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HomeMy WebLinkAboutItem 8.1 MidYrFinancialReviewE] CITY OF DUBLIN AGENDA STATEMENT CITY COUNCIL MEETING DATE: January 13, 1992 SUBJECT: 1991 -92 Mid Year Financial Review EXHIBITS ATTACHED 1) �Revenue /1991 -92 Budget Summary by Fund 2) by Source All Funds 3) / Summary of Expenditures RECOMMENDATION °f� See below FINANCIAL STATEMENT' See below DESCRIlPTION: Staff has reviewed the City's revenue data through December 1991. As a result of this review, that a deficit will likely occur, given the state of the following funds: Fund Deficit General $ 431,380 Gas Tax 56,451 Park Dedication 212,297 Dublin Blvd Extension 541,801 Capital Projects 29,965 and expenditure Staff projects economy, in the With few exceptions, the primary reason for the above deficits is due to lower revenue projections than were anticipated at the time that the 1991- 92 Budget was adopted The deficit in the Dublin Blvd® Extension Fund is a result of the Preliminary Engineer's Estimate, which has considerable contingencies, and is being reviewed further by Staff, REVENUE The 1991 -92 Adopted Budget anticipated $20,901,900 in revenue. Staff's mid -year revenue projections for all funds totals $19,153,053, or nearly $1,746,847 less. The primary revenues contributing to the lower mid -year projections are as follows. Property Tax - ($127,632) Sales Tax - ($1,040,004) Licenses & Permits - ($197,500) Plan Check & Inspection Fees - ($213,500) Park Dedication In -Lieu Fees - ($399,572) These lower revenues are primarily due to the current economic recession, which has lasted longer than the economists had predicted; the housing slump, reassessment of properties at lower values and the delay of residential development projects. In addition, the State Board of Equalization misallocated $154,000 in sales tax to the City near the end of Fiscal Year 1990 -91, which had a compounding effect on Staff's sales tax projections for Fiscal Year 1991 -92. The decrease in revenue is partially offset by additional SB140 Grant funds and additional Dublin Blvd. Assessment District Funds. EXPENDITURES Although revenues are down substantially, operating expenditures are also lower than anticipated. The Adopted Operating Budget totalled $14,637,729, whereas mid -year projections total $13,723,256, a difference of approximately $914,473° l COPIES TD° ITEM NO This decrease is due to the following factors 1) Elimination of the entire Contingent Reserve to offset declining revenues 2) Savings on the 1991 -92 Civic Center lease payment. 3) Lower contract Building and Safety and Engineering costs due to the sack of development 4) Fringe benefit savings on 5) Favorable bidding results ISSUES The 1991 -92 Adopted Budget was Council, i e. expenditures did As indicated above, based upon revenues are anticipated to be expenditures. health and welfare and retirement benefits on capital pro3ects undertaken to date a balanced budget as presented to the City not exceed revenues in the General Fund staff's revised pro3ections, General Fund approximately $431 ■380 less than The city Council has two options 1) to utilize the City's General Fund Fund Balance, which increased from approximately $14.4 to $15 3 million from 6/30/90 to 6/30/91, or 2) to reduce the amount of expenditures remaining in the 1991 --92 Budget Staff has identified the following potential items that could be eliminated from the 1991 -92 Budget and /or deferred to a subsequent year. POTENTIAL SAVINGS ITEM SAVINGS 1) Contribution to DRFA Worker's