2024-02-20 CC Agenda Packet - ITEM D6 - Mid-Year BudgetCITY or
ELSE GUNDO
FY 2023=2024
Second Quarter
Financial Report
& Mid -Year
Budget
February 20, 2024
City otEI Segundo 1 350 Main St. EI Segundo, CA 90245
1. FY 2023-2024 Second Quarter (Q2) -Financial Report
2. FY 2023-2024 Mid -Year Review & Adjustments
3. Staff Recommendations
z
FY 2023-24 Q2 - Financial Report
3
• General Fund had realized $23.9M or 27% revenues
versus $30M or 37%
• The big 5 revenues sources are on pace to meet or exceed
budget
• Q3 Financial Report will provide better financial picture
4
Fiscal Year 2023-2024
--------------------------- ---------------------
1 ;Sales & Use Tax
2 Business License
------------; -------------------------------------------
3 ;Transient Occupancy Tax
4 Property Tax
----r------------------------------
----------
5 Chevron Tax Reso Agreement
6 :Utility User Tax (UUT)
____ $5, 341, 906
�r 2,821,181.
3,905,880
169,528
0
5,519,821
$14, 750, 000
14, 300, 000
12, 750, 000
12, 539, 805
-- — ------- ---------- ]
5,500,0001
10,634,0001
7
Charges for Services
s� 1,692,651,
4,952,040
-----------•------------------------------
8
--_____
;Transfers In
_
---------------------------
0;
50,000
----.-----------------------------
--------.----------_-
---------------
9
-----------�--
Franchise Tax
-------- ------ ---------_ M
��----------------•--
66,108
--__-_____--------------
4,200,000
10
Other Revenues
1,403,522
3,112,944
-----------+----.----------
11
-�------_.-_._�-----.----w-«_.�.
Intergovernmental
--�-_--_-�---------
--------------------------------
48,031
130,000
-----------
12
+--------------------------------------------
;License & Permits
r---------------------------------
s
r--------------------------------
980,413
2,182,000
13
Interest & Rental Income
1,759,855.
2, 867, 620
-----------•--------------
14
------- ------- ---------------- r---------------
Fines & Forfeitures
----------------•-------------------
162,300
-- ------
327,101
5
27% OF BUDGETED GENERAL FUND REVENUE RECEIVED
SALES & USE TAX,
36%
Trending on budget.
FRANCHISE TAX,
2%
Annual payments from
SCE & The Gas Co.
received in April.
(6 MONTHS)
TRANSIENT OCCUPANCY TAX, UTILITY USER TAX, CHARGES FOR SERVICES, TRANSFERS -IN,
31 °/cC 520/6: 34% 00/0:
Trending on budget. Trending above the Planning/Building-Safety Fees; Traffic Safety Fund
adopted budget. Paramedic Transport; transfer to occur later in
Recreation & Cultural Arts the Fiscal Year.
OTHER REVENUE,
45%
Traffic Control Plan
Checks revenue is
exceeding budget due to
programming.
�Ir
INTERGOVERNM ENATAL, LICENSES & PERMITS,
37°/u 450/6:
Reimbursement from ESUSD Trending close to budget in
for school librarians and Building -Safety permits.
commercial hauling permits.
a street repaving project
and a large fiber project.
411
INTEREST &RENTAL INCOME, BUSINESS LICENSE TAX,
6120°/d
% Assessed and collected
Includes the City's investment
earnings, leased property, and the December 1-January 31.
TopGolf ground lease.
.............................. ................................................... ................................... I.......
41
f
PROPERTY TAX,
FINES & FORFEITURES,
50°/u
Trending in line with
budget for City Code
Fines; Parking Fines;
Towing Services Fines.
1 °/d TAX RESOLUTION AGREEMENT
Payments received in
December & January, and
April & May. Future reports
should reflect a January
payment
... ......................
0°/d
Chevron TRA is remitted each
year and is due March 31st.
• General Fund has expended $45.6M or 47% versus $41 M
or 41 %
• Departmental vacancies continues to be high, vacancy rate
close to 10%+
• OT budget for Fire Department is being re-evaluated
• O&M costs are on pace with budget
1,281,039
449,602
200,802
166,231
2,754,376
2,116,401
835,450
516,545
235,329
FY 2023-24 Mid -Year Review & Adjustments
01
• Revenues & Expenditure changes less than 1 % of adopted
budget
➢ Revenue adjustment: $16,980
➢ Expenditure adjustment: $309,914
➢Net Change in budget: $117,315 (General Fund)
$292,934 (All Funds)
10
Fund Name
RecommendedFY 2023-24
Revised Year -End
Bu..
..-
•-
Adjustments
Recommended
..
1 :General Fund
................_.._.............._.._................__..........-......................................._....................
$88,295,510 ....................................................
$0
$88,295,510E
............................................_........ ..._......_.._....-
0.00%
..- .
_ 2
:Water Fund
36,850,000
�.�
............. 0
36,850,000
.._.....••••._..............-•----..._.....................W._................
0.00%
3
:Transportation Funds
2,254 935
0
2 254,935•
0.00%
4
Debt Senrice POBs
9,497,716
0
9,497,716
0.00%
5
'Wastewater Fund
...... ._........... _
5,200,000
_ ..._.
0
.........._...._..._._......._......... W..-.........
