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8D Consent 2014 1117
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8D Consent 2014 1117
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11/13/2014 10:50:29 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
11/17/2014
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_CC Agenda 2014 1117 CS+RG
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File Number: 14-426 <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 of $5.45 million, primarily due to the receipt <br />of an additional $2.0 million in sales tax, $660,000 in property tax, $763,000 in property <br />transfer tax, and an increase of $1.1 million in other taxes. All other revenues increased by <br />$1.1 million. Please refer to Table 1 in the attachment. <br />Property Tax (+ $660,000) Property tax revenues increased as a direct result of the <br />elimination of the Redevelopment Agency and the corresponding increase in property tax <br />revenue (partially offsetting the $11 million loss of Tax Increment revenue) to the City. <br />Information from the County Assessor indicated net land, improvements and personal <br />property value growth is less than 1 % for 2013-14. <br />Sales Tax (+$2,016,000) Sales tax represents San Leandro's largest General Fund <br />revenue source. As noted above, transportation and home improvement tax receipts have <br />boosted sales tax. Therefore, staff is now adjusting Sales Tax projections for the current <br />year to $29.1 million. This reflects a $2.0 million increase over the original estimate of <br />$27.1 million. Measure Z represents $4.6 million of the total sales tax revenue received. <br />Property Transfer Tax (+$763,000) Property Transfer Tax revenue is tied directly to all <br />real property sales, is a volatile revenue source, and is difficult to predict more than one <br />year at a time. Factors that affect the revenue generated by Transfer Taxes are the sale <br />price of property and the volume of property sold. Property Transfer Tax increased by <br />$763,000 (30%) over the adopted budget and increased by $326,000 (11 %) over the prior <br />year actuals. In FY 13-14, 28 property transactions greater than $1 million versus 18 such <br />transactions in the prior year accounted for most of the growth in Transfer Tax. <br />General Fund Expenditures <br />The adopted General Fund expenditure budget totals $80.0 million. The 2013-14 Adjusted <br />Budget totals $82.3 million and represents a $2.3 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 2012-13. <br />Year -End activity by department is summarized on Table 2 of the attached document. <br />Payroll expense is 2.2% less than budgeted Salaries and Benefits, an overall savings of <br />$818,000. <br />Summary of Year -End Expenditures <br />Non -Departmental budget overage is due primarily to the $1.0 million paid to the San Leandro <br />Hospital and $700,000 salary savings allocated to the Departments' actual expenses. <br />City of San Leandro Page 2 Printed on 11113/2014 <br />
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