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HomeMy WebLinkAbout _ 9.10(a)--Consider the City of Redding General Fund Quarterly Financial Report � � �' � � � � � � ' � �' � � ' � ` CITY OF REDDING REPORT TO THE CITY COUNCIL MEETING DATE: May 21,2024 FROM: Greg Robinett, Director of ITEIVI NO. 9.10(a) Finance/City Treasurer ***APPROVED BY*** � � � �� „ �_,,�,,�� � �.#� �r s t,t7� Fc����:, �it��z2c��C.`i�y�T��.e:�t�'v:�� .�... �f�,��?il?� �:}"�; Ip�ti2,�.�1 �: �.�2 L., ...... ... ..... ^�f'�*�,'�.�{}�.. , grobinett@cityofredding.org btippin@cityofredding.org SUBJECT: 9.10(a)--Consider the City of Redding General Fund Quarterly Financial Report for the uarter ended 1Vlarch 2024 Recommendation Accept the General Fund Quarterly Financial Report for the quarter ended March 31, 2024. Fiscal Impact There is no fiscal impact by accepting the Quarterly General Fund Financial Report. AlteNnative Action The City Couneil (Council) could choose to reject the report and reques� additional or different information. Backgrou n d/f1 n alysis The General Fund Quarterly Financial Report is for review and information purposes only. There are two primary components of the report: �rst is the comparison of revenues budget to actual year to date and second is the comparison of expenditures budget to actual year to date. The revenue analysis provides a breakdown utilizing the projected revenues through March 2024, compared to the actual revenues received. The expenditure analysis provides a breakdown utilizing the projected expenditures through March 2024, compared to the actual expenditures paid. Revenues General Fund revenues through March 31, 2024, totals $6'7,419,406 which is $1,640,018 or 2.4% below staff's cash flow projection of $69,059,424. Staff is not recommending any changes to projected revenues at this time. Report to Redding City Council May 14,Z024 Re: 9.10(a)--Consider the City of Redding General Fund Quarterly Financial Report Page 2 Below is a breakdown of the results by revenue type for the General Fund through March 31, 2024. Variance Actual Budget Variance % Operating Revenues $ 24 $ - $ 24 100.00% Tax Re ve nue s $47,525,051 $49,489,301 $(1,964,250) -3.97% Lice ns e s & Pe rmits $ 1,479,799 $ 1,793,511 $ (313,712) -17.49% Fines & Penalties $ 2,543,491 $ '7l'7,205 $ 1,826,286 254.64% PILOT & Transfers $ 9,730,020 $ 9,730,020 $ 0 0.00% Revenue from Other Government Agencies $ 2,008,759 $ 2,224,932 $ (216,173) -9.72% Total Other Revenues $ 2,8'76,926 $ 1,8'77,'721 $ 999,205 53.21% Charges for Current Services $ 615,044 $ 2,576,673 $(1,961,629) -76.13% Property Rental& Investment Income $ 640,292 $ 650,061 $ (9,769) -1.50% Total $67,419,406 $69,059,424 $(1,640,018) -2.37% Fines & Penalties includes Cannabis Fines, which include written off balances for lack of collections or collectability. The write off component is displayed under Charges for Current Services. Below is a breakdown of the tax revenues through March 31, 2024. Tax revenues are the primary revenue source which fund General Fund operations. Actual Budget Variance Variance % Property Taxes 16,050,496 15,424,683 625,813 4.06% Saies Tax 23,459,188 24,447,529 (988,341) -4.04% TOT 5,427,346 6,088,339 (660,993) -10.86% Cannabis 956,985 1,5'71,250 (614,265) -39.09% Other Taxes 1,631,036 1,957,500 (326,464) -16.68% Total 47,525,051 49,489,301 (1,964,250) -3.97% Overall, tax revenues are 3.97 percent below staff projections or $1,964,250. The next major installment of property taxes will be received the week of May 20, 2024, and will be reflected on