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HomeMy WebLinkAbout8.1 - Fiscal Year 2020-21 2nd Quarter Financial ReviewSTAFF REPORT CITY COUNCIL Page 1 of 6 Agenda Item 8.1 DATE:March 2, 2021 TO:Honorable Mayor and City Councilmembers FROM:Linda Smith, City Manager SUBJECT:Fiscal Year 2020-21 2nd Quarter Financial Review Prepared by: Lisa Hisatomi, Director of Administrative Services and Colleen Tribby, Assistant City Manager EXECUTIVE SUMMARY: The City Council will receive a financial report through the second quarter for Fiscal Year 2020-21 and consider amendments to the Fiscal Year 2020-21 Budget via a budget change. STAFF RECOMMENDATION: Receive the report and approve the budget change. FINANCIAL IMPACT: Approval of the budget change will result in a net increase to the General Fund revenue budget of $1,023,873 and a net decrease in the General Fund expenditure budget of $1,321,849, for a net increase in General Fund reserves of $2,345,722. The City is projected to be in an operating surplus position of $10,026,821 in Fiscal Year 2020-21. Total General Fund reserves are projected at $178,917,097 by June 30, 2021. This report also contains various budget changes in other funds requiring City Council approval. DESCRIPTION: The purpose of this report is to update the City Council on the status of the Fiscal Year 2020-21 General Fund Amended Budget and projected reserves. As a reminder, the Amended Budget includes budget amendments already approved by the City Council since July 1, as well as carry- over budgets from the prior year. The Budget Change Form (Attachment 4) lists all new amendments needing approval in the General Fund as well as in other funds. Overview In May 2020, two months into the County Shelter-in-Place, Staff presented the Fiscal Year 2020-21 Budget using certain assumptions about how the COVID-19 pandemic was expected to impact the 242 Page 2 of 6 City’s major revenue categories. The primary adjustments made in the adopted budget were reductions to tax revenues (property tax, sales tax, and transient occupancy tax), interest income, recreation services through Summer 2020 (related revenues and expenditures), and development services (related revenues and contracted expenditures). Throughout the fiscal year, Staff has adjusted programs and activities to comply with changing health guidelines and has monitored revenues to ensure that estimates stay on track overall. As the pandemic reaches the one-year mark, Staff is proposing adjustments to the adopted budget to realign revenues and expenditures with actual experience during this unprecedented time. General Fund Changes Table 1 below reflects the proposed changes to revenues and expenditures in this mid-year report and their impacts on total City reserves, followed by a discussion of the changes. Table 1: Revenue and Expenditure Changes Category Revenues Expenditures Total Impact Property Tax $1,500,000 $1,500,000 Sales Tax 2,000,000 $2,000,000 Transient Occupancy Tax (350,000)($350,000) Parks & Recreation Programs (2,877,011) (1,422,765)($1,454,246) One-time Revenues 667,000 $667,000 Development Services (156,116) (238,084)$81,968 Contract Services 69,000 ($69,000) Other Revenues / Expenditures 240,000 270,000 ($30,000) Total Impact on GF Reserves $1,023,873 ($1,321,849)$2,345,722 Property Tax Revenue – increase of $1,500,000 The Fiscal Year 2020-21 property tax budget included a reduction of $1.3 million from the pre- COVID forecast, which has not materialized. The proposed increase restores those reductions and accounts for growth in assessed valuation. Staff anticipates that the impacts due to a reduction in the number of sales during 2020, and potentially price reductions, will be seen in Fiscal Year 2021-22. This will be reflected in the next budget cycle. Sales Tax Revenue – increase of $2,000,000 The Fiscal Year 2020-21 sales tax budget was put together using trend reports prepared in April 2020, which included a recessionary impact from COVID-19 based on analyses of previous recessions and a review of industry, economist, and news reports. In summary, the adopted budget of $19.6 million in sales tax reflected a much more severe impact of COVID-19 than has been realized