AgdaPkt 2007-01-08 - Laserfiche WebLink

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Attachment I General Fund Hiohliohts Revenues Total general fund revenues were $77 million, or 10.30%, over FY 2005/06 actual revenues of $70 million and $7 million, or 10.35%, above the budgeted revenues of $70 million for FY 2005/06. The revenue increases this fiscal year are primarily due to an increase in property taxes, sales and other taxes offset by decreases in other revenue categories. Some of the general fund revenue highlights are: . Property taxes (excluding supplemental taxes and prior year's taxes) increased 29.26%, or $6.3 million from $21.5 million to $27.8 million due to the City receiving additional property taxes in place of revenue that the state formerly paid as motor vehicle license fees and an increase in assessed valuation on existing homes. The City also received an increased refund from San Mateo County for prior year payments to the Education Revenue Augmentation Fund (ERAF) of $3.4 million compared to $2.5 million received in FY 2004/05. . Sales taxes increased 8.65%, or $1.5 million from $16.4 million to $17.9 million due to better than anticipated sales tax revenue. . Transient occupancy revenues increased 18.94%, or by $0.4 million from $2.2 million to $2.6 million. . Utility users' tax revenue increased 13.29%, or $1 million from $7.7 million to $8.7 million. . Vehicle license fee (VLF) tax decreased by 61 % or $2.8 million from $4.6 million to $1.8 million primarily due to the shift by the state in paying motor vehicle license fees from a per capita basis to a method based on property taxes. The change resulted in a reclassification of most of the motor vehicle license fees from intergovernmental revenues to property taxes. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as almost 59% of the general fund revenue is derived from these two sources. Sales taxes provided 23% of general fund revenue while property taxes accounted for 36% of general fund revenue. Expenditures Total general fund expenditures for FY 2005/06 were $66.9 million. This was $3.4 million, or 5.3% over the amount expended in FY 2004/05. Employee costs continue to represent the highest single source of expenditures accounting for 69% of all general fund expenditures. Transfers Each year funds are transferred out of the general fund to support the traffic safety fund. For FY 2005/06, $914,312 was transferred to the traffic safety fund. Also, an amount equal to the utility users' tax revenue less the Public Financing Authority bond payment is transferred to the capital outlay fund. This transfer amounted to $5.9 million in FY 2005/06. 2