AgdaPkt 2007-12-17 - Laserfiche WebLink

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Attachmerrt 4 General Fund Highlights Revenues Budgeted Re��enue , Actual Revenue , Varian�� , % Change $75,699,a43 $82,660,057 $6,961,Q14 9.20 General Fund Revenue Comparison (FY 2p05/06 to FY 2006/07) FY 2005/06 FY 2Q06/07 Actual Revenue Actuai Revenue Variance % Chan e $77,202,089 $82,66Q,057 $5,457,968 7.07 The revenue increases this fiscal year ar� primarily due to an increase in �roperty taxes, sales and other taxes. Same o# the generai fund revenue highlights are: � Property taxes exceeded budget by $1.3 miliion primarily due #o the receipt o1 a �2.6 million payment from the County of San Mateo due to the over-deduction of Education Revenue Augmentation Fund amounts #rom the City in prior years, which exceeded the estimafied amount by $1 miliion. • Sales and other taxes exceeded budge# by $2.6 million mostly due ta better than anticipated sales tax revenue ($1.7 miliion). The unanticipated receipt of sales taxes attributable to prior period sales and the decrease in sales anticipated due to the Costca expansion, which has since been delayed, account fior the increase in sales tax revenue over budget. Other increases in tax revenue include higher utiiity users' taxes ($.4 million), transient occupancy taxes ($.2 million), and business license taxes ($.2 million}. • Licenses and permits exceed budget by $.6 million due to higher construcfion activity during the year. • lntergovernmentaf revenue exceeded budget by $.4 miliion due to the unanticipated $.5 million receipt from the state for mandated program reimbursement. • Charges for services were $.8 million mare than budgeted primarily due to plan checking and planning services revenue related to unanticipated increases in construction activiiy, along with unanticipated increases in recreation program fees. The City continues to rely very heavily upan property and sales taxes (exclusive of proposition 172 sales tax revenue) as almost 60% of the general fund revenue is derived from these two sources. Sales taxes provided 23% af general fiund revenue while property taxes accounted for 37% of general fund revenue. Expenditures Tatal general fund expenditures for FY 2006/07 were $69.9 millian. This was $3 million, or 4.5% over the amount expended in FY 2005/46. Employee costs continue to represent the highest single source of expenditur�s accounting for 74% of ali general fund expenditures. 2