TITLE
Recommendation to receive and file the Second Budget Performance Report for Fiscal Year 2015. (Citywide)
DISCUSSION
This report includes information on the City's Fiscal Year 2015 (FY 15) budget performance through May 31,2015, for all funds.
Summary
As of May 31,2015, no significant concerns have been identified with any City fund, and any funds that are showing year-end estimates that exceed budgeted appropriations will be resolved with planned budget adjustments that will be presented to the City Council later in FY 15. The General Fund is also on track to end the year with the adopted surplus of $3.1 million that will be reserved, as previously directed by the City Council, for the CalPERS Stabilization Fund. The balance of the report summarizes the General Fund performance and provides additional details on the status of other funds.
General Fund and Uplands Oil Fund Overview
Based on current estimates as of May 31, 2015, it is anticipated that the General Fund and Uplands Oil Fund will end FY 15 with an ending funds available of approximately $0.6 million and $0.2 million, respectively. This is consistent with the information presented in the Proposed FY 16 Budget for FY 15 projected actuals and reflects the recommended balances needed to start FY 16 year. The estimated FY 15 sources and uses are summarized in the table below and described in further detail in the subsequent sections.
Revenues
As of May 31, 2015, the overall trend in General Fund revenue actuals has been higher than expected growth. In particular, the City is experiencing growth in property tax, electricityrelated revenues, such as utility users' tax, and franchise fees and transient occupancy tax. Property tax, which declined during the economic downturn, is still experiencing a rebound. Additionally, property taxes related to the dissolution of the Redevelopment Agency (RDA) will continue to experience fluctuations as the methodologies for distribution of funds and a...
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