City of Culver City, California
Agenda Item Report
RECOMMENDATION:
Staff recommends the City Council (1) receive and file the Fiscal Year 2012/2013
Mid-Year General Fund Budget Monitoring Report and (2) approve related
budget amendments.
A budget amendment requires a 4/5
ths
vote.
BACKGROUND / DISCUSSION:
The attached Mid-Year General Fund Budget Monitoring Report (Report)
presents the City Council with a snapshot of General Fund expenditures and
revenues through the first half of Fiscal Year 2012/2013 which began on July 1,
2012. Other City funds are performing within expectations and are not a part of
this report, except for those funds where a budget amendment is being
requested.
FISCAL ANALYSIS:
The Report provides detail into General Fund revenues received and
expenditures disbursed to 12/31/2012, as well as adjusted projections through
the end of Fiscal Year 2012/2013 (to June 30, 2013). General Fund
expenditures through December 31, 2012 are $36.792 million, or 42.2% of
adjusted budget projections. General Fund revenues through December 31,
2012 are $26.488 million, or 32.4% of adjusted budget projections. Both
Meeting Date: 03/11/2013 Item Number: A-2
CITY COUNCIL AGENDA ITEM: FOUR-FIFTHS VOTE REQUIREMENT – (1) Receipt
and Filing of the Fiscal Year 2012/2013 Mid-Year General Fund Budget Monitoring
Report, and (2) Approval of Proposed Budget Amendments.
Contact Person/Dept.: Jeff Muir, CFO,
Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Public Notification: (Email) Meetings and Agendas – City Council (03/05/13); (Email)
Ongoing Topics – Fiscal and Budget Issues (03/05/13)
Department Approval:
Jeff Muir (03/05/13)
City Attorney Approval:
Carol Schwab (by H. Baker) (03/05/13)
Chief Financial Officer Approval:
Jeff Muir (03/05/13)
City Manager Approval:
John M. Nachbar (03/05/13) City of Culver City, California
Agenda Item Report
revenues and expenditures are almost identical to this same point in time in the
prior fiscal year.
Full year projections for Fiscal Year 2012/2013 show total estimated revenues at
$83.4 million, $1.68 million more than the Adopted Budget. Total expenditures
are estimated at $85.02 million, $2.08 million less than the Adopted Budget. The
projected ending result for the General Fund is a deficit of $1.626 million, an
improvement over the $5.7 million estimated deficit in the Adopted Budget.
ATTACHMENTS:
1. Fiscal Year 2012/2013 Mid-Year General Fund Budget Monitoring Report
2. Proposed Budget Amendments
MOTION:
That the City Council:
(1) Receive and file the Fiscal 2012/2013 Mid-Year General Fund Report as
provided in Attachment 1;
and
(2) Approve the Budget Amendments as proposed in Attachment 2.
A budget amendment requires a 4/5
ths
vote.
MEETING DATE: March 11, 2013
AGENDA ITEM : Mid-Year Budget Report
ATTACHMENTS
Pages
1. Culver City Mid-Year Budget Report 1 - 9
2. Recommended Adjustments by Line Item 10 - 11
City of Culver City
MID-YEAR BUDGET REPORT
FISCAL YEAR 2012-13
Through December 31, 2012
|1010|ATTACHMENT 11
CITY OF CULVER CITY
2012-13 Mid-Year Report
As of 12/31/12
General Fund
INTRODUCTION
General Fund Operating Revenues through December are $26.488 million, or 32.4% of the
adjusted budget projections. General Fund Expenditures through December are $36.972 million,
or 42.2% of adjusted budgeted appropriations. Revenues lag expenditures at this point in the fiscal
year because of year-end accounting adjustments to major revenues and because the bulk of the
property tax and business licenses revenues are received later in the fiscal year.
In November, Culver City voters approved Measure Y which will increase the City’s sale tax by one
half cent beginning in April 2013. Over the coming years, the additional revenue will help balance
the City’s budget, but the sales tax increase sunsets in ten years, so unless extended the
additional revenue does not fully address the City’s long term structural deficit.
