HomeMy WebLinkAboutItem 7.3 1984/84 Mid Year Financial Review M E M O R A N D U M
TO: f ity Council
FROM : City Manager
SUBJECT: .1983/84 Mid-Year Financial Review
DATE . February 6 , 1984
The Mid-Year Financial Report is a statement of the City ' s financial
condition at the mid-point of Fiscal Year 1983-84 as it relates to the
adopted 1983-84 annual budget . This report also revises budget projections
based on what has occurred in the first six months and what is likely to
occur in the last six months of the fiscal year . The report consists of a
review of both revenues and expenditures, and their impact on the City ' s
reserves .
1983-84 Revenues
As shown in Exhibit A, the first column identifies actual revenues received
by the City during Fiscal year 1982-83 . The second column identifies the
revenues which the City has received or should receive for the six month
period ending 12/31/83 . All figures with the exception of sales tax are
based on actual revenue received to date. The figure identified for sales
tax is actual revenue received through 11/4/83 plus an estimate for November
and December 1983 utilizing trending techniques . The purpose of the second
column is to give the Council a more accurate representation of actual
receipts as of 12/31/83 than was provided in the December Financial
Statement .
The third column shown in Exhibit A identifies estimates which were part of _
the 1983-84 approved budget . The last column in Exhibit A represents
projected revenues for 1983-84 based on receipts to date and conversations
with State and County officials who are responsible for disbursing revenues
to the City. It is important to note that these revenue estimates are based
upon the best available information to date, and could be affected by any
significant change in the economy between now and the end of 't.he fiscal year .
The revised total revenue estimate for Fiscal year is $5 , 499 ,685 or
approximately $500 ,000 more than anticipated in the approved 1983-84 Budget .
Revenues related to operating expenditures are expected to be approximately
$740 ,000 higher than estimated in the approved budget . While revenues
restricted to capital expenditures are estimated at $240 , 000 lower than in
the approved budget .
Wich respect to operating revenues , the primary revenue sources which
contribute to the an improved revenue picture are Sales Tax ( 18% higher ) Real
Property Transfer Tax ( 52% higher ) , and Motor Vehicle In - Lieu Fees ( 3%
higher ) . These sources have been favorably affected by the improved economy.
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The City also will receive approximately $150 , 000 in additional Revenue
Sharing funds during Fiscal Year 1983-84 as a result of Congressional
reauthorization of the Revenue Sharing program for 3 years .
Revenues related to capital expenditures will be less than anticipated
because several capital projects which were to be funded by Federal Aid Urban
funds and developer reimbusements will not be completed prior to the end of
the fiscal year .
1983-84 Expenditures
It is anticipated that City operating expenditures will be approximately
$267 ,000 or 9 . 80 less than budgeted. This is primarily due to the following.
1 . Employee salary and fringe benefit savings as a result of the later than
anticipated recruitments and the late development of fringe benefit
programs .
2 . Lower level of building inspections services required than anticipated
for new subdivision construction
3 . Less street maintenance activity provided by the County.
4 . No anticipated use of the litigation reserve for legal services .
5 . Reduction in charges for ambulance service dry runs .
With regard to Capital Improvements, it is anticipated that the City will
incur approximately 1 ,385 , 469 in expense, or approximately $994 , 172 less than
anticipated. This is primarily due to the fact that several major projects
will not be completed until the summer of 1984 and, thus a majority of the
contract expense will be incurred in fiscal year 1984-85 . These projects
include :
- Rehabilitation of Dublin Boulevard, Village' Parkway and Amador Valley
Boulevard. $305 ,000
- San Ramon Road/Amador Valley Boulevard Signal $75 ,000
- San Ramon Road Improvements $45 ,000
- Dublin/Dougherty Intersection Improvements $12 , 000 -
- Amador Valley Boulevard Median Landscape $104 ,000 -
- City Entrance Signs $13 , 000
- Stree.t Trees $35 , 000
In addition it is unlikely that the Dublin Boulevard/Donlon Way signal
( $100 , 000 ) will be built during 1983-84 because of its relationship to the
progress of the 193 unit approved condominium project on San Ramon Road.
