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File Number: 23-274
<br />A detailed review of revenue and expenditure variances is presented below.
<br />General Fund Revenue
<br />·Property Tax-(63% of the adopted revenue budget has been collected compared to
<br />61% in 2021-2022). 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
<br />at $27,876,000, $982,000 higher than 2021-2022. Alameda County will distribute the
<br />second payment of Secured Tax in April.
<br />·Sales/Transaction and Use Taxes-(56% of the amended revenue budget has been
<br />collected compared to 60% in 2021-2022). Sales/Transaction tax appropriations were
<br />increased $3,068,000 in the budget reflecting continuing economic rebound from
<br />impacts of COVID-19. Actual revenue at the end of the third quarter is $428,000 lower
<br />than last year at the same time. Avenue Insights, the City’s sales tax advisor, projects
<br />the City will receive Sales/Transaction Tax revenue at the level of the budget
<br />appropriation. This is important as Sales and Transaction Taxes are the City’s largest
<br />revenue source and represent 42% of total General Fund revenue.
<br />·Property Transfer Taxes-(76% of the amended revenue budget has been collected
<br />compared to 75% in 2021-2022). This tax is highly volatile, relying on changes in
<br />property ownership. Property Transfer tax revenue is budgeted $1,730,000 lower than
<br />2021-2022. Revenue through March 31, 2023, at $7,083,000 is $1,185,000 lower than
<br />in 2021-2022. Note that Property Transfer Tax revenue ($1,152,000) was generated
<br />by the sale and leasehold transfer to Cal Coast (at $104,000,000) of City property in
<br />the Marina and paid by the Shoreline Enterprise Fund. This amount ($1,152,000) was
<br />transferred from the General Fund to the Shoreline Fund for the Shoreline Park at the
<br />Marina project.
<br />·Business License Tax-(83% of the amended revenue budget has been collected
<br />compared to 85% in 2021-2022). The budget for Business License revenue is
<br />unchanged from 2021-2022.
<br />·Charges for Services-(87% of the amended revenue budget has been collected
<br />compared to 88% in 2021-2022). Charges for Services is budgeted at $2,590,000,
<br />$1,150,000 higher than 2021-2022. Charges for Services revenue at $2,259,000
<br />through March 31 is $991,000 higher than the same period last year. Recreation
<br />program revenues are $280,000 higher than in 2021-2022 and Engineering Services,
<br />Planning Services, and Fire Review & Inspection revenues are higher in 2022-2023.
<br />·Interest & Property Income-(74% of the amended revenue budget has been collected
<br />compared to 57% in 2021-22). Interest and property income are budgeted at
<br />$2,564,000, $82,000 higher than 2021-2022. Posted Interest Income revenue is
<br />$371,000 higher in 2022-2023 compared to 2021-2022, while rental income at the
<br />Marina Community Center and the Senior Center increased by $108,000.
<br />·Fines, Fees, & Forfeitures-(46% of the amended revenue budget has been collected
<br />compared to 69% in 2021-2022). Fines, Fees, & Forfeiture revenue is budgeted in
<br />2022-2023 at $622,000, $124,000 lower than the 2012-2022 budget. Third quarter
<br />revenues are $228,000 lower than the 2021-2022 third quarter. Vehicle Code Fine
<br />revenue is lower by $94,000 and Red-Light Safety Program residual revenue of
<br />Page 2 City of San Leandro Printed on 6/14/2023
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