2025-02-18 CC Agenda Packet - ITEM D13 - Mid-Year BudgetCITY OF
ELSEGUNDO
FY 2024=25
Second Quarter
Financial Report
& Mid -Year
Adjustment
Requests
February 18, 2025
City of El Segundo 1 350 Main St. EI Segundo, CA 90245
1. FY 2024-25 Second Quarter (Q2) -Financial Report
2. FY 2024-25 Mid -Year Adjustment Requests
3. Staff Recommendations
4. Next Steps
FY 2024-25 Q2 - Financial Report
3
• General Fund had realized $29.9M or 32% current year
revenues versus $29M or 33% prior year
• The big 5 revenues sources are on pace to meet or exceed
budget
• Q3 Financial Report will provide better financial picture
Q2 General Fund RevenuesActuals: $29,875,433
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
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Top 5 Revenue Q2 FY25 & Q2 FY24
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$0
SALES & USE TAX BUSINESS LICENSE TRANSIENT PROPERTY TAX UTILITY USER TAX
OCCUPANCY TAX (UUT)
EIQ2 FY25 Q2 FY24
6
Fiscal Year 2024-25
Actual Revenues Revised Full Year Variance in .. Percentage
BudgetRevenue Source Received Through
..- -.
1 Sales & Use Tax $4,626,390 $15,487,500 ($10,861,110) 30%
2
Business License
2,831,454
14,000,000
(11,168,546)
JEF200/o
3
Transient Occupancy Tax
5,364,115
13,387,500
(8,023,385)
40%
4
Property Tax
4,624,424
13, 391, 758
(8,767,334)
35%
5
Chevron Tax Reso Agreement
0
5,500,000
(5,500,000)
0%
6
Utility User Tax (UUT)
3,508,702
11,165,700
(7,656,998)
31%
7
Charges for Services
2,449,531
5,150,122
(2,700,591)
48%
8
Transfers In
0
36,000
(36,000)
0%
9
Franchise Tax
21,251
4,536,000
(4,514,749)
0.5%
10
Other Revrues
1,545,186
2,513,657
(968,471)
61 %
11
Intergovernmental
18,407
200.000
(181,593)
9%
1`
trie & Iits
1,177, 282
2, 582, 372
(1,405,090)
46%
13
Interest & Rental Income
3,507,7361
4,736,926
(1,229,190)
74%
14
Fines & ForfeituresAwna
200,953
346,727
(145,774)
5
Total General Fund Revenues
7
Fiscal Year 2024-25
BudgetActual Revised Full Variance in Percentage
Fund Name Revenuesto Year Dollar Received
Date
1 General Fund $29,875,433 $93,034,263 ($63,158,830) 32%
2
Water Fund 20,134,501
34,630,327
(14,495,826)
58%
3
Transportation Funds
4,387,077
2,604,345
1,782,731
168%
4
Debt Service POBs
1,442,927
9,500,324
(8,057,397)
15%
5
Wastewater Fund
3,136,505
5,742,073
(2,605,569)
55%
6
General Fund CIP
5,145,629
5,245,732
(100,103)
98%
7
Equip. Replacement Fund
1,686,456
1,686,456
(0.89)
100%
8
Workers Comp. Fund
1,870,758
3,542,207
(1,671,450)
53%
9
General Liability Fund
1,550,000
3,105,000
(1,555,000)
50%
10
Dev. Services Trust
115,174
270,000
(154,826)
43%
11
Public Safety Special Rev.
555,605
2,521,934
(1,966,329)
22%
12
Other Special Rev.
124,005
977,364
(853,359)
13%
13
Rec & Econ Dev Trust Fund
121,835
1,124,250
(1,002,415)
11 %
14
Cultural Development Fund
346,462
250,000
96,462
139%
15
Debt Service Fund
2,835
35,000
(32,165)
8%
16
Solid Waste Fund
300,000
300,000
0
100%
17
Senior Housing Fund
1,014,110
1,038,771
(24,662)
98%
18
Golf Fund
0
0
0
19
Economic Uncertainty
0
0
0
0%
� ......
