate. Staff is increasing revenues for FY 2010 -11 by about $ 163,000 UUT revenue <br /> over the adopted revenue projections. Based on current trends, staff is also projecting an increase <br /> in annual revenue from the 911 Tax of $100,000 and an increase of $65,000 in several other <br /> small tax revenues. <br /> Other Revenues ( -$665, 000) <br /> We are reducing revenue estimates for several other revenue sources. <br /> o The category of "Use of Money & Property" includes interest income, which staff is <br /> reducing by $161,000 due to the current earnings rate. <br /> o Revenue from Other Agencies is reduced by $96,000 to correct budgeted federal grant <br /> revenue that the City will not receive this fiscal year. <br /> The State modified the structure of city sales tax revenues, effective July 1, 2004, when they enacted <br /> legislation from a voter - approved deficit financing bond measure. This measure included a reduction of <br /> the local Bradley - Burns sales tar .share from I% to . 75 %, routing the .25% to other State funding needs. <br /> The .25% was fully replaced with property tax revenues (sales tax back -fill) to make cities whole. This <br /> shuffle of revenues is commonly referred to as the "Triple Flip." <br /> 3 <br />
The URL can be used to link to this page
Your browser does not support the video tag.