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HomeMy WebLinkAboutReso 118-2008RESOLUTION NO. 118-2.008 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION AMENDING THE 2008-09 OPERATING BUDGET TO ADJUST REVENUES AND EXPENDITURES AT 1St QUARTER WHEREAS, staff has presented the City Council with a review of the City's finances for the 1st quarter of fiscal year 08-09; and WHEREAS, it is recommended that the City Council review the 2008-09 1St Quarter Financial Report and approve the 1St Quarter 2008-09 Budget Amendment Changes included as "Attachment lA" hereto. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco hereby amends the 2008-09 Operating Budget to reflect the changes shown on Attachment B. * * ~ * ~ I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 17t" day of December, 2008 by the following vote: AYES: Councilmembers Pedro Gonzalez, Richard A. Garbarino, and Kevin Mullin, Vice Mayor Mark Addiego and Mayor Karyl Matsumoto NOES: None ABSTAIN: None ABSENT: None ATT~ST`._ ~ -~ ~,, ~,.,,./ City erk Attachment 1 1'` Quarter 2008-09 Budget Amendment Changes General Fund Revenues 1) Property Taxes: an increase of $780,000. 2) Transient Occupancy Taxes: an increase of $122,000. 3) Child Care Program: an increase of $184,000. 4) Sales Tax: a decrease of $580,000. 5) Building Permits: a decrease of $700,000. 6) Grading and Public Works Permits: a decrease of $140,000. 7) Fire Permits: a decrease of $100,000. 8) Parking Taxes: a decrease of $75,000. 9) Investment Interest Income: a decrease of $76,000. General Fund Expenditures 1) Retiree Health Costs: amend up $575,000. Redevelopment Agency 1) An increase in Property Tax Increment of $6,600,000. 2) A decrease in Prior Year Tax Adjustment of $3,800,000. 3) An increase in transfers to the 20% housing fund of $1,750,000. 4) An increase in Pass-through Expenses of $2,100,000. CITY OF SOUTH SAN FRANCISCO OPERATING BUDGET, 2008-09 ATTACHMENT2 GENERAL FUND SUMMARY, 1st Quarter Update 2008-09 Variance to 1st Amend. Budget Actual Actual Adopted Amended Cdr Favorablel 2006-07 2007 08 2008 09 2008 09 POn (Unfavorable) % Variance Revenues and Other Financing Sources Property Taxes 12,992,109 14,029,884 14,390,507 14,390,507 15,170,2!8 779,791 5% 0% ERAF Refund from County 1,410,472 418 753 12 1,429,004 431 481 12 780,000 715,229 12 780,000 12,715,229 7110,000 12,133,338 - (579,896) 0. -4.6% Sales Tax Transient Occupancy Tax , , 5,959,034 , , 7,098,285 , 6,450,000 6,450,000 8,371,782 121,732 1.9% Motor Vehicle In Lieu Fees 4,617,897 4,875,710 5,015,520 5,015,520 5,015,580 - 0.0% 0% 0 Revenue from Other Agencies 1,657,142 1,588,530 999,400 1,005,400 1,003,4x0 - . 0 0% Franchise Fees 3,137,208 3,148,076 3,313,000 3,313,000 3,313,000 - . Business License 653,339 659,703 1,052,000 1,052,000 1,052,000 - 0.0% ~ 2% Commercial Parking Tax 1,124,927 1,930,331 2,306,637 2,306,637 2,231,7$$ (74,839) - Building and Fire Permits 4,957,891 3,125,990 3,520,000 3,520,000 2,~($0,i~#3 (939,317) -2ti.7% 2% Charges for Services 6,628,277 6,332,600 5,818,200 5,818,200 d002,2A0 184,000 3. 0% 0 Fines 1,043,528 1,077,003 1,140,000 1,140,000 4,140,000 - . Interest 985,631 1,046,866 650,000 650,000 374,000 (76,000) -11.7% Net Change Investment Value 66,204 837 693 2 299,068 509,670 2 - 2,686,281 - 2,686,281 2,bi6,281 _ 0.0% Rent Administrative Charges , , 2,018,500 , 2,118,614 2,225,000 2,225,000 .2,225,0$'0 _ 0.0% 0 0% Other 837,109 697,312 618,710 618,710 $11,710 . 0 0% Transfers In 9~3 120 643 529 64 925 089 65 373 165 815,749 64,496 233 815,749. 64,502,233 !{45,7#8 83„!1'!7,703 - (584,528) . -0.91% Subtotal Revenues , , Plus Prior Year Carryovers 210,849 210,849 Variance to 1st Amend. Budget Actual Actua{ Adopted Amended 2008-09 qtr ~ Favorable! (Unfavorable) % Variance 2006 07 2007 08 2008-09 Operating Budget Expenditures Administration 5,058,374 5,923,991 5,847,110 5,927,633 996 5,!27,133 472,986 3 - _ 0.0% 0 0% Economic & Comm. Dev. 3,990,985 670 164 3,215,845 671 16 893 3,060,610 207 609 16 3,172, 16,609,207 , 4$$#f8,~fi7 0.0% Fire , 15, 009 399 4 , , 766,810 4 , , 4,538,421 4,552,021 4,x,421 `1-0% Library Police , , 17,907,675 , 18,665,949 19,428,219 19,446,159. 