REVENUES SUMMARY
General Fund Revenue Overview (as of 12/31/2012)
Through December, General Fund operating revenues are $26.488 million, or 32.4% of adjusted
budget projections. This is $0.08 million, or 0.3%, lower than the same period last year. The
continued gradual improvement in the economy is reflecting in a number of revenue categories
that are showing year-over-year increases. These increases are essentially offsetting the lost
reimbursements from the former Redevelopment Agency, putting the City almost even compared
to the same point in time last fiscal year.
The table below shows a comparison between revenues received as of December 31st for the
current and prior fiscal year:
22
2011-12
REVENUE
AS OF
12/31/11
ADOPTED
BUDGET
2012-13
ADJUSTED
BUDGET
2012-13
2012-13
REVENUE
AS OF
12/31/12
% RECEIVED
AS OF
12/31/12
PROJECTED
REVENUES
2012-13
Property Tax 1,319,858 3,940,000 3,940,000 1,481,751 37.6% 4,940,000
Sales Tax 3,955,330 17,700,000 17,700,000 4,529,522 25.6% 19,500,000
Public Safety Sales Tax (PSAF) 112,311 345,000 345,000 122,369 35.5% 345,000
Business Tax 429,798 10,050,000 10,050,000 408,159 4.1% 10,050,000
Franchise Tax 111,074 1,350,000 1,350,000 336,875 25.0% 1,350,000
Real Property Transfer Tax 478,476 1,300,000 1,300,000 599,363 46.1% 1,700,000
Electricity UUT 2,794,523 6,300,000 6,300,000 2,859,534 45.4% 6,000,000
Gas UUT 267,814 1,150,000 1,150,000 280,979 24.4% 1,000,000
Water UUT 549,516 1,175,000 1,175,000 602,962 51.3% 1,175,000
Telecomm UUT 2,516,410 5,525,000 5,525,000 2,471,468 44.7% 5,525,000
Cable UUT 256,904 775,000 775,000 211,592 27.3% 775,000
Transient Occupancy Tax (TOT) 1,549,175 3,815,000 3,815,000 2,215,074 58.1% 4,800,000
Commercial/Industrial Dev. Tax 135,938 250,000 250,000 196,484 78.6% 400,000
Licenses and Permits 1,219,137 2,092,810 2,178,323 1,290,306 59.2% 2,505,573
Intergovernmental 49,885 3,470,837 3,470,837 15,371 0.4% 3,470,837
Charges for Services 3,321,492 5,878,300 5,881,435 3,343,124 56.8% 6,496,435
Fines and Forfeitures 1,163,072 3,509,700 3,509,700 1,279,431 36.5% 3,509,700
Use of Money & Property 214,741 2,074,000 2,074,000 588,436 28.4% 2,074,000
Other Revenues 159,601 2,532,230 2,550,925 90,676 3.6% 550,925
Other - Transfers 5,968,462 8,481,875 8,481,875 3,564,202 42.0% 7,230,504
TOTAL GENERAL FUND $26,573,517 $81,714,752 $81,822,095 $26,487,678 32.4% $83,397,974
GENERAL FUND REVENUES
? Sales Tax receipts at mid-year exceed the prior year mid-year totals by 14.5%. The actual
increase in sales activity is 6.8% when reporting aberrations are factored out.
Only 25.6% of the budget revenues have been received because at this point in the fiscal
year only four months of receipts have been recorded. In accordance with government
accounting standards, sales tax revenue received in July and August is moved back to the
prior fiscal year because the actual transactions took place in the prior year.
In the November 2013 election, Culver City voters approved a sales tax increase which will
go into effect in April 2013. It is estimated, that for the current fiscal year, the City will
receive an additional $1.8 million from Measure Y proceeds. Next fiscal year, the City will
have a full year of tax receipts at the higher tax rate, resulting in approximately $7.7 million
in additional revenue. Due increased receipts in the first four months of the year and the
passage of Measure Y, it is recommended that the Sales Tax budget be increased by $2.0
million.
