HomeMy WebLinkAboutItem 4.5 - 2876 Fiscal Year 2019-20 1st Quarter Financial R
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STAFF REPORT
CITY COUNCIL
DATE: October 15, 2019
TO: Honorable Mayor and City Councilmembers
FROM:
Christopher L. Foss, City Manager
SUBJECT:
Fiscal Year 2019-20 1st Quarter Financial Review
Prepared by: Colleen Tribby, Director of Administrative Services
EXECUTIVE SUMMARY:
The City Council will receive a financial report through the first quarter for Fiscal Year
2019-20 and consider amendments to the Fiscal Year 2019-20 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 $735,000 to the General
Fund revenue budget and will allow for minor adjustments to the transportation and
traffic fee budgets. Total General Fund reserves are projected at $160,631,093 by June
30, 2020.
DESCRIPTION:
The focus of this report is the Fiscal Year 2019 -20 General Fund Amended Budget. As
a reminder, the Amended Budget includes budget amendments already approved by
the City Council since July 1, 2019 as well as carry-over budgets from Fiscal Year 2018-
19. The Budget Change Form (Attachment 1) lists all new amendments needing City
Council approval.
General Fund Property Tax revenues are projected to come in $660,000 higher tha n the
Amended 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 10.395% ($1,685,843,581) over last year. This was the highest AV
percentage growth of in Alameda County, followed by Newark’s (9.742%) and
Oakland’s (7.745%).
Additionally, the General Fund will be reimbursed $75,000 for eligible Vehicle
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Abatement Fund expenditures incurred by Police Services. This was not included i n the
revenue budget at the beginning of the year.
Following these changes, total General Fund Reserves are projected at $160,631,093
by the end of the fiscal year, as shown in the table below:
Total Projected Reserves, FY 2018-19 and FY 2019-20
Projected
2018-19
Amended
2019-20
Q1 Change
2019-20
New Amended
2019-20
Revenue 103,184,871 94,940,096 735,000 95,675,096
Expenditures (76,964,506) (81,884,125) (78,991,270)
Ongoing Operating Budget Impact 26,220,366 13,055,971 735,000 16,683,826
Carryovers from Prior Year (2,892,855) (2,892,855)
Total Operating Budget Impact 26,220,366 10,163,116 735,000 13,790,971
Transfers Out (1,314,129) 20,178,973 (20,178,973)
Year End Reserves 167,019,095 - - 160,631,093
Change to Reserves from Prior Year (6,388,002)
Other Funds and Administrative Items
Staff is also requesting City Council approval to amend the budget for the following:
Refund fees paid by the Dublin Crossing developer via available improvement
credits ($2,998,404 in the Dublin Crossing Transportation Fe e Fund).
Reimburse the General Fund for vehicle abatement expenditures incurred related
to vehicle abatement activities, as those costs are eligible for funding by the
Vehicle Abatement Fund ($75,000 as a Transfer Out of the Vehicle Abatement
Fund).
Appropriate $50,0000 in the Eastern Dublin Traffic Impact Fee (EDTIF) Fund for
the EDTIF update.