8
General Fund has expended $45.8M or 46% current year
versus $45M or 47% prior year
• Departmental vacancies continues to be high, vacancy rate
close to 10%+
• O&M costs are on pace with budget
9
Q2 General Fund ExpendituresActuals: $45,822,471
$13,500,000
$11,500,000
$9,500,000
$7,500,000
$5,500,000
$3,500,000
$1,500,000
-$500,000 Ao Al
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10
Fiscal Year 2024-25
Actual Appropriations
Revised Full Year
Variance in Dollar -
Percentage
Expenditure Source
Expended Through Q2*
Budget
Budget to Actuals
Expended*
1
Police
$12, 733, 764
$22, 381, 342
($9, 647, 577)
57%
2
irt
.,431,631
MjMK-214
- o
3
Transfers Ou-
7, 024,159
15, 081, 546
(8, 057, 387)
47%
4
Public Works
3,832,645
10,250,794
(6,418,148)
37%
5
Non -departmental
2,758,629
6,785,227
(4,026,598)
41%
6
Recreation, Parks i rary
4,651,871
10,889,279
(6,237,408)
43%
7
Community Development
1,332,479
3,994,592
(2,662,113)
33%
8
Information Technology
1,825,282
3,911,403
(2,086,121)
47".()
9
City Manager
1,197, 920
2,882,713
(1,684,793)
42%
10
Finance
1,239,199
2,766,646
(1,527,446)
45%
11
Human Resources
666,552
2,134,785
(1,468,233)
31%
12
City Attorney
33 568
897,450
(563,882)
37°/.
13
City Clerk
179,511
658,095
(478,584)
27%
14
City Council _
104,16524,27
(120,107)
A.6%,
15
Covid-19 Reimbursements
(488,905)
0
(488,905)
00/0
Total
General Fund Expenditures
$45,822,471
$98,990,357
46.29%
*Does not include encumbrances
.. _ .................................................................................................. ................... ....................... ... .............. ....... ................. I....... ........ I........
11
M
1
Fiscal Year 2024-25
Actual
Fund Name Expenditures to Revised Full Variance in Percentage
Date Year Bu..
General Fund $45,822,471 $98,990,357 ($53,167,886) 46%
2
Water Fund
13, 459, 654
39, 333, 606
(25, 873, 951)
]MML�-340/�o
3
Transportation Funds
1,767,306
4,797,863
(3,030,557)
37%
4
Debt Service POBs
9,477,140
9,500,314
(23,174)
9.8%
5
Wastewater Fund
2,434,752
8,792,426
(6,357,674)
28%
6
General Fund CIP
2,806,743
30,357,549
(27,550,806)
9%
7
Equip. Replacement Fund
737,358
10,072,525
(9,335,167)
7%
8
Workers Comp. Fund
1,896,200
3,418,321
(1,522,121)
55%
9
General Liability Fund
2,777,70�--
3,769,563
(991,568)
74%
10
Dev: Services Trust
800,000
(800,000)
0%'
11
Public Safety Special Rev.
611,940
2,961,575
(2,349,635)
21%
12
Other Special Rev.
148,826
2,232,535
(2,083,709)
7%
13
Rec & Econ Dev Trust Fund
21,104
136,000
(114,896)
16%
14
Cultural Dev. Trust Fund
115,619
272,604
(156,985)
42%
15
Debt Service Fund
454,290
542,851
(88,561)
84%
16
Solid Waste Fund
147,39
330,000
1
45%
17 Senior Housing Fund 53095 194,295 (189,201) 3%
.: :9,
*Does not include encumbrances
12
Description
Estimated
Beginning Unassigned Fund Balance on July 1, 2024
$40,701,761
Estimated FY 2024-25 Revenues
$93,034,263
Estimated FY 2024-25 Expenditures
$(98,990,357)
Estimated Ending Fund Balance (June 30, 2025)
$34,745,667
25% Reserve Requirement
$24,747,589
Estimated Available Unassigned Reserve
C$91998,078
000
01
13
FY 2024-25 Mid -Year Adjustment Requests
14
• Revenues &Expenditure changes less than 1 % of adopted
budget
� Revenue adjustment: $5,000
Expenditure adjustment: $406,294
Net Change in budget: $396,294 (General Fund)
$4015294 (All Funds)
15
Revised
Mid -Year
BudgetRevised : • Name Recommended';' Increase
Budget• •-.
Changesd •
0%
1 General Fund* $93,034;263 $0 $L2,604,345
2
3
Fund 34,630,327
Transportation Funds 2,604,345
0
0%
4
I> ice -
9,500,324
:4,263
--
5
Wastewater Fund
5,742,073
0
0%
G
- __ and CIP -
5,245,732
0%
7
Equip. Replacement Fund
1,686,456
0
1,686,456
0%
8
Workers Conip. Fund
3,542.207
,207
0%
9
General Liability Fund
3,105,000
0
3,105,000
0%
10
Dev. Se►vices Trust
210,E
0
2,521,934
0%
11
Public Safety Special Rev.
