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G.14 Mid-Year & Year-End Jun2022CITY OF GRAND TERRACE MID-YEAR & YEAR-END BUDGET REVIEWApril 26, 2022 2030 VISION •Goal #1: Ensuring our Fiscal Viability through the continuous monitoring of revenues & expenditures against approved budget allocations. 2 PURPOSE OF REVIEW •Mid-Year actuals & Year-end projections; •Proposed budget adjustments for the current year, if any; 3 MID-YEAR ACTUALS JANUARY 31, 2022 FY2021-22 ACTUAL REVENUES AS OF 01-31-2022 9 As of January 31, 2022, General Fund operating revenues received were $4,139,414, or 47.8% of the approved budget of $8,654,269. General Fund operating expenditures through January 31, 2022 were $3,617,338, which represents 53% of the approved expenditures of $6,822,395. With 58% of the fiscal year elapsed through January, this shows a positive result of $339,651 against the expected budget of $3,956,989. 9 Approved Budget JAN-2022 Monthly Actuals REVENUES $8,654,269 $4,139,414 EXPENDITURES (6,822,395)(3,617,338) NET $1,831,874 $522,076 REVENUE & EXPENDITURES AS OF 01 -31-2022 YEAR-END PROJECTIONS FY2021-22 PROJECTED REVENUES 9 As of January 31, 2022, General Fund operating revenues received were $4,139,414, or 47.8% of the approved budget of $8,654,269. General Fund operating expenditures through January 31, 2022 are $3,617,338, which represents 53% of the approved expenditures of the approved budget of $6,822,395. With 58% of the fiscal year elapsed through January, this shows a positive result of $339,651 against expected budget of $3,956,989. REVENUES Approved Budget Year-end Projection 2017-18 Actuals Year-end vs. Appr Budget Property Tax $1,980,000 $1,976,300 $1,799,310 $(3,700) Residual Receipts -RPTTF 1,090,000 1,091,100 1,125,223 1,100 Residual Receipts -Housing 60,000 0 0 (60,000) Franchise Fees 524,300 515,000 510,761 (9,300) Licenses, Fees & Permits 419,415 376,080 432,805 (43,335) Sales Tax 770,000 770,000 773,093 0 Other revenues 310,100 285,200 372,146 (24,900) Proceeds -Sale of Property 80,000 80,000 0 0 Waste Water Receipts 300,000 318,350 300,000 18,350 OPERATING REVENUES $5,533,815 $5,412,030 $5,313,338 $(121,785) REVENUES Approved Budget JAN-2022 Monthly Actuals Year-End Projection Variance (Year-end vs. Budget) Property Tax $4,194,640 $2,329,354 $4,586,773 $392,133 Franchise Fees 620,000 179,191 631,646 11,646 Other Permits & Fees 95,870 46,164 104,276 8,406 Sales Tax 988,000 468,553 1,110,053 122,053 Business Licenses Fees 95,000 48,813 114,913 19,913 Charges for Services 440,450 117,612 186,550 (253,900) Fines & Forfeitures 66,300 24,333 44,273 (22,027) Miscellaneous 0 13,385 14,885 14,885 Use of Money & Property 34,660 13,916 28,416 (6,244) County Solid Waste 22,000 13,168 52,168 30,168 Proceeds from Sale of Prop 1,770,000 870,601 2,070,601 300,601 Motor Vehicle Fees 9,000 14,324 14,324 5,324 Waste Water Receipts 318,349 0 318,349 0 TOTAL REVENUES $8,654,269 $4,139,414 $9,277,227 $622,958 9 FY2021-22 PROJECTED EXPENDITURES EXPENDITURES Approved Budget JAN-2022 Monthly Actuals Year-end Projection Year-end vs. Appr Budget City Council $76,621 $29,096 $51,170 $25,451 City Manager 847,763 479,523 843,227 4,536 City Clerk 234,763 125,882 217,816 16,947 City Attorney 210,000 110,143 255,502 (45,502) Finance 480,364 231,016 412,722 67,642 Planning & Dev. Svcs.1,064,523 493,823 904,831 159,692 Public Works 659,645 387,173 705,495 (45,850) Law Enforcement 2,440,940 1,074,592 2,304,521 136,419 Non-Departmental 807,776 686,090 872,235 (64,459) TOTAL EXPENSE $6,822,395 $3,617,338 $6,567,519 $254,876 9 FY2021-22 REVENUE & EXPENSE Approved Budget JAN-2022 Actuals Year-End Projection Year-end vs. Appr Budget REVENUE $8,654,269 $4,139,414 $9,277,227 $622,958 EXPENSE (6,822,395)(3,617,338)(6,567,519)254,876 NET $1,831,874 $522,076 $2,709,708 $877,834 General Fund’s Long -Term Financial Performance Healthy Sustainable Vulnerable Unsustainable/ Insolvent 09/10 Rev $4.7M Exp $4.0M 10/11 11/12 12/13 13/14 14/15 15/16 16/17 Healthy:Revenues exceed expenditures,continue to show growth,City maintains a 2-month reserves-rainy day fund Sustainable:Revenues exceeds expenditures (2-month reserves–rainy day fund) Vulnerable:Revenues exceed expenditures (less than the 2-month reserve–rainy day fund) Unsustainable/Insolvent:Revenues less than expenditures Rev $5.3M Exp $5.5M Rev $6.1M Exp $5.1M Rev $5.3M Exp $4.7M Rev $5.2M Exp $4.8M Rev $4.8M Exp $4.4M Rev $4.5M Exp $4.5M Rev $5.0M Exp $4.8M 17/18 Rev $5.3M Exp $5.3M 18/19 Rev $5.4M Exp $5.4M 19/20 20/21 Rev $5.4M Exp $5.7M Rev $6.3M Exp $6.2M QUESTIONS?