It is also important to note that $300 , 000 had been budgeted for a phased
City Office Facility project . It is unlikely that much of these funds will
be spent between now and the end of the fiscal year .
In conclusion the financial condition at this point in time is better than
anticipated during the preparation of the 1983-84 Preliminary Budget. At the
beginning of next year there should be additional funds available to improve
the level of service to the community and continue to undertake those capital
projects which are needed.
EXHIBIT A
1983-84
REVENUE PROJECTION
ESTIMATED ( 1 )
ADJUSTED
ACTUAL REVENUES BUDGET ESTIMATED
ALL FUNDS 1982 - 83 AS OF 12/31/83 1983 - 84 1983 - 84
PROPERTY TAX
Current Year Secured 262 , 234 142 , 714 278 , 000 278 , 000
Current Year Unsecured 27 ,686 28 , 054 29 , 000 29 , 000
Total Property Tax 289 ,920 170 , 768 307 , 000 307 ,000
OTHER TAXES
Sales and Use Tax 2 ,603 ,382 1 ,615, 000 2 ,500 , 000 2 , 960 , 000
Real Property Trans/Tax 20 ,507 20 , 489 22 , 000 33 ,500
Electric Franchise Tax 43 , 037 -- 80 , 000 80 , 000
Gas Fanchise Tax 29 ,329 -- 32 , 000 32 , 000
CA TV Franchise Tax 23 ,502 -- 26 , 400 26 , 047
Total Other Tax 2 , 719 , 757 1 ,635 , 489 2 ,660 , 400 3 , 131 , 547
LICENSES & PERMITS
Building Permits -- 271390 180 , 000 180 , 000
Animal Licenses 2 ,829 3 ;444 5 , 000 5 ,000
Bus Bench Ad Permits 324 324 350 324
Encroachment Permits 1 , 048 864 1 ,500 1 ,500
Other Permits 60 -- -- --
Total Licenses & Permits Tax 4 , 261 32 ,022 186 ,850 186 ,824
FINES & FORETITURES
Vehicle Code Fines 45 , 250 26 , 637 50 ,000 54 , 000
Other Court Fines 3 , 556 2 , 217 3 , 000 4 ,000
Total Fines & Foretitures 48 , 806 28 ,854 53 , 000 58 , 000
REVENUE FROM USE OF MONEY & PROPERTY
Interest 132 ,588 159 , 829 250 , 000 368 , 000
Total Revenue from
use of Money & Property 132 ,588 159 ,829 250 , 000 368 , 000
INTERGOVERNMENTAL REVENUE - STATE
Motor Vehicle in Lieu Tax 365 , 154 190 ,619 370 , 000 380 , 000
Trailer Coach in Lieu Tax -- 989 -- 1 ,800
Cigarette Tax 86 ,653 44 ,965 77 ,500 85 ,000
Off Highway Motor Vehicle
In - Lieu Fees 332 128 310 310
Homeowner ' s Property
Tax Relief 15 ,323 2 ,570 16 , 200 16 , 200
Business Inventory Tax 24 , 108 9 ,946 25 , 000 25 ,000
State Gax Tax ( 2106 ) 85 , 360 44 ,916 90 , 000 90 , 000
State Gas Tax ( 2107 ) 131 , 041 85 ,563 170 ,000 170 , 000
State Gas Tax ( 2107 . 5 ) 4 , 000 4 , 000 4 , 000 4 ,000
Transportation Development
Act 11 ,397 ( 2 ) 4 , 146 8 ,293 8 , 293
Total Intergovernmental 723 , 368 387 ,842 761 ,303 780 ,603
INTERGOVERNMENTAL REVENUE - COUNTY
County Gas Tax 42 ,167 -- 28 , 000 22 , 000
Total Intergovernmental
Revenue County 42 ,167 -- 28 ,000 . 22,000
INTERGOVERMENTAL REVENUE FEDERAL
General Revenue Sharing 151 ,324 127 ,513 75 ,664 231 , 211
Community Development
Block Grant -- 13 ,300 ( 4 ) 81 , 700 ( 4 ) 81 , 700 ( 4 )
Federal Aid Urban Funds -- -- 290 ,000 --
Total Intergovernmental _
Revenue Federal 151 ,324 140 ,813 447 ,364 312 , 911