The Public Works Department requests approval for out -of-state travel in May
2020 for the Public Works Maintenance Superintendent to attend an educational
conference in North Carolina offered by DSI, the City’s vendor for the
Preventative Maintenance software. The cost of this travel can be covered by
existing budget in the Public Works Department.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
1. General Fund Summary, FY 2019-20 Q1
2. General Fund Reserves, FY 2019-20 Q1
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3. Budget Change
GENERAL FUND SUMMARY ATTACHMENT 1
FY 19-20 QUARTER 1 UPDATE
Actual
2017-18
Projected
2018-19
Adopted
2019-20
Amended
2019-20
Q1
Adjustment
New Amended
2019-20
Revenues
Property Tax 40,628,040 44,293,602 46,874,753 46,874,754 660,000 47,534,754
Sales Tax 20,286,396 24,817,037 21,693,878 21,693,878 21,693,878
Sales Tax Reimbursements (562,731) (91,062) (466,500) (466,500) (466,500)
Development Revenue 13,551,788 10,383,313 8,427,743 8,427,743 8,427,743
Other Taxes 7,366,201 8,223,510 6,799,400 6,799,400 6,799,400
Licenses & Permits 318,400 494,414 233,147 233,147 233,147
Fines & Penalties 134,022 130,993 111,432 111,432 111,432
Interest Earnings 1,932,519 3,195,567 2,000,000 2,000,000 2,000,000
Rentals and Leases 1,243,389 1,100,888 1,104,127 1,104,127 1,104,127
Intergovernmental 153,834 287,811 234,919 234,919 234,919
Charges for Services 7,218,457 7,576,328 6,454,856 6,454,856 6,454,856
Community Benefit Payments 670,000 600,000 200,000 641,000 641,000
Other Revenue 1,007,224 1,358,500 815,781 831,340 831,340
Subtotal Revenues 93,947,539$ 102,370,901$ 94,483,537$ 94,940,096$ 660,000$ 95,600,096$
Transfers In 75,000 75,000
Unrealized Gains/Losses (2,751,679) 813,971
Total Revenues 91,331,011$ 103,184,871$ 94,483,537$ 94,940,096$ 735,000$ 95,675,096$
Expenditures
Salaries & Wages 10,878,367 11,237,770 12,330,169 12,330,169 12,330,169
Benefits 4,666,642 4,780,663 6,368,041 6,368,041 6,368,041
Services & Supplies 2,231,135 3,179,408 3,496,548 3,556,743 3,556,743
Internal Service Fund Charges 3,049,920 2,985,004 2,977,334.28 2,977,334.00 2,977,334
Utilities 2,779,522 2,744,523 2,728,911 2,728,911 2,728,911
Contracted Services 43,724,128 46,675,752 50,630,983 50,705,557 50,705,557
Capital Outlay 357,516 1,287,107 153,581 132,280 132,280
Contingency & Miscellaneous 20,000 9,764 222,235 192,235 192,235
Subtotal Expenditures 67,707,229$ 72,899,990$ 78,907,802$ 78,991,270$ -$ 78,991,270$
Carryovers from Prior Year (1)1,240,217 2,892,855 2,892,855
Chevron Debt Payment 4,064,515
Total Expenditures 68,947,446$ 76,964,506$ 78,907,802$ 81,884,125$ -$ 81,884,125$
Operating Impact 22,383,566$ 26,220,366$ 15,575,735$ 13,055,971$ 735,000$ 13,790,971$
One Time Adjustment for Accruals
Transfers Out (2,686,367) (1,314,129) (3,000,000) 20,178,973 (20,178,973)
Impact on Total Reserves 19,697,199$ 24,906,237$ 12,575,735$ 33,234,944$ 735,000$ (6,388,002)$
TOTAL RESERVES 142,112,858$ 167,019,095$ 160,631,093$
(1) Carryovers from FY 2018-19 include $317,305 in Benefits, $162,889 in Supplies and Services, $20,563 in Utilities, $1,210880 in Contracted
Services, and $1,181,198 in Capital Outlay.
GENERAL FUND RESERVES ATTACHMENT 2
FY 19-20 QUARTER 1 UPDATE
Reserve Balances
Projected
2018-19
Increase
2019-20
Decrease
2019-20
NET
CHANGE
Projected
2019-20
Non-Spendable 12,818$ -$ -$ -$ 5,386$
Prepaid Expenses 12,818 - 12,818
Advance to Public Facility Fees - - -
Advance to PERS Side Fund - - - -
Restricted 1,938,000$ -$ -$ -$ -$
Heritage Park Maintenance 750,000 - 750,000
Cemetery Endowment 60,000 - 60,000
Developer Contr - Downtown 1,049,000 - 1,049,000
Developer Contr - Nature Pk 60,000 - 60,000
