AgdaPkt 2003-01-13 - Laserfiche WebLink

Browse Search

7.1 -C 3 General Fund Summary Revenues Total general fund revenues were $63.9 million, or 9.4% below 2000/01 actual revenues and $4.1 million, or 6 %, below the amount budgeted for 2001/02. The decrease over the prior year is attributable to the slowdown in the local economy. The revenue highlights for 2001/02 are: • Property taxes (excluding taxes for prior years) increased 16 %, or $2.4 million to $17.2 million; • Transient occupancy revenues decreased 42 %, or $1.1 million; • Building permit revenues down 58 %, or $1.4 million from $2.4 million; • 6% decrease in utility users taxes from $7.4 million to $6.9 million; • Sales taxes decreased 28.3°/x, or $5.9 million, over 2001/02. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as almost 52% of the general fund revenue are derived from these two sources. Sales taxes provided 23% of general fund revenue while property taxes accounted for 29% of general fund revenue. Expenditures Total general fund expenditures for 2001/02 were $54.1 million. This was $3 million ( +6 %) over the amount expended in 2000/01. Employee costs continue to represent the highest single source of expenditures accounting for 66% 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 2001/02, $1,045,000 was transferred to the traffic safety fund while $981,000 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 $5.2 million in 2001/02. Additionally, at Council direction, $13.9 million was transferred or committed from the general fund to provide additional resources for various capital projects and to provide reserves for the City's employee liability fund. Of this $13.9 million transfer, roughly $2 million represents amounts the general fund saved through lower retirement system costs while the balance, $11.9 million, was accumulated fund balance from prior years. Fund Balance The net effect of the revenues, expenditures, transfers, and changes in otherfund balance reserves has been a decrease of $10 million in the unreserved fund balance (available for any Council designated expenditure) bringing the balance to $17 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 2002/03 estimated revenues) leaves approximately $5 million in excess fund balance. 3