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