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File Number: 13-212 <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 $76.9 million. Projected revenues are $76.9 million, an increase of $1.8 <br />million over the original projection. <br />Total third quarter revenue in 2012-13 amounts to $49.4 million, 66% of total budget <br />(compared to 66% in 2011-12). Expenditures at the third quarter amount to $54.2 million, 71% <br />of the budget (compared to 71% in 2011-12). This year’s projected expenditures are higher by <br />$830,000. <br />Highlights from third quarter activity and year-end estimates in the General Fund and other <br />funds are set forth below. <br />General Fund Revenue <br />·Property Tax (65% of budget compared to 52% in 2011-12)-The current year’s budget <br />for property tax revenue is $1.6 million greater than that budgeted in 2011-12. Property <br />tax from the secured/unsecured roll by Alameda County amounts to $7,000,000, VLF <br />Swap amounts to $3,008,000. The City received $1,031,000 in property tax revenue <br />due to the dissolution of Redevelopment. Nearly $1,800,000 property tax was received <br />in March 2013, (last year the property tax allocation was not received until the fourth <br />quarter) resulting in higher property tax revenue reported in the third quarter of 2012- <br />13. The projected year-end property tax revenue is estimated to be $84,000 higher <br />than the Adopted Budget for 2012-13. <br />·Sales Tax (64% of budget compared to 62% in 2011-12)-The current year’s budget for <br />sales tax revenue is $782,000 higher than budgeted in the 2011-12. Overall, sales tax <br />increased by 8% from the same period last year and represents a 6% increase in local <br />sales tax receipts and a 12% increase in the Sales Tax Backfill payment. Year-end <br />projections reflect an increase of $1.9 million over the Adopted Budget. <br />·Property Transfer Tax (79% of budget compared to 83% in 2011-12)-Third quarter <br />revenue reflects a decrease of $428,000 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 45% for the third quarter <br />of the fiscal year. The County reported that San Leandro’s transaction volume is 12% <br />higher through January compared to the same period last year. <br />·Fines, Fees & Forfeitures (58% of budget compared to 53% in 2011-12)-Third quarter <br />revenue reflects an increase of $85,000 primarily due to an increase in Red Light <br />Camera citations. <br />·Charges for Services (67% of budget compared to 91% in 2011-12)-Charges for <br />services were higher in 2011-12 based on payments from Kaiser Hospital for fire <br />review and inspection fees. Year-end projections reflect a decrease of $109,000 <br />primarily due to a decrease in Planning & Engineering services for construction <br />inspections. <br />·Licenses & Permits (68% of budget compared to 107% in 2011-12)-License & <br />Permits revenue reflect timely receipts in line with the budgeted revenues. Kaiser <br />Page 2 City of San Leandro Printed on 4/30/2013