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Home My WebLink AboutSupplemental Information - Mid-Year Budget Review PowerPointCITY OF SEAL BEACH MID -YEAR BUDGET REVIEW OF SEA[ 9 a�oaaax�,Ff4�,y yo 2 ycF��l/NIiV Cp`\Fo 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 2/12/2018 1 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 3 2/12/2018 ` 6 FY 2017 -2018 Property Tax Summary (con't) Top Ten Property Tax Payers AL U 5 Seal Beach Senior Housing LP ASN Long Beach LLC Boeing Columbia Regency Retail Partners LLC CPT Shops at Rossmoor LLC Old Ranch Country Club LLC (new) OXY Long Beach Inc Ranch Town Center LLC Seal Beach Mutual Terra Funding -Bixby Ranch LLC (Western National Life Insurance Company) Swrce:HdL Corers & Cone - d 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 5 2/12/2018 3 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 6 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 Source:HdL Coren a Cone 7 2/12/2018 ` 0 FY 2017 -2018 Sales Tax Summary (con't) Top Ten Sales Tax Payers 76 Bed Bath Ft Beyond Chevron Home Goods Kohls MarshaRs Old Ranch Country Club Pavillions Ralphs Target So e:HEL Corer & Cone e 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 9 MMMON 5 FY 2017 -2018 Property Tax in Lieu of Vehicle License Fees Vehicle Licenses Fees Budgeted Vehicle License Fees Received Receipts are the same period last year Year end projection - slightly above budget 10 FY 2017 -2018 $2,560,000 $ 0 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 IT 2/12/2018 0 FY 2017 -2018 Business License Business License Budgeted Business License Received Receipts are better than the same period last year Year end projection - better than budget FY 2017 -2018 General Fund Revenue Review $ 505,000 $ 340,400 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 FY 2017 -2018 General Fund Expense Review Total Adopted General Fund Expense $39,786,000 Approved Expense Modifications $ 537,000 Total Current Expense Budget $40,323,000 14 FY 2017 -2018 General Fund Budget Modifications Various PO Encumbrances $ 537,000 2/12/2018 W l 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 FY 2017 -2018 Non General Fund Review Summary Revenues slightly higher than expectation Expenses slightly lower than expectations 17 2/12/2018 9 FY 2017 -2018 Pension Discussion Seal Beach Miscellaneous Plan: CaIPERS 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 2/12/2018 ` 10 FY 2017 -2018 Pension Discussion (con't) Seal Beach Safety Plan: CalPERS 3% @ 50 Pool Employer Contribution - 21.418% Employee Contribution - 12.00% Seal Beach PEPRA Safety Plan: CalPERS 2.7% @ 57 Pool Employer Contribution - 12.729% Employee Contribution - 12.25% 20 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% 21 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 22 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 23 2/12/2018 12 FY 2017 -2018 Mid -Year Budget Review The City of Seal Beach is in good shape: Fiscally Sound Financially Responsible Minimally Funded Reserves 24 Questions r 2/12/2018 13 H " COREN&CONE THE CITY OF SEAL BEACH PROPERTY TAX DOLLAR BREAKDOWN $ 0.3539 Los Alamitos Unified General Fund $ 0.1871 Educational Revenue Augmentation Fund $ 0.1576 Seal Beach General Fund $ 0.1002 Coast Community College General Fund $ 0.0641 Orange County General Fund $ 0.0359 O.C. Sanitation #3 Operating $ 0.0346 O.C. Dept. of Education- General Fund $ 0.0206 Orange County Flood Control District $ 0.01734 Orange County Pubic Library $ 0.01569 O.C. Harbors Beaches 8 Parks Cm 26 $ 0.00640 Orange County Water District $ 0.00292 Orange County Transit Authority $ 0.00116 Orange County Vector Control District $ 0.00013 Orange County Water District. Water Reserve $ 1.0000 ATI (Annual Tax Increment) Ratios for Tax Rate Area 12024, Excluding Redevelopment Factors 8 Additional Debt Service Data Source: Orange County Assessor 2017118 Annual Tax Increment Tables Prepared On 10/19/2017 By MV This report Is not to be used In support ordebt Issuance or continuing disclosure statements without the written consent or HdL, Coren 6 Cone Page 21 HC�Lya THE CITY OF SEAL BEACH CORENB.CONE 2017/18 USE CATEGORY SUMMARY BASIC PROPERTY TAX TABLE Category Parcels Net Taxable Value G. F. Revenue Incr. Revenue Residential 5,689 $4,245,659,763 (79.1°/x) $5,934,735.94 $2,653,539.69 Commercial 204 $629,546,318 (11.7 %) $871,968.20 $291,568.51 Industrial 17 $220,357,981 (4.1 %) $347,305.95 $0.00 Agricultural 6 $4,794,545 (0.1%) $7,576.36 $0.00 Vacant 54 $39,675,345 (0.7%) $45,545.04 $94,889.66 Exempt 334 $0 (0.0%) $0.00 $0.00 Cross Reference [135] $97,386,958 (1.8%) $148,238.41 $39,947.99 Unsecured [1,418] $128,598,670 (2.4%) $194,083.10 $21,350.46 TOTALS 6,304 $5,366,019,580 $7,549,453.01 $3,101,296.31 Others 5.2% Industrial 4.6% Comme,oa 11.5% CITY REVENUE PORTION 9ntlal INCREMENTAL REVENUE PORTION Others Com ?dial Date Source: Orange County Assessor 2017118 combined Tax Rolls Prepared On 10119/2017 By MV This repod is not to be used in support ot debt issuance or contmuirg disclosure statements without the written consent or HdL, Page 18 Loren 6 Cone HidEey' CITY OF SEAL BEACH C o M P A N I E s Breakdown of 7.75% Sales Tax Rate Effective January 1, 2017 State General Fund 3.9375% City/County General Fund (Bradley -Bums) 1.0000% County Public Safety (Prop 172) 0.5000% County Realignment (Mental Health/Welfare /Public Safety) 1.5625% Countywide Transportation Fund 0.2500% Orange County Local Transportation Authority (OCTA) 0.5000% TOUT Rate 7.7500% State General Fund - 3.9375% Orange County Local Countywide Transportation Transportation Authority - Fund - 0.25% 0.5% City/County General Fund (Bradley- Burns) - 1% I County Public Safety - 0.5% '031,201! 207 pm H0L • 909.991A335 • w .hdlwmpenles.wm Pape I of 1