TITLE
Recommendation to receive and file the Second Budget Performance Report for Fiscal Year 2014. (Citywide)
DISCUSSION
This report includes information on the City’s Fiscal Year 2014 (FY 14) budget performance through May 31, 2014, for all funds.
Summary
As of May 31, 3014, 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 14. The General Fund is also on track to end the year with the adopted surplus of $3.45 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, 2014, it is anticipated that the General Fund and Uplands Oil Fund will end FY 14 with an ending funds available of approximately $0.5 million and $0.3 million, respectively. The estimated FY 14 sources and uses are summarized in the table below and described in further detail in the subsequent sections.
General Fund - Sources of Funds
Revenues
As of May 31, 2014, the General Fund experienced higher than expected growth in several revenues, including property tax, pipeline franchise, parking citations and revenue from other agencies. Property tax, natural gas pipeline franchise and parking citation revenues declined during the economic downturn and are now experiencing a rebound. Property taxes related to the dissolution of the Redevelopment Agency (RDA) are experiencing fluctuations as the methodologies for distribution are being refined. Revenue from the Office Depot sales tax sharing agreement, which was approved by the City Council in FY 13, is now reflected in the General Fund estimates-to-close. Actual revenues will b...
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