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20200804 Regular City Council Meeting - Agenda (4)C7 W IJF L Fiscal Year 2019m2O2O Financial Update City Council Meeting August 4, 2020 E rJ Agenda • FY 2019-2020 Budget -to -Actual Projections —Governmental Revenues and Department Expenditures —Enterprise Funds Revenues and Expenditures • Investments Portfolio • Additional Comments and Outlook 2 FY 2019-2020 Governmental Fund Snapshot �q Revenues Budget $ 62,427,152 YTD Estimate $ 62,246,400 Difference $ (180,752) % Used 99.7% Reserves (Added)/Used (2,849,552) 119,255 2,968,807 -4.2% Total Available Resources 59,577,600 62,365,655 2,788,055 104.7% Expenditures 59,577,600 54,935,914 (4,641, Revenues in Excess (Under) $ $ 7,429,741 $ 7,429,741 92.2% FY 2019-2020 Governmental Revenues by Category Revenues Budget YTD Estimate Difference Property and Parcel Taxes $ 18,687,061 $ 18,750,004 $ 62,943 Utility Users Tax 12,000,000 11,655,938 (344,062) Sales Tax 7,854,000 9,564,949 1,710,949 Business Licenses 6,000,000 6,027,576 27,576 In -lieu Tax 4,925,975 4,582,784 (343,191) Other Revenues 3,957,269 3,633,846 (323,423) Overhead allocation 3,665,551 3,665,551 - Charges for Services 3,114,669 3,341,210 226,541 License and Permits 2,222,627 1,024,541 (1,198,086) Reserves (Added)/Used (2,849,552) 119,255 2,968,807 Total Revenues $ 59,577 $ 62,365,655 $ % Used 100.3% 97.1% 121.8% 100.5% 93.0% 91.8% 100.0% 107.3% 46.1% -4.2% 104.7% FY 2019-2020 Governmental Expenditures by Department Departments Budget General Government $ 11,459,587 Health 1,418,337 Police 11,794,907 Fire 17,660,891 Public Works 15,035,119 Citywide Benefits Costs 2,208,758 (OPEB, Worker's Comp and Retiree Medical Insurance) YTD Estimate Reserves Used Difference % Used $ 11,354,015 $ $ (105,572) 99.1% 1,154,314 - (264,023) 81.4% 11,907,647 119,255 (6,516) 99.9% 17,032,412 - (628,480) 96.4% 9,363,346 - (5,671,773) 62.3% 4,124,180 - 1,915,423 186.7% Total Expenditures $ 59,577,600 $ 54,935,914 $ 119,255 $ (4,760,941) 92.2% FY 2019-2020 Enterprise Funds Snapshot Budget Enterprise. YTD Estimate Difference % Used Revenues Electric $ 229,014,775 $ 206,106,598 $ (22,908,177) 90.0% Gas 14,638,216 15,229,290 591,075 104.0% Water 18,047,462 13,169,051 (4,878,411) 73.0% Fiber Optic 673,084 499,731 (173,353) 74.2% Total Revenues $ 262,373,537 $ 235,004,670 $ (27,368,866) 89.6% Expenditures Electric $ 229,014,775 $ 206,106,598 $ (22,908,177) 90.0% Gas 14,638,216 11,408,575 (3,229,641) 77.9% Water 18,047,462 12,327,217 (5,720,245) 68.3% Fiber Optic 673,084 266,661 (406,423) 39.6% Total Revenues $ 262,373,537 $ 230,109,051 $ (32,264,486) 87.7% Revenues in Excess (Under) Electric Gas Water Fiber Optic $ - $ 3,820,716 $ 841,834 $ 233,070 Investment Portfolio by Fund Statement of net position: Unrestricted Restricted As of June 30, 2020 General $ 10,669,702 3,289,381 Fiduciary 20,849,641 VPU $ 175,047,770 28,247,528 Total $ 185,717,472 52,386,550 Total cash and investments $ 13,959,084 $ 20,849,641 $ 203,295,297 $ 238,104,022 General Fund, 13,959,084, 6% Fiduciary, 20,849,641 , 9% VPU, 203,295,297, 85% Investment Portfolio Overview As of June 30, 2020 Cash, $66,661,928 , 28 % Money Market Funds, $32,135,004, 14% Local Aj;cimy Investment Fund, $631,219 , 0% Dreyfus Treasury Securities, $40,073,019 , 17% Goldman Financial SQ Govt, $28,910,552 , 12% Invesco Government Agency Private, $53,099,307 , 22% in Stanley Govt stitutional, ,?�,,,592992 ,, 7% Comments and Outlook • Impacts of COVID-19 pandemic and quarantine • Transition to LA County Fire Department • New Transactions and Use Tax becomes operative October 1, 2020