AgdaPkt 2006-01-09 - Laserfiche WebLink

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Attachment I ,C' General Fund Hiahliahts Revenues Total general fund revenues were $70 million, or 7.62%, over FY 2004/05 actual revenues of $65 million and $4 million, or 6.17%, above the budgeted revenues of $66 million for FY 2004/05. The increase over the prior year is primarily attributable to increased rebates from San Mateo County for prior year payments to the Education Revenue Augmentation Fund (ERAF). The general fund received a payment of $2.5 million from the County as its share of the ERAF rebate. Additional factors contributing to the increase in general fund revenues are higher property taxes of $1.1 million due to increased assessed valuation, increased vehicle license fee (VLF) tax of $1.1 million is due to the re-instatement of the VLF backfill in FY 2004/05 after receiving only eight months of this revenue in FY 2003/04, increased sales taxes and other taxes of $0.7 million. The revenue highlights for FY 2004/05 are: . Property taxes (excluding supplemental taxes and prior years taxes) increased 5.5%, or $1.1 million from $20.4 million to $21.5 million; . Sales taxes increased 4.65%, or $0.7 million from $15.7 million to $16.4 million mostly due to new vehicles sales and increased gas prices at the gas stations. . Transient occupancy revenues increased 21.1 %, or by $0.4 million from $1.8 million to $2.2 million. This is due to the voter-approved increase in the transient occupancy tax rate from 8% to 10% in December 2003 (in effect for the full year in FY 2004/05) and increased occupancy; . Utility users tax revenue increased 2.25%, or $0.2 million from $7.5 million to $7.7 million. . Vehicle license fee (VLF) tax increased 31 %, or $1.1 million from $3.5 million to $4.6 million due to the re-instatement of the VLF backfill from the state in FY 04/05. The State backfill was suspended for four months in FY 2003/04. . ERAF rebate of $2.5 million ($1.5 million attributed to FY 2003/04 and $1 million attributed to FY 2004/05) compared to $1.2 million received in FY 2003/04. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as almost 55% of the general fund revenue is derived from these two sources. Sales taxes provided 24% of general fund revenue while property taxes accounted for 31 % of general fund revenue. Expenditures Total general fund expenditures for FY 2004/05 were $63.5 million. This was $3.5 million or 5.85% over the amount expended in FY 2003/04. Employee costs continue to represent the highest single source of expenditures accounting for 73% of all general fund expenditures. 2