this year. One of the key components of the budget was the anticipation of a high unemployment rate, which Staff and the consultant expected would significantly impact consumer behavior and result in a large hit to sales tax revenue. In reality, an increase in unemployment did not have the proportionate opposite effect on the overall purchase of goods – an outcome that was not widely 243 Page 3 of 6 expected. Another key assumption in the budget was a steep decline in the auto and transportation sector, which has not materialized at the level anticipated. During the pandemic, consumers have saved money on things like gasoline, restaurant dining, and vacations, and have tended to increase purchasing in other areas, such as for higher-end and upgraded vehicles and more expensive lifestyle vehicles such as trucks, recreational vehicles, and travel trailers. Furthermore, online shopping has done much better than was predicted in April 2020. Sales tax from online purchases is deposited into a County pool, from which the cities receive an allocation based on their proportions of total County sales. The most recent sales tax report shows Dublin’s pool revenue increased $650,000 from the projections in April. Transient Occupancy Tax (TOT) Revenue– decrease of $350,000 The Fiscal Year 2020-21 budget projected losses in TOT, or hotel tax, over the first few months of the year, with recovery beginning in the fall of 2020. In fact, the Shelter-in-Place extended longer than anticipated and subsequently became more restrictive under the County’s Stay-at-Home Order as COVID-19 numbers worsened. Parks and Community Services Programs Revenue – net decrease of $1,454,246 The Fiscal Year 2020-21 budget incorporated revenue losses and expenditure decreases through the summer for cancelled recreational programs and facility closures. Since then, the Shelter-in- Place Order and subsequent, more restrictive Stay-at-Home Order, forced the City to extend closures and cancellations, and to make other unanticipated modifications to program offerings. As a result, revenues for Parks and Community Services are projected to be $2,877,011 lower than budgeted, partially offset by a decrease in related expenditures by $1,422,765 for reductions in seasonal employee and contracted services costs. Staff expects COVID-19 impacts to extend into the next fiscal year as well and will incorporate a number of adjustments to recreational programming into the next budget adoption. Recovery in this category will depend not only on re- openings but on participant readiness to re-engage in activities. One-Time Revenues – increase of $667,000 The budget for one-time revenues is being adjusted for the receipt of a development reimbursement for the construction of Clover and Sunrise Parks ($226,000) and a Community Benefit Payment from the Avesta project ($441,000). Development Services – net expenditure reduction of $81,968 Due to a shift in the timing of various projects, development revenues are expected to decrease $156,010 from the budget, offset by a reduction of $238,084 in related expenditures. Contract Services Expenditures – net increase of $69,000 Contract Services costs are increasing as the net result of the following: o Public Works’ use of consulting services during staffing vacancies (+$306,000). o Additional crime lab processing costs in Police Services (+$33,000). o Decreased costs for the contract with the Alameda County Library (-$100,000). 244 Page 4 of 6 o Decreased costs for unused Crossing Guard services (-$170,000). Other Revenues – increase of $240,000 Santa Rita fire service reimbursement revenues are projected to increase $150,000 over budget due to an increase in the number of fire service calls for service to the Santa Rita Jail. Other minor, miscellaneous revenues and fees are projected to increase a combined total of $90,000. Other Expenditures – increase of $270,000 Insurance claims expenditures are increasing $150,000 in the City’s risk management programs based on year-to-date insurance claims received; and capital outlay expenditures are increasing $120,000 for the Public Works Department’s work-space reconfiguration. General Fund Reserves and Transfers Out