HomeMy WebLinkAboutFin Budget Amendments FY2014-15ctry OF Agenda Item No: 4.e
n. Meeting Date: December 1, 2014
Department: FINANCE
Prepared by: Mark Moses
Finance Director
kCity Manager Approval: T-
V
SUBJECT: (1) FISCAL YEAR 2014-2015 INTERIM FINANCIAL UPDATE
(2) RESOLUTION AMENDING FISCAL YEAR 2014-2015 BUDGET
RECOMMENDATIONS: ADOPT RESOLUTION
BACKGROUND: The 1`inance Department performs an ongoing review the City's financial
performance, and provides monthly reports on the General Fund to the City Council Finance
Committee. This report presents the City's financial condition in the current 'fiscal year (2014-2015)
based on actual revenue and expenditure performance for the period July I through November 25,
2014, and. budget actions taken through December 1, 2014, as compared to the budget approved by
City Council on June 16, 2014.
Based on this review and analysis, revisions are recommended to address the -fiotlowing categories;
(I ) Revenue projections
(2) Expenditure plan changes
The major General Fund content of this report and staff recommendations were reviewed by the
City Council Finance Committee (Mayor Phillips and Councilmember Colin) at its October 23 and
November 6, 2014 meetings,.
ANALYSIS:
GEiNIER11L FUVD:
Revenues and Other Sources: The first table on page 2 presents the proposed changes to General
Fund revenues and transfers in, which add $560,547 to total sources.
Revenues: Since the budget adoption in June 2014, there have not yet been any changes to the
projected revenues of $67,874,7731. The following are the proposed adjustments to the revenue
forecast, which has been increased to $68,4315.320. -which is 0.8% higher than the adopted budget.
With transfers in unchanged at $1,290,207, total revenues and other sources will total $69,725,527.
FOR CITY CLERK ONLY
File No.: I( - 1-=�
Council Meeting: V;I-fi Ir. f 4
L;
Disposition:
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
There are three significant, one-time revenues added to the projections: $116,186 in State
reimbursements for mandated programs (SB -90), a County -initiated ERAF adjustment of $90,361
for FY I ' ) - 14. and a sales tax true -up payment, based on final sales tax Filings for FY 13 -14 of
$354,000. There were no revenue adjustments having an impact on future revenues.
Transfers in: There are no proposed changes to transfers in.
LI
LRevenuesI
. .............
....................
Attiusiments with one-time impact
_SB -90 State Mandated Cost Recovery ------------------- 116,186
1
Property tax - ERAF adjustment for FY13-14 1 90,361
Sales Tax - true -up (additional revenues from FY13-14) 354,000
- -------------___-------
[2.1c.#ns_ImenIs. wilh-o.ng i g of future 0ture impact .............
.. . .........
'Total proposed General Fund revenue changes 5560,547
Transfers in - proposed changes
$o
..... .......................... ___ . .... . ... ..... ............................... ...... ____
Total proposed chan es to General Fund sources $560,547
. ...............
-Revenues and Transfers in as adopted fiscal year 201.4-2015 $69,164,980
Revenues and Transfers in. as adjusted th nber 1, 2014 $69,725�527
.......... . — ---------------- -
Expenditures and Other Uses:
Expenditures: General fund operating expenditures are being increased to cover the City's
participation. in the Marin Major Crimes Task. Force initiative. This item was discussed at the City
Council meeting of October 20, 2014, at which time the City Council approved staff's
recornmendation to partner with the County of Marin on this program. These funds are being
appropriated from a portion of the additional General Fund revenues projected for the fiscal year.
TransfL,rs out: The sole recommended transfer out corresponds to matching funds for one oftwo
federal grants provided by the Transportation Authority of Marin (TAM). The acceptance of these
grants is presented in a separate City Council action item.
Expenditures
Marin County Major Crimes Task Force 140,000
Total j2roposed General Fund expenditure changes 5140,000
Transfers out
City Match - Federal Grant via TAM for transit center relocation 33,330
Total proposed Transfers out 533,3301
Total proposed changes to General Fund uses S173,330
------- - - - ---------------
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Pale: 3
I Expenditures and Transfers out as adopted fiscal year 2014-2015 $64,422,287
Expenditures and Transfers out as adjusted through December 1, 2014 1, $64,595,617
General Fund – Operating Results: The following table summarizes the recommended General
Fund changes, the impact on the General Fund budget for fiscal year 2014-2015, and the impact on
Net Operating Results and Unassigned funds.
General FundChane
---- — -----
I Adopted Budget
ProposedRevised
es I
Budget
Revenues
67,874,773
560,547
68,435,320
Transfers in
1,290,207
0
1.290,207
FY14-15 Sources
69,164,980
560,547
69,725,527
FY13-14 rollover
Total Sources
569J64,980
$560,547
S69,725,527
17xxpen d -it tires
62,772,287
. .............
