HomeMy WebLinkAbout4.7 - 2326 Fiscal Year 2018-19 1st Quarter Financial R
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STAFF REPORT
CITY COUNCIL
DATE: December 4, 2018
TO: Honorable Mayor and City Councilmembers
FROM:
Christopher L. Foss, City Manager
SUBJECT:
Fiscal Year 2018-19 1st Quarter Financial Review
Prepared by: Jay Baksa, Financial Analyst
EXECUTIVE SUMMARY:
The City Council will receive a financial report through the first quarter for Fiscal Year
2018-19 and consider amendments to the Fiscal Year 2018 -19 Budget via a budget
change.
STAFF RECOMMENDATION:
Receive the report and approve the budget change.
FINANCIAL IMPACT:
Approval of the budget change will result in the addition of $3,600,000 to the General
Fund revenue budget. Total General Fund reserves are projected at $136,340,768 by
June 30, 2019.
DESCRIPTION:
The focus of this report is the Fiscal Year 2018-19 General Fund Amended Budget. As
a reminder, the Amended Budget includes budget amendments already approved by
the City Council since July 1, as well as carry-over budgets from Fiscal Year 2017-18.
The Budget Change Form (Attachment 1) lists all new amendments needing City
Council approval.
FY 2018-19: Projected Results
General Fund revenues are projected to come in $3,600,000 higher than the Amended
Budget due to the following:
1. Property tax revenue increased $3,200,000 over the budget, based on the
most recent information provided by Alameda County and the City’s property
tax consultant. This change reflects growth in overall assessed valuation (AV)
by 9.57% ($1,417,122,832) over last year. This was the highest AV growth o f
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in Alameda County.
2. Sales and Use Tax (Sales Tax) revenue increased $400,000 over budget. At
the beginning of 2018, the State implemented a new software and reporting
system, which resulted in the last two quarters of Fiscal Year 2017 -18 having
multiple allocations not getting posted. This caused a delay in some receipts
to Fiscal Year 2018-19. The overall trend for year-over-year Sales Tax
revenue is flat, but given the delay of receiving revenue, the F iscal Year
2018-19 Sales Tax budget is being increased.
After incorporating the changes, total reserves are projected to increase from
$132,740,768 to $136,340,768, as illustrated in the table below.
Total Reserves, FY 2017-18 and FY 2018-19 Amended Budget
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
1. Budget Change Form
Attachmemt 1
Budget Change Reference #:
From Un-Appropriated Reserves Budget Transfer Between Funds
From Designated Reserves Other x
Account Amount
1001.0000.41101 $3,200,000
1001.0000.42101 $400,000
12/4/2018
Posted By:Date:
REVENUES
Reason
As Presented at the City Council Meeting
**********Finance Use Only**********
CITY OF DUBLIN
FISCAL YEAR 2018-19
BUDGET CHANGE FORM
General Fund - Property Tax
General Fund - Sales and Use Tax
City Council's Approval Required
Updated number from Property Tax consultant
Increase based on timing of receipt of revenue from State