48;348,1!1! _ 0.0% 0 0% Public Works 7,846,538 4,208,434 3,754,335 3,754,335 990 11 2,754* 844 711 _ . 0.0% Parks and Recreation 4,927,347 10,828,733 10,711,990 10,7 , , 1, ~5'~ 575,000) ( Retiree Health Cost Increase 000 400 400,000 400,000 - 0.0% Provision for State budget hits , Excess ERAF Refund - 656,000 656,000 Net Operating Budget Impact (364,787) (503,528) CITY OF SOUTH SAN FRANCISCO OPERATING BUDGET, 2008-09 ATTACHMENT 3 Total General Fund Operating and Capital Budget, & Projected Changes to General Fund Reserves ts! ~#r+~sr Actual Actual Adopted A 2006-07 2007-08 2008-09 Net Operating Budget Impact (from Table I) $ 5,235,045 $ 825,828 $ 146,341 ~: x,787} Less Transfers to Capital Projects: (826,253) (545,304) (1,403,500) ~8~~~ Less Transfers to Retiree Health Fund (4,000,000) (500,000) (r0i~) Less Transfers to 6ebt Service (243,305} (210,000) (210,000) ~~U. General Fund Reserves Projection I. Discretionary Reservesl Liquid Reserves Available Emergencies 1,291,000 1,272,000 1,290,000 'f.~1 Economic Contingencies 4,517,000 4,452,000 4,515,000 4 QQD Designated for future Economic Development and Capital Projects 5,610,000 4,399,131 3,695,589 ;,~i Designated for Post-Employment Health Benefits 3,000,000 II. Non-Discretionary Reservesl Reserves Already Committed Encumbrances 677,478 210,849 Advances to Other Funds Inventory and Other 55,425 45,210 45,210 45,9(} Appropriated Capital Projects 793,615 1,344,569 Subtotal, Non Discretionary (Committed) Reserves 1,526,518 1,600,628 45,210 `_ ATTACHMENT4 MERGED REDEVELOPMENT PROJECT AREA SUMMARY Summary of Revenues and Expenditures Variance to Amend. Budget Actual Actual Adopted Projected Favorable! 2006-07 2007-08 _ 2008-09 2008-09 (Unfavorable} % Variance REVENUES Gross Tax Increment Allocated Gateway 7,465,681 8,519,479 8,173,154 8,853,961 680,806 8.3% Shearwater 3,202,423 3,847,502 3,334,927 5,936,854 2,601,928 78.0% Downtown 10,145,145 12,749,421 12,602,501 18,197,328 5,594,827 44.4% ~I Camino 2,915,991 3,445,927 3,954,947 3,826,538 (128,409) -3.2% Subtotal 23,729,240 28,562,329 28,065,529 36,814,681 8,749,152 31.2% Less ERAF shift - - (1,760,000) (1,760,000) Adjustments: Other Appeals ~ Settlements 2,217,703 (753,117) - (300,000) (300,000) Adjustments: County Admin & Other (164,858) (434,315) (280,655) (368,147) (87,492) 31.2% Rent 162,592 104,859 105,000 105,000 - 0.0% Interest & Other 2,530,307 3,324,354 1,274,000 1,274,000 - 0.0% TOTAL SOURCES OF FUNDS: 28,474,984 30,804,110 29,163,874 35,765,534 6,601,660 22.6% Variance to Amend. Budget Actual Actual Adopted Projected Favorable! 2006-07 2007-08 2008-09 2008-09 (Unfavorable} % Variance EXPENDITURES Redevelopment Activities 2,053,551 2,842,811 4,357,835 000 00 4,357,835 - - 000) (3 800 0.0% -100.0% Prior Year Tax Adjustment 8,416,485 , 3,8 , , 0 0% Capital Outlay 14,029 36,506 61,000 61,000 - . Debt Service 3,103,991 4,865,618 5,115,751 5,115,751 - 0.0% Special Projects 900,000 900,000 - 0.0% County Settlement 689,481 823,872 850,000 850,000 - 0.0% Transfers to LowlModerate Income 681 4 600 843 561 5 5,583,106 7,332,936 1,749,830 31.3% Housing Fund , , , , Pass Through Payments to Taxing Entities 466 203 324 034 463,043 641,623 178,580 38.6% Gateway Shearwater , 825,987 , 1,003,929 884,294 1,678,592 794,298 89.8% Downtown 2,261,955 3,072,717 3,049,710 4,197,903 1,148,193 37.6% EI Camino 245 826 254 941 317 467 290.641 (26,826) -8.4% Subtotal, Pass Through Payments 3,537,234 4,655,621 4,714,514 6,808,760 2,094,245 44.4% Capital Protects Tax Increment-Funded Projects, Current 59,650 14,658,664 1,235,800 1,235,800 - 0.0% Tax Increment Carryovers from Prior Year 3,793,506 3,793,506 Subtotal, Capital Projects 59,650 14,658,664 1,235,800 5,029,306 3,793,506 307.0% TOTAL USES OF FUNDS: 14,058,618 41,861,419 25,618,006 30,455,588 3,837,581 14.4% Excess of Revenues over (under} Expenditures 14,416,366 (11,057,309) 2,545,867 5,309,946 Prior Year Audit Adjustment Fund Balance 41,337,292 30,279,982 35,589,929 Reserved for Loans Receivable 206,094 264,215 564,215 Designated for Capital Projects 8,163,360 1,424,606 - 727 409 29 Reserved for Advances to Other Funds 12.200,215 19,409,727 , , All Other Reserved Funds 348,606 291,166 - Unreserved / Undesignated Fund Balance 20,419,017 8,890,269 - 5,615,987