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Home My WebLink AboutSupplemental - PowerPoint Mid-Year Budget Review by Vikki BeatleyCITY OF SEAL BEACH MID -YEAR BUDGET REVIEW OF SEA( 0 Mguaa0Rlr��y t • A f00UNTV Gp�� FISCAL YEAR 2018 -2019 FY 2018 -2019 General Fund Revenue Review Total Adopted General Fund Revenue $30,263,900 Approved Revenue Modifications $0 Total Current Revenue Budget $30,263,900 3/11/2019 1 FY 2018 -2019 TOP 5 SOURCES OF REVENUE 1 . Property Taxes 2. Utility Users Taxes 3. Sales Tax 4. Property Tax In Lieu of Vehicle License Fees 5. Transient Occupancy Taxes 2 FY 2018 -2019 Property Tax Summary Net taxable value increase of 4.80% County increased 6.3% Assessed value increased $260 million Property sales and Proposition 8 value recapture Median home price in Seal Beach is $1,020,000 (As of August 2018) - Up $70,000 7.4 %) from 2017 Source:HdL Coren Et Cone z 3/11/2019 K FY 2018 -2019 Property Tax Summary (con't) Top Ten Property Tax Payers AL U S 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) Source:HEt Coen a Cone d FY 2018 -2019 Property Tax Summary ( con't) Property Tax Budgeted (All Components) $8,582,900 Property Tax Received $4,376,100 Receipts are ahead of the same period last year by $3,800 Year end projection - very close to budget 5 3/11/2019 3 FY 2018 -2019 Utility Users Tax Utility Users Tax Budgeted $4,175,000 Utility Users Tax Received $1,805,300 Receipts are $11,100 lower than the same period last year Year end projection - very close to budget 6 FY 2018 -2019 Sales Tax Summary Sales Tax Composition Fuel and Services Stations - 14% General Consumer Goods - 33% Restaurants and Hotels - 25% All Others - 28% Top 10 accounts generate 37% of Sales Tax revenue Source: HcIL Coren & Cone 3/11/2019 0 FY 2018 -2019 Sales Tax Summary (con't) Top Ten Sales Tax Payers 76 Chevron Energy Tubulars Home Goods Kohls Marshatls Mobil Paviltions Ralphs Target Swrce:HdL Corer a Cone FY 2018 -2019 Sales Tax Summary ( con't) Sates Tax Budgeted $4,125,000 Sales Tax Received $1,496,500 Receipts are higher than the same period last year Year end projection - $50,000 higher than budget 9 3/11/2019 5 FY 2018 -2019 Property Tax in Lieu of Vehicle License Fees Vehicle Licenses Fees Budgeted Vehicle License Fees Received $2,690,000 $ 0 Receipts are identical to the same period last year Year end projection - slightly above budget is FY 2018 -2019 Transient Occupancy Tax Transient Occupancy Tax Budgeted $1,675,000 Transient Occupancy Tax Received $ 452,200 Receipts are $14,000 lower than the same period last year Year end projection - $50,000 lower than budget 11 3/11/2019 0 FY 2018 -2019 Business License Business License Budgeted $ 505,000 Business License Received $ 320,800 Receipts are $19,800 lower than the same period last year Year end projection - slightly lower than budget 13 FY 2018 -2019 General Fund Revenue Review Total Current Revenue Budget $30,263,900 Total Revenue Received $12,000,900 Total General Fund Revenue Received 40% Overall General Fund Revenue $ 400,800 Lower than Prior Year 13 3/11/2019 7 FY 2018 -2019 General Fund Expense Review Total Adopted General Fund Expense $37,366,600 Approved Expense Modifications $ 163,100 Total Current Expense Budget $37,529,700 14 FY 2018 -2019 General Fund Budget Modifications Various PO Encumbrances 5 163,100 15 3/11/2019 E FY 2018 -2019 General Fund Expense Review (con't) Total Current Expense Budget $39,529,700 Total Expenses Incurred $16,765,400 Total General Fund Expenditures 42% Overall General Fund Expenses $ 61,900 Decrease From Prior Year 16 FY 2018 -2019 Non General Fund Review Summary Revenues in line with expectation Expenses in line than expectations M 3/11/2019 0 FY 2018 -2019 Pension Discussion Seal Beach Miscellaneous Plan: Ca(PERS 2% @ 55 Pool Employer Contribution - 10.152% Employee Contribution - 7.00% Seal Beach PEPRA Miscellaneous Plan: CaIPERS 2% @ 60 Pool Employer Contribution - 7.266% Employee Contribution - 6.50% is FY 2018 -2019 Pension Discussion (con't) Seal Beach Miscellaneous