2024-11-19 CC Agenda Packet - ITEM D11 - 1st Quarter Financial ReportCITY OF
ELSE GUNDO
,_�
FY 2024=25
1st Quarter
Financial Report
November 19, 2024
1. FY 2024-25 First Quarter (Q1) -Financial Report
2. Staff Recommendation:
Receive and file the First Quarter (Q1) Financial Report
2
E 0 L
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of El Segundo
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
CAS P
Executive Director/CEO
• The Government Finance Officers Association
(GFOA) awarded the City of El Segundo a Certificate
of Achievement for Excellence in Financial Reporting
for the fiscal year ended June 30, 2023
• Awarded to governments to encourage annual
comprehensive financial reports that `evidence the
spirit of transparency and full disclosure.'
• Highest form of recognition in governmental
accounting and financial reporting.
• El Segundo has received this award in the past
consecutive years, and the award is valid for one
year.
• Another example of the City of Ei Segundo's identity
as an award -winning government.
3
FY 2024-25 Q1 - Financial Report
4
• General Fund had realized $9.5M or 10.30% revenues in
the current fiscal year versus $7-9M or 8.96% in the
previous fiscal year
• The combined big 5 revenues sources collectively are on
track in this fiscal year compared with the previous fiscal
year
• Future quarterly reports will provide continued updates on
the FY 2024-25 financial picture
67
Q1 General Fund Revenues Actuals: $9,585,450
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
s
f c�•
Ges• �4��, ^,per` o`N� F� si �,�.
+ rco qd sv & hjG t
dh On �>C�
6
Top 5 Revenue Q1 FY 25 vs. Q1 FY 24
$1,800,000
$1,600,000
$1,400,000
I
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
l
$200,000
I
1
$0
SALES & USE TAX BUSINESS LICENSE
TRANSIENT
OCCUPANCYTAX
❑ Q1 FY25 Q1 FY24
lnsmbL _ —_
PROPERTY TAX
UTILITY USERTAX
(U UT)
7
over Year Co
1
Sales & Use Tax
$1,237,575
$15,487,500
($14,249,925)
8%
$1,248,120
($10,545)
-1%
2
Business License
85,346
14,000,000
(13,914,654)
1%
298,157
(212,811)
-71°/a
3
Transient Occupancy Tax
1,415,348
13,387,500
(11,972,152)
11%
1,286,481
128,868
10%
4
Property Tax
Chevron Tax Reso Agreement
0
13,391,758
(13,391,758)
0%
0
0
0%
5
0
5,500,000
(5,500,000)
0%
0
0
0%
6
Utility User Tax (UUT)
1,648,469
11,165,700
(9,517,231)
15%
1,726,296
(77,827)
-5%
7
Charges for Services
916,559
5,150,122
(4,233,563)
18%
1,074,612
(158,053)
-15%
8
Transfers In
0
36,000
(36,000)
0%
F 50,000
(50,000)
-100%
9
Franchise Tax
279
4,536,000
(4,535,721)
0%
6,280
(6,001)
-96%
10
Other Revenues
845,547
21513,657
(1,668,110)
34%
700,921
144,626
21%
11
Intergovernmental
0
200,000
(200,000)
0%
27,796
(27,796)
-100%
12
License & Permits
316,894
2,582,372
(2,265,478)
12%
64%
489,234
(172,340)
-35%
13
Interest & Rental Income
3,030,335
4,736,926
(1,706,591)
901,666
2,128,669
236%
14
Fines & Forfeitures 89,099
346,727
(257,628)
26%
102,962
(13,863)
.,713%,
Fiscal Year 2024-25
Fund Name Actual Revenues Revised Full Year Variance in Percentage
to Date Budget Dollar Received
1 General Fund $9,585,450 $93,034,263 ($83,448,813) 10%
2 Water Pod 10 M1,42:3 34,630.3227 (24,528,904) 29%
3 Transportation Funds 496,768 2,604,345 (2,107,577) 19%
4 IDebt
P(-)B,
0
9,500.324
(9,500,324)
0%
5
Wastewater Fund
1,474,103
5,742,073
(4,267,970)
26%
6
General Furxl CIP
5,010,783
5,160.732
(149,949)
7
Equip. Replacement Fund
1,686,456
1,686,456
(1)
1000%
8
Workers Comp. Fund
816,750
3,542.207
(2,725,457)
f
9 IGeneral
Liability Fund
775,000
3,105,000
(2,330,000)
25%
10
Dev. Services Trust
242,798
2,502,326
(2.2-0,527)
11
Public Safety Special Rev.
(24,210)
977,364
(1,001,574)
-2%
12
Other Special Ref.
