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Home My WebLink AboutFY2013-14 Budget - Mid Year ReviewCity Council Goal Setting Workshop February 12, 2014 FISCAL YEAR 2012 -13 ENDING RESULTS GENERAL FUND SUMMARY FY 201 2 -13 ENDING ACTPJA' FY 2012 -1,� FY 2012 -13 FY 2012 -131 Year Ending Estimate Actual Difference Beginning Fund Balance Mid -Year Revenue Estimates: Total Revenues Expenditures: Total Expenditures n rplus/ (Ile ficit): Estimated Ending Fund Balance $9,802,000 49,774,270 48,195,360 w 1,578,910 $11,380,91 $9,612,130 51,055,897 48,128,853 2,927 ($189f870) 1,281,62 66,50 1,34 $12,539,174 $1,158,264 3 rFnIFRAL FUND SUMMARY I/ t 2 -13 ENDING ACTUAL Beginning Fund Balance Mid -Year Revenue Estimates: Total Revenues Expenditures: Total Expenditures Net Revenue Over Expenditure: Estimated Ending Fund Balance Year Ending Estimate $9,802,000 49,774,270 48,195,360 1,578,910 FY 2012 -13 FY 2012 -13 Actual 'Difference $9,612,130 51,055,897 48,128,853 2,927,044 $11,380,910 $12,539,174 $9,612,130 1,281,627 66,507 1,348,134 $1,158,264 E GENERAL FUND SUMMARY FY 2012 -1'i ENDING ACTUAL i■ Revenue Taxes License & Permits FY 2012 -13'r Year Ending Estimate $30,232,290 4,380,800 FY 2012 -13 Actual $31,239,923 4,823,911 FY 2012 -13 Difference $ 1,007,633 443,111 5 FISCAL YEAR 2013 -14 MID -YEAR FINANCIAL UPDATE GENERAL FUND FY 2013 --14 MID -YEAR REVIEW Beginning Fund Balance Mid -Year Revenue Estimates: Total Revenues Expenditures: Total Expenditures Net Revenue Over Expenditure: Transfer In/(Out): Total Transfer to Various Funds Estimated Ending Fund Balance FY 2013 -14 If Adopted Budget FY 2013 -14 Adopted Budget (REVISED) FY 2013 -14 Mid -Year Estimates $11,380,910 * $12,539,174 $12,539,174 51,777,900 50,426,500 1,351,400 (7.1825.1180) $ 41907,130 51,777,900 50,426,500 1,351,400 (7.1825.1180) 53,625,800 50,426,500 3,199,300 (7.1825.1180) $ 61065,394 $ 719131294 *Figure updated as a result of Fiscal Year 2012 -13 actuals. GENERAL FUND FY 2013 -14 MID -YEAR REVIEW REVENUES GENERAL FUND C 2013 -14 MID -YEAR REVIEW FY 2013 -14 Revenue 1L Total Revenue: Adopted Budget FY 2013 -14 Mid-Yearmm'd Difference Estimate Change $51,777,90$53,625,80 �1 ° 10 GENERAL FUND Y 2013 -14 MID -YEAR REVIEW Revenue Property tax Property Transfer Tax Plan Check Fees FY 2013 -14 Adopted Budget $10,085,400 552,900 867,500 FY 2013-11W Mid -Year Estimate $10,960,000 763,000 1,086,000 Building Permits 11000,000 11250,000 Increases from "Property" Related Revenues: Difference $874,600 240,100 218,500 250,000 $1,583,200 Change 8.67% 45.92% 25.19% 25.00% 11 GENERAL FUND �Y 2013 -14 MID -YEAR REVIEW �ff Revenue Sales tax FY 2013 -14 Adopted Budget $9,762,800 FY 2013 -14 Mid -Year Estimate $10,070,000 Difference $307,200 Change 3.15% 12 GENERAL FUND �Y 2013 -14 MID -YEAR REVIEW NITY 2013 -14 FY 2013- Revenue Transient Occupancy Tax Adopted Budget $2,859,700 Mid -Year Estimate $3,102,000 Differenc $242,300 Change 8.47% 13 GENERAL FUND �Y 2013 -14 MID -YEAR REVIEW NITY 2013 -14 FY 2013- Revenue Utility Users Tax Adopted Budget $6,722,200 Mid -Year Estimate $6,279,000 Differenc ($443,200) Change -6.59% 14 Revenue Motor Vehicle License Fees GENERAL FUND �Y 2013 -14 MID -YEAR REVIEW NITY 2013 -14 FY 2013- Adopted Budget $5,072,500 Mid -Year Estimate $5,213,000 Differenc $140,500 Change 2.77% 15 GENERAL FUND FY 2013 -14 MID -YEAR REVIEW Transfers General Fund to Other Funds 16 GENERAL FUND FY 2013 --14 MID -YEAR REVIEW Beginning Fund Balance Mid -Year Revenue Estimates: Total Revenues Expenditures: Total Expenditures Net Revenue Over Expenditure: Transfer IBI(Out): Total Transfer to Various Funds Estimated Ending Fund Balance FY 2013 -14 If Adopted Budget FY 2013 -14 Adopted Budget (REVISED) FY 2013 -14 Mid -Year Estimates $11,380,910 * $12,539,174 $12,539,174 51,777,900 50,426,500 1,351,400 (7.1825.1180) $ 41907,130 51,777,900 50,426,500 1,351,400 (7.1825.1180) 53,625,800 50,426,500 3,199,300 (7.1825.1180) $ 61065,394 $ 719131294 * Figure updated as a result of Fiscal Year 2012 -13 actuals. 