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File Number: 21-736
<br />The General Fund finances the operations of the City having no special or dedicated revenue
<br />sources and pays for basic municipal services. The amended FY 2021-2022 General Fund
<br />budget projects revenues totaling $123,104,000 and expenditures totaling $131,650,000,
<br />including purchase order carryover balances from FY 2020-2021 and approved budget
<br />amendments.
<br />First quarter revenue in FY 2021-2022 totals $10,854,000, 9% of the amended budget of
<br />$123,104,000, compared to 8% in FY 2020-2021. Expenditures of $23,266,000 for the first
<br />quarter amount to 18% of the anticipated total of $131,650,000, compared to only 12% in FY
<br />2020-2021. Expenditures are expected to stay within FY 2021-2022 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 />·Sales/Transaction Taxes-(6% of the adopted revenue budget has been collected
<br />compared to 9% in FY 2020-2021). Sales/Transaction Tax revenue in FY 2021-2022 is
<br />budgeted at $48,641,000, $4,203,000 higher than the FY 2020-2021 budget. First quarter
<br />revenues were $2,915,000, which is $1,030,000 lower than the same period last year.
<br />This difference resulted from recording the August Transaction & Use Tax payment on
<br />October 4, 2021 versus recording the FY 2020-2021 August payment on September 27,
<br />2020. Avenu Insights, the City’s sales tax advisor, projects the City will receive the
<br />budgeted revenue by June 30, 2022. Sales and Transactions Taxes are the City’s largest
<br />revenue source and are 44% of total General Fund tax revenue.
<br />·Property Transfer Tax-(21% of the adopted revenue budget has been collected
<br />compared to 12% in FY 2020-2021). Property Transfer tax revenue is budgeted in FY
<br />2021-2022 at $9,000,000, $2,000,000 above the FY 2020-2021 budget. First quarter
<br />revenues were $1,986,000, which is $1,131,000 above the first quarter FY 2020-2021.
<br />Most of this variance stems from the voter approved increase to $11 per $1,000 impacting
<br />the first quarter of 2021-2022. In addition, two extraordinary sales of industrial properties
<br />of more than $15,000,000 each were completed in the first quarter, amounting to tax
<br />revenue of $425,000.
<br />·Emergency Communications Access Fee (911)-(15% of the adopted budget has been
<br />collected compared to 0% in 2020-2021). 911 fee revenue is budgeted in FY 2021-2022
<br />at $3,300,000, $64,000 above the 2020-2021 budget. FY 2021-2022 first quarter
<br />revenues were $494,000. FY 2020-2021 revenue were not recorded until October 5, 2020
<br />(early in the second quarter).
<br />·Charges for Services-(29% of the adopted budget has been collected compared to 23%
<br />in 2020-2021). Charges for Services revenue is budgeted in FY 2021-2022 at
<br />$2,054,000, $757,000 above the FY 2020-2021 budget. Revenues were $595,000 which
<br />is $298,000 higher than the same period last year. Due to the Covid-19 pandemic,
<br />recreation revenues were adversely impacted in FY 2020-2021. In FY 2021-2022 various
<br />programs resumed resulting in revenues being $294,000 higher than FY 2020-2021.
<br />·Intergovernmental-(6% of the adopted budget has been collected compared to 32% in
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