04-20-2021 Financial UpdateFinancial Update
Presented by:
Ade Ariwoola, Finance Director
April 20, 2021
'a
Major Factors
A. Our revenues were significantly reduced during the
Budget Amendment of December 1, 2020.
B. Funding for Dumas Bay, Community Center, and
PAEC from General Fund were increased.
C. Some Projects in 2020 and 2021 were not funded due
to the expected revenue shortfall.
D. Total General Fund revenue was also affected by the
CARE Act grant.
E. Not sure how Federal Government will define Revenue
Shortfall for the Grant.
F. Amount that may be appropriated in the Budget
Amendment is the difference in Fund Balance.
2020 General Fund Revenues
Sales & Use Tax
Criminal Justice Sales Tax
Property Taxes
Admissions Tax
Gambling Tax
Other Taxes
State Share Revenue
Community Development Permits & Fees
Franchise Fees
Court Fees
Parks Services, & Miscellaneous Revenue
Police Overtime Security Revenue
Police License, Services, & Miscellaneous Revenue
Business Licenses
Other Permits, Services, and Miscellaneous Revenue
Intergovernmental Grants
Total
Budget
Actual
$ Difference
I % Difference
14, 457, 381
3,027,361
16,127, 570
2,807,139
11,092,158
67,732
147,533
6,349
1,897,493
1,964,825
1,654,057
967,212
303,696
777,469
894,866
643,774
1,156, 613
5,213,072
1,670,189
(220,222)
(183, 680)
(738,781)
(47,467)
349
175,493
(236,430)
(392,967)
(233,989)
(746,304)
(263,351)
7,100
21,774
206,217
131,471
11. 55%
-7.27%
-1.63%
-91.60%
-24.34%
5.81%
10.19
-10.74%
-19.20%
-19.48%
-71.08%
-25.30%
0.80%
3.50%
21.70%
2.59%
11, 275, 838
806,513
195,000
6,000
1,722,000
2,201,255
2,047,024
1,201,201
1,050,000
1,040,820
887,766
622,000
950,396
5,081,601
$ 46,572,155
$ 45,721,558
$ (850,597)
-1.83%
General Fund Expenses
City Clerk
City Council
Community Development
Courts
Economic Development
Finance
Human Resources
Lakehaven Utility
Law
Mayor's Office
Non Departmental
Parks
Police
Transfer out
Budget
I MActua'12$
Difference
% Difference
$ 513,984 $
595,379
81,395
15.84%
508,211
471,319
(36,893)
-7.26%
3,926,571
3,532,046
(394,524)
-10.05%
1,829,149
1,780,793
(48,356)
-2.64%
495,9731
398,512
(97,462)
-19.65%
1,269,595
1,023,437
(246,158)
-19.39
554,881
483,770
(71,111)
-12.82%
955,947
949,808
(6,139)
-0.64%
1,685,403
1,535,239
(150,164)
-8.91%
770,194
662,441
(107,753)
-13.99%
12,374,826
9,831,186
(2,543,640)
-20.55%
4,313,304
3,808,310
(504,994)
-11.71%
25,210,913
23,138,116
(2,072,797)
-8.22%
4,668,3241
4,668,324
0
0.00%
$ 59, 077, 274 $
52, 878, 679
$ (6,198, 595)
-10.49
Analysis of Major Revenues
• Sales Tax did better due to the affected businesses.
• Building permit revenue was shy of the reduced budget.
• Utility tax and Prop 1 were due to the unrecognized prior year revenues.
• Traffic Safety revenue was shy of the reduced budget but still did well.
• Investors used the low interest rate and hot real estate market in the
area to acquire more properties.
Major Revenues
Category
2020
2020
Difference
Diff. Btw
2019
Original
Amended
Btw
2020
Actual &
%
Actual
Budget
Budget
Budgets
Actual
Budget
Difference
Sales Tax
$15.91
$15.95 F $14.46
($1.49)
$16.13
1.67
11.55%
Building Permit
4.55
3.40
2.20
(1.20)
1.97
-0.23
-10.45%
Admission Tax
0.83
0.81
0.81
0.00
0.07
-0.74
-91.73%
UtiIityTax
8.59
9.16
11.16
2.00
11.50
0.34
3.05%
Traffic Safety Lights
3.58
3.80
2.87
(0.93)
2.16
-0.71
-24.74%
Hotel Motel Tax
0.29
0.30
0.30
-
0.13
-0.17
-55.43%
REET
5.17
3.64
3.64
-
4.47
0.83
22.80%
Prop 1
2.51
2.67
3.14
0.47
3.17
0.03
0.96%
Fund Balance
• General Fund amount will be $2.36 million due mostly to Sales Tax
• Traffic Safety Lights, BEET, and Prop 1 are restricted
• Traffic Safety picked up significantly in the last quarter of 2020
• Real Estate transactions picked up significantly in the third and
fourth quarters of 2020.
• Utility Tax and Prop 1 due to the prior years for Water and Sewer
utilities.
Beginning Fund Balances
Category 2021 Budget 2021 Actual $ Difference /o Difference
General Fund $ 9,713,168 $ 12,075,815 $ 2,362,647 24.32%
Utility Tax 1,506,932 2,198,214 691,282 45.87%
Traffic Safety Lights 270,442 1,216,159 945,717 349.69%
REET 2,070,443 2,882,436 811,993 39.22%
Prop 1 1,027,013 1,332,301 305,288 29.73%
Hotel Motel 1,335,000 1,441,177 106,177 7.95%
Summary
1. We will be presenting budget amendment shortly.
2. There will be more requests than available fund.
3. Some of potential requests in General Fund:
I. Security for the Shop,
II. Cleaning for the City hall upon opening,
III. 2022 funding for the new positions,
a. Economic Development staff
b. Inclusion staff
C. IT Administrative Assistant
IV. Balance of salary study contract,
V. 2022 COLA for Unrepresented employees, and
VI. Vehicle replacement
Questions?
Thank You