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File Number: 17-392 <br />revenue sources and pays for basic municipal services. Projected 2016-17 General Fund <br />expenditures, which are shown as the Adjusted Budget after Council approved amendments, <br />total $102 million. Expected revenues of $100.7 million, including $1.3 million contributed <br />from fund balance, finance the anticipated expenditures. <br /> <br />Total third quarter revenue in 2016-17 amounts to $64.1 million or 64% of the total Adopted <br />Budget (compared to 61% in 2015-16). Expenditures at end of the third quarter amount to <br />$69.3 million or 70% of the budget (compared to 67% in 2015-16). Thus, the City’s overall <br />General Fund expenditure burn rate is in line with the prior fiscal year and expenditures are <br />expected to stay within budgetary appropriations come year-end. Nevertheless, expenditures <br />will continue to be closely monitored throughout the end of the fiscal year. <br /> <br />Highlights from third quarter activity in the General Fund and other funds are set forth below. <br />The City’s top five General Fund revenue sources will be detailed as will year over year <br />revenue variances that are equal to or greater than + or - 10%. <br /> <br />General Fund Revenue <br />The following details the City’s top five General Fund revenue sources: <br /> <br />(1) Sales Tax (59% of adopted budget compared to 50% in 2015-16) - Sales Tax is the <br />City’s largest revenue source and is 41% of total general fund revenue estimates. The current <br />year's estimate for Sales Tax revenue is $865,000 greater than budgeted in 2015-16. Overall, <br />Sales Tax increased by $4.0 million or 20% from the same period last year and this is a clear <br />sign of an improved economy in San Leandro. The City’s commercial, retail, and industrial <br />sectors have rebounded quite nicely since the Great Recession. <br />(2) Property Tax (58% of adopted budget compared to 63% in 2015-16) - Property Tax is <br />the City’s second largest revenue source and is 21% of total general fund revenue estimates. <br />The current year's estimate for Property Tax revenue is $2.3 million greater than budgeted in <br />2015-16. Overall, Property Tax increased by $427,000 or 4% from the same period last year. <br />Property Taxes are expected to meet estimates and be greater than 2015-16. <br />(3) Utility Users Tax (60% of adopted budget compared to 67% in 2015-16) - Utility Users <br />Tax is the City’s third largest revenue source and is 12% of total general fund revenue <br />estimates. The current year's estimate for utility users tax revenue is $1.5 million greater than <br />budgeted in 2015-16. Year over year growth increased by $196,000 or 3% from the same <br />period last year. <br />(4) Business License Tax (85% of adopted budget compared to 92% in 2015-16) - <br />Business License Tax is the City’s fourth largest revenue source and is 5% of total general <br />fund revenue estimates. The current year's estimate for Business License Tax revenue is <br />$511,000 greater than budgeted in 2015-16. The third quarter reflects an increase of <br />$101,000 or 2% from the same period last year. Year-end totals are expected to meet or <br />exceed budgetary estimates and be greater than 2015-16. <br />(5) Franchise Fees (50% of adopted budget compared to 49% in 2015-16) - Franchise <br />Fees are the City’s fifth largest revenue source and are 4% of total general fund revenue <br />Page 2 City of San Leandro Printed on 7/11/2017 <br />360