AgdaPkt 2003-12-15 - Laserfiche WebLink

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5.1D -Z General Fund Summary Revenues Total general fund revenues were $64.6 million, or 1.1 %, over 2001/02 actual revenues and $2.4 million, or 3.6 %, below the amount budgeted for 2002/03. The increase over the prior year's primarily attributable to higher property taxes of $301,000, increased sales taxes of $152,000, and increased parking fines of $144,000. The revenue highlights for 2002/03 are: • Property taxes (excluding supplemental taxes and prior years taxes) increased 5.2 %, or $17.2 million to $18.1 million; • Transient occupancy revenues increased 3.7 %, or $57,000 to $1.5 million; • Building permit revenues down 30 %, or $730,000 from $1 million; • 1.2% increase in utility users taxes from $6.9 million to $7 million; • Sales taxes increased 1 %, or $152,000 to $15.1 million. 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 is 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 2002/03 were $59.5 million. This was $5.4 million ( +10 %) over the amount expended in 2001/02. 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. For 2002/03, $1,087,000 was transferred to the traffic safety fund. Also, an amount equal to the utility users tax revenue less the Public Finance Authority bond payment is transferred to the capital outlay fund. This transfer amounted to $4.8 million in 2002/03. Additionally, at Council direction, $850,500 was transferred or committed from the general fund to provide additional resources for various capital projects. The source of the latter was the reduced contributions the City was required to make to the Public Employees Retirement System. Fund Balance Expenditures exceeded the revenues by $1.7 million. The net effect of the revenues, expenditures, transfers, and changes in other fund balance reserves has been a decrease of $765,900 in the unreserved fund balance (available for any Council designated expenditure) bringing the balance to $16.9 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 2003/04 estimated revenues) leaves 2