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Home My WebLink AboutSupplemental Information Received after Posting of Agenda - Item EI "i"c'm 3/13/2017 CITY OF SEAL BEACH MID -YEAR BUDGET REVIEW �� wa FISCAL YEAR 2016 -2017 FY 2016 -2017 General Fund Revenue Review Total Adopted General Fund Revenue $29.934,800 Approved Revenue Modifications $0 Total Current Revenue Budget $29,934,800 FY 2016 -2017 TOP 5 SOURCES OF REVENUE 1 . Property Taxes 2. Utility users Taxes 3. Sales Taxes 4. Property Tax In Lieu of Vehicle License Fees 5. Transient Occupancy Taxes 1 FY 2016 -2017 Property Tax Summary Net taxable value increase of 1.00% County increased 5.4% Assessed value increased $50.0 million Property sales and Proposition 8 value recapture Median home price in Seal Beach is $986.250 (As of December 2016) $1,250 (0.13 %) increase from 2015 scurce:ndi. Coren 5 Cone FY 2016 -2017 Property Tax Summary ( con't) Top Ten property Tax Pavers ApAm Balding z LLC Inewl AL u S Scal Beach Senor Ncutiry U ASN Lwg 5-cb Uc Both, Columbia Regency Retail Partrers UC Irewl C"Slwps at Roumror LLC oXY long Beach Inc Ra¢M1 Torn Center LLC 4a1 Beach6Wei Terra Fulling Bixhy Ranch ILC (Western National Life hwrame Compamyl FY 2016 -2017 Property Tax Summary (con't) Property Tax Budgeted (All Components) $7,803,900 Property Tax Received $4,087,900 Receipts are ahead of the same period last year by $213.500 Yearend projection - better than budgeted expectations 3/13/2017 FY 2016 -2017 Utility Users Tax Utility Users Tax Budgeted $4,500,000 Utility Users Tax Received $1,807,200 Receipts are $75,300 tower than the same period last year Year end projection - in line than budgeted expectations FY 2016 -2017 Sales Tax Summary Sales Tax Composition Fuel and Services Stations - 11% General Consumer Goods - 41% Restaurants and Hotels - 31% All Others - 17% Top 10 accounts generate 35% of Sales Tax revenue swrce:ndt wren B wee FY 2016 -2017 Sales Tax Summary (con't) Top Ten Sales Tax Payers Bed Bath B, Beyond Chevron (2 Locations) Home Goods Kohl, Marshall, Old Ranch Country Club Paviltions Ralph, Target Su -.1.-a C., 3/13/2017 3 FY 2016 -2017 Sales Tax Summary (con't) Sates Tax Budgeted $4,250.100 Sates Tax Received $1,429,900 Receipts are well ahead of the same period fast year Year end projection - could be lower than budgeted expectations FY 2016 -2017 Property Tax in Lieu of Vehicle License Fees Vehicle Licenses Fees Budgeted $2,500,000 Vehicle License Fees Received $ 0 Receipts are the same period last year Year end projection - slightly below budgeted expectations FY 2016 -2017 Transient Occupancy Tax Transient Occupancy Tax Budgeted $1,550.000 Transient Occupancy Tax Received $ 471,900 Receipts are 3.7% higher than the same period last year Year end projection - slightly higher than budgeted expectations 3/13/2017 IT al FY 2016 -2017 Business License Business License Budgeted $ 561,000 Business License Received $ 271,200 Receipts are behind the same period last year Yearend projection -less than budgeted expectations FY 2016 -2017 General Fund Revenue Review Total Current Revenue Budget $29,934,800 Total Revenue Received $11,508,200 Total General Fund Revenue Received 38% Overall General Fund Revenue $ 787,000 Increase from Prior Year FY 2016 -2017 General Fund Expense Review Total Adopted General Fund Expense $38.270.800 Approved Expense Modifications $ 1,920,000 Total Current Expense Budget $40.190,800 3/13/2017 J FY 2016 -2017 General Fund Budget Modifications Parking Proicct- NUPark 5543,300 - Parkeon $ 131,500 Emergency Secunty Upgrades - City Hall $ 15,400 Security Upgrades - Police tobhy S 35,400 WesCC.. CAD /PALS S 447,000 Winter Pumps S 15,000 Senior Transport S 20,000 West End Pump Station S 200,000 - ssanous PO Encumbrances $ 512"100 FY 2016 -2017 General Fund Expense Review (con't) Total Current Expense Budget 540,190,800 Total Expenses Incurred $16,486,300 Total General Fund Expenditures 41% Overall General Fund Expenses $ 687,300 Increase From Prior Year FY 2016 -2017 Non General Fund Review Summary Revenues higher than expectations Expenses lower than expectations 3/13/2017 q 9 FY 2016 -2017 Pension Discussion Seat Beach Miscellaneous employees: CaIPERS 2% is 55 Pool Employer Contribution - 9.558% Employee Contribution - 7.00% FY 2015 -2016 Pension Discussion (con't) Seat Beach Miscellaneous Employees: Funded Ratio as of 06/30/2014 - 84.3% Seal Beach pays 100% of the required contribution each pay period Actuarial changes FY 2016 -2017 Pension Discussion (con't) Seat Beach Safety Employees: CaV ERS 3% @ 50 Pool Employer Contribution - 18.230% Employee Contribution - 12.00% 3/13/2017 7 FY 2016 -2017 Pension Discussion (con't) Seal Beach Safety Employees: Funded Ratio as of 06/30/2014 - 81.1% Seal Beach pays 100% of the required contribution each pay period Actuarial changes FY 2016 -2017 Pension Discussion (con't) Seal Beach New Employees: Mscellaneous Employees - 2.00%@ 62 Safety Employees -2J%@ 52 Seal Beach pays 100% of the required contribution each pay pent Employees fully share the cost Note: New emptoyee means not in CaIPE85 prior to joining Sea[ (leach FY 2016 -2017 Pension Discussion (con't) Pension Obligation Bands Issued in 2008 Covered the cost of the unfunded liability Saved the City $500,000 Short Maturity - June 2013 and June 2019 3/13/2017 E. ". FY 2016 -2017 OPEB Discussion Other Post Employment Benefits Benefit for employees who retire from Seat Beach Actuarial Valuation 100% of the Annual Required Contribution FY 2016 -2017 Mid -Year Budget Review The City of Seal Beach is in great shape: Fiscally Sound Financially Responsible Well Funded Reserves 3/13/2017 we