2024-09-17 CC Agenda Packet - ITEM D16 - FY 2023-24 3rd and 4th Quarter Financial ReportCITY OF
ELSEGUNDO
FY 2023=24
3rd and 4th
Quarter
Financial Report
September 17, 2024
1. FY 2023-24 Third and Fourth Quarter (Q3 and Q4) -
Financial Report
2. Staff Recommendation: Receive and file the Third
and Fourth Quarter (Q3 and Q4) Financial Report
2
2023-24
• General Fund had realized $95.4M or 107% revenues in
the current fiscal year versus $96.3M or 115% in the
previous fiscal year
• The combined big 5 revenues sources collectively
exceeded budget by 2%.
• Annual audit (completed by end of calendar year) will
provide final year-end financial picture
2
Total General Fund Revenues Actuals: $95,403,120
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000
Sales & Use Tax
Business License
Transient Occupancy Tax
Property Tax
Chevron Tax Reso Agreement
Utility User Tax (UUT)
Charges for Services
Transfers In
Franchise Tax
Other Revenues
Intergovernmental ■
License & Permits
Interest & Rental Income
Fines & Forfeitures
5
Fiscal Year 2023-24
1 ISales
2
& Use Tax $15,342,764
Business License 14,163,909
3
�ransient Occupancy Tax 12,818,232
4
Property Tax _ 13,360,447
Chevron Tax Reso Agreement 3,476,513
Utility User Tax (UUT) 10,733,353
Charges for Services 5,138,394
5
6
7
8
ransfers In 50,00
9
Franchise Tax 6,587,616
10
Other Revenues 3,550,332
r
Intergovernmental 190,604
License & Permits 2,876,903
11
12
13
Interest & Rental Income 6,731,467
14
IFines & Forfeitures 382,585
$14,750,0001 $592,764
14,300,000 (136,091)~
12,750,000 68,232
104
99
101
12,539,805
820,642
107
5,500,00
(2,023,487)
63
10,634,000
99,353
101
50,000
4,200,000
3,668,68
01
100
2,387,616
157
(118,356)
97
130,000
2,302,00
2,867,620
327,1011
60,604
147
574,903
125
3,863,847
235
55,484
117
........... ...... ......_. .... ....... ._.......... .............. ........ ............ .
6
1
Fund Name Actual
General Fund
Fiscal Year 2023-24
Revenues to Revised Full Year
Date ..
$95,403,120 $89,096,25
Variance in Dollar
$6,306,86
Percentage
107%
2
ater Fund
34,017.272
,850,00
(2,832,728)`
92%
3
ransportation Funds
2,574,382I
2,254,93
319,44
114%
4
Debt Service POBs w
9,497,706
9,497,71 rl
(10)
100%
111 %
5
astewater Fund
5,925,5731
5,350,00
575,57
6
General Fund CIP
15,665,944
8,432,500
7,233,44
186%
7
Equip. Replacement Fund
2,870,5501
2,817,713
52,837
102%
8
orkers Comp. Fund
3,594,062
3,235,881
358,181
111 %
9
IGeneral Liability Fund
3,100,OOOI
3,115,00 q(15,000)
100%
10
Dev. Services Trust
282,7801
270,000
12,78
105%
11
Public Safety Special Rev.
1,685,276
1,266,231
419,0451133%
12
Other Special Rev.
791,038
795,70
(4,662)
99%
13
Rec & Econ Dev Trust Fund
1,174,132
1,066.980
107,152
110%
14_
15
16
17
18
ultural Development Fund
IDebt Service Fund
Solid Waste Fund
ISenior Housing Fund
Golf Fund
Economic Uncertainty
Total
221,948
63,7861
600,000I
255,3931
01
0
$177,722,963
500,000
367,20
600,00
203,099
J--
0•
(278,052)
44%
(303,414)
17%
•
100%
52,29
126%
00/
19
$12,003,754
_ ..._ _.. _ ..__ _........... _...... .............................._............................................................................................................................................................................