the next quarterly report. While staff is not recommending any changes at this time it is likely that during the mid-cycle/fiscal year end update that staff will recommend adjustments to these revenues for Fiscal year 2023-24, 2024-25, and associated future years of the General Fund Ten- Year Plan. Expenses The City of Redding(City)has expended $93,056,195 from the General Fund through March 31, 2024. This level of expenditure represents 47.9 percent of total appropriations, and is $6,550,827 or 6.6 percent below staff's cash flow estimate of$99,607,022 through March 31, 2024. Be1ow is a breakdown of expense by department compared to budget: Report to Redding City Council May 14,Z024 Re: 9.10(a)--Consider the City of Redding General Fund Quarterly Financial Report Page 3 Actual Budget Variance Variance % General Government 7,591,879 7,383,340 (208,539) -2.82% Non Dept,iVlidtown,Debt Service&Animal Reg 2,562,135 4,651,533 2,089,398 44.92% Development Services 4,812,'751 5,098,619 285,869 5.61% PW 12,095,717 16,550,106 4,454,389 26.91% Police 36,105,788 36,769,580 663,792 1.81% Fire 23,373,761 21,389,506 (1,984,255) -9.28% Parks 6,514,165 '7,'764,338 1,250,1'73 16.10% Total 93,056,195 99,607,022 6,550,827 6.58% No adjustments are being recommended to expenditures at this time. If at the end of the fiscal year there are any required adjustments those will be presented to council with the mid cycle update after completion of Fiscal Year 2023-24. General Fund Reserves As of March 31, 2024, the General Fund cash balance was $14,618,295 or 13.6 percent. At year end, the ten-year plan projects the reserve to be 17.7 percent. The final reserve is subject to change dependent on revenue and expenditure outcomes. The final assessment of ending cash for the fiscal year will come upon completion of the annual audit. Staff is not recommending any changes to the projected reserve at this time. General Fund Overtime The City's General Fund overtime expense totals $5,172,605 through March 31, 2024. This is $2,321,390 above staff's cash flow estimate of $2,851,215. The expenditures year-to-date compared to the year-to-date budget are listed below, of which, the four largest overtime budgets are Fire, Police, Parks, and Streets: • The Fire Department had overtime expenses through March 31, 2024, of $3,642,682 compared to a total overtime budget of$1,671,465; • The Police Department had overtime expenses through March 31, 2024, of $1,362,694 compared to a total overtime budget of$1,116,750; • The Community Services Department had overtime expenses through March 31, 2024, of$84,219 compared to a total overtime budget of$0. • The Public Works Department had overtime expenses through March 31, 2024, of $60,669 compared to a total overtime budget of$52,500; and • A11 other General Fund Departments had overtime expenses through March 31, 2024, of$22,341 compared to an overtime budget of$10,500. A]though some of the aforementioned expenses are either over budget or nearly over budget, there are no additional budget requests at this time. Each department has adeguate savings in areas such as personnel charges andlor additional cross charges to other City departments, to offset the excess costs. Environmental Review This is not a project defined under the California Environmental Quality Act, and no further action is required. Report to Redding City Council May 14,Z024 Re: 9.10(a)--Consider the City of Redding General Fund Quarterly Financial Report Page 4 Council Priority/City Manager Goals • Budget and Financial Management—"Achieve