The URL can be used to link to this page

Home My WebLink About2-22-21 Midyear UpdateCITY OF SEAL BEACH FISCAL YEAR 2019-20 PRELIMINARY RESULTS FISCAL YEAR 2020-21 MIDYEAR UPDATE ow. Y --1 -lip -� - City Council Meeting Fe" bruar22..-2021 FISCAL YEAR 2019-20 PRELIMINARY GENERAL FUND FINANCIAL RESULTS FY 2019-20 Preliminary General Fund Financial Results Audit is 99% complete. Budget vs. Actuals are more favorable than expected. Fund Balance is expected to close out higher than expected. Received large sum of one-time revenues which resulted in $3.8 million in excess revenues over budget. Expenditures were under budget due to departments pulling back and delays in CIP (COVID- 19 related) FY 2019-20 Preliminary General Fund Financial Results REVENUES Taxes Property Tax Sales and Use Tax Transaction Tax Utility Users Tax Transient Occupancy Tax Franchise Fees Business License Tax Other Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Use of Money and Property Other Revenues Transfers In FY 19/20 FY 19/20 Positive/ Amended Preliminary (Negative) Budget Actuals Variance $11,940,700 4,200,000 4,712,500 4,175,000 1,585,000 1,073,800 505,000 484,300 957,100 307,300 3,083,400 1,410,500 723,400 453,400 115,000 $35,726,400 $12,358,161 3,898,735 4,923,324 3,941,877 1,298,707 1,034,280 569,397 441,731 979,452 644,271 2,656,096 1,239,154 1,719,497 3,240,379 642,245 $39,587,306 $ 417,461 (301,265) 210,824 (233,123) (286,293) (39,520) 64,397 (42,569) 22,352 336,971 (427,304) (171,346) 996,097 2,786,979 527,245 $ 3,860,906 FY 2019-20 Preliminary General Fund Financial Results City Council City Manager City Clerk City Attorney Finance Non -Departmental Police Fire Community Development Public Works Community Services Marine Safety Total EXPENDITURES FY 19/20 Amended Budget $ 182,600 4,617,200 316,000 492,000 844,500 6,506,800 12,727,700 6,090,700 1,197,100 3,288,500 1,331,600 209,600 FY 19/20 Preliminary Actuals $ 102,671 4,330,108 280,795 380,961 771,221 4,409,460 12,462,252 6,093,156 1,022,787 3,103,623 1,077,958 178,359 (Positive)/ Negative Variance $ (79,929) (287,092) (35,205) (111,039) (73,279) (2,097,340) (265,448) 2,456 (174,313) (184,877) (253,642) (31,241) $ 37,804,300 $ 34,213,351 $ (395909949) FY 2019-20 Preliminary General Fund Financial Results Revenues Expenditures Net Income NET INCOME FY 19/20 FY 19/20 Positive/ Amended Preliminary (Negative) Budget Actuals Variance $ 35, 726,400 $ 39, 587, 306 $ 3,860,906 37,804,300 3452135351 35590,949 $ (2,077,900) $ 5,373,955 $ 75451,855 Causes of Increase in Net Income: Delay in capital improvement projects Cost reductions for COVID-19 Insurance recoveries for Pier fire CARES Act reimbursement Non-cash Fair Value Adjustment on Investments $ 25205,939 1,216,064 2,814,549 512,600 912,767 $ 7,661,919 FISCAL YEAR 2020-21 GENERAL FUND PACING AS OF DECEMBER 31., 2020 FY 2020-21 2"d Quarter General Fund Pacing REVENUES FY 20/21 FY 20/21 Amended YTD as of % Budget 12/31/2020 Earned Taxes Property Tax $12,453,700 $ 5,197,365 42% Sales and Use Tax 3,670,000 1,418,555 39% Transaction Tax 4,798,000 1,848,878 39% Utility Users Tax 4,120,000 1,746,121 42% Transient Occupancy Tax 1,005,000 107,634 11% Franchise Fees 1,059,000 174,375 16% Business License Tax 520,000 425,627 82% Other Taxes 454,000 187,231 41% Licenses and Permits 988,700 394,850 40% Intergovernmental 367,300 73,603 20% Charges for Services 2,898,400 1,089,472 38% Fines and Forfeitures 1,220,500 820,719 67% Use of Money and Property 593,400 544,914 92% Other Revenues 464,700 306,674 66% Transfers In 80,000 - 0% $ 34,692,700 $14,336,018 41% FY 2020-21 2"d Quarter General Fund Pacing EXPENDITURES City Council City Manager City Clerk City Attorney Finance Non -Departmental Police Fire Community Development Public Works Community Services Marine Safety FY 20/21 FY 20/21 Amended YTD as of % Budget 12/31/2020 Spent $ 199,867 $ 26,365 13% 45808,319 2,3115395 48% 316,900 1545279 49% 436,000 177,086 41% 840,700 4025442 48% 125245,870 1,3545113 11% 125986,900 7,1765078 55% 6,372,800 3,365,601 53% 1,380,800 538,981 39% 35432,624 1,2375753 36% 15256,300 3885185 31% 190,500 97,879 51% $ 44,467,579 $17,230,156 39% FY 2020-21 2"d Quarter General Fund Pacing We will continue monitoring revenues and expenditures as we continue throughout the year. We have already identified the potential need for some budget adjustments and will bring those to you at the March 81 2021 City Council Meeting. We are working with economists to help us better predict revenues going forward, especially in light of recent closures. We will be reviewing pacing as we develop the FY 2021-22 budget. QUESTIONS &ANSWERS