Developer Contr - Heritage Pk 19,000 - 19,000
Committed 47,267,327$ -$ (10,209,957)$ (10,209,957)$ (5,209,957)$
Economic Stability 8,000,000 - 8,000,000
Public Safety Reserve 2,000,000 - 2,000,000
Downtown Public Impr 4,000,000 (545,375) (545,375) 3,454,625
Economic Development 2,806,486 (2,806,486) (2,806,486) -
Emergency Communications 532,113 (1,736) (1,736) 530,377
Fire Svcs OPEB 3,584,672 - 3,584,672
Innovations & New Opport 1,133,753 (49,399) (49,399) 1,084,355
One-Time Initiative 6,341,408 (2,387,901) (2,387,901) 3,953,507
Specific Committed Reserves
Maintenance Facility (CIP)71,753 (71,753) (71,753) -
Don Biddle Park (CIP)1,000,000 (600,000) (600,000) 400,000
Cemetery Expansion (CIP)5,270,876 (1,491,737) (1,491,737) 3,779,139
Fallon Sports Park II (CIP)110,500 (9,995) (9,995) 100,505
Fallon Sports Park III Contingency 3,000,000 - 3,000,000
Civic Ctr Expansion (CIP)- - -
Storm Drain Trash Capture (CIP)- - -
Utility Undergrounding (CIP)1,170,190 - 1,170,190
Advance to Public Facility Fee 6,000,000 - 6,000,000
Dublin Sports Ground (CIP)2,245,576 (2,245,576) (2,245,576) -
Assigned 60,859,206$ -$ (10,889,034)$ (10,889,034)$ 5,980,733$
Accrued Leave 1,001,744 - 1,001,744
Operating Carryovers 2,892,855 (2,805,459) (2,805,459) 87,396
CIP Carryovers 4,006,912 (2,400,000) (2,400,000) 1,606,912
Non-Streets CIP Commitments 2,462,100 (1,537,900) (1,537,900) 924,200
Catastrophic Loss 15,764,599 - 15,764,599
Service Continuity 3,150,000 - 3,150,000
Pension Rate Stabilization Plan 2,000,000 - 2,000,000
Chevron Debt Payoff - - -
Pension & OPEB 14,000,000 - 14,000,000
Fiscally Responsible Adj 325,000 - 325,000
Municipal Regional Permit 2,360,673 (183,575) (183,575) 2,177,098
HVAC Replacement (CIP)2,000,000 (2,000,000) (2,000,000) -
Relocate Parks Dept 250,000 - 250,000
Parks and Streets Contingency 250,000 - 250,000
Specific Assigned Reserves - - -
Civic Ctr Renovation-Police Wing 2,962,100 (1,962,100) (1,962,100) 1,000,000
Public Safety Complex (CIP)5,900,000
Façade Improvement Grants 304,157 - 304,157
Contribution to ISF 1,000,000 - 1,000,000
Fire Equipment Replacement 229,066 - 229,066
Unassigned 56,941,556$ 21,098,991$ (6,388,002)$ 14,710,989$ 71,652,545$
Unassigned-Unrealized Gains 2,186,891 2,186,891
Unassigned (Available)54,754,665 69,465,654
TOTAL RESERVES 167,019,096$ 21,098,991$ (27,486,993)$ (6,388,002)$ 160,631,094$
Budget Change Reference #:
From Un-Appropriated Reserves X Budget Transfer Between Funds
From Designated Reserves Other
1001.0000.41101 (Current Secured)$410,000.00
1001.0000.41103 (Motor Vehicle In Lieu)$250,000.00
4311.1901.81996 $2,998,404.00
Vehicle Abatement Fund - Non- Dept - Transfers Out
2102.1901.89101 (Transfers Out)$75,000.00
1001.0000.49999 (Transfers In)$75,000.00
Eastern Dublin Traffic Impact Fee Fund - Engineering - Professional Services
4301.8301.65101 $50,000.00
Posted By:Date:
CITY OF DUBLIN
FISCAL YEAR 2019-20
BUDGET CHANGE FORM
City Council's Approval Required
OPERATING EXPENDITURES
General Fund - Property Tax
Dublin Crossing Transportation Fee - Non-Dept - Reimbursement
Reimburse General Fund for eligible Vehicle
Abatement Fund expenditures incurred by Police
Dept
Refund fees paid by developers by applying
available improvement credits
EDTIF update and the Nexus Report
OPERATING REVENUES
Increased per the most recent reports from Alameda
County
**********Finance Use Only**********
As Presented at the City Council Meeting
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10/15/2019
Reimburse General Fund for eligible Vehicle
Abatement Fund expenditures incurred by Police
Refund fees paid by developers by applying
Increased per the most recent reports from Alameda
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