? Most of the Utility Taxes are performing near the same level they were at this time last year.
In accordance with the same accounting standards that apply to sales tax receipts, UUT
receipts in July are moved back to the prior fiscal year, so at this point in the year only five
months of receipts have been recorded.
Gas UUT is performing near the same levels as last year, but receipts are lower than
projected in the Adopted Budget. Therefore, it is recommended that the Gas UUT budget
be reduced by $150,000 to $1,000,000.
33
Like Gas UUT, Electricity UUT is performing near the same levels as last year, but receipts
have not grown as much as expected. Therefore, it is recommended that the Electricity
UUT budget be reduced by $300,000 to $6,000,000.
? Through December, the City has received $1.48 million in Property Tax, which is 12.3%
higher than this point last year. Based on data from the City’s property tax consultant,
revenue is expected to increase from last year by 3.5%. Property tax revenue took a dip in
fiscal year 2010-11, but since then it is trending upward, reflecting a return to a more stable
real estate market.
Due to the elimination of the Redevelopment Agencies, the General Fund received an
additional one-time $1 million in pass thru revenue. It is recommended that the Property Tax
budget be increased by $1.0 million to account for this increase.
? Business Tax renewals are due by the end of February, and therefore is not a significant
revenue source as of December 31st. It is expected to perform at approximately the same
level as last year, and meet the budget projection.
? In April 2012, Culver City voters approved a measure to increase the Transient Occupancy
Tax (TOT) from 12% to 14%. Due to the higher tax rate and increasing room and occupancy
rates, current year receipts are $665,887 or 43.0% higher than this point last year.
In accordance with the same accounting standards that apply to sales tax receipts, receipts
in July are moved back to the prior year, so at this point in the year five months of receipts
have been recorded.
Based on the tax increase and growth receipt, it is recommended that the TOT budget be
increased by $985,000 to $4,800,000
? Real Property Transfer Tax is difficult to predict as it relies on high value property sales,
which fluctuate tremendously from month to month. At this point in the fiscal year, receipts
are 67.2% higher than they were at this point last year. But this has no bearing on the
remainder of the year.
Because of increased receipts, primarily due to the sale of commercial properties, it is
recommended that Real Property Transfer Tax be increased by $400,000 to $1,700,000.
? Compared to last year, Commercial/Industrial Development Tax receipts have increased by
$60,546 or 44.5%. This is reflective of an overall increase in construction activity.
It is recommended that the budget for Commercial/Industrial Development Tax be increased
by $150,000 to $400,000.
? Like the Commercial/Industrial Development Tax, Licenses and Permits revenue is driven
by residential and commercial construction activity. Mid-year revenues total $2.18 million
which is 5.8% higher than the same point last year. Building Permit revenue is exceeding
last year’s totals by 25%. Due to the increased construction activity, it is recommended that
the budgets for Building Permits be increased by $325,000.
44
? Intergovernmental revenue is mostly comprised of the motor vehicle license fees from the
State Department of Motor Vehicles. The majority of this revenue is received in January and
May.
? The Charges for Services category is comprised of the variety of revenues ranging from
recreation fees to police services and plan checks. At this point in the year overall revenues
are only 0.7% higher than last year. Through December, plan check fees are already at
94% of the budget. Due to the increased construction activity, it is recommended that Plan
Check fees be increased by $640,000.
? Fines and Forfeitures category is primarily comprised of red light camera violations and
moving violations written by Culver City traffic enforcement. Current year revenue is
$116,000 higher than this point last year. The increase is primarily due to the return of red
light cameras that were taken out of service during the construction projects last year.
? Use of Money and Property includes interest income and income from the rental of city
property. Interest rates are at an all-time low, but overall this category is higher than last
year because of rental income from Pacific Theaters that previously went to the RDA.
