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File Number: 13-502 <br />completion of the audited financial statements. <br />Now that most of the major revenues for the fiscal year have been received and expenditures <br />appropriately charged to last year have been posted, the Finance Department is better able to <br />analyze year-to-date trends and year-end projections. Below is an analysis of revenues and <br />expenditures for the General Fund and other key operating funds. <br />General Fund Revenue <br />As previously reported to the City Council, staff can report some positive net revenue <br />adjustments based on actual receipts. In total, year-end projections indicate a net increase of <br />General Fund revenues over the Adopted Budget projections of about $4.9 million, primarily <br />due to the receipt of an additional $2.7 million in sales tax and $600,000 in property tax. The <br />City also received a refund from Alameda County for property tax assessment fees in the <br />amount of $548,000. Please refer to Table 1 on the attached document. <br />Property Tax (+$628,000) Property tax revenues increased in 2012-13 as a direct result of <br />the elimination of the Redevelopment Agency and the corresponding increase in property tax <br />revenue (partially offsetting the loss of Tax Increment revenue ) to the City. Information from <br />the County Assessor indicated net land , improvements and personal property value growth as <br />of April 2012 to be about 5%. <br />Sales Tax (+$2,700,000) Sales tax represents San Leandro’s largest General Fund revenue <br />source. The overall sales tax growth for 2012-13 was estimated at approximately 3.3%. Half <br />of this was attributed to sales tax revenue generated by Measure Z - assumed to be about <br />$3.8 million per year. Therefore, staff is now adjusting Sales Tax projections for the current <br />year to $26.6 million (11%). This reflects a $2.7 million increase over the original estimate of <br />$23.9 million. Measure Z represents $4.3 million of the total sales tax revenue received. <br />Utility Users Tax (UUT) (-$212,000) 911 Tax & Other Taxes (+$639,000) UUT revenues are <br />comprised of taxes on energy and cable/telecom usage. Revenues for 2012-13 are $212,000 <br />under the adopted revenue projections. Other revenues at year end include: a decrease of <br />$77,000 in the 911 Tax, an increase of $303,000 in franchise fees, an increase of $130,000 in <br />Business License Fees, and an increase of $437,000 in property transfer tax. <br />General Fund Expenditures <br />The adopted General Fund expenditure budget totals $76.1 million. The 2012-13 Adjusted <br />Budget totals $78.2 million and represents a $2.1 million increase over the Adopted Budget <br />due to encumbrance carryovers from the prior fiscal year (funded by dedicated fund balance), <br />and one time Council approved items from unanticipated savings at the end of 2011-12. <br />Year-end activity by department is summarized on Table 2 of the attached document. <br />Unaudited payroll is 99.53% of budgeted payroll, an overall savings of $167,000. <br />Summary of Year-End Expenditures <br />§Total net increase over the Adjusted Budget of $996,000. <br />§Non-Departmental reflects the accrual of the repayment of the $2.3 million Redevelopment <br />loan to be made to Alameda County in 2013-14. $2.1 million of the loan repayment is <br />Page 2 City of San Leandro Printed on 10/15/2013