|
File Number: 22-340
<br />sources and pays for basic municipal services. The amended FY2021-2022 General Fund
<br />budget projects revenues totaling $127,566,000 and expenditures totaling $131,172,000,
<br />including purchase order encumbrances from FY2020-2021, approved carryover amounts, and
<br />several City Council approved appropriation amendments.
<br />The amended budget expenditure total ($131,172,000) also includes several major City Council
<br />actions recorded through March 31, 2022. The major adjustments include the following.
<br />·Approved 2020-2021 Appropriation Carryovers-$448,500
<br />·SL Management Organization MOU-$113,000
<br />·Re-Organization Plan-$722,200
<br />·Mid-Year Budget Amendment-($2,391,000), primarily increasing projected Salary Savings
<br />Third quarter revenue in FY2021-2022 totals $83,634,000, 66% of the amended budget of
<br />$127,566,000, compared to 61% in FY2020-2021. Expenditures of $80,441,000 through the
<br />third quarter amount to 61% of the anticipated total of $131,172,000, compared to 60% in
<br />FY2020-2021. Both revenues and expenditures are higher, but in line with the prior year.
<br />Expenditures are expected to stay within FY2021-2022 budget appropriations. Nevertheless,
<br />expenditures will continue to be monitored throughout the year.
<br />A detailed review of revenue and expenditure variances is presented below.
<br />General Fund Revenue
<br />·Property Tax-(61% of the adopted revenue budget has been collected compared to 61%
<br />in FY2020-2021). Property Tax is the City’s second largest revenue source and
<br />represents 21% of the total General Fund’s revenue. Property tax revenue is budgeted at
<br />$26,894,000, $793,000 higher than FY2020-2021.
<br />·Sales/Transaction and Use Taxes-(62% of the amended revenue budget has been
<br />collected compared to 62% in FY2020-2021). The Sales/Transaction tax revenue budget
<br />at $51,227,000 is $6,789,000 higher than FY2020-2021. At mid-year, revenue
<br />appropriations were increased by $2,586,000 . Sales and Transaction Taxes are the
<br />City’s largest revenue source and represent 40% of total General Fund revenue.
<br />·Property Transfer Taxes-(75% of the amended revenue budget has been collected
<br />compared to 57% in FY2020-2021). This tax is highly volatile, relying on changes in
<br />property ownership. Property Transfer tax revenue is budgeted $4,000,000 higher than
<br />FY2020-2021. At mid-year, revenue appropriations were increased by $2,000,000 .
<br />Revenue through March 31 at $8,268,000 is $4,260,000 higher than in FY2020-2021,
<br />because of both higher commercial and industrial property sales activity and the initial
<br />impact of Measure VV.
<br />·Business License Tax-(85% of the adopted revenue budget has been collected
<br />compared to 69% in FY2020-2021). The budget for Business License revenue was
<br />reduced by $570,000 to $5,830,000, reflecting COVID-19 emergency stay-at-home orders
<br />leading some businesses to shut down and one parking lot operator closed. Business
<br />License revenue through March 31 at $4,960,000, is $559,000 higher than in FY2020-
<br />Page 2 City of San Leandro Printed on 5/11/2022
|