There is currently $2 million budgeted for the sale of the old Fire Station #3 on Segrell Way
and property in the Culver Crest area. These sales will most likely not close by the end of
the fiscal year, so it is recommended that the budget for the Land Sale Proceeds account be
decreased by $2 million.
? Other – Transfers is comprised of interfund transfers and cost allocation transfers from other
funds. Revenue is $2.4 million lower than last year because of the State action to dissolve
Redevelopment Agencies (RDA). In past years the Culver City RDA reimbursed the City for
administrative costs and the salaries of RDA staff. The Successor Agency reimburses the
City for some administrative costs and staff time, but it’s much less revenue than the City
previously received from the RDA. Due to the lower than expected admin reimbursement, it
is recommended that the Billings to Successor Agency be reduced by $744,042 and Billings
to the Housing Authority be reduced by $507,329.
55
EXPENDITURES SUMMARY
General Fund Expenditure Overview (as of 12/31/2012)
Overall, General Fund expenditures through mid-year are $36.972 million or 42.2% of budgeted
appropriations, again almost identical to this point in time last fiscal year.
The table below provides a comparison between the first six months of Fiscal Year 2012-13 and
the same period for the prior year:
2011-12
EXPEND
AS OF 12/31/11
ADOPTED
BUDGET
2012-13
ADJUSTED
BUDGET
2012-13
2012-13
EXPEND
AS OF 12/31/12
% EXPEND
AS OF
12/31/12
PROJECTED
EXPEND
2012-13
ADMINISTRATION $562,022 $1,274,205 $1,278,605 $579,031 45.3% $1,278,000
CITY CLERK $164,647 $295,400 $295,400 $135,873 46.0% $295,000
CITY ATTORNEY $603,946 $1,582,184 $1,582,899 $653,899 41.3% $1,433,000
FINANCE $1,949,104 $4,467,933 $4,470,317 $1,934,431 43.3% $4,420,000
HUMAN RESOURCES $450,497 $1,018,330 $1,018,330 $491,323 48.2% $1,018,000
INFORMATION TECH. $1,329,658 $2,838,001 $2,855,689 $1,254,752 43.9% $2,706,000
PARKS, REC. & COMMUNITY SVCS $2,817,737 $6,597,029 $6,747,820 $2,940,282 43.6% $6,135,000
POLICE DEPARTMENT $13,031,145 $30,829,804 $30,943,364 $13,255,174 42.8% $30,015,000
FIRE DEPARTMENT $7,680,377 $16,906,614 $16,942,467 $7,584,759 44.8% $16,942,000
COMMUNITY DEVELOPMENT $2,973,546 $5,443,368 $5,578,211 $2,361,219 42.3% $5,228,000
PUBLIC WORKS $3,886,917 $9,600,913 $9,710,152 $4,179,354 43.0% $9,322,000
NON-DEPARTMENTAL $1,255,594 $3,902,643 $3,882,143 1,351,964 34.8% $3,882,000
Transfers $367,342 $500,000 $500,000 $250,000 50.0% $500,000
Retiree Health Pre-funding $0 $1,850,000 $1,850,000 $0 0.0% $1,850,000
TOTAL GENERAL FUND $37,072,534 $87,106,424 $87,655,398 $36,972,060 42.2% $85,024,000
GENERAL FUND EXPENDITURES
Total expenditures are only about $100,000 or 0.3% lower than this point last year.
Notably, the Community Development Department’s expenditures dropped $0.6 million or 20.6%.
This is due to the elimination of the Culver City Redevelopment Agency (RDA) which led to many
RDA staff members being reassigned to other departments.
City Clerk expenditures are 17.5% lower than last year because of staff changes and
reorganization. Two employees retired and two employees were transferred in from another
department.
