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File Number: 13-052 <br />DISCUSSION <br />The adopted budget incorporates the estimated revenues and planned expenditures for all <br />funds. The attached 2012-13 Mid-Year Financial Report as of December 31, 2012 provides <br />the revenue and expenditure summary for the General Fund, Special Revenue Funds, <br />Enterprise Funds, and Internal Service Funds. The following discussion focuses on variances <br />from the revenue and expenditure plans and allocations contemplated in the budgets. <br />General Fund <br />The General Fund finances the operations of the City that have no special or dedicated <br />revenue sources and pays for basic municipal services. Projected 2012-13 General Fund <br />expenditures total $77.2 million. Expected revenues of $77.2 million, including $2.05 million <br />contributed from fund balance, finance the anticipated expenditures. <br />Total mid-year revenue in 2012-13 amounts to $31.5 million, 42% of total budget (compared <br />to 43% in 2011-12). This year’s estimated revenues are higher by nearly $3.4 million. <br />Expenditures at mid-year amount to $36.1 million, 47% of the budget (compared to 48% in <br />2011-12). This year’s estimated expenditures are higher by $5.5 million. <br />Highlights from mid-year activity in the General Fund and other funds are set forth below. <br />General Fund Revenue <br />·Property Tax (52% of budget compared to 52% in 2011-12)-The current year’s budget <br />for property tax revenue is $1.6 million greater than budgeted in 2011-12. The first <br />payment of property tax from the secured roll by Alameda County was received on <br />December 13, 2012 in which the City received $693,000 in property tax revenue due to <br />the dissolution of Redevelopment. <br />·Sales Tax (42% of budget compared to 39% in 2011-12)-The current year’s budget for <br />sales tax revenue is $782,000 higher than budgeted in 2011-12. Overall, sales tax <br />increased by 10% from the same period last year and represents a 9% increase in <br />local sales tax receipts and a 12% increase in the Sales Tax Backfill payment . <br />·Property Transfer Tax (53% of budget compared to 62% in 2011-12) - Mid-year <br />revenue reflects a decrease of $198,000 due to the sale of the 840- unit Lakeside <br />Village apartments in 2011-12 that increased revenue by $660,000. Adjusting for the <br />large sale in 2011-12, Property Transfer tax revenue is up by 53% for the first six <br />months of the fiscal year. As reported in the first quarter, Alameda County stated that <br />the revenue for the first quarter was actually higher than the prior year by 90%; <br />transaction volume is up by 14%. This increase is reflected in the first quarter receipts <br />and represents a 91% increase over the prior fiscal year. <br />·Charges for Services (47% of budget compared to 62% in 2011-12)-Charges for <br />services was higher in 2011-12 based on payments from Kaiser Hospital for fire review <br />and inspection fees. <br />·Licenses & Permits (49% of budget compared to 74% in 2011-12)-Licenses & Permits <br />revenue reflect timely receipts in line with the budgeted revenues. Kaiser Hospital <br />permit fees of $500,000 in 2011-12 account for the higher levels in the previous year. <br />Page 2 City of San Leandro Printed on 2/12/2013