AgdaPkt 2017-01-09 Closed and Joint

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6.1.D. - Page 4 ANALYSIS General Fund Highlights Revenues Budgeted Revenue Actual Revenue $112,999,824 $118,435,016 ATTACHMENT Variance -$- Variance -%- $5,435,192 4.6% General Fund Revenue Comparison (FY 2014-15 to FY 2015-16) FY 2014-15 FY 2015-16 Actual Revenue Actual Revenue Change-$- Change -%- $112,221,685 $118,435,016 $6,213,331 5.5% The revenue increase this fiscal year is primarily due to an increase in property taxes, sales and other taxes, and licenses and permits. Some of the general fund revenue highlights are: • Property taxes exceeded prior year by $3.3 million, primarily due to growth in assessed value. The City received 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 fiscal years. This $4.7 million payment was less than the prior fiscal year amount by $341 thousand. • Sales and other taxes exceeded prior year by $879 thousand, primarily due to a $1.1 million increase in locally generated sales tax. • Licenses and permits revenue increased $805 thousand due to an increase in building permits issued. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as over 60% of the general fund revenue is derived from these two sources. Sales taxes provided 19.9% of general fund revenue while property taxes accounted for 40.4% of general fund revenue. Utilitv 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 $9.63 million utility users' tax revenue, $3.73 million was communication users' tax. By Council direction utility users' tax is used to pay debt service ($0.7 million) on Public Financing Authority lease, with the remaining balance transferred to the capital outlay fund for the City's general capital improvement program. Page 2 of 6