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10B Consent
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10B Consent
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3/21/2024 5:51:46 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/17/2023
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File Number: 23-144 <br />35% of the anticipated total of $151,916,000, compared with 42% in 2021-2022. Expenditures <br />are expected to stay well within the 2022-2023 budget appropriations. Nevertheless, costs will <br />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- (received 48% of anticipated budget compared to 47% in 2021-2022). The <br />Property Tax appropriations increased by $982,000 in the amended budget approved in <br />June 2022. Property Tax is the City’s second largest revenue source and represents 20% <br />of total General Fund revenue. Secured Tax and Redevelopment Residual Property Tax <br />revenues make up 62% of the City’s annual Property Tax revenue. Actual Secured Tax <br />revenue amounts to $7,691,000 to date in 2022-2023, $517,000 above the same period <br />in 2021-2022. Alameda County will distribute the first payment of the Redevelopment <br />Residual Tax in early 2022-2023 ($1,441,000 was recorded in January 2023) and the <br />second payment of Secured Tax will be in April. <br />·Sales/Transaction Taxes- (received 31% of anticipated budget compared to 31% in 2021- <br />2022). Sales/Transaction Tax appropriations were increased $3,068,000 in the budget <br />reflecting the continuing economic rebound from impacts of COVID-19. Actual revenues <br />at mid-year are $512,000 greater than last year at the same time. Avenue Insights, the <br />City’s sales tax advisor, projects the City will receive Sales/Transaction Tax revenue at the <br />level of the budget appropriation by year end. This favorable report on taxable <br />transactions is critical as Sales and Transaction Taxes are the City’s largest revenue <br />sources and makes up 42% of the General Fund revenue. <br />·Real Property Transfer Tax- (received 43% of anticipated budget compared to 33% in 2021- <br />2022). This tax is highly volatile, relying on changes in property ownership. Property <br />Transfer tax revenue is budgeted at $1,730,000 less than in 2021-2022. Revenue through <br />December 31 is $306,000 higher than in 2021-2022. Property Transfer Tax revenue <br />($1,152,000) was generated by the sale and leasehold transfer to Cal Coast <br />($104,000,000) of City property in the Marina and paid from the Shoreline Enterprise <br />Funds. The proposed Budget Amendment recommends a $1,152,000 transfer out of the <br />General Fund to the Capital Improvement Fund for the Shoreline Park at the Marina <br />project. <br />·Business License Tax- (received 8% of anticipated budget compared to 19% in 2021-2022). <br />The budget for Business License revenue in 2022-2023 was maintained at the previous <br />year’s level. Business License revenue through December 31, 2022, is $638,000 lower <br />than in 2021-2022. The yearly difference in license renewal revenue resulted from the <br />renewal process being initiated substantially earlier in 2021-2022. <br />·Charges for Services- (received 67% of the anticipated budget compared to 66% in 2021-2022). <br />Charges for Services revenue through December 31 is $1,725,000, which is $776,000 <br />above 2021-2022 revenue. Recreation program revenues are $219,000 higher than in <br />2021-2022. <br />·License & Permits- (received 70% of anticipated budget compared to 55% in 2021-2022). <br />Building Permit revenues recorded through December 31, amount to $2,111,000 in 2022- <br />2023. Revenue in the same period last fiscal year was $1,561,000. This increase in <br />Building Permit revenue reflects nearly all the change in Licenses & Permit revenue. <br />Page 2 City of San Leandro Printed on 5/3/2023
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