2018.3.7 City of Saratoga CA mid year-budget

1. MID-YEAR BUDGET REVIEW
March 7, 2018

2. MID-YEAR BUDGET RECAP
GENERAL FUND
• Revenues to exceed budget by >$1 million
• Expenditures to be under budget by >$200,000
INTERNAL SERVICE FUNDS
• One Fund Budget Adjustment
DEBT SERVICE FUND
CAPITAL IMPROVEMENT PROJECT BUDGETS
• Three Project Budget Adjustments

3. MID-YEAR
BUDGET
RECAP
FY 2017/18 FY 2017/18 Additional
Revenues Budget Estimated Revenue
Property Tax 12,110,800 12,839,100 728,300
Sales Tax 1,150,000 1,060,000 (90,000)
Other Taxes 3,169,429 3,289,429 120,000
Fees, Licenses & Permits 1,407,400 1,512,692 105,292
Charges for Services 1,682,215 1,686,070 3,855
Other Revenues & Transfers In 1,257,929 1,464,570 206,641
Total Revenues 20,777,773 21,851,861 1,074,088
FY 2017/18 FY 2017/18 Expenditure
Expenditures Budget Estimated Savings
Salary & Benefits 8,583,226 8,384,900 198,326
Operational Expenditures 11,855,599 11,844,903 10,696
Transfers Out 1,587,909 1,587,909 -
Total Expenditures 22,026,734 21,817,712 209,022
Budget - Transactional Net Operations (1,248,961)
34,149
Plus: Budgeted Use of Reserves
Environmental Reserve 50,000 50,000
Capital Improvement & Efficiency Reserve 1,530,000 1,530,000
Development Reserve 57,909 57,909
Total Net Operations (Sources & Uses) 388,948 1,672,058
GENERAL FUND
FY 2017/18 Budget & Year End Estimates
YE Estimated - Transactional Net Operations

4. GENERAL FUND: REVENUE REVIEW

5. GENERAL FUND: REVENUE REVIEW
PROPERTY TAX
• Secured (1%)
• Unsecured
• Supplemental and Transfer Taxes
• ERAF (Educational Revenue Augmentation Fund)
• Miscellaneous
• VLF in Lieu
SALES TAX
• City’s portion = 1.0 cent of the 9.0 cents collected

6. GENERAL FUND: REVENUE REVIEW
OTHER TAXES
• Hotel Tax
• Construction Tax
• Business License Tax
• Franchise Fees
OPERATING REVENUES
• Intergovernmental Revenues
• Fees, Licenses, Permits
• Service Charges (planning, engineering, recreation, etc.)
• Rental Income, Interest Income, Other Sources

7. GENERAL FUND: EXPENDITURES
SALARY & BENEFITS
OPERATING EXPENSES
• Materials & Supplies
• Fees & Charges
• Contract & Consultant Services
• Sheriff Services
INTERNAL SERVICE CHARGES

8. PROPOSED BUDGET ADJUSTMENTS
ISF: FACILITY REPLACEMENT FUND
• $41,488 Re-appropriation of PY funding
CIP: EV FAST CHARGE STATION
• Project Scope Change
CIP: VILLAGE TO QUARRY PARK PATHWAY – PHASE 1
• $100,000 of additional funding
CIP: PROSPECT ROAD IMPROVEMENTS
• $160,000 of additional funding