The Information Technology department expenditures are 5.6% lower than last year due to the
reduction of one position and a vacancy in another position
All other departments are within a normal expenditure range. As a percentage of the total adjusted
budget, the expenditure pattern for Fiscal Year 2012-13 is very consistent with the same point last
year. Last year 43.9% of the adjusted budget was expended, whereas this year, it’s slightly lower
at 42.2%.
66
Based on the number of vacancies and spending trends in prior years, it is projected that the
current year General Fund expenditures will total $85.024 million. This is $2.6 million lower than
the Adjusted Budget and 4.8% higher than the total expenditures last fiscal year. The increase
from last year is due to employee bargaining group MOU changes and an increased contribution to
the retiree health prefunding trust fund.
OTHER FUNDS SUMMARY
Other City funds are performing within expectations. Below are the details on recommended
budget amendments.
? Each year the City receives bicycle and pedestrian grant funding from the Los Angeles County
Metropolitan Transportation Authority. When the Adopted Budget was prepared, an estimate of
expected grant award was used. The actual allocation to the City is $2,984 higher than
projection. Therefore, it is recommended that the revenue and expenditure budgets be
increased by $2,984.
? When the Adopted Budget was created, two expenditure line items were excluded. The budget
line item is Admin Allocation for the Municipal Bus Fund and the Paratransit Grant. This
expense line reimburses the General Fund for overhead costs. It is recommended the
Municipal Bus Fund budget be increased by $1,848,616 and the Paratransit Grant be increased
by 24,441.
? The Successor Agency reimburses the City for some administrative costs and staff time, but it’s
much lower than originally projected in the Adopted Budget. Due to the lower than expected
admin reimbursement, it is recommended that the Successor Agency Admin Allocation be
reduced by $744,042 and Housing Authority Admin Allocation be reduced by $507,329.
FIVE-YEAR PROJECTION
The Adopted Budget for Fiscal Year 2012-13 included a deficit of $5.7 million. It is estimated that
during the final quarter of the fiscal year, $1.8 million in revenue from Measure Y will be realized.
This additional revenue, in addition to revised revenue and expenditure projections, results in a
projected deficit of $1.626 million. This is an improvement from the Fiscal Year 2012-13 Adopted
Budget estimated deficit of $5.7 million. General Fund reserves will be used to make up the year
end deficit.
This forecast assumes continued gradual growth in most revenues. Specific assumptions include
the following:
77
REVENUES 2013-14 2014-15 2015-16 2016-17 2017-18
Property Tax 3.0% 3.0% 3.0% 3.0% 3.0%
Sales Tax 3.9% 3.5% 3.5% 3.0% 3.0%
PSAF TAX 3.9% 3.5% 3.5% 3.0% 3.0%
Business License Tax 2.0% 2.0% 2.0% 2.0% 2.0%
Franchise Tax 2.0% 3.0% 3.0% 3.0% 3.0%
Real Property Transfer Tax
(1)
-40.0% 0.0% 0.0% 0.0% 0.0%
Utility Users Tax - Electricity 3.0% 3.0% 3.0% 3.0% 3.0%
Utility Users Tax - Gas 1.0% 1.0% 1.0% 1.0% 1.0%
Utility Users Tax - Water 2.0% 2.0% 2.0% 2.0% 2.0%
Utility Users Tax - Telecomm -2.0% -2.0% -1.0% -1.0% -1.0%
Utility Users Tax - Cable TV 1.0% 0.0% -1.0% -1.0% -1.0%
Transient Occupancy Tax 5.0% 4.5% 4.0% 4.0% 4.0%
Commercial/Industrial Dev Tax
(2)
-37.5% 0.0% 0.0% 0.0% 0.0%
Licenses and Permits 5.0% 5.0% 4.0% 4.0% 3.0%
Intergovernmental 1.5% 1.5% 2.0% 2.0% 2.5%
Charges for Services 3.5% 4.0% 4.0% 4.0% 4.0%
Fines and Forfeitures 3.0% 3.0% 3.0% 3.0% 3.0%
Use of Money and Property 0.0% 1.0% 1.0% 1.0% 1.0%
Interfund Revenues 1.5% 2.0% 2.0% 2.5% 2.5%
Other Revenues 0.0% 0.0% 0.0% 0.0% 0.0%
Transfers-In 0.0% 0.0% 0.0% 0.0% 0.0%
RATE ASSUMPTIONS
(1) Adjustment of FY12-13 estimate to an on-going assumption of $1 million per year.
