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File Number: 22-743
<br />A detailed review of revenue and expenditure variances is presented below.
<br />General Fund Revenue
<br />·Sales/Transaction Taxes- (6% of anticipated budget has been collected compared with
<br />7% in 2021-22). Sales/Transaction Tax revenue in 2022-2023 is budgeted at
<br />$55,995,000, $3,068,000 higher than the 2021-2022 budget. First quarter revenues were
<br />$3,082,000, nearly $810,000 lower than the same period last year. The first quarter
<br />payments from the state both years were close in amount, a negative adjustment of
<br />$977,000 in 2021 resulted in the lower revenue during 2021-2022’s first quarter.
<br />Transaction & Use Tax payments are first received in October. Avenu Insights, the City’s
<br />sales tax advisor, projects the City will receive the budgeted revenue by June 30, 2023.
<br />Sales and Transaction Tax revenue is the City’s largest revenue source and is 46% of total
<br />General Fund tax revenue.
<br />·Property Transfer Tax- (26% of anticipated budget has been collected compared with
<br />18% in 2021-2022). Property Transfer tax revenue is budgeted in 2022-2023 at
<br />$9,270,000, $1,730,000 below the 2021-2022 budget. First quarter revenues were
<br />$2,393,000, nearly $407,000 above the first quarter total in 2021-2022. Two extraordinary
<br />sales of industrial properties exceeding $10,000,000 each were completed in the first
<br />quarter of 2021-2022, while four occurred in 2022-2023 (two buildings on one parcel on
<br />Merced Street sold for more than $45,000,000 in the first quarter). This higher number of
<br />property sales amounted to greater tax revenue of $600,000.
<br />·Emergency Communications Access (911) Fee- (8% of anticipated budget has been
<br />collected compared with 15% in 2021-2022). 911 fee revenue is budgeted in 2022-2023
<br />at $3,366,000, $66,000 greater than the 2021-2022 budget. First quarter revenues in
<br />2022-2023 were $278,000. August 2022 revenues ($300,000) were not recorded until
<br />October 10, 2022 (early in the second quarter). August 2021 revenues were recorded in
<br />the first quarter.
<br />·Charges for Services- (37% of anticipated budget has been collected compared with
<br />41% in 2021-2022). Charges for Services revenue is budgeted in 2022-2023 at
<br />$2,590,000, $1,150,000 above the 2021-2022 budget. Revenues were $965,000, which
<br />is $370,000 higher than the same period last year. Higher revenues were recorded for
<br />Fire Review & Inspection ($113,000) and numerous Recreation programs including
<br />Contract Programs ($34,000), Day Camp ($25,000), and aquatics ($143,000). Impacts
<br />from earlier Covid-19 pandemic restrictions on recreation programs continue to recede in
<br />2022-2023.
<br />·Interest & Property Income- (10% of anticipated budget has been collected compared
<br />with 21% in 2021-2022). Interest Income revenues recorded through September 30,
<br />2022, amount to $22,000. Revenues in the same period in 2021-2022 totaled $342,000.
<br />·Fines, Fees & Forfeitures- (5% of anticipated budget has been collected compared with
<br />19% in 2021-2022). Fines, Fees & Forfeitures revenue is budgeted in 2022-2023 at
<br />$622,000, $124,000 lower than the 2021-2022 budget. First quarter revenues were
<br />$34,000, $111,000 lower than the 2021-2022 first quarter. Vehicle Code Fines-County
<br />revenue is lower by $47,200 and Red-Light Safety Program residual fine revenue of
<br />$11,000 received in 2022-2023 compares with $66,000 in 2021-2022. No revenue
<br />budget recorded for 2022-2023 because of the termination of the program effective June
<br />30, 2021.
<br />Page 2 City of San Leandro Printed on 12/21/2022
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