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File Number: 24-145
<br />revenue and expenditure summary for the General, Enterprise, Internal Service, and Parking
<br />Fund. The report provides detailed revenue and expenditure comparisons to the prior year while
<br />also focusing on variances from financial plans and budgeted allocations.
<br />General Fund
<br />The General Fund finances the operations of the City having no special or dedicated revenue
<br />sources and pays for basic municipal services. The 2023-2024 General Fund budget projects
<br />revenues totaling $138,028,000 and expenditures totaling $150,775,000, including purchase
<br />order encumbrances from 2022-2023 and approved carryover amounts.
<br />Mid-year revenue in 2023-2024 totals $57,984,000, 42% of the budget of $138,028,000
<br />compared with 37% in 2022-2023. Mid-year expenditures total $56,852,000, 38% of the
<br />anticipated total of $150,775,000, compared with 33% in 2022-2023. Expenditures are
<br />expected to stay well within the 2023-2024 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 49% of anticipated budget compared to 48% in 2022-
<br />2023). The Property Tax appropriations increased by $1,083,000 in the budget approved
<br />in May. Property Tax is the City ’s second largest revenue source and represents 21% of
<br />total General Fund revenue. Secured Tax, the VLF Swap, and Redevelopment Residual
<br />Property Tax revenues make up 96% of the City’s annual Property Tax revenue. Actual
<br />Secured Tax revenue amounts to $8,013,000 to date in 2023-2024, $322,000 above the
<br />same period in 2022-2023. Actual VLF Swap revenue amounts to $5,307,000, $364,000
<br />above the same period in 2022-2023. Alameda County will distribute the second payment
<br />of Secured Tax in April.
<br />·Sales/Transaction Taxes- (received 37% of anticipated budget compared to 31%
<br />in 2022-2023). Sales/Transaction Tax appropriations remained level in the budget
<br />reflecting continued retail strength after the impacts of COVID -19. Actual revenues at
<br />mid-year are $3,761,000 greater than last year at the same time. Avenu Insights, the City ’s
<br />sales tax advisor, projects the City may receive 1% less Sales/Transaction Tax revenue
<br />than the budget by year end. Sales and Transaction Taxes are the City ’s largest revenue
<br />sources and make up 40% of the General Fund revenue.
<br />·Real Property Transfer Tax- (received 24% of anticipated budget compared to
<br />43% in 2022-2023). This tax revenue is highly volatile, relying on changes of property
<br />ownership. Property Transfer tax revenue is budgeted at $11,000,000, $1,730,000 above
<br />the 2022-2023 budget. Revenue through December 31 is $1,298,000 less than in 2022-
<br />2023. One less monthly payment has been received this year compared with mid -year in
<br />2022-2023.
<br />·Charges for Services- (received 72% of the anticipated budget compared to 57%
<br />in 2022-2023). Charges for Services revenue is budgeted in 2023-2024 at $2,224,000,
<br />$797,000 below the 2022-2023 budget. Revenues were $1,595,000, $130,000 less than
<br />Page 2 City of San Leandro Printed on 4/19/2024
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