(2) Adjustment of FY12-13 estimate to an on-going assumption of $250,000 per year.
On the expenditure side, the forecast includes the resulting assumptions from all of the existing
MOU’s. Other assumptions of note include:
? The known increases to public safety positions as a result of the Salary Initiative Ordinance
are included for the years covered by the L.A. City and L.A. County contracts. For the final
two years of the forecast, there is an assumption of 2% in annual increases.
? There are currently no cost-of-living increases assumed for non-sworn personnel during the
duration of the forecast.
? CalPERS pension costs continue to rise based on actuarial assumption changes and
amortization of past investment losses.
? The Annual Required Contribution for the existing Other Post-Employment Benefits (OPEB)
liability is fully funded beginning in Fiscal Year 2013-14.
? By Fiscal Year 2015-16, the General Fund contribution towards capital and infrastructure
improvements is increased to $1 million (still not adequate).
88
2011-12
Estimate
2012-13
Budget
2013-14
Projection
2014-15
Projection
2015-16
Projection
2016-17
Projection
2017-18
Projection
Beginning Appropriable Fund Balance 42,492 41,158 39,532 39,880 39,896 39,956 40,319
Total GF Revenues 79,795 83,398 89,296 92,189 94,600 96,968 99,401
Total GF Expenditures (79,679) (82,764) (86,548) (88,573) (90,640) (92,706) (94,893)
OPEB Pre-funding (750) (1,760) (2,900) (2,900) (2,900) (2,900) (2,900)
Adjusted Net Operating Surplus/Deficit (634) (1,126) (152) 716 1,060 1,362 1,608
One-time - Transfers to CIP Projects (700) (500) (500) (700) (1,000) (1,000) (1,000)
One-time - Sale of Property
0 0 1,0000 000
Total Net One-time (700) (500) 500 (700) (1,000) (1,000) (1,000)
Gross Surplus/Deficit (1,334) (1,626) 348 16 60 362 608
Ending Appropriable Fund Balance 41,158 39,532 39,880 39,896 39,956 40,319 40,926
52.11% 48.05% 46.35% 45.40% 44.57% 43.97% 43.59%
Budget Plus Five-Year Forecast
Forecast Reflecting Status-Quo with FY 2012-13 as base [in thousands]
Except for the current year, it is estimated that the approval of Measure Y has eliminated the
structural deficit over the course of the existing financial forecast. Barring an unforeseen level of
revenue growth, Measure Y revenues will continue to be necessary to fund existing City services
into the future.
CONCLUSION
As is evident in the number of recommended budget increases to revenue line items, Culver City’s
economy has begun to rebound. The rebound is led by increased building activity, higher
occupancy rates at hotels, rising property values, and increased retail sales. Despite the
devastating loss of millions of dollars of RDA funds, the recent economic boost coupled with the
passage of the sales tax and transient occupancy tax measures provide some stability to the City’s
financial situation.
In coming years, it will be important to keep in mind that Measure Y is only a ten year ‘fix’, unless
extended by the voters. The City must continue to keep a tight rein on expenditures, and work
towards further efficiencies. Considering how much of our revenue base is affected by economic
cycles, a review of our financial policies and how operating revenues are defined will also be
important. Finally, a review of needed infrastructure maintenance or improvements, and how they
can be financed, are also needed.
9Description
Amount
Expenditures
Additional funding for Police Overtime related to Transit
Security (10140200.411300). (Covered by transfer from
Transit Fund) 50,000.00 $
Increased demand for Banner Installations. Offset by
increased revenue. (10160150.619800) $2,250
Transfer Events Supervisor position from Recreation
Division - 10130200 to Vets Auditorium Division - 10130110.
