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Home My WebLink AboutFY 2024-25 Mid Year Budget Update Presentation1 FISCAL YEAR2024-25 Mid-Year Budget FY 2024-25 Mid-Year General Fund Update 2 FISCAL YEAR 2024-25 Mid-Year Budget Update FY 2024-25 General Fund 3 Property Tax Sales Tax Utility Users Tax Charges for Services Fines & Forfeitures Hotel Tax (TOT) 74%89% Property Tax, $15.4 M, 35% Sales and Use Tax, $11.9 M, 27% Utility Users Tax, $5.1 M, 12% Charges for Services, $3.1 M, 7% Fines and Forfeitures, $1.6 M, 4% Transient Occupancy Tax, $1.9 M, 4% Other Revenue, $5. M, 11% FISCAL YEAR 2024-25 Mid-Year Budget Update Property Tax Seal Beach Assessed Valuation •$7.6 Billion Orange County Assessor •6,494 Parcels •5.01% change from FY 2023-24/County 5.41% •Median Single-Family Home Sales $1.6 M •Property Tax $15.4 M •35% of General Fund •Stable Revenue Source •.15 of $1.00 •On Budget FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE Sales Tax Sales Tax Components $11.9 M: •Largest Consumer Goods and Restaurants •3Q24 Seal Beach down -4.6% •Receipts under from the same time as last year •Lower Restaurants, Hotels, Count Pool, Food and Drugs, Fuel FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE Utility Users Tax (UUT) UUT $5.1 M Budget 12%: •Electric, Natural Gas, Telecommunications •Lowered in 2014 •General Government •On Budget FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE Charges for Services Charges for Services 7.1% $3.1 M: •A fee collected to pay for services related to the activity. •Subsidized by General Fund FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE Fines and Forfeitures •Municipal Code Violations •Vehicle Code Violations •Unclaimed Property •Parking Citation Revenue Reduction •No Animal Control Citations – Warnings •Unanticipated Increase in Animal Control Calls FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE Transient Occupancy Tax (TOT) TOT $1.6 M: •3 Hotels •The Pacific Inn •Ayres •Hampton •Continues to exceed all historic levels •46 Short Term Rentals FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE FY 2024-25 General Fund Expenditures 10 Regular Salaries, $10.3 M, 23% Retirement , $5.6 M, 13% Other Pay & Benefits, $4.8 M, 11% Maintenance & Operations, $23.3 M, 53% FISCAL YEAR 2024-25 PROPOSED BUDGET FY 2024-25 Mid-Year General Fund Update FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE USES, BY TYPE ADOPTED BUDGET YTD-ACTUAL %ADOPTED BUDGET YTD-ACTUAL % 01-REGULAR SALARIES 10,044,256 4,462,556 44%10,269,416 4,873,918 47% 02-OTHER PAY AND BENEFITS 4,874,982 2,149,903 44%4,780,729 2,416,169 51% 03-RETIREMENT 4,959,523 3,812,827 77%5,608,884 4,565,247 81% 04-MAINTENANCE AND OPERATIONS 20,127,015 10,881,495 54%21,324,656 10,901,969 51% 05-CAPITAL OUTLAY 10,000 10,000 100%- - 06-DEBT EXPENSE 91,807 45,905 50%91,811 - 0% TOTAL OPERATING EXPENDITURES 40,107,583 21,362,686 53%42,075,496 22,757,303 54% 07-TRANSFERS OUT 15,330,789 1,022,393 7%12,253,396 (141,226) -1% TOTAL EXPENDITURES & USES 55,438,372 22,385,079 40%54,328,892 22,616,077 42% FY 2023-2024 FY 2024-2025 Maintenance and Operations •Fire Services •West Comm •Legal Services •Contract Services, Training, Supplies under budget FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE CC Discretionary, 0.05m, 0%Supplies/Dues/Training, 0.26m, 1% Rental/Lease Equipment, 0.13m, 1% Contract Professional, 4.20m, 20% Fire Services, 7.10m, 33% West Comm, 0.96m, 5% Insurance/Workers Comp, 2.81m, 13% Legal, 0.58m, 3% Maintenance, 0.21m, 1% Equipment, Materials, other, 2.65m, 12% IT Services, 1.17m, 5% Refuse, 1.30m, 6% Salaries and Benefits •Most Positions Filled Compared to last year •Remaining on Budget FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE Seal Beach Revitalization Plan Payment To CalPERS COMPLETE Lifeguard HQ Connectivity Complete Radios/Aerial Vehicle Jet Skis and Upfitting License Plate Reader & Emergency Bypass CDTFA Measure GG City Fleet Fleet Feasibility – Complete Two Police Cars – Emergency Backhoe – Lifeguard Truck Grant Writing & IT Assessment Revenue Opportunities Business License Survey Operational Assessment/Class and Comp Personnel Equity Grant Assistance OCTA Grant and Matching Funds FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE Mid-Year Updates 15 FISCAL YEAR 2024-25 Mid-Year Budget Update Public Works Permit Fund Water Portal Special Departmental Insurance Proceeds Vehicle Purchases Fire Risk Reduction and Brush Cleaning McGaugh Gym Cost Sharing Next Steps •Start Planning Now •Look for Alternative Funding Options and Seek New Revenue Opportunities •Budget Development •March 24 – Budget Study Session •May 6 and 8 – Public Budget Workshops Jan Feb Mar Apr May June Revenue and Expense Projections Personnel Budget Development Departmental Budget Preparation Department CIP Preparation City Manager Review Preliminary Budget Preparation Public Input and Engagement City Council Review Budget Adoption Budget Development Timeline Fiscal Outlook •High inflation/Interest Rates? •US Economic Policy •Unemployment low/high? •Reductions in Revenues •Expenditures Outpacing Revenues FISCAL YEAR 2024-25 MID-YEAR BUDGET UPDATE 18 FISCAL YEAR2024-25 Mid-Year Budget