balanced and stable Ten-Year Financia]. Plans for all funds." • Communication and Transparency — "Improve the quality of communication with the public and City employees to enhance knowledge and increase transparency to improve public trust." Attachments ^Ten Year Plan 23-24 &24-25 Updated December 2023 City of Redding General Fund Ten Year Plan (in thousands) Fiscal Year Ending 2024&2025 Fiscal Year Amended Amended 23-24 24-25 2025-26 Zoa6-2� Zo2�-28 zo28-29 Beginning Cash Balance 2i,000 18,g�� 16,�i8 9,674 5�94o 1,506 Revenues 98,147 99,836 102,925 105,18� io8,3i8 z12,o88 Net Transfers �,237 �,019 7,529 7,955 8,194 8,440 Total Revenues lo5>3g3 io6,854 110,454 113,142 116,5i1 i2o,528 Personnel Costs �74,199) t75�943) �g3,i15) (82,088) (85,�52) (87,649) Operating Costs (25,912) (26,184) (26,96g) (2�,��8) (28,6i1) (29,470) CapitalOutlay (�,io�) (�,000) (�,2io) (�,42�) (�,650) (�,879) Debt Service (2,118) (1,957) (1,965) (1,31$) (1,3r4) (1,313) Savings i,931 i,971 1,�61 1,736 1,�82 1,830 Net Expenditures (10�,406) (109,113) (11�,499) (116,8�6) (120,946) (124,481) Ending Cash Balance i8,977 16,�r8 9,674 5,940 1,506 �2>448) Projections toward Council Objectives Ending Cash as Percentage of Expenditures 17.7% 15•3� g•2� 5•1% i.2% -2.0% Projected Personnel Percentage 67.9% 68.4% 69.�% 69.2% 69•4� 69�4� City of Redding General Fund Ten Year Plan (in thousands) Fiscal Year Ending 2024&2025 Fiscal Year 2029-30 2030-31 2o3i-32 2032-33 2033-34 Projected Cash Balance (2,448) (6,1�4) (9,098) (io,436) (10,�49) Projected Revenues 115,432 i18,883 122,453 126,150 129>975 Projected Net Transfers 8>6g3 8,954 9>222 9>499 9,784 Total Projected Revenues 124,124 i2�,837 131,6�5 135,649 139>759 Projected Personnel Costs �89�954) �91�765) �92�gg1) �94>660) (96,012) Projected Operating Costs �30>354) (31>265) �32>202) �33>i69) �34>164) Projected Operating Costs (8,115) �g,359) (8,610) (8,868) (9�i34) Projected Debt Service (1,310) (1,309) (1,311) (1,315) (1,132) Projected Savings 1,882 1,936 1,991 2,048 2,10� Net Projected Expenditures (12�,851) (130,�61) (133,or2) (135,962) (138,334) Projected Ending Cash (6,i�4) �9,098) �10,436) �l0>749) �9,324) Projections toward Council Objectives Ending Cash as Percentage of Expenditures -4.8% -�.o% -�.8% -�.9% -6.�% Projected Personnei Percentage 6g.3% 69.2% 68.8% 68.6% 68.4% City of Redding General Fund Ten Year Plan (in thousands) Revenues Fiscal Year Ending 2024&2025 Fiscal Year Ended Amended Amended 2o2g-24 2024-25 2025-26 2026-2� 202�-28 2028-29 Sales Tax 32,i2i 32,924 34,24i 35,61i 36,5oi 37,961 Properry Tax 26,847 2�,652 28>4g2 29>336 3o,2i6 31,i23 TOT 7>g3i g,i44 g,47o 8,809 9,i61 9,527 Cannabis Tax 2,095 2,i45 2,231 2,320 2,413 2>509 Other Taxes 2,610 2,6io 2,�i4 2,g23 2,936 3,053 Licenses&Permits 2>391 2,532 2,633 2,739 2,848 2,962 Fines&Penalties 542 542 563 5g6 609 633 Other Government 2,625 2,�29 2,360 1,i53 i,188 i,223 Redding Rancheria i24 12� 13i 135 i39 143 Internal Departments 14,248 13,675 i4,o86 14,50$ 14>943 15,392 Service Charges 3>436 3,606 3>750 3>900 4,056 4,219 Other Revenue 2,4og 2,416 2,488 2,563 2,640 2,�19 Use of Money&Property 742 609 6og 609 609 609 Interest 125 125 167 97 59 15 Subtotal 9g,i47 99,g36 io2,925 io5,i8� 108,318 112,088 Transfers In: Gas Taxes 10,675 10,5�3 lo,8gi 11,21� 11,554 11,901 Debt Service - - - - - - Other Transfers In 523 523 53$ 554 571 588 Total Transfers In ii,i97 ii,o96 ii,429 11,��2 i2,i25 i2,489 Transfers Out: CVB&Convention Center (1,033) (1,035) (i,o66) (i,o98) (1,r3i) (1,165) Parking - - - - - - Library �994) t1,O24) (1,055) (i,o86) (i,ii9) (1,i53) Roiling