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File Number: 14-016 <br />DISCUSSION <br />The adopted budget incorporates the estimated revenues and planned expenditures for all <br />funds. The attached 2013-14 Mid -Year Financial Report as of December 31, 2013 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 2013-14 General Fund <br />expenditures total $81.1 million. Expected revenues of $79.5 million, including $2.1 million <br />contributed from fund balance, finance the anticipated expenditures. <br />Total mid -year revenue in 2013-14 amounts to $32.9 million, 41 % of total budget (compared <br />to 42% in 2012-13). This year's estimated revenues are higher by nearly $4.4 million. <br />Expenditures at mid -year amount to $36.9 million, 46% of the budget (compared to 48% in <br />2012-13). This year's estimated expenditures are higher by $3.9 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 (49% of budget compared to 52% in 2012 -13) -The current year's budget <br />for property tax revenue is $850,000 greater than budgeted in 2012-13. The first <br />payment of property tax from the secured roll by Alameda County was received in <br />December 2013 in which the City received $8.7 million compared to $8.3 million in <br />December 2012. The residual property tax receipt, which represents property tax <br />revenue due to the loss of Redevelopment, was received in December 2012 as <br />opposed to January 2013 and reflects a timing difference for 2013-14. <br />• Sales Tax (41 % of budget compared to 42% in 2012 -13) -The current year's budget for <br />sales tax revenue is $3.2 million higher than budgeted in 2012-13. Overall, sales tax <br />increased by 10% from the same period last year and represents an 11 % increase in <br />local sales tax receipts and a 9% increase in the Sales Tax Backfill payment. <br />• Emergency Communication Access Fee (911) (36% of budget compared to 33% in <br />2012-13)- Mid -Year reflects an increase of $50,000 (5%) due to the timing of payment <br />processing. Several payers remitted their payments early in December 2012 for their <br />November remittance. <br />• Business License Tax (11 % of budget compared to 15% in 2012-13)- Mid -Year <br />reflects a decrease of $188,000 (-28%) due to the timing of payment processing. <br />Renewals are sent in December and processing can be delayed depending on staffing <br />levels and the holiday closure. The third quarter will reflect a more comparable <br />analysis. <br />• Interest & Property Income (65% of budget compared to 31 % in 2012-13)- Interest <br />and Property Income reflects an increase of $456,000 (138%) due to the receipt of <br />$65,000 in rental of the Fire Training Facility and $371,000 in interest from General <br />Fund loans recorded in December 2013. <br />City of San Leandro Page 2 Printed on 211212014 <br />