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2021-10-05 CC Agenda Packet - ITEM #11 - PRESENTATION - FY 2020-2021 Budget Year-End Report10/5/2021 10/5/2021 FY 2020-21 General Fund Revenues Year-end Report over/ under No. General Fund Revenues Adopted % Received Revenues Unaudited Budget 1 Business License Tax $10,489,360 $11,818,672 $1,329,312 113% 2 Property Tax 9,645,025 10,307,172 662,147 107% 3 Sales Tax 8,373,683 8,339,284 (34,399) 100% 4 Chevron Tax Reso Agree 6,000,000 6,678,446 678,446 111 % 5 Utility Users Tax 4,494,047 5,022,531 528,484 112% 6 Transient Occupancy Tax 7,524,570 4,893,187 12,631,383) 65% 7 Charges for Service 3,415,836 4,024,259 608,423 118% 8 Franchise Tax 2,250,000 2,940,024 690,024 131 % 9 Other Revenues 1,917,064 2,276,107 359,043 119% 10 Intergovern Revenues 1,942,770 2,084,471 141,701 107% 11 License & Permits 1,153,769 1,748,546 594,777 152% 12 Transfers -in 948,708 948,708 0 100% 13 Interest & Rentals 603,000 360,658 (242,342) 60% 14 Fines & Forfeitures $294,000 $266,634 ($27,366) 91 z 2 2 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 12,876,631 Top Ten GF Revenue Sources - Last 5 Years 91 QQS :11,) 1A COQ Inn FY 2016-2017 FY 2017-2018 —Transient Occupancy Tax —Business License Tax —Tax Resolution Agreement —Charges for Service 3 FY 2018-2019 —Sales Tax —Other Revenues FY 2019-2020 —Property Tax —Franchise Tax 4,893,187 FY 2020-2021 —Utility Users Tax —License & Permits 10/5/2021 Total General Fund Revenue $90,000,000 80,208,257 $80,000,000 72,503,402 ...................... . .............. $70,000,000 75,935,689 71,393,455 560,000,000 - 65,338,214 61,708,699 $50,000,000 $40,000,000 $ 30, 000, 000 $20,000,000 $10,000, 000 $0 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 4 10/5/2021 4 1 Police $17,879,525 $17,490,039 $389,486 98% 2 Fire 13,068,393 13,494,884 (426,491) 103% 3 Public Works 7,253,488 7,101,758 151,730 98% 4 Non -Departmental 3,780,217 4,802,964 (1,022,747) 127% 5 Community Services 4,661,460 3,611,561 1,049,899 77% 6 Information Technology 2,440,068 2,477,865 (37,797) 102% 7 Development Services 2,609,024 2,027,281 581,743 78% 8 City Manager 1,909,586 2,015,161 (105,575) 106% 9 Finance & Treasury 2,038,556 1,988,815 49,741 98% 10 Transfers Out 1,250,000 1,395,956 (145,956) 112% 11 Human Resources 917,405 698,334 219,071 76% 12 COVID-19 Response - 667,986 (667,986) N/A 13 City Attorney 561,950 527,127 34,823 94% 14 City Clerk 421,157 377,598 43,559 90% 15 City Council 260,903 251,947 8,956 97% 16 Social Justice Protest - $4,608 ($4,608) N/A :4: 5 10/5/2021 5 Beginning Fund Balance on October 1, 2020 Revenues for FY 2020-21 Expenditures for FY 2020-21 Ending Fund Balance on June 30, 2021 Adopted Revenues for FY 2021-22 Adopted expenditures for FY 2021-22 (includes transfer out to CIP of $225,500) Estimated Ending Fund Balance on June 30, 2022 20% General Fund Reserve Unassigned reserves for FY 2021-22 .1 Adopted Budget $18,229,563 59,051,732 -59,051,732 18,229,563 74,802,700 -77,651,553 15,380,710 15,380,710 $0 Year-end estimate (Unaudited) $18,229,563 61,708,698 58933,884 21,004,377 74,802,700 -77,651,553 18,155,524 15,485,211 $2,670,313 10/5/2021 ® Began FY 2021-2022 Budget development with a $9 million deficit Actions to close budget gap: One-time use of OPEB Trust fund: $2,400,000 One-time use of General Fund Balance (Reserves): $2 million 23.5 frozen vacant positions: $2,174,875 Operations & Maintenance reductions: $1,500,000 Equipment Replacement Fund Contribution: $900,000 10/5/2021 rA M The City was awarded $3,973,465 in American Rescue Plan (ARPA) Funds $0 in ARPA funds were received in FY 2020-21 The first ARPA payment of $1,986,733 was received mid -July 2021 (FY 2021-22 revenue) The second and final payment of $1,986,732 is expected to be received in mid -July 2022. $87,000 in FEMA dollars were received in FY 2020-21 Reimbursement to the City for COVID related expenditures incurred $1.7M pending in FEMA reimbursements s 10/5/2021 n U POBs issued for 95% of the City's unfunded actuarial liability with CalPERS In $143.5 million taxable pension obligation bond issuance City was rated AA+ by Standard & Poor (excellent credit rating) Interest rate of 2.568% (2nd lowest market rate on a POB at time of issuance) 0 No fiscal impact to FY 2020-21 POBs will save $84.3M over the next 19 years beginning with FY 2021-22 0 10/5/2021 9 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 Ten -Year Financial Strategic Plan General Fund Ten Year Projection FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 Revenues W,Appropriations Fund Balance $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 11 10/5/2021 11 FY 2020-21 Budget FY 2020-21 Actuals (unaudited) variance 12 $18,285,000 24,864,2691 $6,579,269 $22,083,273 22,349,936 $(266,663) 10/5/2021 12 13 10/5/2021 13 FY 2020-21 Actuals (unaudited) 1,458,071 2,570,748 variance 14 $52,171 $(951,349) 10/5/2021 14 15 10/5/2021 15 Rtl 10/5/2021 16 "I Revenue Study Session (October 19, 2021) FY 2020-21 Budget Audited Annual Financial Report Presentation (December 2021) 0 FY 2021-22 Budget Citywide Budget Mid -Year Report (February 15, 2022) 0 FY 2022-23 & 2023-24 Biennial Budget Development Strategic Planning Study Session (late January 2022) Proposed Budget Study Session(s) (March/April 2022) Proposed Budget Public Hearing &Adoption (June 7, 2022) 17 10/5/2021 17 18 10/5/2021 18