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<br /> SIX-YEAR FORECAST: SPECIAL REVENUE FUNDS
<br /> GAS TAX FUND (SECTION 2103)
<br /> (FORMER PROPOSITION 42 FUNDING)
<br /> For 2009-10, the Legislature and Governor enacted a package of major statutory and
<br /> budgetary changes to transportation funding. These changes increased the Legislature's
<br /> flexibility over the use of transportation funds, resulting in ongoing General Fund relief by
<br /> paying the debt service on highway and road bonds from fuel excise tax revenues. This
<br /> package of changes is commonly known as the Fuel Tax Swap. Effective July 1, 2010, the
<br /> annual funding for streets and roads received by the City under Proposition 42 were replaced
<br /> with Gas Tax funds. There is no significant change in the total amount of funding or intended
<br /> use, just the funding source.
<br /> Analysis
<br /> Based on the State Department of Finance's January 2019 report revenue is expected to
<br /> increase minimally in future years. This fund supports capital projects only, so no personnel
<br /> costs are budgeted to the fund. It is anticipated that these funds will be fully expended for
<br /> streets infrastructure projects.
<br /> Gas Tax 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
<br /> (Section 2103)Fund 142 Actual Actual Projected Projected Projected Projected Projected Projected Projected
<br /> Beginning Fund Balance 1,050,884 938,096 1,140,158 1,092,200 846,798 601,396 283,465 (113,320) (595,796)
<br /> Revenue
<br /> Gas Tax(Section 2103) 234,076 343,760 310,732 747,098 747,098 754,569 762,115 769,736 777,433
<br /> Other Revenue 1,656 5,865 12,000 7,500 7,500 7,500 7,500 7,500 7,500
<br /> Total Revenues 235,732 349,625 322,732 754,598 754,598 762,069 769,615 777,236 784,933
<br /> Expenditures
<br /> Personnel 26,933 53,917 - 1,000,000 1,000,000 1,080,000 1,166,400 1,259,712 1,360,489
<br /> Non-Personnel 321,587 93,646 370,690 - - - - - -
<br /> Total Expenditures 348,520 147,563 370,690 1,000,000 1,000,000 1,080,000 1,166,400 1,259,712 1,360,489
<br /> Annual Surplus/(Shortfall (112,100) 202,062 (41,958) (245,402) (245,402) (311,931) (396:,785) (482:,476) (575:,55E')
<br /> Ending Fund Balance 938,096 1,140,158 1,092,200 846,798 601,396 283,465 (113,320) (393,796) (1,111,332)
<br /> Assumptions
<br /> • Revenue projections are based on the State Department of Finance January 15, 2019
<br /> estimates anticipating an increase of 1% in 2021-22 and subsequent years.
<br /> • Since funds are allocated for streets and roads infrastructure improvements, the forecast
<br /> assumes full expenditure of each annual allocation.
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