AgdaPkt 2002-01-14 - Laserfiche WebLink

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General Fund Summary Revenues Total general fund revenues were $9.2 million, or 15%, over 1999/00 actual revenues and $9.4 million, or 15%, above the amount budgeted for 2000/01. The increase over the prior year is attributable to a continuation of a very robust local economy. The revenue highlights for 2000/01 are: Property taxes increased 10%, or $1.5 million; · Transient occupancy revenues increased 6%, or $138,470; · Building permit revenues up 56%, or $889,165; · 31% increase in utility users taxes; · Sales taxes increased 10%, or $2 million, over 1999/01. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as almost 51% of the general fund revenue are derived from these two sources. Sales taxes provided 29% of general fund revenue while property taxes accounted for 22% of general fund revenue. Expenditures Total citywide expenditures for 2000/01 were $4.8 million more than that expended in 1999/00, but $1.8 million less than budgeted for 2000/01. Employee costs continue to represent the highest single source of expenditures accounting for 64% of all general fund expenditures. Transfers Each year funds are transferred out of the general fund to support the traffic safety fund and gas tax fund. For 2000/01, $778,000 was transferred to the traffic safety fund while $371,807 was transferred to the gas tax fund. Also, an amount equal to the utility users tax revenue less the Public Finance Authority bond payment is transferred to the capital projects fund. This transfer amounted to $4.6 million in 2000/01. Additionally, at Council direction, $4.3 million was transferred from the general fund to provide additional resources for various capital projects. Fund Balance The net effect of the revenues, expenditures, transfers, and changes in other fund balance reserves has been an increase of $4.9 million in the unreserved fund balance (available for any Council designated expenditure) bringing the balance to $27 million. In 1999/00, the Council adopted a Finance Committee recommendation to maintain this amount between 15% and 20% of estimated revenues. Applying this formula (using 2000/01 estimated revenues) leaves approximately $14.1 million in excess fund balance. Of this $14.1 million was appropriated with the 2001/02 adopted budget.