140,000
. . . .....................................................................
62,912,287
Transfers out
1.650,000
33,330
1.693,330
Total App pp nations
$64,422,287
�F-
$173,330
S64,5951617
'ro
Net OL)erating Results
54,742,693
$387,217
$5,129,910 :1
Allocations of Net
...................
ODeratinfy Results
. .......
.........
[_Measure E Reserve
3 , 73 3,666
3,7-) 1666
Emergency Reserve
1,000,000
1,000,000
.................................................
........... . . .$396,244---------
---- - *------
Unassigned funds
.......................
—
The recommended changes increase the prQjected net operating results from $4.742.693 to
$5.129,910, an increase of $387,217. 87,217. Unassigned funds increase from $9.027 to $396,244.
At this time, staff is not recommending that any additional action be taken on the unassigned. funds.
OTHER h'UiNTD-�:
The adopted budgeted appropriations for other funds, including approved carryforward of funds
approved in prior years and changes approved since July 1, 2014, total $52,821,180. These
expenditures and transfers will result in the spending of approximately $4.9 million in accumulated
funds (i.e., fund balance), primarily in the areas of infrastructure maintenance and vehicle
replacement. Approximately one-half of the fund balance expenditures stems from spending in the
gas tax fund for street projects, while the remainder is a result of planned vehicle replacements, city
facilities maintenance projects, and miscellaneous project spending.
Proposed changes will add $1.301.067 in revenues and $994,676 in expenditures to the current
fiscal year. The largest contributors to the revenue change are $682.625 in contributions from San
Rafael Sanitation District for the H Street drainage improvement project, $477,481 in new federal
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 4
grants (via TAM), and $125,161 in internal charges to fund a new police equipment replacement
fund. This fund will provide a more stable funding source for police equipment which was
previously funded from the Police Department's operating budget. The remainder of the revenue
change, $15,800, is being added to Library grant revenues in order to recognize its recent tech grant.
Expenditure additions of $53 J9,893 ) for projects supported by the TAM grants., $270,000 for parking
meter system improvements originally planned for the prior fiscal year, $125,161 for the police
equipment replacement fund, and $15,800 for Library grant account for most of the $994,676 in
additional proposed expenditures. The balance consists of a calculation adjustment to the Parking
Fund personnel budget and a small increase in planned spending in the Library Fiduciary Fund.
The table below summarizes the impact of the recommended changes to the resources and
appropriations for other funds.
- - - -- -------
Adopted Approved Current Proposed Revised
Other Fund —T-Ipet
yd Chan Budeet Budget
—]
Operating/Capital 11r (
397,863 37,109,3106 1301.067 38 4 10, 373
Revenue
L
Transfers in 1,70,000 1,012,500 2.732.500 33,330, 2,765,830
FY14-15 Sources 38,431,443 1,410,363 39,841,806 1,334,397 41,176,203
FY13-14 rollover 665,513 665,513 665,513
FY1.3-14CIP
7,368,455 7,368,455 7,368,455
C
S38,431,443 $47,875,7 $I,3ii, 1i $49,210,17'1
Total Sources I
...............
. . ..............
i E.T nditures 39,634.389 10,814,084 50.448,473 994,676 51,443,149
--------. . . . . ..................
Transfers out 1,360,207 1-012.500 2,3172,2 2,372,707
- - ---------------- ------ — ------ ------------------- - -
Approxi ns 540,994,596 511,826,584 552,821,180 $994,676 S53,815,856
Results. $2i, 15.3)52,282,254)�- FS S339,721 (54,605,6 8�66t
[NLej___�,_J1-.44,4 4-�
CITY4VIDE LV111.4C.T.- The following table summarizes the impact of the recommended
appropriation changes across all funds.
. ......................... . ...................... - .-----_.Ado
v--p-ted An-praved 'IF - Cur—rent 7—Proposed Revised
All Funds Bud et Chan es Budget Chan es
i Bud-,
--- — — ------ get
General Fund 62,772,287 1 62,772,287 140,000 11 62,912,287
. .............. - — ----
Other Funds 39 634389 10.814,084 50.448.473 994,676 51,443,149
1: Less interfund (10,967.845) (10,967,845) (125,161) (11,093.006
Net Expenditures $91,438,831 $10,814,084 1 S103,262,430
L $102,252,915 s1,009,515
RECOMMENDATION: Accept the report and adopt the resolution as presented.
