HomeMy WebLinkAboutCC AG PKT 2013-02-25 #H SEA"`•off
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AGENDA STAFF REPORT
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DATE: February 25, 2013
TO: Honorable Mayor and City Council
THRU: Jill R. Ingram, City Manager
FROM: Victoria L. Beatley, Director of Finance/City Treasurer
SUBJECT: FISCAL YEAR 2013 MID-YEAR BUDGET REVIEW
SUMMARY OF REQUEST:
That the City Council receive the presentation.
BACKGROUND AND ANALYSIS:
Staff has completed a mid-year budget review ending December 31 , 2012. The
following are the highlights of the review of the first six months of the current
fiscal year.
The largest sources of General Fund revenues for Seal Beach are Property
Taxes (all components), Utility Users Tax, Sales Taxes (all components),
Property Tax in Lieu of Vehicle License Fees, and Transient Occupancy Taxes.
Together these top five revenue sources are expected to produce approximately
71%, or $19.8 million, of all General Fund revenues.
The combination of these revenue sources has generated approximately $7.5
million for the period ended December 31, 2012 which is $118,000 greater than
the same period last year.
All of the other General Fund revenues combined are greater than the same
period last year by approximately $348,000. The primary reasons for these
differences are an increase in the Cable TV Franchise Fees, Business Licenses,
Tennis Center Property Rental, and Miscellaneous revenues.
General Fund expenditures are approximately 44% of budget, slightly below
where they are expected to be for the period ended December 31, 2013.
Additionally compared to the same period, total general fund expenditures are
less than the same period last year by approximately $113,000.
In summary, based upon the period ended December 31, 2012, revenues are
slightly ahead of expectations and expenses are slightly lower than expected.
Agenda Item H
The presentation will provide financial highlights and will go into greater detail
regarding the year-end projections.
ENVIRONMENTAL IMPACT:
This action is exempt from the California Environmental Quality Act, because it is
not defined as a "project" under CEQA.
LEGAL ANALYSIS:
Legal Counsel has reviewed and approved as to form.
FINANCIAL IMPACT:
Based upon the mid-year review, it is expected that both revenues and expenses
will be in line with the adopted budget. Under the direction of the City Manager,
Department Heads will continue to operate within the budget and provide
programs and services that meet the community's needs and service level
expectations.
RECOMMENDATION:
That the City Council receive and file the Fiscal Year 2013 Mid-Year Budget
Review presentation.
SUBMITTED BY: NOTED AND APPROVED:
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Vict ria L. Be ey (ill A. Ingram, City an er
Director of Finance/City Treasurer
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