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Home My WebLink AboutCOSB Mid-Year Budget Review PowerPoint2/12/2018 CITY OF SEAL BEACH MID -YEAR BUDGET REVIEW wa'Ffr�y t a y 2 y :e �OUNiV CP FISCAL YEAR 2017-2018 FY 2017-2018 General Fund Revenue Review Total Adopted General Fund Revenue $30,195,900 Approved Revenue Modifications $0 Total Current Revenue Budget $30,195,900 FY 2017-2018 TOP 5 SOURCES OF REVENUE 1. Property Taxes 2. Sales Taxes 3. Utility Users Taxes 4. Property Tax In Lieu of Vehicle License Fees 5. Transient Occupancy Taxes FY 2017-2018 Property Tax Summary Net taxable value increase of 4.60% County increased 6.0% Assessed value increased $235 million Property sales and Proposition 8 value recapture Median home price in Seal Beach is $950,000 (As of December 2017) - Down $1,000 (.11%) from 2016 Source: HdL Coren a Cone 2/12/2018 2 FY 2017-2018 Property Tax Summary (con't) Tap Ten Property Tax Payers AL U S Seat Beach Senior Housing LP ASN Long Beach LLC Boeing Columbia Regency Retait Partners LLC CPT Shops at Rassmoor LLC Old Ranch Country Club LLC Inew) OXY Long Beach Inc Ranch Town Center LLC Seal Beach Mutual Terra Funding -Bixby Ranch LLC (Western National Life Insurance Company) 5u :H&Cf acm.- FY 2017-2018 Property Tax Summary (con't) Property Tax Budgeted (All Components) $8,012,200 Property Tax Received $4,372,200 Receipts are ahead of the same period last year by $284,400 Year end projection - better than budgeted a 2/12/2018 C] FY 2017-2018 Utility Users Tax Utility Users Tax Budgeted $4,500,000 Utility Users Tax Received $1,816,400 Receipts are $9,300 higher than the same period last year Year end projection - lower than budget 8 FY 2017-2018 Sales Tax Summary Sales Tax Composition Fuel and Services Stations - 11% General Consumer Goods - 36% Restaurants and Hotels - 26% All Others - 27% Top 10 accounts generate 33% of Sales Tax revenue Soume:HELCoren a Cone 2/12/2018 rd FY 2017-2018 Sales Tax Summary (con't) Top Ten Sales Tax Payers 76 Bed Bath a Beyond Chevron Home Goods xohts Marshalls Old Ranch Country Club Pavilions Ralphs Target Sou—HOL Corcn ft Cone FY 2017-2018 Sales Tax Summary (con't) Sales Tax Budgeted $4,250,100 Sales Tax Received $1,345,300 Receipts are lower than the same period last year Year end projection - could be lower than budget 2/12/2018 5 FY 2017-2018 Property Tax in Lieu of Vehicle License Fees Vehicle Licenses Fees Budgeted $2,560,000 Vehicle License Fees Received $ 0 Receipts are the same period last year Year end projection - slightly above budget ,o FY 2017-2018 Transient Occupancy Tax Transient Occupancy Tax Budgeted $1,650,000 Transient Occupancy Tax Received $ 466,200 Receipts are 1.2% lower than the same period last year Year end projection - in line with budget M 2/12/2018 11 FY 2017-2018 Business License Business License Budgeted $ 505,000 Business License Received $ 340,400 Receipts are better than the same period last year Year end projection - better than budget ,z FY 2017-2018 General Fund Revenue Review Total Current Revenue Budget $30,195,900 Total Revenue Received $12,401,500 Total General Fund Revenue Received 41% Overall General Fund Revenue $ 877,700 Increase from Prior Year 2/12/2018 7 2/12/2018 FY 2017-2018 General Fund Expense Review Total Adopted General Fund Expense $39,786,000 Approved Expense Modifications S 537,000 Total Current Expense Budget $40,323,000 FY 2017-2018 General Fund Budget Modifications Various PO Encumbrances $ 537,000 FY 2017-2018 General Fund Expense Review (con't) Total Current Expense Budget $40,323,000 Total Expenses Incurred $16,827,300 Total General Fund Expenditures 42% Overall General Fund Expenses $ 341,000 Increase From Prior Year i6 FY 2017-2018 Non General Fund Review Summary Revenues slightly higher than expectation Expenses slightly lower than expectations ,7 2/12/2018 0 2/12/2018 FY 2017-2018 Pension Discussion Seal Beach Miscellaneous Plan: CalPERS 2% @ 55 Pool Employer Contribution - 9.599% Employee Contribution - 7.00% Seal Beach PEPRA Miscellaneous Plan: CalPERS 2% @ 60 Pool Employer Contribution - 6.908% Employee Contribution - 6.50% 18 FY 2016-2017 Pension Discussion (con't) Seal Beach Miscellaneous Plan: Funded Ratio as of 06/30/2015 - 80.1% Seal Beach PEPRA Miscellaneous Plan: Funded Ratio as of 06/30/2015 - 95.8% 19 FY 2017-2018 Pension Discussion (con't) Seal Beach Safety Plan: CaIPERS 3% 9 50 Pool Employer Contribution - 21.418% Employee Contribution - 12.00% Seal Beach PEPRA Safety Plan: CaIPERS 2.7% @ 57 Pool Employer Contribution - 12.729% Employee Contribution - 12.25% N FY 2017-2018 Pension Discussion (con't) Seal Beach Safety Plan: Funded Ratio as of 06/30/2015 - 77.1 % Seal Beach PEPRA Safety Plan: Funded Ratio as of 06/30/2015 - NA Seal Beach Fire Safety Plan: Funded Ratio as of 06/30/2015 - 73.8% 2/12/2018 11 FY 2017-2018 Pension Discussion (con't) Pension Obligation Bonds Issued in 2008 Covered the cost of the unfunded liability Saved the City $500,000 Final payment - June 2019 FY 2017-2018 OPEB Discussion Other Post Employment Benefits Benefit for employees who retire from Seal Beach Actuarial Valuation 100% of the Annual Required Contribution 2/12/2018 12 FY 2017-2018 Mid -Year Budget Review The City of Seal Beach is in good shape: Fiscally Sound Financially Responsible Minimatly Funded Reserves Questions 2/12/2018 13