AgdaPkt 2015-01-12 Joint SA Amended

Browse Search

ATTACHMENT 1 7.1.A. - Page 3 General Fund Revenue Comparison (FY 2012 -13 to FY 2013 -14) FY 2012 -13 FY 2013 -14 Actual Revenue Actual Revenue Change -$- Change - %- $92,414,484 $105,082,019 $12,667,535 13.7% The revenue increase this fiscal year is primarily due to an increase in property taxes, sales and other taxes, licenses and permits, and charges for services. Some of the general fund revenue highlights are: • Property taxes exceeded prior year by $3.3 million primarily due to growth in assessed value, and the receipt of a $4.7 million payment from the County of San Mateo due to the over - deduction of Education Revenue Augmentation Fund amounts from the City in prior years, which exceeded the prior year amount by $0.4 million. • Sales and other taxes exceeded prior year by $1.5 million due to a $1.3 million increase in locally generated sales tax, and $0.2 million additional receipts from the County Pool (use tax not assigned to specific locations). Transient occupancy taxes were $0.7 million more than the prior year due to increased occupancy. • Licenses and permits revenue increased $0.66 million due to an increase in building permits related to increased building activity. • Charges for services increased $5.3 million over the prior year primarily due to fees collected for fire services provided to the City of San Carlos through a new agreement implemented in fiscal year 2013 -14 in which the City provides full fire services to the City of San Carlos, and increased plan checking fees related to increased building activity. The City continues to rely very heavily upon property and sales taxes (exclusive of Proposition 172 sales tax revenue) as over 59% of the general fund revenue is derived from these two sources. Sales taxes provided 19.8% of general fund revenue while property taxes accounted for 39.7% of general fund revenue. Utility Users' Tax/Communication Users' Tax Revenues Pursuant to section 32.621 of the City's municipal code, the following information must be conveyed to the City Council: Of the total $9.59 million utility users' tax revenue, $4.26 million was communication users' tax. By Council direction, utility users' tax is used to pay debt service ($.36 million) on Public Financing Authority lease, with the remaining balance transferred to the capital outlay fund for the City's general capital improvement program. In FY 2013 -14 there were no exemptions granted for communication users' tax. Expenditures Budgeted Actual Expenditures & Expenditures Encumbrances Variance -$- Variance - %- $88,312,479 $87,049,636 $1,262,843 1.4% Page 2 of 7