7
• General Fund has expended $97.4M or 99% versus
$83.5M or 94%
• Departmental vacancies continues to be high, vacancy rate
close to 10%+
• O&M costs are on pace with budget
• Annual audit (completed by end of calendar year) will
provide final year-end financial picture
D
Total General Fund Expenditures Actuals: $97,489,131
$0 $4,000,000 $8,000,000 $12,000,000 $16,000,000
Police
Fire
Transfers Out
Public Works
Non -departmental
Recreation, Parks & Library
Community Development
Information Technology
City Manager
Finance
Human Resources
City Attorney
City Clerk 0
City Council 0
$20,000,000 $24,000,000
pi
1 Police
2 Fir
3 �ransfers Out
4 Public Works
5 Non -departmental
6 Recreation, Parks &' i vary
7 Community Development
8 Information Technology
9 City Manager
KFinance
11 lHuman Resources
12 City Attorney
13 City Clerk
14 City Council
Fiscal Year 2023-24
$21,666,6061 $21,709,601 $42,995
14,429,8821 14,514,832 84,950
23,082,481 18,485,95 (4,596,531)
99'
99,
125'
8,263,312
9,053,951
7,067,314
790,640
91'
8,205,722
(1,138,407)
116'
8,347,699
9,572,344
1,224,645
8&
2,620,881
3,802,120
3,953,008
2,903,270
1,181,239
1,244,467
159,479
132,234
767,7061
(56,832)
69'
2,708,541
69'
2,743,790
_
95'
2,622,142
2,754,376
95'
1,348,695
2,116,401
64
892,282
835,45
107
351,916
516,545
164,629
32,706
68
202,623
235,329
86
., ® -
Total General Fund Expenditures $97,489,131 $97,520,492 $31,362 99.97%
D.- •- encumbrances
10
1
Fund Name
General Fund
Fiscal Year 2023-24
Actual Expenditures Revised Full Year
Date Budget
89,131 $97,520,492
$Z1,
Variance in Dollar*
($31,362)I
Expended*
100%
2
Water Fund
:38 888
31,837,69
(398,813)
99%
3
Transportation Funds
38,56
17,516,79
(7,378,230)
58%
4
Debt Service POBs
85,55
9,497,7061(12,156)
100%
5
astewater Fund
5,746,92
7,804,55
(2,057,630)I
74%
6
General Fund CIP
1,459,44
26,839,40
(25,379,965)
(17,006,748)
(639,639)
5%
7
8
Equip. Replacement Fund
1,376,98
18,383,737i
7%
Workers Comp. Fund
2,765,561
3,405,200
81%
84°/
100%
9
General Liability Fund
2,693,041
3,222,127
(529,086)
10
Dev. Services Trust
538,799
539,190
(391)
11
IPublic Safety Special Rev.
Special Rev
IRec & Econ Dev Trust Fund
,Cultural Dev. Trust Fund
DDebt Service Fund
Solid Waste Fund
2,086,977,4,039,678
231,71#-
1 2,675,215
134,841
524,062
288,102
811,743
0C.
1,035,91
284,931
298,19
603,30
300,00
963,461
(1,952,701)I
52%
22%
12 TOther
13
14
(804,202_
2,390,284I
(163,355)
939%
45%
87%
96%
84%
15
(79,238)I
(11,898
(151,718)
16
17
_
Isenior Housing Fund
Golf Fund
18
0%
19
jEconomic Uncertainty
Total
0
::
0•
0%
11
General Fund Reserve: 25% ($23.1M)
Economic Uncertainty Reserve: 2M
OPEB Reserve: 33.4M
Pension Trust Reserve: $5.8M
General Fund CIP Reserve: 400k
12
1. Receive and File the Third and Fourth Quarter Fiscal Year 2023-24 Financial
Report.
13