CC 3-3-20 #12 Mid-Year Financial Report PresentationsMarch 3, 2020
Mid-Year Financial Report
•Focus on timing of proposals & CIP
Requests
•Continued Transparency and
Engagement
•Biennial Budget as planning tool
Changes to Process
2
Agenda
•Budget Cycle
•Budget Status to date
•Major Revenue Trends and Projections
•Major Expenditure Trends and Projections
•Fund Balance
•Funding Recommendations
•Next Steps
3
Budget Cycle
Proposed Budget
May
Final Budget
June/July
First Quarter
November
Mid-Year
February/March
Third Quarter
May
4
FY 19-20 Amended Budget thru Dec-19: $ 207M
$150.50 $35.30
$10.7
$10.50 In Millions
Final Carryovers Encumbrances Approved Adjustments
5
FY20 Appropriation Changes since Adopted Budget
Fund FY 19-20
Adopted Carryovers Encumbrances
Adjustments
Approved in
1st-2nd Quarters
FY 19-20
Amended Budget
as Dec 31, 2019
General $80,104,468 $8,478,803 $1,962,541 $2,247,428 $92,793,240
Special Revenue 9,837,377 15,746,048 4,075,806 $1,564,528 $31,223,759
Debt Service 3,172,838 ---$3,172,838
Capital Projects 37,944,918 9,906,136 4,179,420 $6,448,441 $58,478,915
Enterprise 11,524,189 804,884 30,265 $94,073 $12,453,411
Internal Service 7,948,361 315,039 470,637 $108,745 $8,842,782
Total All Funds $150,532,151 $35,250,910 $10,718,669 $10,463,215 $206,964,945
6
General Fund Revenue
Dec-18 vs. Dec-19
Transient
Occupancy Tax
$1.1M or 35%
Licenses & Permits
$1.6M or 91%
Total Revenue
$2.4M or 7%
7
General Fund Expenditures
Dec-18 vs. Dec-19
Total Expenditures
-$8.4M or -17%Transfers Out
-$8.8M or -46%
Special Projects
-$1.8M or -69%
Materials
$0.5M or 24%
Salary & Benefits
$0.6M or 5%
Contracts
$1.3M or 13%
8
Revenue Trend Analysis –General Fund
42%
62%
38%37%41%46%
0%
20%
40%
60%
80%
Revenue Expenditures
High Low FY 19-20
9
Unassigned Fund Balance –General Fund
Adjustments: $16.04
•-$20M to Capital Reserve
•-$4M to Pension Stabilization
•$10M Net Vallco Adj
•-$1.7M Other Mid Year Adj
•-$0.9M Adj Jul-Dec 2019
•$.056M Other Minor Adj
$29.15
$16.04 $13.11
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
1st Quarter
Year End
Projection
2019-20
Adjustments Mid-Year End
Projection
2019-20In Millions10
Unassigned Fund Balance –Capital Funds
$12.00
$5.00
$17.00
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
1st Quarter
Year End
Projection
2019-20
Adjustments Mid-Year End
Projection
2019-20In MillionsAdjustments: $5.00
•$12.0M (included est $15M xfr)
•$ 5.0M (difference $20-$15M)
11
Fund Revenue Expense Fund Balance
General
Parks & Recreation $0 $(19,200)$(19,200)
Community Development 29,747,280 (21,125,634)8,621,646
Public Works 2,301,237 (2,260,781)40,456
Non-Departmental 0 (20,352,719)(20,352,719)
Total General Fund $32,048,517 $ (43,758,334)$(11,709,817)
Recommended Budget Adjustments
Capital Project Funds
Capital Improvement Plan $705,438 $(2,105,438)$ (1,400,000)
Non Departmental 20,000,000 (352,719)19,647,281
Total Capital Project Funds $20,705,438 $(2,458,157)$18,247,281
TOTAL ALL FUNDS $52,753,955 $(46,216,491)$6,537,464 12
•Parks and Recreation: $19,200
Revenue1 Expenditure
Blackberry Farm $6,000
•Freezer Repair
•Senior Center
•Hidden Treasures $5,280
•Hidden Treasures $7,920
1Revenue was received but not included in the proposal
Adjustments by Department
13
•Community Development: $21,125,634
Expenditure Revenue
•Vallco Town Center $20,056,634 $29,747,2801
•Vallco Specific Plan $1,069,000
1Revenue is from fees collected
Adjustments by Department
14
•Public Works -$2,260,781
Revenue Expenditure
•Vallco Town Center $2,301,2371 $2,001,076
•Street Lighting $105,000
•Senior Center Fire Sprinklers $42,500
•Traffic Calming $100,000
•BBF Tree Removal $12,205
1Revenue is from fees collected
Adjustments by Department
15
•Capital Improvement Plan: $2,105,438
Revenue1 Expenditure
•Library Expansion Revenue $705,438 $705,438
allocation
•Sports Center Interior $1,400,000
improvements
1This represents a transfer in of $352,719 from the Non Departmental and a prefunding of expected
savings in FY21 of $352,719 from Library extra hours budget to the Library Expansion Project.
Adjustments by Department
17
•Non Departmental: $352,719
Revenue2 Expenditure
•Library Expansion1 $352,719
•Transfer in $20,000,000
1Total Library expansion budget if approved would be $8,705,438 ($5M original budget, $3M Loan
from GF, $705,438 Library extra hours savings.)
2This represents a transfer of cash from the General Fund to the Library Expansion Project and the
Capital Reserve
Adjustments by Department
18
•Accept the City Manager’s Mid-Year
Financial Report for FY 2019-20
•Approve Budget Modification 1920-XXX for
Mid-Year adjustments as described in the
Mid-Year Financial Report
•Adopt a resolution 20-XXX approving Mid-
Year budget adjustments
Recommendations
19
Next Steps
●FY 2019-20
●Third Quarter Report to Council May 2020
●FY 20-21 and FY 21-22
●CIP Prioritization March 19, 2020
●Revenue Measures/Forecast April 13, 2020
●Community Budget Meeting 2nd or 3rd Week April
●Proposed Budget Printed May 1, 2020
●Proposed Budget Hearing May 19, 2020
●Final Budget Hearing June 16, 2020
Questions