5,200,000:
0.00%
6
!General Fund CIP
8,432,500
0
8,432,500
0.00%
7
:Equip. Replcmt. Fund
2,261,969
0
2,261,969
0.00%
8
:Workers Comp. Fund
3,235,881
0
3,235,881
0.00%
9
::General Liability Fund
3,115,000
0
3,115,000;
0.00%
10
:Dev. Services Trust
270,000
0
270,000
0.00%
11
:Public Safety Spcl. Rev.
1,266,231
0
_ 1,266,231
:
0.00%
12
:Other Special Rev.
795,700
0
795,7001
0.00%
13
: Rec & Econ Dev Trust
1,050,000
16, 980
1, 066, 980
1.62%
14
lCultural Dev. Trust Fund
500,000
0
500,000
_0.00%
15
;Debt Service Fund
'
367,200
0
367,200
0.00%
16
:Solid Waste Fund
_ 600,000
.....-.......... ................-.............
0
600,000
............................. ............ ...... _....
..................
0.00%
..... .............
.........4........._.............w........._..._....._..........».............
17 :Senior Housing Fund
- .........�.........
..
_ - 203,099
0
203,099
_ ..
0.00%
18
:Golf Fund
0
0
-
0.00%
.....1.9...;..........................................................................
Economic Uncertainty0
_........................ ......._................. .._.._._............. _...._....__...__._....._.............----...._._......_.._._......._...............__...._...._......
0
-i
0.00°/
11
Name
BudgetFY
2023-24
Recommended
Revised Year -End
to Date
BudgetFund
Adjustments
Recommended
1
:General Fund
$96,879,693
$117,3151
$96,997,008`
0.12%
2
:Water Fund
31,837,693
0
31,837,693
0.00%
3
:Transportation Funds
W 16,725,802
50,000
16,775,802
0.30%
4
:Debt Service POBs
9,497,706
0
9,497,706
0.00%
5
Wastewater Fund
6,875,554
0
6,875,5541
0.00%
6
� eneral Fund CIP
' G
�
17,608, 913
0
17 608 ,913
0.00%
7
1Equip. Replcmt. Fund
18,233,737
0
18,233,737;
0.00%
8
'Workers Comp. Fund
3,405,200
0
3,405,200
0.00%
9
;General Liability Fund
3,222,127
0
3,222,1271
0.00%
10
;Dev. Services Trust
519,522
19,668
539,190
3.79%
0.00%
11 'Public Safety Spcl. Rev. ' 3,816,591
0
3,816,591
12
!Other Special Rev.
1,232,605
26,400
1,259,005
2.14%
13
;Rec & Econ Dev Trust
188,400
96,531
284,931:
51.24%
14
`Cultural Dev. Trust Fund
_.... _..........
' .._._......._.........
298,196
0
298,196
_........... _.........
0.00%°
..................... ._... ..........
_...........;
15
........................................._.................
'Debt Service Fund
603,300
0
603,300
0.00%°
16
;Solid Waste Fund
300,000
0
300,000�� 0.00%
_...........4
............ .......... ..._.............._.._..__......._.._.......
......._.._....._..._.....
_ .
..._......_ ..__.._ ..__ ..
_.. _........
17
'Senior Housing Fund
...._ .._._.._
.... .._........_.._......_......._...._.._.........
963,461
0
..............................................................
963,461
............ ........................................._..
0.00%
_........_............_...........
....... ...
18
........... _._.._....__ .......__ .._...........
Golf Fund .............
..._......_..........................._.
0
_.._.._. 0
-
_.._......_.. .......... .......
0.00%
... ..
19
......................................... _..... . ......._.........
:Economic Uncertainty
0
0
-
0.00%°
jTotall
0:
09 -
-
'
12
General Fund:
Crossing guard services for the El Segundo Unified School District. The
amount approved in the Fiscal Year 2023-2024 adopted budget was an
estimate, as staff did not receive the proposal from All City Management
(crossing guard service provider) until after the budget was adopted.
• Expenditure: $17,315
13
General Fund:
Aquatic Center Supplies and Maintenance expenditures for a vendor
to service the filters at the Aquatic Center. Additional maintenance for
future new heaters. Increase to cost of pool chemical supplies.
• Expenditure: $100,000
Other Special Revenue:
CalGreen Grant from the previous Fiscal Year.
• Expenditure: $26,400
Transportation Funds:
Increased inspection contracted services on more third -party projects
than anticipated for the fiscal year, including on -call services for the
Douglas Street sinkhole in September2023.
• Expenditure: $50,000
14
Recreation and Economic Development Trust Funds:
At the September 5, 2023 City Council meeting, City Council approved a
resolution (Staff Presentation D.9) to waive fees associated with the
World Series Championship Parade and Team Recognition Ceremony for
the El Segundo Little League, with a not -to -exceed amount of $200,000.
• Revenue: $16,980
• Expenditure: $96,531
15
Development Services Trust:
Increased agreement with RRM Design Group at the May 3, 2022 City
Council Meeting (Consent B.12) and requests the appropriation of the
amended contract amount to be used in this fiscal year.
• Expenditure: $19,668
16
1. Approve to amend the FY 2023-2024 Budget to reflect the revised year-end
revenue estimates and year-end expenditures, which were noted in this Mid -
Year Budget and Second Quarter Fiscal Year 2023-2024 Financial Report.
2. Approve to reclassify $42,423 from 001-264-0000-8840 Designated Smoky
Hollow Parking In -Lieu to 001-299-0000-2990 General Fund Unassigned Fund
Balance.
3. Approve the All City Management Crossing Guard Services Amendment#13
which will increase the not -to -exceed amount to total $164,037.
17