ATTACHMENT
Resolution with exhibit W,,Council [Material StaffReporis 201-1 Cny'Flsca1Y car 14-15 Interim Financial Update doc
RESOLUTION NO. 13845
j - • • •m i
a YW-110 61a I I ik, ECT -11i M 1:4 Z 1 &72 061111111 m I MKI 1 k E1 IYA 1 R VEZ11 I 11
WHEREAS, the City Council approved Resolution 13748 adopting the fiscal year
2014-2015 budget; and
WHEREAS, the changes in available funding sources and operational needs
require adjustments to some City budgets; and
WHEREAS, it is the intention of this Council to review recommendations from
staff regarding the City's financial condition, including revenue projections and available
resources and provide funding for various ongoing, capital and other service needs; and
WHEREAS, after examination, deliberation and due consideration, the City
Council has approved the staff report and recommendations, and directs the City
Manager to proceed with the implementation of these recommendations for the
remainder of this fiscal year;
NOW, THEREFORE, BE IT RESOLVED, by the San Rafael City Council that
Resolution 13748 for fiscal year 2014-2015 is amended to increase total general fund
revenues to $68,435,320 with transfers in unchanged at $1,290,207 as presented on
Exhibit I Table I attached hereto; and increase general fund expenditure authorization
to $62,912,287 with transfers out at $1,683,330, as presented on Exhibit 1, Table it
attached hereto. Further, the Resolution is amended for other fund revenues to
$38,410,373 and transfers in to $2,765,830, expenditures to $51,443,149 and transfers
out to $2,372,707 as presented on Exhibit I Table III attached hereto. These changes
result in net City-wide appropriations of $103,262,430 as presented on Exhibit I
Table IV.
I, ESTHER C. BEIRNE, Clerk of the City of San Rafael, hereby certify that the
foregoing resolution was duly and regularly introduced and adopted at a regular
meeting of the Council of said City on Monday, the 1st of December 2014, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Bushey, Colin, Connolly, McCullough & Mayor Phillips
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
1- . 9 e& ,
ESTHER C. BEIRNE, City Clerk
WACouncil Material\Resolutions120141CityLAmend City budget 14-15-5month.doc
TABLE I
CHANGES TO GENERAL FUND REVENUES AND OTHER SOURCES
General Fund
Adopted Budget
FY2014-15
Proposed Changes Revised Budget
Revenues
67,874,773
560,547 68,435,320
Transfers in
1,290,207
1,290,207
FY14-15 Sources
69,164,980
560,547 69,725,527
FY13-14 Rollover
-
-
Total Resources
$ 69,164,980
$ 560,547 $ 69,725,527
TABLE 11
CHANGES TO GENERAL FUND EXPENDITURES AND OTHER USES
General Fund
Adopted Budget
FY2014-15
Proposed Changes Revised Budget
Expenditures
62,772,287
140,000 62,912,287
Transfer out
1,650,000
33,330 1,683,330
Total Appropriation
$ 64,422,287
$ 173,330 $ 64,595,617
TABLE III
CHANGES TO OTHER FUNDS
Other Funds
Current Budget
FY2014-15
Proposed Changes
Revised Budget
General Fund
62,772,287
140,000
62,912,287
Revenues
36,711,443
1,301,067
38,410,373
Transfers in
1,720,000
33,330
2;765,830
FY14-15 Sources
38,431,443
1,334,397
41,176,203
FY13-14 Rollover
$ 91,4.38,831
$ 1,009,515 1
665,513
FY13-14 CIP Carry Over
7,368,455
Total Resources
38,431,443
1,334,397
49,210,171
Expenditures
39,634,389
994,676
51,443,149
Transfer out
1,360,207
2,372,707
Total Appropriation
40,994,596
994,676
53,815,856
Net Results
$ (2,563,153)
$ 339,721
$ {4,605,686}
TABLE IV
CITY-WIDE APPROPRIATION SUMMARY
All Funds
Current Budget
FY2014-15
Proposed Budget
Revised Budget
General Fund
62,772,287
140,000
62,912,287
Other Funds
39,634,389
994,676
51,443,149
Less interfund
(10,967,845)
(125,161)
(11,093,006}
Net Expenditures
$ 91,4.38,831
$ 1,009,515 1
$ 103,262,430
CITY OF SAN RAFAEL
INSTRUCTIONS: USE THIS FORM WITH EACH SUBMITTAL OF A CONTRACT, AGREEMENT,
ORDINANCE OR RESOLUTION BEFORE APPROVAL BY COUNCIL / AGENCY.
SRRA / SRCC AGENDA ITEM NO.
DATE OF MEETING: December 1, 2014
FROM: Mark Moses
DEPARTMENT: Finance
DATE: November 24, 2014
TITLE OF DOCUMENT:
, 11L
Department Head (signature)
(LOWER HALF OF FORM FOR APPROVALS ONLY)
-D AS CqUNCIL / AGENCY APPROVED AS TO FORM:
17
6e{signs ture) City Attorney (signature)