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6.G. - Page 2 of 187
<br />General Fund Highlights
<br />Below is a comparison table of budget versus actual results, and prior year versus current year results, for
<br />General Fund (GF) revenues and expenditures, not including transfers in/out.
<br />Revenues
<br />Total General Fund revenues for FY 2017-18 were $143.1 million. This was $13.5 million, or 10.4 percent
<br />more, than the revenue received in FY 2016-17, and $2.7 million, or 1.9 percent more than the final
<br />adjusted budget.
<br />Revenues were higher than budgeted due to property taxes, licenses and permits, plan check fees, and
<br />recreation program fees all coming in higher than expected.
<br />The revenue increase this fiscal year, as compared to the prior fiscal year, is primarily due to an increase
<br />in property taxes, licenses and permits, and charges for services.
<br />Select General Fund revenue highlights include:
<br />• Property taxes exceeded prior year by $5.8 million, primarily due to growth in assessed value. The City
<br />received $5.6 million from the County of San Mateo in excess Education Revenue Augmentation Fund
<br />revenue. The $5.6 million payment was $0.7 million more than the prior fiscal year amount.
<br />• Sales and other taxes increased by $0.9 million, primarily due to an increase in transient occupancy
<br />tax revenues of $1.0 million.
<br />• Licenses and permits revenue increased $3.5 million, due to an increase in building/development fee
<br />amounts, and new fees that were implemented in FY 2017-18.
<br />• Charges for current services increased by $3.0 million, primarily due to General Plan maintenance fees
<br />increasing by $1.1 million, new revenue of $0.8 million generated by the Geographic Information
<br />System fee, and plan check fees increasing by $0.3 million.
<br />The City continues to rely primarily upon property and sales taxes to fund City services, as 56.6 percent of
<br />the General Fund revenue is derived from these two sources. Property taxes accounted for 40.6 percent
<br />of General Fund revenue, while sales taxes provided 16.0 percent of General Fund revenue.
<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore
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<br />2017
<br />2018
<br />Change
<br />% Change
<br />Revenue
<br />$ 129,622,688
<br />$ 143,135,100
<br />$ 13,512,412
<br />10.4%
<br />Expenditures
<br />$ 112,141,986
<br />$ 125,859,231
<br />$ 13,717,245
<br />12.2%
<br />Budget
<br />Actual
<br />Variance
<br />% of Budget
<br />Revenue
<br />$140,483,931
<br />$143,135,100
<br />$ 2,651,169
<br />101.9%
<br />Expenditures
<br />$130,451,664
<br />$125,859,231
<br />$ 4,592,433
<br />96.5%
<br />Revenues
<br />Total General Fund revenues for FY 2017-18 were $143.1 million. This was $13.5 million, or 10.4 percent
<br />more, than the revenue received in FY 2016-17, and $2.7 million, or 1.9 percent more than the final
<br />adjusted budget.
<br />Revenues were higher than budgeted due to property taxes, licenses and permits, plan check fees, and
<br />recreation program fees all coming in higher than expected.
<br />The revenue increase this fiscal year, as compared to the prior fiscal year, is primarily due to an increase
<br />in property taxes, licenses and permits, and charges for services.
<br />Select General Fund revenue highlights include:
<br />• Property taxes exceeded prior year by $5.8 million, primarily due to growth in assessed value. The City
<br />received $5.6 million from the County of San Mateo in excess Education Revenue Augmentation Fund
<br />revenue. The $5.6 million payment was $0.7 million more than the prior fiscal year amount.
<br />• Sales and other taxes increased by $0.9 million, primarily due to an increase in transient occupancy
<br />tax revenues of $1.0 million.
<br />• Licenses and permits revenue increased $3.5 million, due to an increase in building/development fee
<br />amounts, and new fees that were implemented in FY 2017-18.
<br />• Charges for current services increased by $3.0 million, primarily due to General Plan maintenance fees
<br />increasing by $1.1 million, new revenue of $0.8 million generated by the Geographic Information
<br />System fee, and plan check fees increasing by $0.3 million.
<br />The City continues to rely primarily upon property and sales taxes to fund City services, as 56.6 percent of
<br />the General Fund revenue is derived from these two sources. Property taxes accounted for 40.6 percent
<br />of General Fund revenue, while sales taxes provided 16.0 percent of General Fund revenue.
<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore
<br />181
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