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File Number: 20-075 <br />sources and pays for basic municipal services. The amended 2019-2020 General Fund budget <br />projects revenues totaling $116,868,000 and expenditures totaling $121,298,000, which includes <br />purchase order carryover balances from 2018-2019 and City Council approved budget <br />amendments. <br />Mid-year revenue in 2019-2020 totals 37% of the adopted budget, compared to 39% in <br />2018-2019. Expenditures of $48,928,000 at mid-year amount to 40% of the anticipated total, <br />compared to 39% in 2018-2019. Both revenues and expenditures are generally in line with the <br />prior year and expenditures are expected to significantly stay within budget appropriations. <br />Nevertheless, expenditures will continue to be closely monitored throughout the year. <br />A detailed review of revenue and expenditure variances is presented below. <br />General Fund Revenue <br />·Property Tax-(44% of anticipated revenue in the adopted budget has been collected, <br />compared to 49% in 2018-2019). Property Tax is the City’s second largest revenue source <br />and 10% of total General Fund revenue. Secured Tax and Redevelopment Residual <br />Property Tax revenues make up 75% of the City’s annual Property Tax revenue. Actual <br />Secured Tax revenue amounts to $6,433,200 to date in 2019-2020, $268,000 more than <br />the same period in 2018-2019. Alameda County will distribute the first payment of the <br />Redevelopment Residual early in 2020 ($1,532,000 recorded on January 3, 2020) and the <br />second payment of Secured Tax will be in April 2020. <br />·Sales/Transaction Taxes-(32% of anticipated revenue in the adopted budget has been <br />collected compared to 34% in 2018-2019). Sales/Transaction Tax is budgeted in 2019-2020 <br />at $2,121,000 above the 2018-2019 budget of $42,900,000. Revenues are $498,000 <br />behind (1%) the same period last year. Avenu Insights, the City’s sales tax advisor, <br />projects the City will receive the budgeted revenue by June 30, 2020. Sales and <br />Transaction Taxes are the City’s largest revenue source and are 44% of total General <br />Fund tax revenue. <br />·Utility Users Tax-(36% of anticipated revenue in the adopted budget has been collected <br />compared to 33% in 2018-2019). Utility Users Tax budgeted revenue is $542,000 less <br />(0.5%) than budgeted in 2018-2019. This decrease relates to residents’ electricity and <br />gas usage. Actual Utility Tax revenue to date in 2019-2020 amounts to $3,834,000, <br />$113,000 more than the same period in 2018-19. <br />·Property Transfer Tax-(29% of anticipated revenue in the adopted budget has been collected <br />compared to 63% in 2018-2019). Property Transfer tax in 2019-2020 is budgeted at <br />$1,000,000 above the 2018-2019 budget of $4,000,000. Revenues are $1,061,000 <br />behind the same period last year. In October 2018, the sale of two commercial properties <br />of extraordinary value significantly increased 2018-2019 tax receipts at mid-year. <br />·Business License Tax-(15% of anticipated revenue in the adopted budget has been <br />collected compared to 10% in 2018-2019). Annual business license renewals become due <br />on February 1. A significant portion of business license revenue is received in the third <br />quarter of the fiscal year. <br />·Interest & Property Income-(126% of anticipated revenue in the adopted budget has been <br />collected compared to 78% in 2018-2019). The budget for Interest Income is $450,000 <br />higher compared to 2018-2019. Revenues are $1,359,500 greater than in the same <br />Page 2 City of San Leandro Printed on 3/11/2020 <br />239