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File Number: 14-173 <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 $81.2 million. Projected revenues are $81.2 million, an increase of $1.8 <br />million over the original projection. <br />Total third quarter revenue in 2013-14 amounts to $52.9 million, 67% of total budget <br />(compared to 66% in 2012-13). Expenditures through the third quarter amount to $55.2 <br />million, 69% of the budget (compared to 71% in 2012-13). This year’s projected expenditures <br />are higher by $5.1 million compared to the Adopted Budget in 2012-13. <br /> <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 (62% of budget compared to 65% in 2012-13)-The current year’s <br />Adopted Budget for property tax revenue is $850,000 greater than that budgeted in <br />2012-13. Budgeted property tax from the secured/unsecured roll by Alameda County <br />amounts to $11.8 million; Vehicle License Fee (VLF) Swap amounts to $6.1 million. <br />The City received $661,000 in property tax revenue due to the dissolution of <br />Redevelopment, a decrease of $369,000 due to an increase in debt payments made <br />on behalf of the Successor Agency . The projected year-end property tax revenue is <br />estimated to be $273,000 higher than the Adopted Budget for 2013-14. <br />·Sales Tax (63% of budget compared to 64% in 2013-14)-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 12% from the same period last year and represents a 12% increase in <br />local sales tax receipts and a 9% increase in the Sales Tax Backfill payment . Year-end <br />projections reflect an increase of $1.3 million over the Adopted Budget . <br />·Business License Tax (88% of budget compared to 83% in 2012-13)-Third quarter <br />reflects an increase of $301,000 due to the timing of payment processing. Renewals <br />are sent in December of each year and processing varies based on staffing levels and <br />the holiday closure. Revenues are expected to reflect the budgeted amount of $4.6 <br />million. <br />·Licenses & Permits (107% of budget compared to 68% in 2012-13)-Due to the upturn <br />in the economy there has been significant development activity occurring in San <br />Leandro which reflects a higher volume of Building Permits issued. <br />·Other Revenue (104% of budget compared to 54% in 2012-13) -Other revenue <br />represents miscellaneous reimbursements, sales of property and equipment, and <br />Cherry Festival receipts that vary from year to year. This category of revenue is <br />expected to receive $480,000 at year end which is an increase of $37,000 from the <br />Adopted Budget. <br />As reported in the attached Third Quarter Financial Report , all other taxes and revenue <br />receipts show a closer projection to what the year-end results will reflect. <br />General Fund Expenditures <br />·Finance - (78% of budget compared to 72% in 2012-13)-As reported in the mid-year <br />report, the increase reflects unexpected payments made to the Sales Tax Audit which <br />Page 2 City of San Leandro Printed on 5/13/2014