CHARGES FOR SERVICE
Zoning 7 Subdivision Fees 3 , 400 21740 18 , 000 15 ,000
Plan Check Fees 20 ,395 304 20, 000 20 ,000
Engineering Inspection Fees 750 76 50 ,000 40 , 000
Sales of Maps & Documents 928 762 1 ,500 1-,500
Animal Shelter Fees 2 , 202 -- 3 , 000 --
Special Police Dept . Services 5 , 231 2 , 438 3 , 700 4 ,800
Other Charges for Service + -- -- 1 , 000 1 , 000
Total Charges for Service 32 ,906 6 , 320 97 , 200 82 ,300
OTHER REVENUES
Contribution from
Non-Gov ' t . Sources 13 -- 208 , 000 90 , 000
Miscellaneous 42 22 500 500
Park dedication Fees 5 , 000 _ -- 160 , 000
Total Other Revenues 5 , 055 22 208 ,500 250 ,500
TOTAL REVENUE - ALL FUNDS 4 , 150 ,152 2 ,561 ,959 4 ,999 , 617 5 , 499 ,685
( 1 ) All figures in this column are close to actual as of 12/31/83 , except as
noted.
( 2 ) This amount was not actually received but passed through to Contra Costa
County and credited to Dublin.
( 3 ) ESTIMATE
( 4 ) The City' s Allocation of $26 , 600 in Community Development Block Grant
funds for the Kaliedoscope Center will not actually be received by the
City, but rather passed directly to the Center from the County.
EXHIBIT B
1983-84
EXPENDITURE PROJECTION
ACTUAL BUDGET ESTIMATED
ALL FUNDS 1982-83' 1983-84 1983-84
OPERATING EXPENSES
City Council 23 , 117 30 ,312 30 , 000
City Manager/Clerk 101,550 153 ,660 136 , 000
Legal Services 32 , 023 50 ,800 33 , 000
Finance 3 , 235 9 , 950 9 , 000
Building Management 60 , 111 102 ,500 86 ,000
Insurance 8 ,511 8 ,300 8 , 300
Elections 866 10 , 000 10 , 000
Non-Departmental 23 10 , 059 -
Police Services 1, 080 ,341 1, 261,341 1,260 , 000
Ambulance Services 5 , 166 5 , 000 2 ,500
Crossing Guards 17 , 112 15 , OOQ 17 ,000
Animal Control 30 , 115 35 ,350 35 ,350
Traffic Signals & Safety Lighting 51, 022 57 ,500 57 ,500
Disaster Preparedness - 8 ,000 2 ,000
Street Maintenance 85 , 677 124 ,600 115 ,000
Street Sweeping & Litter Pickup 50 ,829 61 ,300 60 , 000
Street Reconstruction & Resurfacing 2 ,991 83 , 000 45 ,000
Street Tree Maintenance 8 , 311 15 ,000 23 , 000
Beautification 4 ,513 15 ,000 15 , 000
Paratransit Services 14 , 745 ( 1 ) 14 , 111( 1) 14 , 111
Social Services - 26 , 600 26 ,600
Library Service - 29 ,600 29 , 600
Recreation - 107 ,000 ( 2) 40, 000
Planning 100 , 228 166 ,820 154 , 000
Building & Safety 700 171, 350 102 , 000 _
Engineering 58 , 709 145 , 200 140 , 000
Total Operating Expenses 1, 739 ,895 2 , 717 ,353 2 ,450 , 961
CAPITAL IMPROVE[fENTS
Community Improvement Projects 70 , 179 1, 129',_272 781, 272
Street Projects 21 , 678 1, 250 ,549 604 ,377
Total Capital Improvements 91, 857 2 ,379 , 821 1,385 ,649
TOTAL EXPENDITURES 1, 831 , 752 5 , 097 , 174 3 , 836 ,610
( 1 ) These amounts include expenditure of 11,397 ( 1982-83 ) and 8 , 292 in TDA
funds which were not received by the City directly.
( 2 ) This amount was full year cost recommended by the Park & Recreation
Commission and approved by the City Council in concept .