HomeMy WebLinkAboutAGENDA REPORT 2024 0306 CCSA REG ITEM 09A POWERPOINTFISCAL YEAR
2023-24
MID-YEAR BUDGET
Hiromi DeverInterim Finance Director
Item: 9.A.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
CPI *FED Rate Ave Invest Rates
CHANGES IN FEDERAL FUND RATE, CPI,
AND CITY’S AVERAGE INVESTMENT RATES
* 12 month change in CPI-U, Los Angeles-Long Beach-Anaheim, CA
Economic impact of post-pandemic inflation
•Highest Federal Fund Rate in 20 years
o Higher interest rate, investment return
o Lower buying power
•Cost of Goods
o Higher prices on consumer goods
o Slow down sales growth
Approach to Mid-Year Budget Adjustment
•Recalculation of Investment earnings
•Decrease sales tax revenue
•Changes in timeline for development projects
MID-YEAR BUDGET ADJUSTMENTS
•Total Revenues – decrease by $9,351,492
•Increase in Investment Earnings - $2.5 million
•Taxes: Increase property taxes & VLF, decrease sales tax – overall increase $0.5 mil.
•Development Project related fees – moved $13.2 million to Fiscal Year 2024-25
per updated timelines in project progress
•Additional funding – Transit & Solid Waste $0.7 million
•Total Expenditures – increase by $462,556
•Payroll – Retirement payout, annual cash-out, higher health insurance premium –
increase $100k
•Reallocation – Payroll to reflect current workload
•Correction of Cost Allocation Plan
•Development Project related expenses – decrease $300k
•Increase in General Fund transfer – increase $700k
BUDGET ADJUSTMENTS FUNDS SUMMARY
FY23/24 Begin
Fund Balance
FY23/24
Revenue
Budget
FY23/24
Expense
Budget
FY23/24
Estimate
Fund Balance
Proposed
Revenue
Adjustment
Proposed
Expense
Adjustment
Revised
FY23/24 Fund
Balance
General Fund $1,499,393 $22,684,428 $22,638,872 $1,544,949 $1,399,560 $1,178,618 $1,765,891
Special Revenue Funds $58,963,534 $40,424,563 $41,143,896 $58,244,201 ($10,629,615)($329,778)$47,944,364
Capital Projects Funds $38,463,718 $745,943 $16,154,954 $23,054,707 ($121,437)($354,099)$23,287,369
Internal Services Fund $512 $0 $32,185 ($31,673)$0 ($32,185)$512
Total:$98,927,157 $63,854,934 $79,969,907 $82,843,857 ($9,351,492)$462,556 $72,998,136
RES ERVES
$9,427,097
Endowment Fund
$4,472,402
Emergency/Contingency
$500,000
Economic Uncertainty
$22,005,791
Special Projects Fund
QUESTIONS?