Plan: Funded Ratio as of 06/30/2016 - 73.9% Seal Beach PEPRA Miscellaneous Plan: Funded Ratio as of 06/30/2016 - 88.8% 19 3/11/2019 10 FY 2018 -2019 Pension Discussion (con't) Seal Beach Safety Plan: CaIPERS 3% @ 50 Pool Employer Contribution - 19.346% Employee Contribution - 12.00% Seal Beach PEPRA Safety Plan: CaIPERS 2.7% @ 57 Pool Employer Contribution - 12.965% Employee Contribution - 12.75% 20 FY 2018 -2019 Pension Discussion (con't) Seal Beach Safety Plan: Funded Ratio as of 06/30/2016 - 71.6% Seal Beach PEPRA Safety Plan: Funded Ratio as of 06/30/2016 - 92.7% Seal Beach Fire Safety Plan: Funded Ratio as of 06/30/2016 - 67.2% 21 3/11/2019 11 FY 2018 -2019 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 2018 -2019 OPEB Discussion Other Post Employment Benefits Benefit for employees who retire from Seal Beach Actuarial Valuation 100% of the Annual Required Contribution 23 3/11/2019 12 FY 2018 -2019 Mid -Year Budget Review The City of Seal Beach is in good shape: Fiscally Sound Financially Responsible Minimally Funded Reserves 24 Questions 25 3/11/2019 13 H&O 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 $ 0.0348 O.C. Dept. of Education- General Fund $ 0.0206 Orange County Flood Control District $ 0.01734 Orange Gouty Pudic Library $ 0.01589 O.C. Harbors Beaches 8 Parks Csa 26 $ 0.00840 Orange Gouty Water District $ 0.00292 Orange Couty Transit Authority $ 0.00116 Orange Gouty Vector Control District $ 0.00013 Orange Gouty Water District- Water Reserve $ 1.0000 ATI (Annual Tax Increment) Ratios for Tax Rate Area 12024, Excluding Redevelopment Factors & Additional Debt Service Data Source: Orange County Assessor 2018119 Annual Tax Increment Tables Prepared On 1014/2018 By MV This report Is not to be used In support or debt issuance or continuing disclosure statements without the written consent of HdL, Corm d Cone Page 22 HdEg' CITY OF SEAL BEACH C o ,w P AN I r 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% Total Rate 7.7500% State General Fund - 3.9375% Orange County Local I Countlywide Transportation Transportation Authority - Fund - 0.25% 0.5% City/County General Fund (Bradley- Burns) - 1% County Realignment - 1.5625% County Public Safety - 0.5% 10/312017 2:07 pm HdL • 909.881.4335 • w .hdleompanlea.eom Page 1 o11 HdLQ THE CITY OF SEAL BEACH loll & Cone 2018/19 GROWTH BY USE CATEGORY 2017/18 to 2018/19 Value Growth by Use Category Category 2017/18 Net Taxable Value 2018/19 Net Taxable Value $ Change % Change Residential 5.692 $4,251,029,715 5,695 $4,483,444,203 (79.7 %) $232,414,488 5.5% Commercial 205 $633,447,561 205 $653,019,876 (11.6 %) $19,572,315 3.1% Industrial 17 $220,357,981 17 $226,501,256 (4.0 %) $6,143,275 2.8% Unsecured (1,4181 $128,598,670 (1,380] $150,040,128 (2.7 %) $21,441,458 16.7% Cross Reference (135) $97,386,958 [139] $75,432,800 (1.3 %) - $21,954,158 -22.5% Vacant 50 $30,404,150 50 $36,971,468 (0.7%) $6,567,318 21.6% Miscellaneous 0 $0 2 $182,622 (0.0 %) $182,622 > 999.9% Agricultural 6 $4,794,545 0 $0 (0.0%) - $4,794,545 - 100.0% Exempt 334 $01 338 $0 (0.0%) Sol 0.0% TOTALS 6.304 $5,366,019,580 6,307 $5,625,592,353 (100.0 %) $259,572,773 4.8% Numbers in Blue are parcellassessment counts $4,500,000,000 $4,000.000.000 $3,500,000,000 $3,000,000,000 7 $2,500,000,000 $2,000,000,000 N $1,500,000,000 Z $1,000,000,000 $500,000,000 $0 Assessed Value by Major Use Category Residential Commercial Industrial Unsecured Cross Vacant Miscellaneous Reference Use Category Data Source: Orange County Assessor 2018119 Combined Tax Rolls Prepared On 1 0/412 01 8 By MV This report is not to be used in support of debt issuance of continuing disclosure Page 3 statements wi0wut the written consent of ROL, Conlin 8 Cone I j Residential Commercial Industrial Unsecured Cross Vacant Miscellaneous Reference Use Category Data Source: Orange County Assessor 2018119 Combined Tax Rolls Prepared On 1 0/412 01 8 By MV This report is not to be used in support of debt issuance of continuing disclosure Page 3 statements wi0wut the written consent of ROL, Conlin 8 Cone