|
File Number: 24-038
<br />and Parking Fund. The details provide comparisons to the prior year and focuses on variances
<br />from the revenue and expenditure plans and allocations in the budget.
<br />General Fund
<br />The General Fund finances City operations that have no special or dedicated revenue sources; it
<br />pays for basic municipal services. The amended 2023-2024 General Fund budget projects
<br />revenues totaling $137,993,000 and expenditures totaling $150,391,000, including purchase
<br />order carryover balances. The 2023-2024 General Fund revenue/expenditure gap amounts to
<br />$12,398,000, representing a planned spend-down of General Fund reserves.
<br />First quarter revenue in 2023-2024 totals $12,780,000, 9% of the amended budget of
<br />$137,993,000, compared with 9% in 2022-2023. Expenditures of $23,191,000 for the first
<br />quarter amount to 15% of the anticipated total of $150,391,000, compared with 16% in
<br />2022-2023. Expenditures are expected to stay within 2023-2024 budget appropriations.
<br />Nevertheless, costs will 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 />·Sales/Transaction Taxes- (11% of anticipated budget has been collected compared
<br />with 6% in 2022-2023). Sales/Transaction Tax revenue in 2023-2024 is budgeted at
<br />$55,848,000, $147,000 less than the 2022-2023 budget. First quarter revenues were
<br />$6,269,000, nearly $3,187,000 higher than the same period last year. The first quarter
<br />payments from the state included two monthly payments, while only one month was
<br />recorded in 2022-2023. Transaction & Use Tax payments are first received in October.
<br />Avenu Insights, the City’s sales tax advisor, projects the City will receive 1% less sales tax
<br />revenue than the budget by June 30, 2024. Sales and Transaction Tax revenue is the
<br />City’s largest revenue source and is 45% of total General Fund tax revenue.
<br />·Utility Users Tax- (11% of anticipated budget has been collected compared with 13% in
<br />2022-2023). Utility Users Tax revenue is budgeted in 2023-2024 at $11,306,000,
<br />$231,000 below the 2022-2023 budget. First quarter revenues were $1,290,000,
<br />$265,000 below the first quarter total in 2022-2023. UUT- Electricity & Gas revenue in
<br />2023-2024 was $444,000 less compared with the amount received in the first quarter of
<br />last year.
<br />·Property Transfer Tax- (0% of anticipated budget has been collected compared with
<br />26% in 2022-2023). Property Transfer Tax revenue is budgeted in 2023-2024 at
<br />$11,000,000, $1,730,000 above the 2022-2023 budget. No first quarter Property Transfer
<br />Tax revenue was recorded prior to September 30 (July, August, and September revenues
<br />were recorded in October- a total of four months Property Transfer Tax revenue was
<br />recorded by the end of the second quarter).
<br />·Emergency Communications Access (911) Fee- (11% of anticipated budget has been
<br />collected compared with 8% in 2022-2023). The 911 Fee revenue is budgeted in 2023-
<br />2024 at $3,521,000, $155,000 greater than the 2022-2023 budget. First quarter revenues
<br />in 2023-2024 were $391,000, $113,000 higher than in 2022-2023. One additional
<br />month’s revenue was recorded in 2023-2024 compared with 2022-2023.
<br />·Charges for Services- (48% of anticipated budget has been collected compared with
<br />Page 2 City of San Leandro Printed on 2/14/2024
|