Comp and Equipment Replacement Reserve $ 93,140 2) Data Processing Equipment 80,000 3) Street Subdrains 116,000 4) Dougherty Road Improvements south of SPRR 76,958 5) Traffic Signal Design, Village Parkway @ Brighton and Tamarack 10,000 6) Tri- galley Performing Arts Study 20,000 7) Travel, Conferences 25,000 8) Training 15,000 9) Furniture, Equipment, Improvements 25,000 10) 90' Baseball Diamond 19,100 TOTAL POTENTIAL SAVINGS $ 480,198 There is also a pro3ected deficit in the Gas Tax fund of $56,451. This deficit could be eliminated by deferral of the Street Subdrain pro3ecto The Gas Tax Funds contribution to this pro3ect was budgeted at $128,000 The Park Dedication Fund anticipates $212,297 less revenue than expenditures In addition, this fund currently has a deficit of $82,960, for a total shortfall of $295,257. COPIES TO: -- ITEM NO. EL 1 This shortfall could be offset by deferring the following projects Dublin High School Baseball /Girls Athletic Field $ 224,350 Dublin Sports Grounds Bleachers 6,$00 Dublin swim Center Bathhouse Renovation 63,750 TOTAL POTENTIAL SAVINGS $ 294,900 The Dublin Extension Fund projected shortfall is based upon preliminary engineering and legal counsel estimates Given the favorable bidding climate and lower land values, this shortfall could be overstated. If there is a shortfall, the General Fund could loan the Dublin Blvd Extension Fund monies which would be repaid with interest by future Eastern Dublin Assessment Districts. Although there is a projected deficit in the Capital Projects Fund, there are sufficient restricted reserves to offset this difference BUDGET ADJUSTMENTS As shown on the "Summary of Expend itures,41 there are anticipated budget adjustments on several operating accounts. It is recommended that no action be taken until the need for these adjustments materialize later in the fiscal year. RECOMMENDATION Given the uncertainty of the economy, as well as the potential for future reductions in revenues by the state in Fiscal Year 1932 -93, it is Staff's recommendation that the City Council maintain a 44pay as you go40 policy regarding expenditures that cannot be recovered from other sources in the future Staff would recommend that the City Council consider the potential savings items in the General, Gas Tax and Park Dedication Funds necessary to eliminate the projected shortfalls. RCA /lss a:MidYrSum doc, agenda #7 COPIES TO ITEM NO. 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Qi! ❑ N '2 W W ~ m � 4- Ql r m CC Q z Z O 2_ ❑L W ��• W 0Y W C, N 0 CT L [Y 4' L/7 li W F F- 16 V S. r Cl N L 4J i 7 C 3 U Cl O O -f cC m C i- 4J a Z 2 F W ❑ V C aF Y U x t CL aA -j iy C -0 Ri t6 F- 3 QI N 0 Y 41 C3 Q C7 w 01 r[i w a H J Ls � .� �' H [L d O Lal d H Y CJ 4 H O C~17 O La J O U C9 Ci V) L_ C=.7 r a LL LL a w .. 4 O X u r r r- w 4 Interaovernmental Revenue -State Motor Vehicle In -Lieu Tax $ REVENUE BY SOURCE $ 777,466 $ 734,000 Trailer Coach In -Lieu Tx ALL FUNDS 7,312 9,000 6,400 Cigarette Tax 83,600 70,500 REVISED 37,400 BUDGET ACTUAL BUDGET ESTIMATE DESCRIPTION 1990 -91 1990 -91 1991 -92 1991 -92 Property Taxes Current Year Secured $3,155,000 $3,133,847 $3,475,000 $3,310,000 Current Year Unsecured 277,000 275,496 280,000 313,300 Prior Year Secured 60,000 112,380 104,000 104,000 Prior Year Unsecured 8,000 13,824 8,000 8,000 Supplemental Property Tax 161,500 213,015 125,000 125,000 Pilot Tax 43,000 42,049 42.100 46,168 subtotal $3,704,500 $3,790,611 $4,034,100 $3,906,468 Taxes Other Than Proiperty Sales & Use Tax $5,700,000 $5,839,089 $6,300,000 $5,260,000 Sales & Use Tax Measure B 109,000 108,156 114,000 93,400 Real Property Transfer Tax 76,000 67,577 76,000 71,000 Transient occupancy Tax 106,000 99,645 100,000 91,200 Franchise Tax Electric 152,000 154,643 163,000 163,000 Franchise Tax Gas 38,900 37,846 39,500 39,500 Franchise Tax Garbage 89,000 97,798 1101000 1081000 Franchise Tax CATV _ 110,000 116,841 122,000 122,000 Subtotal $6,380,900 $6,521,596 $7,024,500 $5,948,100 License & Permits Building Permits $ 351,500 $ 180,720 $ 400,000 $ 204,000 Animal Licenses 5,500 4,834 5,000 5,000 Encroachment Permits 6,000 7,131 7,500 6,000 Recycling Transporter Permits 100 200 200 200 Business License 45.000 55,232 62,000 62,000 Subtotal $ 408,100 $ 248,117 $ 474,700 $ 277,200 Fines & Forfeitures Vehicle Code Fines $ 80,000 $ 62,891 $ 15,250 $ 31,500 Other Court Fines 20,000 18,908 19,000 20,000 other Fines 0 568 500 1,400 Subtotal $ 100,000 $ 82,367 $ 34,750 $ 52,900 Revenue From Use of Money & Property Interest - General Fund $1,150,000 $1,282,078 $1,033,900 $1,034,300 Interest -Other Funds 242,217 276,318 196,989 237,448 Rents & Concessions DII Rental Income $1,719,820 $1,579,379 $1,720,670 $1,538,122 Building 45,920 37,193 40,000 45,600 Field 10,500 11,323 11,500 10,300 Pool 5,450 8,353 5,700 81000 Subtotal $3,173,907 $3,194,644 $3,008,759 $2,873,770 Interaovernmental Revenue -State Motor Vehicle In -Lieu Tax $ 852,000 $ 803,016 $ 777,466 $ 734,000 Trailer Coach In -Lieu Tx 3,260 7,312 9,000 6,400 Cigarette Tax 83,600 70,500 70,000 37,400 Off - Highway Vehicle In -Lieu Fee 400 380 400 400 Homeowner's Property Tax Relief 88,000 92,058 82,500 92,700 DESCRIPTION State Gas Tax (2105) State Gas Tax (2106) State Gas Tax (2107) State Gas Tax (2107 5) Transportation Development Act State Park Bond Act Measure AA SAFCO SB140 Grant BUDGET 1990 -91 0 112,200 227,800 5,000 150,000 7,202 473,487 10,000 106,252 Subtotal $2,119,201 Intergovernmental Revenue - Federal Community Dev Block Grant $ 19,800 Federal Aid Urban Funds 1,354,080 $1,841,007 $1,736,437 $2,163,096 $ 0 $ 19,725 $ 29,125 723,546 938,833 969,779 Subtotal $1,373,880 $ 723,546 $ 958,558 $ 998,904 Charges for Services Zoning & Subdivision Fees $ 677,839 REVISED ACTUAI& BUDGET ESTIMATE 199091 1991 -92 1991 -92 $ 59,742 $ 100,750 $ 100,750 107,119 104,700 108,000 205,159 200,300 200,300 6,000 5,000 5,000 58,583 113,166 220,303 0 0 7,202 426,138 0 47,349 5,000 0 5,000 0 273,155 598,292 $1,841,007 $1,736,437 $2,163,096 $ 0 $ 19,725 $ 29,125 723,546 938,833 969,779 Subtotal $1,373,880 $ 723,546 $ 958,558 $ 998,904 Charges for Services Zoning & Subdivision Fees $ 677,839 $ 617,990 $ 479,000 $ 470,000 Plan Check & Inspection Fees 180,400 213,545 317,500 104,000 Sale of Maps & Documents 8,500 6,479 7,500 3,500 Special Police Services 6,600 6,385 7,000 4,000 Parks Recreation Fees 89,978 44,600 47,500 Reimbursements - Public Damage Playgrounds 8,300 6,881 8,040 7,270 Preschool 29,960 28,701 32,100 30,590 Teens 13,990 1,674 7,500 1,635 Adult Sports' 114,500 971625 142,425 113,855 Special Events 4,650 2,724 11,400 9,545 Senior Center 20,375 13,924 18,240 12,275 Recreation Instruction 44,570 491596 49,000 57,395 Aquatics 46,432 47,792 46,450 56,695 Youth Sports 0 0 21,100 7,995 Other Charges 0 96,600 55,200 55,200 Building Use Insurance 4,700 2,666 2,850 2,450 Zone 7 Drainage Fees 1,000 156 600 600 NPDES 0 0 132,065 145,000 DUI Program 3,000 3,747 4,000 4,000 Charges for Equipment 141,576 132,516 148,354 _ 148,354 Subtotal $1,306,392 $1,329,001 $1,490,324 $1,234,359 Other Revenues Sale -Real & Personal