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File Number: 16-287 <br />estimates and be greater than 2014-15. <br />(5) Franchise Fees (49% of budget compared to 49% in 2014-15) - Franchise Fees are <br />the City’s fifth largest revenue source and are 5% of total general fund revenue estimates. <br />The current year's budget for Franchise Fees revenue is $44,000 greater than budgeted in <br />2014-15. Year over year growth of 1% growth is consistent with a stable economy and <br />franchise rates that rise annually in accordance with inflation and the consumer price index <br />(CPI). Franchise Fees are expected to meet estimates and be greater than 2014-15. <br />Consumer and business conservation efforts though keep growth minimal. <br />The following details other General Fund year over year revenue variances that are equal to <br />or greater than + or - 10% and are presented in the order they are shown on the third quarter <br />financial report: <br />Property Transfer Tax (90% of budget compared to 76% in 2014-15) - Property Transfer <br />tax has increased by 18% due to ever improving housing market in 2015-16. However, <br />because Property Transfer tax is tied directly to the sale of real property, it is difficult to predict <br />from year to year and should not be counted on as a stable source of ongoing operating <br />revenue. <br />Other Taxes (78% of budget compared to 66% in 2014-15) - Other Taxes which mainly <br />include Transient Occupancy Tax increased in the first half of the fiscal year by 18% and this <br />reflects an improving economy which allows for greater personal and business travel. <br />Interest & Property Income (53% of budget compared to 74% in 2014-15) - Interest and <br />Property Income reflects a decrease of $261,000 or 29% due to relatively flat fixed income <br />interest rates and overall stagnation in the investment market for 2015-16. The Federal <br />Reserve is expected to raise interest rates sometime in calendar year 2016 and this could <br />boost interest income slightly. <br />Fines, Fees, & Forfeitures (85% of budget compared to 53% in 2014-15) - Fines, Fees, & <br />Forfeitures increased in the first three quarters of the fiscal year by 34% and this is indicative <br />of increased enforcement activity and more timely receipt of revenue from the courts. <br />Licenses & Permits (90% of budget compared to 71% in 2014-15) - Licenses & Permits <br />increased in the first three quarters of the fiscal year by 37%; led by a $434,000 or 57.2% <br />increase in Building Permit revenue when compared to the third-quarter of 2014-15. <br />Other/Transfer (35% of budget compared to 52% in 2014-15)- Other revenue decreased <br />by 62% since 2014-15 included the one-time receipt of $112,350 as an issuer fee for the <br />refinancing of debt previously issued by the Redevelopment Agency. <br />As reported in the attached Third Quarter Financial Report, all other taxes and revenue <br />receipts are relatively in line with budgeted revenues and estimates. <br />General Fund Expenditures <br />The following details General Fund year over year expenditure variances that are equal to or <br />Page 3 City of San Leandro Printed on 6/1/2016