2,521,934
12
Other Special Rev.
977,364
0
977,364
13
Rec & Econ Dev Trust Fund
1,124,250
0
1,124,250
0%
14
Cultural Development Fund
250,000
5,000
,000
2.0%
15
Debt Service Fund
35,000
0
35,000
0%
16
Soli :.
300,000
0
J, 0,.000
Q��
17
Senior Housing Fund
1,038,771
0
1,038,771
0%
18
Golf Fund
0
0
0%
19
Economic Uncertainty
0
01
0
0%
*There are no recommended General Fund Revenue adjustments.
16
Revised
Mid -Year
Revised BudgetBudget
Expenditure Source Recommended: % Increase
Recommended::
-
`•• •
1 General Fund $98,990,357 $396,294 $99,386,651 0.40%
2
Water Fund
39,333,606
0
39,333,606
0.00%
3
Transportation Funds
4,797,863
0
4,797,863
0.00%
4
Debt Service POBO
9,500,314
0
9,500,314
0.00%
5
Wastewater Fund
8,7923426
0
8,792,426
0.00%
6
General Fund CIP
30,357,549
0
30,357,549
0.00%
7
Equip. Replacement Fund
10,072,525
0
10,072,525
0.00%
8
Workers Comp. Fund
3,418,321
0
3,418,321
0.00%
9
General Liability Fund
3,769,563
0
3,769,563
0.00%
10
Dev. Services Trust
800,000
0
800,000
0:00%
11
Public Safety Special Rev.
2,961,575
0
2,961,575
0.00%
12
Other Special Rev.
2,232,535
5,000
2,237,535
0.22%
13
Rec & Econ Dev Trust Fund
136,000
0
136,000
0.00%
14
Cultural Dev. Trust Fund
272,604
5,000
277,604
1.83%
15
Debt Service Fund
542,851
0
542,851
0.00%
16
Solid Waste Fund
330,000
01111M
330,000
0.00%
17
Senior Housing Fund
194,2951
0
194,295
0.00%
17
Department / Request
Amount
City Manager: Add (1) back Executive Assistant position (frozen during budget)
and convert to Management Analyst
$43,561
Police: Add (3) Officers, (4) Trainee, O&M budget for new Officers
$239,022
Fire: Firefighter salaries to Paramedic pay following promotion
$68,711
Public Works: Pump Station 16 Repairs (maintenance), CalRecycle Grant
$50,000
RPL: Friends of the Library donation for music programming*
$5,000
Total Mid -Year Adjustment Request:
$406,294
* $5,000 revenue adjustment not reflected in total
Citv Manager:
Add back Executive Assistant position (frozen during budget preparation
and adoption), but convert to Management Analyst (9% increase)
• Total Expenditure: $43,561 (4 months Salaries & Benefits budget)
19
Police Department:
Add (3) officers of the 10 over hires: As of September 2024, the
department has staffed 62 sworn officers, and 3 additional officers are
anticipated to be hired by May 2025: $48,645 (2 months budget)
4 Trainees: $50,377 (4 months budget)
Uniform Replacement: $50,000
Training Materials and. Supplies (ammunition): $15,000
Professional & Technical (Polygraph, Psych, Backgrounds): $15,000
Contractual Services (5 Radios): $60,000
• Total Expenditure: $239,022
20
Fire Department
Salaries related to increasing Firefighter salaries to Paramedic pay following
the promotion of Firefighters to medic rank
Total Expenditure: $68,711
21
Public Works:
O&M - Pump Station 16 Repairs (maintenance)
• Total Expenditure: $45,000
CalRecycle Grant (Other Special Revenue Fund)
• Total Expenditure: $5,000
Recreation, Park and Library:
$5,000 donation to the Friends of the Library for music programming at
the Library (Cultural Development Fund)
• Revenue: $5,000
• Expenditure: $5,000
23
1. Approve to amend the FY 2024-25 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 2024-25 Financial Report.
6
M 2. Receive and File the Second Quarter Fiscal Year 2024-25 Financial Report.
M
24
Proposed Fiscal Year 2025-26 Budget Calendar:
• Budget Study Session #1 (April 29, 2025)
N
• Budget Study Session #2 (May 6, 2025)
• 5-year Capital Improvement Program (May 6, 2025)
• Master Fee Schedule to be updated by CPI-U (April 2025)
• Public Hearing and Adoption for the Budget (tune 3, 2025)
0
0 9 Beginning of FY 2025-26 (July 1, 2025)
25