The URL can be used to link to this page

Home My WebLink About4.5 - 2876 Fiscal Year 2019-20 1st Quarter Financial R Page 1 of 3 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 Page 2 of 3 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 $50,0000 in the Eastern Dublin Traffic Impact Fee (EDTIF) Fund for the EDTIF update.  The Public Works Department requests approval for out -of-state travel in May 2020 for the Public Works Maintenance Superintendent to attend an educational conference in North Carolina offered by DSI, the City’s vendor for the Preventative Maintenance software. The cost of this travel can be covered by existing budget in the Public Works Department. STRATEGIC PLAN INITIATIVE: None. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None. ATTACHMENTS: 1. General Fund Summary, FY 2019-20 Q1 2. General Fund Reserves, FY 2019-20 Q1 Page 3 of 3 3. Budget Change GENERAL FUND SUMMARY ATTACHMENT 1 FY 19-20 QUARTER 1 UPDATE Actual 2017-18 Projected 2018-19 Adopted 2019-20 Amended 2019-20 Q1 Adjustment New Amended 2019-20 Revenues Property Tax 40,628,040 44,293,602 46,874,753 46,874,754 660,000 47,534,754 Sales Tax 20,286,396 24,817,037 21,693,878 21,693,878 21,693,878 Sales Tax Reimbursements (562,731) (91,062) (466,500) (466,500) (466,500) Development Revenue 13,551,788 10,383,313 8,427,743 8,427,743 8,427,743 Other Taxes 7,366,201 8,223,510 6,799,400 6,799,400 6,799,400 Licenses & Permits 318,400 494,414 233,147 233,147 233,147 Fines & Penalties 134,022 130,993 111,432 111,432 111,432 Interest Earnings 1,932,519 3,195,567 2,000,000 2,000,000 2,000,000 Rentals and Leases 1,243,389 1,100,888 1,104,127 1,104,127 1,104,127 Intergovernmental 153,834 287,811 234,919 234,919 234,919 Charges for Services 7,218,457 7,576,328 6,454,856 6,454,856 6,454,856 Community Benefit Payments 670,000 600,000 200,000 641,000 641,000 Other Revenue 1,007,224 1,358,500 815,781 831,340 831,340 Subtotal Revenues 93,947,539$ 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 \\cc-uem\users\walfreds\appdata\roaming\iqm2\minutetraq\dublinca@dublinca.iqm2.com\work\attachments\5145 5145 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 \\cc-uem\users\walfreds\appdata\roaming\iqm2\minutetraq\dublinca@dublinca.iqm2.com\work\attachments\5145 5145