Property $ 499,300 $ 2,260 $ 446,000 $ 442,504 Contributions 4,200 30,150 650,442 555,774 Miscellaneous 44,000 33,237 4,000 81,000 Reimbursements 419,565 89,978 44,600 47,500 Reimbursements - Public Damage 7,000 14,741 13,000 18,000 Park Dedication In -Lieu Fees __37,000 0 590,300 190,728 Subtotal $1,301,065 $ 170,365 $1,748,342 $1,335,506 Special Assessments $ 370,535 $ 5511013 $ 391,430 $ 362,750 TOTAL REVENUE ALL FUNDS $20,238,480 $18,452,268 $20,901,900 $19,153,053 c revenueb doc lss PUBLIC SAFETY Police Services SUMMARY OF MID ALL EXPENDITURES YEAR / FUNDS �3 $ 2,816,000 x w 27,089 HISTORICAL COMPARISON Animal Control 49,399 56,000 56,000 Traffic Signal & Street Lighting 236,890 REVISED 260,800 Disaster Preparedness 11,990 52,985 47,850 MID -YEAR BUDGET 2,578,993 ACTUAL TOTAL - Public Safety BUDGET ESTIMATE ADJUSTMENT PROGRAM 1990 -91 1991 -92 1991 --92 REQUIRED GENERAL GOVERNMENT City Council $ 112,902 $ 163,811 $ 154,142 i City Manager/Clerk 424,097 526,110 504,000 Legal Services 167,455 128,250 159,000 30,750 Finance 219,094 257,200 257,200 Data Processing Support Svcs 0 35,500 29,500 Building Management 1,885,487 2,083,890 1,902,122 Insurance 136,458 166,600 153,000 Elections 3,066 0 3,000 3,000 Non - Departmental 668,333 389,013 282,500 TOTAL- General Government $3,616,892 $ 3,750,374 $ 3,444,4604 PUBLIC SAFETY Police Services $ 2,510,419 $ 2,824,068 $ 2,816,000 Crossing Guards 27,089 33,120 33,000 Animal Control 49,399 56,000 56,000 Traffic Signal & Street Lighting 236,890 261,350 260,800 Disaster Preparedness 11,990 52,985 47,850 Fire 2,233,302 2,578,993 _ 2,452,054 TOTAL - Public Safety $ 5,069,089 $ 5,806,516 $ 5,665,704 Public Works Administration $ 252,854 $ 282,015 $ 282,,015 Street Maintenance 371,306 479,400 479,400 Street Sweeping 59,778 62,000 62,000 Street Tree Maintenance 62,252 79,600 74,600 Street Landscape Maintenance 280,317 309,730 310,630 900 Paratransit Services 1,500 11500 1,500 TOTAL - Transportation $ 1,028,007 $ 1,214,245 $ 1,210,145 HEALTH & WELFARE Vector Control $ 26,277 $ 28,296 $ 28,296 Waste Management 0 33,255 15,000_ TOTAL - }Health & Welfare $ 26,277 $ 61,551 $ 43,296 CULTURE & LEISURE SERVICES Library service $ 149,650 $ 156,007 $ 156,007 Cultural Activities 0 44,140 44,140 Park Maintenance 478,382 545,270 558,720 Community Cable TV 46,000 49,000 49,000 Recreation _ 796,367 1,003,349 939,016 TOTAL- Culture & Leisure Services $ 1,470,399 $ 1,797,766 $ 1,746,883 '� PROGRAM COMMUNITY DEVELOPMENT Planning Building & Safety Engineering Economic Development TOTAL - Community Development (Less Fringe Benefits Savings) TOTAL OPERATING BUDGET DEBT SERVICE San Ramon Road Specific Plan Assessment District 1988 Civic Center Certificates of Participation TOTAL -Debt Service Budget CAPITAL IMPROVEMENT BUDGET REVISED MID -YEAR ACTUAL BUDGET ESTIMATE 1990 -91 1991 -92 1991 -92 $ 1,051,890 $ 1,050,075 $ 1,044,000 354,439 326,796 270,000 426,827 573,156 402,964 11,271 57,250 39,500 $ 1,844,427 $ 2,007,277 $1,716,464 0 0 (103,700) $13,055,091 $14,637,729 $13,723,256 $ 108,419 $ 103,813 $ 103,813 1,691,465 1,720,670 1,720,670 General $ 27,314 $ 88,850 $ 85,500 Community Improvements 173,444 101,324 90,111 Parks 1,355,249 675,283 645,011 Streets 1,863,564 6,717,218 8,419,747 TOTAL- Capital Improvement Budget $3,419,571 $ 7,582,675 $ 9,240,369 INTERNAL SERVICE FUND BUDGET $ 143,029 $ 161,069 $ 161,069 TOTAL EXPENDITURES -ALL FUNDS $18,417,575 $24,205,956 $24,949,177 *May not be required pending actual bids and right -of -way casts BUDGET ADJUSTMENT REQUIRED 1,702,529*