HomeMy WebLinkAboutH.14 Mid-Year Year-End Jun2024CITY OF
GRAND
TERRACE
MID-YEAR &
YEAR-END
BUDGET REVIEWMarch 12, 2024
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
DECEMBER 31,
2023
FY2023-24 ACTUAL REVENUES AS OF 12-31-2023
9
As of December 31, 2023, General Fund operating revenues
received were $3,395,377, or 43.1% of the approved budget of
$7,886,852.
General Fund operating expenditures through December 31,
2023 were $3,491,299, which represents 43.6% of the
approved expenditures of $7,998,760.
9
Approved Budget DEC-2023
Monthly Actuals
REVENUES $7,886,852 $3,395,377
EXPENDITURES (7,998,760)(3,491,299)
NET ($111,908) ($95,922)
REVENUE & EXPENDITURES AS OF 12 -31-2023
YEAR-END
PROJECTIONS
FY2023-24 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
DEC-2023
Monthly Actuals
Year-End
Projection
Variance
(Year-end vs.
Budget)
Property Tax $4,640,463 $1,678,468 $4,824,446 183,983
Franchise Fees 650,000 192,050 706,945 56,945
Licenses, Fees & Permits 654,870 405,395 618,141 (36,729)
Sales Tax 1,234,000 441,071 1,363,000 129,000
Charges for Services 161,500 107,652 138,311 (23,189)
Fines & Forfeitures 37,800 26,528 37,496 (304)
Miscellaneous 26,710 6,873 18,389 (8,321)
Use of Money & Property 34,660 201,524 298,384 263,724
Intergovernmental Rev/Grants 58,500 17,467 32,967 (25,533)
Proceeds from Sale of Prop 0 0 0 0
Transfers In 50,000 0 50,000 0
Waste Water Receipts 318,349 318,349 318,349 0
TOTAL REVENUES $7,866,852 $3,395,377 $8,406,428 $539,576
9
FY2023-24 PROJECTED EXPENDITURES
EXPENDITURES Approved
Budget
DEC-2023
Monthly
Actuals
Year-end
Projection
Year-end
vs. Appr
Budget
City Council $123,708 $48,354 $112,016 $11,692
City Manager 714,415 312,444 801,987 (87,572)
City Clerk 285,686 135,303 301,874 (16,188)
City Attorney 185,000 60,841 184,341 659
Finance 561,493 211,601 582,220 (20,727)
Planning & Dev. Svcs.1,044,707 364,195 1,060,275 (15,568)
Public Works 1,412,635 639,295 1,788,079 (375,443)
Law Enforcement 2,655,500 1,206,210 2,656,003 (503)
Non-Departmental 1,015,616 513,056 894,447 121,168
TOTAL EXPENSE $7,998,760 $3,491,299 $8,381,242 ($382,482)
9
FY2023-24 REVENUE & EXPENSE
Approved
Budget
DEC-2023
Actuals
Year-End
Projection
Year-end
vs. Appr
Budget
REVENUE $7,866,852 $3,395,377 $8,406,428 $539,576
EXPENSE (7,998,760)(3,491,299)(8,381,242)($382,482)
NET ($131,908) ($95,922) $25,186 $157,094
FY2023-24 EXPENDITURES
9
As presented above, General Fund operating expenditures through
December 31, 2023 were $3,491,299, which represents 43.6% of
the approved expenditures of $7,998,760.
With 50% of the fiscal year elapsed through December, this shows a
positive result of $508,081 against the expected budget of
$3,999,380.
WHY EXPENSES ARE REDUCED
9
•Staff is cross-trained
•Provide better customer service
•Reduce overtime
•Eliminate contract services.
•Legal costs reduced.
•Security lighting to reduce vandalism.
•Public Works Efficiencies.
•Planning and Public Works reduced use of consultants.
•Use of interns for Public Works projects.
•Assigning full costs to developers for environmental studies
FY2023-24 EXPENDITURES
9
With this $508,081 savings from the first half of the year the City is
doing the following:
Mt Vernon Slope Soil Survey and Engineering
Stormwater Preliminary Engineering
“Flock” ALPR Cameras (Law Enforcement)
Animal Control Vehicle
Replace Turf on Veterans Park Ballfield
Paint Basketball Court Veterans Park
EOC Building Roof Repair
Barton Rd Landscape
Solar speed signs
Lighting on west side of City Hall
QUESTIONS?