Stock (i,005) (l,080) (8i2) (63�) (656) (6�6) Other Equipment �395) �395) �407) �419) �432) �445) Internal Advances - - - - - - Other Transfers Out �533) �543) �559) �576) �594) (611) Total Transfers Out (3,960) (4,0��) (3,900) (3,816) �3>931) �4,049) Net Transfers �,237 '7,oi9 7,529 7>955 g,i94 g>44o Total Revenues l05>383 106,854 110,454 li3,142 116,5ii 120,528 Revenue Assumptions SalesTax 2.5� 2•5� 4•0� 4•0� 2•5� 4•0� ProperryTax 3.0% 3.0% 3.0% 3.0% g.o% 3.0% Fee Revenues Projected Projected 3.0% 3.0% 3.0% 3.0% Other Government Projected Projected 3.0% 3.0% g.o% 3.0% Other Revenue Projected Projected 3.0% 3.0% 3.0% 3.0% Internal Departments Projected Projected 3.0% 3.0% 3.0% 3.0% All Revenues(Not specific) Projected Projected 4.0% 4.0% 4.0% 4.0% Interest(Percent of Cash) 2.0% 2.0% l.o% l.o% i.o% l.o% City of Redding General Fund Ten Year Plan (in thousands) Revenues Fiscal Year Ending 2024&2025 Fiscal Year Ended 2o2y-go 2ogo-gi 2031-32 2og2-33 2033-34 Sales Tax 3g,9io 39,gg3 4o,ggo 41�902 42,949 Properry Tax 32,056 33,oi8 34>008 35,029 36,080 TOT 9,908 io,3o5 io,�i� 1r,146 ii,59i Cannabis Tax 2,610 2,�14 2,823 2,936 3>053 Other Taxes 3,175 3,302 3�435 3�572 3,7i5 Licenses&Permits 3,081 3,204 3,332 3>465 3,604 Fines&Penalties 659 685 713 741 77i Other Government 1,26o i,2g8 i,337 1,377 i,418 Redding Rancheria i47 151 i56 161 i65 Internal Departments 15,g54 16,329 16,8i9 17,324 17,g43 Service Charges 4,3g7 4,563 4,745 4,935 5,i33 Other Revenue 2,800 2,884 2,g�1 3,060 3,i52 Use of Money&Property 609 609 609 609 6og Interest (24) (62) (9i) (l04) (io�) Subtotai r15,432 11g,gg3 122>453 126,15o i29,975 Transfers In: Gas Taxes 12,258 12,625 13,004 13,394 13,796 Debt Service - - - - - Other Transfers In 606 624 643 662 682 Total Transfers In i2,863 i3,249 13,647 14,056 14,47g Transfers Out: CVB&Convention Center (1,200) (i,236) (1,273) (i,311) (1,350) Parking - - - - - Library (1,187) �i,223) �i,259) (1,297) �i,336) Roiling Stock (696) (�l�) (738) (�60) (�83) Other Equipment �45g) �472) �486) �500) �515) Internal Advances - - - - - Other Transfers Out (630) (649) (668) (688) (�09) Total Transfers Out (4,i7o) (4>295) �4,424) �4,557) �4,694) Net Transfers g>693 g,954 9,222 9,499 9>7g4 Total Revenues 124,124 i2�,837 i3i,6�5 135,649 139,759 Revenue Assumptions SalesTax 2.5� 2•5� 2•5� 2•5� 2•5� ProperryTax 3.0% 3.0% 3.0% 3.0% 3.0% Fee Revenues 3.0% 3.0% 3.0% 3.0% 3.0% Other Government 3•0� 3•0� 3�0� 3•0� 3�a� Other Revenue 3.0% 3.0% 3.0% 3.0% 3.0% Internal Departments 3.0% 3.0% 3.0% 3.0% 3.0% All Revenues(Not specific) 4.0% 4.0% 4.0% 4.0% 4.0% Interest(Percent of Cash) l.o% i.o% i.o% l.o% l.o% City of Redding General Fund Ten Year Plan (in thousands) Expenditures Fiscal Year Ending 2024&2025 Fiscal Year Ended Amended Amended 2o2g-24 2024-25 2025-26 2026-2'7 202�-28 2028-29 Safety UAL Payments 13,g3g 14,479 15,713 16,053 Misc UAL Payments 4,425 4,725 4,947 5,432 PARS UAL Payments 96 g6 96 96 Potice Personnel 33,493 34,579 2g,556 29>523 30�273 31,o5g Operating g,553 g,643 8,902 9,i69 9,444 9,72g CapitalOutlay/Project 182 �2 74 �6 �8 80 Subtotal 42,227 43,293 37,532 3g>768 39,796 40,866 Fire Personnel 21,234 22,004 22>574 19>2g5 19>773 20,286 Operating 5�373 5,646 5,g15 5�990 6,i�o 6,355 CapitalOutlay/Project - 45 46 4g 49 51 Subtotal 26,60� 2�,695 2g,436 25�322 25,992 26,6g1 Transportation&Engineering Personnel 2,759 2,�08 �og �20 '732 743 Operating 4>275 4,203 4,329 4,459 4>593 4,731 CapitalOutlay/Project 6,62i 6,621 6,820 �,024 7>235 7>452 Subtotal 13>655 13,532 11,858 12,204 i2,56o 12,g25 