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Home My WebLink AboutBUDGET 25-26 First Quarter Budget UpdateFirst Quarter Budget Update FISCAL YEAR 2025-26 FY 2025-26 First Quarter General Fund Update 2 FISCAL YEAR 2025-26 First Quarter Budget Summary SOURCES ADOPTED BUDGET YTD-ACTUAL %ADOPTED BUDGET YTD-ACTUAL % 01-PROPERTY TAXES 15,390,000 255,028 2%16,327,000 293,687 2% 02-SALES AND USE TAXES 11,891,183 822,270 7%14,643,000 1,027,667 7% 03-UTILITY USERS TAX 5,100,000 911,904 18%5,440,000 888,191 16% 04-TRANSIENT OCCUPANCY TAX 1,850,000 7,928 0%1,890,000 13,532 1% 05-FRANCHISE FEES 1,108,000 62,856 6%1,160,000 58,194 5% 06-OTHER TAXES 829,800 228,209 28%810,000 280,222 35% 07-LICENSES AND PERMITS 872,000 346,816 40%861,000 314,326 37% 08-INTERGOVERNMENTAL 173,800 12,734 7%241,000 53,050 22% 09-CHARGES FOR SERVICES 3,114,700 892,505 29%3,315,450 1,148,284 35% 10-FINES AND FORFEITURES 1,598,800 309,672 19%1,582,300 270,147 17% 11-USE OF MONEY AND PROPERTY 750,000 191,642 26%953,000 302,247 32% 12-ALLOCATED COSTS - - - - 13-OTHER REVENUES 85,600 186,728 218%147,330 51,221 35% TOTAL OPERATING REVENUE 42,763,883 4,228,292 10%47,370,080 4,700,767 10% 14-TRANSFERS IN 1,220,781 - 0%822,000 - 0% TOTAL REVENUES & SOURCES 43,984,664 4,228,292 10%48,192,080 4,700,767 10% FY 2024-2025 FY 2025-2026 FY 2025-26 General Fund Revenue FISCAL YEAR 2025-26 First Quarter Budget Summary Property Tax Sales Tax Utility Users Tax Charges for Services Fines & Forfeitures Hotel Tax (TOT) 76%90% Property Tax, $16.3 M, 34% Sales and Use Tax, $14.6 M, 31% Utility Users Tax, $5.4 M, 11% Charges for Services, $3.3 M, 7% Fines and Forfeitures, $1.6 M, 3% Transient Occupancy Tax, $1.9 M, 4% Other Revenue, $5. M, 10% Property Tax Seal Beach Assessed Valuation •$7.9 Billion Orange County Assessor •6,494 Parcels •4.3% YOY/County 5.41% •Median Single-Family Home Sales $1.4 M •Property Tax $16.3 M •34% of General Fund •Stable Revenue Source •.15 of $1.00 •On Budget FISCAL YEAR 2025-26 First Quarter Budget Summary Sales Tax & Use Tax Sales and Use Tax Components $14.6 M: •Largest Consumer Goods and Restaurants •Growth in County and State Pools •Tariff Purchase Panic •Consumer Fear Impacts Largest Sectors •On Budget FISCAL YEAR 2025-26 First Quarter Budget Summary Utility Users Tax (UUT) UUT $5.4 M Budget 11%: •Electric, Natural Gas, Telecommunications •Lowered in 2014 •Decreases in Electric •Projection Under Budget FISCAL YEAR 2025-26 First Quarter Budget Summary Charges for Services FISCAL YEAR 2025-26 First Quarter Budget Summary Charges for Services 7% $3.3 M: •A fee collected to pay for services related to the activity. •Subsidized by General Fund •Planning Fees •On Budget/Exceed Budget Transient Occupancy Tax (TOT) FISCAL YEAR 2025-26 First Quarter Budget Summary TOT $1.6 M: •3 Hotels •The Pacific Inn •Ayres •Hampton •Continues to exceed all historic levels •47 Short Term Rentals FY 2025-26 First Quarter General Fund Update FISCAL YEAR 2025-26 First Quarter Budget Summary USES, BY TYPE ADOPTED BUDGET YTD-ACTUAL %ADOPTED BUDGET YTD-ACTUAL % 01-REGULAR SALARIES 10,269,416 2,003,518 20%10,973,000 2,144,698 20% 02-OTHER PAY AND BENEFITS 4,780,729 1,107,483 23%5,837,084 1,181,864 20% 03-RETIREMENT 5,608,884 3,976,431 71%6,281,829 4,609,792 73% 04-MAINTENANCE AND OPERATIONS 21,324,656 3,449,989 16%22,338,460 6,961,013 31% 05-CAPITAL OUTLAY - - 5,000 - 0% 06-DEBT EXPENSE 91,811 - 0%- - TOTAL OPERATING EXPENDITURES 42,075,496 10,537,422 25%45,435,373 14,897,367 33% 07-TRANSFERS OUT 12,253,396 (141,226) -1%14,442,480 - 0% TOTAL EXPENDITURES & USES 54,328,892 10,396,196 19%59,877,853 14,897,367 25% FY 2024-2025 FY 2025-2026 FISCAL YEAR 2025-26 First Quarter Budget Summary Regular Salaries, $11. M, 24% Retirement, $6.3 M, 14% Other Pay & Benefits, $5.8 M, 13% Maintenance & Operations, $22.7 M, 49% FY 2025-26 General Fund Expenditures *Does not include Capital and Operational Transfer Maintenance & Operations •Fire Services •West Comm •Legal Services •Contract Services •Training •Equipment •Insurance •On Budget, timing in payments *excludes transfers CC Discretionary, $.1M, 1% Supplies/Dues/Training, $.29M, 1% Rental/Lease Equipment, $.05M, 0% Contract Professional, $4.29M, 19% Insurance/Workers Comp, $3.16M, 14% Legal, $.59M, 3% Maintenance, $.19M, 1% Equipment, Materials, other, … IT Services, $1.26M, 6% Refuse, $1.4M, 6% Fire Services, $7.33M, 33% West Comm, $.98M, 4% Intergovernmental , $.58M, 3% FISCAL YEAR 2025-26 First Quarter Budget Summary 12 Salaries and Benefits FISCAL YEAR 2025-26 First Quarter Budget Summary Next Steps •Budget Planning & Development in Process •Audit Update February 9 •March TBD CIP/Budget Proposed •March Mid-Year Update 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 •No Current Recession in 2026 •US Economic Policy Uncertainty •Unemployment Rising •Expenditures Outpacing Revenues FISCAL YEAR 2025-26 First Quarter Budget Summary First Quarter Budget Update FISCAL YEAR 2025-26