(No additional funds necessary, position transfer only.) - $
Total Change General Fund Expenditures 52,250.00 $
Adjustments to Personnel costs for Y-rated position moved
into Equipment Maintenance Division after 2012-13 budget
adoption (30870400.411100) 14,820.00 $
Increase Bicycle and Pedestrian Funds (TDA) budget to
actual allocation (41460902.342400) 2,984.00 $
Add budget for Admin Allocation. Expenditure budget was
excluded from the Adopted Budget (41470420.670100) 24,441.00 $
Add budget for Admin Allocation. Expenditure budget was
excluded from the Adopted Budget (20370200.670100) 1,848,616.00 $
Eliminate budget of Billings to Successor Agency and
Housing Authority. The level of admin reimbursement for
the General Fund is less than expected and will be shown
as a Transfer rather than a Billing (59190000.616100) (744,042.00) $
Eliminate budget of Billings to Housing Authority. The level
of admin reimbursement for the General Fund is less than
expected and will be shown as a Transfer rather than a
Billing (47650700.616100) (449,250.00) $
Increase Transfer from Transit Funds to cover additional
$50,000 in Police Overtime. (20316100.952101) 50,000.00 $
Total Change Other Fund Expenditures 747,569.00 $
Revenues
Increase Banner Installation/Removal due to increased
demand for banner installations. (10160150.369420) 2,250.00 $
Increase Property Tax Increment Pass Thru budget due to
additional revenue from the elimination of the
Redevelopment Agency (10116100.311220) 1,000,000.00 $
Increase Sales Tax revenue due to the passage of Measure
Y (10116100.313020) 1,800,000.00 $
Decrease Electricity UUT budget due to lower than
projected revenues (10114400.312100) (300,000.00) $
Decrease Gas UUT budget due to lower than projected
revenues (10114400.312110) (150,000.00) $
10
ATTACHMENT 2Description
Amount
Increase Transient Occupancy Tax because of tax increase
and growth in receipts (10114400.318000) 985,000.00 $
Increase Real Property Transfer Tax due to the sale of high
value property (10114400.317000) 400,000.00 $
Increase Commercial/Industrial Development Tax due to
increased building activity (10116100.319000) 150,000.00 $
Decrease Land Sale Proceeds because the sale of two City
owned properties will not be finalized this fiscal year.
(10116100.386350) (2,000,000.00) $
Increase Plan Check Fees due to increased construction
activity (10160150.371300) 40,000.00 $
Increase Plan Check Fees due to increased construction
activity (10150150.371300) 600,000.00 $
Increase Building Permits due to increased construction
activity (10150150.321000) 100,000.00 $
Increase Electrical Permits due to increased construction
activity (10150150.322000) 75,000.00 $
Increase Plumbing and Heating Permits due to increased
construction activity (10150150.324000) 150,000.00 $
Decrease Credit Card Convenience Fee budget due to
elimination of the convenience fee (10116100.370620) (25,000.00) $
Move Paratransit admin revenue to Transportation
(10130420.375000) (24,441.00) $
Move Paratransit admin revenue to Transportation
(10170100.375000) 24,441.00 $
Eliminate budget of Billings to Successor Agency and
Housing Authority. The level of admin reimbursement for
the General Fund is less than expected and will be shown
as a Transfer rather than a Billing.
10150500.371120 (507,329.00) $
10110100.371110 (70,888.00) $
10114100.371110 (33,538.00) $
10114500.371110 (22,500.00) $
10150100.371110 (151,416.00) $
10150120.371110 (465,700.00) $
Total Change General Fund Revenues 1,575,879.00 $
Increase Bicycle and Pedestrian Funds (TDA) revenue to
actual allocation (41460902.619800) 2,984.00 $
Total Change Other Funds Revenues 2,984.00 $
11