Parks&Recreation Personnel 4�gg5 4�95g 4>122 4>235 4,353 4>472 Operating 3,078 3�135 3,229 3>326 3�425 3,528 CapitalOutlay/Project 135 94 96 99 io2 l05 Subtotal 8,098 8,i86 �,447 �,660 �,880 8,106 Devetopment Seruices Personnel 5,153 5>092 3,710 3,808 3,91i 4,oi4 Operating i,125 1,i23 i,157 i,i9i i,z2� i,264 CapitalOutlay/Project - - - - - - Subtotal 6,279 6,215 4,g66 4,999 5,13g 5,278 General Government&Other Personnel 6,675 6,603 5,og4 5,217 5�355 5>495 Operating 3�508 3,434 3>537 3>643 3,752 3,865 CapitalOutlay/Project 169 169 174 180 185 191 Debt Service 2,118 1,957 1,965 1,318 1,314 1,313 Subtotal 12,471 12,i64 10,�61 10,358 lo,bo� 10,864 Add Back Personnel - - - - - - Add Back O&M - - - - - - Required Revenue or Expenditure Adjustments - - - - - - Projected Savings (1,931) (1,971) (1,�61) (i,736) (1,�82) (1,830) Total Expenditures 10�,406 109,113 117,499 i16,8�6 120,946 124,481 Expenditure Assumptions Personnel-Wages Budget Budget 2.�5� 2•75� 2�75� 2•75� O&M&Capital Outlay Budget Budget 3.0% 3.0% 3.0% 3.0% Debt Actual Actual Actual Actuai Actual Actual Assumed Expense Savings o.020 2.0% 2.0% 2.0% 2.0% 2.0% City of Redding General Fund Ten Year Plan (in thousands) Expenditures Fiscal Year Ending 2024&2025 Fiscal Year Ended zo29-30 2ogo-31 2ogi-32 2ogz-33 Zo33-34 Safety UAL Payments i6,4o3 16,i93 15,525 15,309 14>gg4 Misc UAL Payments 5,545 5,661 5,498 5�479 5>195 PARS UAL Payments g6 96 g6 96 g6 Potice Personnel 31,923 32�g14 33,72g 34,670 35,637 Operating l0,02o io,32o io,63o 10,949 11,277 CapitalOutlay/Project 83 g5 gg 91 93 Subtotal 42,025 43,220 44>446 45,709 47>00� Fire Personnel 20,852 2i,434 22,032 22,647 23>279 Operating 6,545 6�742 6>944 7,152 7�367 CapitalOutlay/Project 52 54 55 57 59 Subtotal 27>449 28,229 29,031 29>g56 30>705 Transportation&Engineering Personnel �62 �8� 809 g35 g5g Operating 4,8�2 5,oi9 5�i69 5>324 5�4g4 CapitalOutlay/Project �,6�6 �,906 g,143 g,3g7 g�639 Subtotal 13,310 13,�11 14,12i 14�546 14,9g1 Parks&Recreation Personnel 4,600 4,733 4,869 5,009 5�153 Operating 3,634 3>743 3�g55 3,971 4>090 CapitalOutlay/Project io8 il2 li5 li8 i22 Subtotal g,343 g>5gg S>g39 9>o9g 9,365 Devetopment Seruices Personnel 4,i26 4,242 4,360 4>482 4>60� Operating 1,302 1,34i i,381 1,4z2 i,465 CapitalOutlay/Project - - - - - Subtotal 5�42g 5>5g2 5>741 5,905 6,0�2 General Government&Other Personnel 5>646 5>go5 5,965 6,133 6�303 Operating 3,981 4,l00 4,223 4>350 4,4g1 CapitalOutlay/Project 196 202 208 215 221 Debt Service 1,310 i,3o9 1,311 i,315 1,132 Subtotal 11,134 11,4i� ll,�08 12,012 i2,136 Add Back Personnel Add Back O&M Required Revenue or Expenditure Adjustments - - - - - Projected Savings (1,882) (i,936) (1,991) (2,048) (2,10�) Total Expenditures 12�,851 i3o,�6i i33,oi2 135,962 13g,334 Expenditure Assumptions Personnel-Wages 2•75� 2•75� 2•75� 2•75� 2•75� O&M&Capital Outlay 3.0% 3.0% 3.0% 3.0% 3.0% Debt Actual Actual Actual Actual Actual Assumed Expense Savings 2.0% 2.0% 2.0% 2.0% 2.0% �,� ����� s�����'� r.., � �,r ,r x���� � ����,�, � � � ��':�•r� .���4 � , �, ��� ,;� � �>w, �w:�� , ��� , � ,,. � �,, r. .,rh '�f� � .. � ;�., -�: t �t � . � -;��„, � ,. �, ��. . ��� 4 1 I � � t ti ( 4 ( f I - 4 .t �Sz S,. i�: { 1 !l � i ( t 4� �{ 1�' 1 :F 1 4 t i ,.�: .A u, �J a :t tt t( 'i`t4{� tr.. }i � ".t r �t � � t:'i 1 i t x t+ t i � ; at Sl; .+,. �j � � it 7 c t 5 t f, F i , t .ki` t� ;:t x ?yf�;t st � a� 6 .( } a i s�.j � t?�h..,i�` ��:4, �i�t�s}>�ti } ir t,,f i t r ,.t,... 4i f 43�zk! t� r i, j a`,.s`s;,t s rk,. }� ,,tt: � j � �, �`,( i t �+ �r . 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