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File Number: 22-165 contemplated in the budget. General Fund The General Fund finances the operations of the City having no special or dedicated revenue sources and pays for basic municipal services. The amended 2021-2022 General Fund budget projects revenues totaling $123,102,000 and expenditures totaling $133,735,000, including purchase order encumbrances from 2020-2021, approved carryover amounts, and several City Council approved appropriation amendments prior to December 2021. Please note that the General Fund budget reflects the use of reserves for one-time expenditures, which is consistent with the City’s policy. The amended budget expenditure total ($133,735,000) also includes several major City Council actions recorded in January 2022. These adjustments ($1,283,678) are included to reflect total appropriations more accurately at mid-year. These measures include the following. ·Approved 2020-2021 Appropriation Carryovers-$448,500 ·SL Management Organization MOU-$112,978 ·Re-Organization Plan-$722,200 Mid-year revenue in 2021-2022 totals 38% of the amended budget, compared to the same 34% in 2020-2021. Expenditures of $52,650,000 at mid-year amount to 39% of the anticipated total, compared to 38% in 2020-2021. Revenues and expenditures are generally in line with the prior year, slightly ahead of the prior year. Both revenues and expenditures will continue to be closely monitored through the remainder of the year. A detailed review of revenue and expenditure variances is presented below. General Fund Revenue ·Property Tax-(received 47% of anticipated budget compared to 47% in 2022-2021). The Property Tax appropriation increased by $793,000 in the final budget as approved in June 2021. Property Tax is the City’s second largest revenue source and represents 22% of total General Fund revenue. Secured Tax and Redevelopment Residual Property Tax revenues make up 62% of the City’s annual Property Tax revenue. Actual Secured Tax revenue amounts to $7,174,000 to date in 2021-2022, $501,000 above the same period in 2020-2021. Alameda County will distribute the first payment of the Redevelopment Residual Tax in early 2022 ($1,285,000 was recorded in January 2022) and the second payment of Secured Tax will be in April. ·Sales/Transaction Taxes-(received 34% of anticipated budget compared to 32% in 2020-21). The Sales/Transaction Tax appropriations were increased by $4,203,000 in the budget reflecting the anticipated economic rebound impacts of COVID-19. Actual revenues are $2,554,000 compared with last year at the same time. Avenue Insights, the City’s sales tax advisor, projects the City will receive added Sales/Transaction Tax revenue above the originally appropriation by year end. This favorable report on the recovery in taxable transactions is critical as Sales and Transaction Taxes are the City’s largest revenue sources and make up 40% of the General Fund revenue. The proposed budget amendment increases appropriations for Sale/Transaction tax revenues by $2,586,000. Page 2 City of San Leandro Printed on 3/9/2022