511I
882,364
(881,792)
0%
13
Rec & Econ Dev Trust Fund
114,558
1,124,250
(1,009,692)
10%
14
Cultural Development Fund
306
250,000
(249,694)
0%
15
Debt Service Fund
1,026
35,000
(33,974)
3%
16
Solid Waste Fund
300,000
300,000
0
100%
17
Senior Housing Fund
1,000,000
1,038,771
(38,771)
96%
18
GoL, Fund
0
0
0
0%
19
Economic Uncertainty
0
0
0
0%
i
9
• General
Fund
has expended
$23.7M or 24.12% versus
$24-9M
or 25.77%
• Departmental vacancies continues to be high, vacancy rate
close to 10%+
• O&M costs are on pace with budget
• Future quarterly financial reports will continue to provide
further financial performance information
10
Q1 General Fund Expenditures Actuals: $23,709,916
$6,000,00 0
$5,500,000
$5,000,00 0
$4,500,00 0
$4,000,000
$3,500,00 0
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
f
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s
Fiscal Year 2024-25
m arison
Year over Year CoExpenditure
1 jPolice
Source
Actual Expenditures Revised Full Year
BudgetReceived Through Q1
$6,008,048 $22,231,649
Variance in D.
..
($16,223,601)
27%
$5,341,830
e
$666,218
12%
18%
-36%
12%
-37%
27%
9%
2 IFire
3,809,383
15,932,214
(12,122,831)
24%
3,217,109
592,274
3
Transfers Out
5,496,232
14,996,546
(9,500,314)
37%
I 8,529,031
(3,032,799)
4
Public Works
1,673,675
10,250,794
(8,577,119)
16%
1,497,069
176,606
5
Non -departmental
1,202,180
6,785,227
(5,583,048)
18%
1,919,129
(716,949)
6
Recreation, Parks & Library
2,425,944
10,889,279
(8,463,335)
22%
1,910,842
515,102
7
Community Development
617,586
3,745,094
(3,127,509)
16%
568,451
49,134
8
Information Technology
947,186
3,912,086
(2,964,901)
24%
689,693
257,493
37%
2%
18%
99%
-163%
-12%
9%
9
City Manager
540,569
2,881,528
(2,340,958)
19%
I 530,842
9,727
10
Finance
582,644 2,766, 646
358,764 2,134,785
56,863 897,450
(2,184, 001)
21 %
495,411
87,233
11
Human Resources
(1,776,021)
17%
I 180,584
178,180
122City
13
Attorney
I. 4 Clerk
(840,587)
6%
(89,955)
146,818
75,082 658,095
(583,013)
11%
85,172
(10,090)
14
City Council
42,952 224,272 _
(181,320)
19%
39,568
3,384
15 ICovid-19 Reimbursements (127,190) 0 (127,190) 0%° - (127,190) 0%
Total General Fund Expenditures $23,709,916 $98,305,665i.
"Does not include encumbrances
12
Fiscal Year 2024-25
ExpendituresActual Variance in Percentage
Fund Name Date ..
1 General Fund $23,709,916 $98,305,665 ($74,595,748) 24%
Water Fi_,n.i .,;
2,305,471
39,333.606
(37,028,135)
3
Transportation Funds
81,995
4.797,863
(4,715,868)
2%
4
Debt Si�:•ric ROBS (b)
8,034,213
9.5_i0 314
(1,466,100)
85%
5
Wastewater Fund
1,527,989
8,792,426
(7,264,437)
17%
General Fund CIP (c)
1,538,433
29,572,549
(28,034,116)
50YI
7
Equip. Replacement Fund
254,630
10,072,525
(9,817,894)
3%
8
',NorF:ers Comp. Fund
1,674,1 Ti
3,418,321
(1,744.188)
19v,1
9
General Liability Fund (d)
1,908,287
3,769,563
(1,861,276)
51%
10
Dev. Services Trust (e)
0
800,000
(800,000)
0%
11
Public Safety Special Rev.
316,231
2,941,96
(2,625,736
11%
12
06fierSpecial Rev.
120,78E
2,232,53
(2,111,747
5°/
13
Rec& Econ Dev Trust Fund
8,293
136,000
(127,707)
6%
14
Cultural Dev. Tr,Fuund
82,047
272,604
(190,557)
15
Debt Service Fund
0
542,851
(542,851 )
0%
16
Solid Waste Fund
73,580
330,000
(256,420)
22%
17
Senior Housing Fund
2,354
194,295
(191,942)
1 %
18
G017 Fund
0
0
0
0%
19 Economic Uncertainty 0 01 0 0%
*Does not include encumbrances
13
General Fund Reserve: 25% ($23.1M)
General Fund Balance: S54.9M (as of 9/30/24)
Economic Uncertainty Reserve: 2M
OPEB Reserve: 33.4M
Pension Trust Reserve: $5.8M
General Fund CIP Reserve: 400k
Senior Housing Trust Fund Balance: 825K
14
1. Receive and File the First Quarter Fiscal Year 2024-25 Financial Report.
15