17 GENERAL FUND FY 2013 -14 MID -YEAR REVIEW Council Approved Transfer (Out): To Equipment Replacement Fund (includes the FY13 -14 projected surplus) To Emergency Reserve Fund To Liability/ Workers' Comp. Self- Insurance Fund To Capital Improvement Fund Transfer Out Subtotal: FY 2013 -14 Mid -Year Estimates (2.1351.1400) (3.1075.1380) (1.1398.1400) (1.1000.1000) ($7,825,180) 18 Estimate of FY 2013 -14 Fund Balances Fund Description (General Fund Group) General Fund (Operating) Emergency Reserve Fund Liability/ Worker's Comp. Self - Insurance Fund Medical/ Dental Fund "Misc. PERS" Capital Improvement Fund Equipment Replacement Fund Total: Post Transfer Est. FY13 -14 Transfer Fund Balance From/To $12,574,134 ($7,825,180) Est. Ending FY 13 -14 General Balances (Net Fund Rev /Exp) Budget $7,948,254 % of 15.76 7,180,748 3,075,380 10,256,128 20.34 193,789 1,398,400 1,592,189 3.16 129,092 - 129,092 .26 2,703,251 - 2,703,251 5.36 3,735,534 1,000,000 4,137,144 8.20 3,608,703 2,351,400 5,108,67 10.13 $30,125,251 $ - $31,877,736 19 GENERAL FUND FY 2013 -14 MID -YEAR REVIEW Direction from Council: Establish an Administrative Policy for the Emergency Reserve Fund as recommended by the Government Finance Officers Association (GFOA). Earmarking uses of "Misc. PERS" Fund Balance 20 Estimate of FY 2013 -14 Fund Balances Fund Description (General Fund Group) al Fund (Onerati Emergency Reserve Fund Liability/ Worker's Comp. Self - Insurance Fund Medical/ Dental Fund "Misc. PERS" Capital Improvement Fund Equipment Replacement Fund Total: Post Transfer Est. FY13 -14 Fund Balance $12,574,13 7,180,748 193,789 129,092 2,703,251 3,735,534 3,608,703 $30,125,251 w Est. Ending Transfer FY 13 -14 From/To Balances (Net Rev /Exp) ($7,825,180) 3,075,380 1,398,400 1,000,000 2,351,400 �, % of General Fund Budget $7,948,254 15.76% 10,256,128 20.34% 1,592,189 129,092 2,703,251 4,137,14 5,108,67 $31,877,736 3.16 .26% 5.36 1 10.13 21 GENERAL FUND FY 2013 -14 MID -YEAR REVIEW The Right Level of Emergency Reserves? City's Finance Committee recommended 20% What does the Government Finance Officers Assoc. recommend? 16% of regular operating revenues S &P's views on available reserves Good: 4%-8% Strong: 8%-15% Very strong: Above 15 % 22 Estimate of FY 2013 -14 Fund Balances Fund Description (General Fund Group) General Fund (Operating) Emergency Reserve Fund Liability/ Worker's Comp. Self - Insurance Fund Medical/ Dental Fund "Misc. PERS" Capital Improvement Fund Equipment Replacement Fund Total: Post Transfer Est. FY13 -14 Transfer Fund Balance From/To $12,574,134 ($7,825,180) Est. Ending FY 13 -14 General Balances (Net Fund Rev /Exp) Budget $7,948,254 % of 15.76 7,180,748 3,075,380 10,256,128 20.34 193,789 1,398,400 1,592,189 3.16 129,092 - 129,092 .26 2,703,251 - 2,703,251 5.36 3,735,534 1,000,000 4,137,144 8.20 3,608,703 2,351,400 5,108,67 10.13 $30,125,251 $ - $31,877,736 23 GENERAL FUND FY 2013 -14 MID -YEAR REVIEW Earmarking uses of "Misc. PERS" Fund Balance Start OPEB Trust to fund Retiree Medical Benefit. Authorize use of fund for Cal PERS rate increase starting FY 2015 -16. Additional transfer of funds to the Equipment Replacement Fund? 24