2022-10-18 CC Agenda Packet - PRESENTATION - ITEM D13 - FY 2021-22 Budget Year-End ReportOctober 18, 2022
CITY OF
ELSEGUNDO
1
Sales Tax
$12, 250, 000
$131374, 232
$ 1,124, 232
109%
2
Business License Tax
$11, 750, 000
$11, 616, 606
$(133, 394)
99%
3
Property Tax
$9, 882, 525
_
$10, 008, 587
_
$1261062
101 %
4
Transient Occupancy Tax
$814207000
$12,267,534
$3,847,534
146%
5
Chevron Tax Reso Agree
$6, 600, 000
$7, 322, 517
$722, 517 _
111 %
6
Utility Users Tax
$632891500
$81541,409
$27251,909
136%
7
Charges for Service
$4,755,511
$5,286,054
$5301543
111 %
8
Transfers -in
$47013, 235
$2, 011, 733
$(2, 001, 502)
50%
9
_ _
Franchise Tax
$31000,000
$318537865
$8531865
128%
10
Other Revenues
$21817, 770
$21.606, 891
$(210, 879)
93%
11
I ntergovern Revenues_ _
$2,178, 909
$2.1641809
$(14,100)
99%
12
License & Permits
$1,825,000
$1,910,715
105%
13
Interest & Rentals
$7267250
$118957153
_$85715
$1,1681903
261 %
14
Fines & Forfeitures
$2943000
$373,425
$79,425
127%
Total General Fund Revenue
$74,8029700
$83,233,531
$8,430,831
111.27%
$85,000,000.00
$80,000,000 00
$76,607,906
$75,000,000.00
$70,000,000 00
$65,000,000.00
Total General Fund Revenue: Last 5 Years
3,233,531.00
$60,000,000.00
2018 2019 2020 2021 2022
Police
$19,436,175
18,859,873
Fire
13,782,667
14,495,035
Transfers Out
10,538,908
11,340,949
Public Works
8,695,404
8,617,357
Nondepartment
5,904,993
6,189,736
Rec/Park/Library
5,878,231
4,907,558
Dev Services
3,098,785
2,630,101
Information Tech
3,023,930
2,665,027
City Manager
2,453,282
2,326,656
Finance/Treasury
2,412,820
2,235,094
Human Resources
977,063
1,240,818
City Attorney
561,950
752,602
City Clerk
530,749
453,884
City Council
356,596
335,424
COVID-19 Response
0
463,649
Social Justice Protests
0
89
Total
$77,651,553
$77,513,852
Beginning Fund Balance on June 30, 2021
Revenues for FY 2021-2022
Expenditures for FY 2021-2022
Ending Fund Balance on June 30, 2022
Adopted Revenues for FY 2022-23
Adopted expenditures for FY 2022-23
Estimated Ending Fund Balance on June 30, 2023
20% General Fund Reserve
Unassigned reserves for FY 2022-2022
Adopted Budget Year-end estimate
(Unaudited)
$ 27,8989675 $ 27,898,675
$ 75,207,165 $ 83,233,531
-79,244,524-77.513.852 1
$ 235861,316 $ 33,618,354
$ 81, 750, 522 $ 81, 750, 522
-85,941,128-85.941,128 �
$19,670,710 $ 299427,748
-17.188,225-17,188,225
$ 2,482,485 $ 12,239,493
Economic Uncertainty Reserve
Economic Uncertainty Reserve
Fiscal Year
Reserve Balance
Reserve Policy
Reserve Deficit
$100,000,000
$90,000,000
$80,000,000
$ 70, 000, 000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
General Fund (excluding Transfers -out in the estimated years)
FY 20 - 21 FY 21 - 22 FY 22 - 23 FY 23 - 24 FY 24 - 25 FY 25 - 26 FY 26 - 27 FY 27 - 28 FY 28 - 29 FY 29 - 30
—Revenues —Expenditures —Fund Balance
a POBs issued for 95% of the City's unfunded actuarial liability with CalPERS
$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)
Ob POBs will save $84.3M over the next 19 years beginning with FY 2021-22
® As of the July 2022 CalPERS actuary report, the City's various plans are funded
anywhere from 105%-109%
CalPERS investment portfolio return for June 30, 2022, is -6.1 %.
• The CalPERS discount
rate for June
30, 2022,
was 6.8%. The difference between
the expected return and
actual return
results in
an actuarial loss of-12.9%.
• This actuarial loss will be reflected on the July 2023 CalPERS actuary reports.
The actuarial loss
of -12.9%
is expected to
result
in the City's various pension
plans to be funded
at a
92% -
96% level. This
is still
very strong.
® The City was awarded $3,973,465 in American Rescue Plan (ARPA) Funds
The first ARPA payment of $1,986,733 was received mid -July 2021 (FY 2021-2022 revenue)
The second and final payment of $1,986,733 was received in mid -July 2022 (FY 2022-2023
revenue)
0 $11,280 in FEMA dollars were received in FY 2021-2022
Reimbursement to the City for COVID related expenditures incurred
$1.68M pending in FEMA reimbursements
® Approximately $60,000 in Coronavirus State & Local Fiscal Recovery Funds (State Water
Resources Control) were received in FY 2021-2022
OtherFunds
Enterprise Funds
Water Fund
FY 2021-22 Budget
FY 2021-22 Actuals
(unaudited)
variance
Revenues
— Water
Expenses
Enterprise Funds —Wastewater
Wastewater Fund Revenues Expenses
FY 2021-22 Budget
FY 2021-22 Actuals
(unaudited)
variance
FY 2021-22 Actuals (unaudited) $3,275,665.74 $216421267.45
variance $245,665.74 $552,038,55
FY 2021-22 Budget
FY 2021-22 Actuals (unaudited)
377051062
$2, 824, 738
variance $579.688 $666� ,237
* FY 2021-22 Budget
Audited Annual Financial Report Presentation (December 2022)
® FY 2022-23 Budget
Citywide Budget Mid -Year Report (February 2023)
11 FY 2023-24 Budget Development
Budget Kickoff meeting with staff (January 2023)
Strategic Planning Study Session (March 2023)
Proposed Budget Study Session(s) (April &May 2023)
Proposed Budget Public Hearing &Adoption (June 6, 2023)
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Wrap-up & Questions
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