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File Number: 18-072 <br />The General Fund finances the operations of the City that have no special or dedicated revenue <br />sources and pays for basic municipal services. Projected 2017-18 General Fund expenditures, <br />which are shown as the Adjusted Budget after Council approved amendments, total $117 million. <br />Expected revenues of $109 million, including $8 million contributed from fund balance, finance the <br />anticipated expenditures. <br /> <br />Total mid-year revenue in 2017-18 amounts to $39.9 million or 37% of the total Adopted Budget <br />(compared to 37% in 2016-17). Expenditures at mid-year amount to $53.2 million or 46% of the <br />budget (compared to 44% in 2016-17). Thus, the City’s overall General Fund expenditure burn <br />rate is in line with the prior fiscal year and expenditures are expected to stay within budgetary <br />appropriations come year-end. Nevertheless, expenditures will continue to be closely monitored <br />throughout the fiscal year. <br /> <br />Highlights from mid-year activity in the General Fund and other funds are set forth below. <br /> <br />General Fund Revenue <br />The City’s top five General Fund revenue sources are detailed below, as will year over year <br />revenue variances that are greater than 15% and $500,000. <br /> <br />(1) Sales Tax (32% of adopted budget compared to 34% in 2016-17) - Sales Tax is the <br />City’s largest revenue source and is 40% of total general fund revenue estimates. The current <br />year's estimate for Sales Tax revenue is $2.5 million greater than budgeted in 2016-17. Overall, <br />Sales Tax decreased by $192,000 or 1% from the same period last year, but is expected to be <br />greater than 2016-17 through the current fiscal year. <br />(2) Property Tax (48% of adopted budget compared to 46% in 2016-17) - Property Tax is <br />the City’s second largest revenue source and is 20% of total general fund revenue estimates. <br />The current year's estimate for Property Tax revenue is $426,000 greater than budgeted in <br />2016-17. Overall, Property Tax increased by $606,000 or 6% from the same period last year and <br />is expected to be greater than 2016-17. <br />(3) Utility Users Tax (36% of adopted budget compared to 35% in 2016-17) - Utility Users <br />Tax is the City’s third largest revenue source and is 11% of total general fund revenue estimates. <br />The current year's estimate for utility users tax revenue is $107,000 greater than budgeted in <br />2016-17. Year over year growth increased by $198,000 or 5% from the same period last year. <br />(4) Business License Tax (14% of adopted budget compared to 6% in 2016-17) - Business <br />License Tax is the City’s fourth largest revenue source and is 6% of total general fund revenue <br />estimates. The current year's estimate for Business License Tax revenue is $817,000 greater <br />than budgeted in 2016-17. The mid-year reflects an increase of $551,000 or 175% from the <br />same period last year, likely due to the implementation of an online payment system. Year-end <br />totals are expected to meet or exceed budgetary estimates and be greater than 2016-17. <br />(5) Franchise Fees (26% of adopted budget compared to 25% in 2016-17) - 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 2/13/2018 <br />1142