After incorporating all adjustments, total reserves are projected to decrease $11,732,126 from prior year, as illustrated in Table 2 below. Table 2: General Fund Reserve Changes FY 2019-20 Actual FY 2020-21 Adopted FY 2020-21 Amended Q2 Change New FY 2020-21 Amended Reserves, Beg. of Year $171,225,773 $190,649,224 $190,649,224 $190,649,224 Revenues 102,909,631 92,390,619 92,786,266 1,023,873 93,810,139 Expenditures 74,251,883 81,079,773 85,048,567 (1,321,849)83,726,718 Transfers to CIPs/ISF 9,234,298 3,231,570 21,815,548 21,815,548 Reserves, End of Year $190,649,224 $198,728,500 $176,571,375 $2,345,722 $178,917,097 Change from prior year $8,079,276 ($14,077,848)($11,732,126) The decrease in reserves is due primarily to the planned use of reserves for capital projects. The City has $21,815,548 budgeted in transfers out of the General Fund, the majority of which ($18,655,693) is covered by Committed and Assigned Reserves. Table 3 summarizes General Fund Transfers Out by reserve category. 245 Page 5 of 6 Table 3: Summary of General Fund Transfers Out Type FY 2019-20 Actual FY 2020-21 Adopted FY 2020-21 Amended Q2 FY 2020-21 Amended Designated Reserves CIP Specific - Assigned/Committed $7,668,923 $71,715 $13,153,447 $13,153,447 CIP Carryovers - Assigned 3,502,246 3,502,246 Contribution to ISF 229,066 Contribution to OPEB/PERS 2,000,000 2,000,000 Subtotal - Designated Reserves $7,897,989 $71,715 $18,655,693 $18,655,693 Undesignated Reserves CIPs $336,309 $1,159,855 $1,159,855 $1,159,855 Contribution to OPEB/PERS 1,000,000 1,000,000 1,000,000 Contribution to ISF 1,000,000 1,000,000 1,000,000 1,000,000 Subtotal - Undesignated Reserves $1,336,309 $3,159,855 $3,159,855 $3,159,855 Total Transfers Out $9,234,298 $3,231,570 $21,815,548 $21,815,548 A listing of changes to specific reserves is provided as Attachment 2 (General Fund Reserves Summary). A detailed list of transfers out of the General Fund is provided as Attachment 3. Non-General Fund Items In addition to the changes to the General Fund, there are various budget amendments in other funds that require City Council approval, to account for the following: Decrease Public Facilities Fee Fund revenue by a net $3,879,000 due primarily to the change in timing of development projects, shifting project revenue into the future years. Increase appropriations by $48,000 in the Vehicle Abatement Fund to procure a police vehicle for the vehicle abatement function. Increase appropriations for electricity costs by a combined total of $125,400 in various Assessment District Funds and the Traffic Safety Fund due to PG&E’s rate increases and for increased costs upon acceptance of new streetlights/traffic signals. Increase appropriations for operating supplies and contract services by a combined total of $37,400 in various Street Lighting District Funds to fix/replace streetlights. Increase appropriations for the County’s property administration costs by $5,000 in the CFD 2017-1 Special Assessment District Fund. STRATEGIC PLAN INITIATIVE: Strategy 2: Explore New City Revenue Streams for Long Term Financial Stability Objective 2D: Continue to maintain strong fiscal policies. NOTICING REQUIREMENTS/PUBLIC OUTREACH: The City Council Agenda was posted. 246 Page 6 of 6 ATTACHMENTS: 1) General Fund Summary 2) General Fund Reserves 3) General Fund Transfers Out 4)Budget Change 247 PRELIMINARY GENERAL FUND SUMMARY - Q2 FY 2020-21 Actual 2019-20 Adopted Budget 2020-21 Amended Budget 2020-21 Q2 Adjustment New Amended 2020-21 Revenues Property Tax $49,086,335 $48,896,000 $48,896,000 $1,500,000 $50,396,000 Sales Tax 21,439,886 19,595,050 19,595,050 2,000,000 21,595,050 Sales Tax Reimbursements (407,431) (610,000) (610,000) (610,000) Development Revenue 6,716,056 6,951,077 6,951,077 (156,116) 6,794,961 Transient Occupancy Tax 1,567,987 1,000,000 1,000,000 (350,000) 650,000 Other Taxes 5,712,336 5,676,387 5,676,387 5,676,387 Licenses & Permits 236,972 238,506 238,506 102,000 340,506 Fines & Penalties 85,128 107,432 107,432 (45,000) 62,432 Interest Earnings 3,652,445 1,600,000 1,600,000 1,600,000 Rentals and Leases 974,392 1,329,966 1,329,966 (523,079) 806,887 Intergovernmental 306,425 250,000 250,000 250,000 Charges for Services 5,644,465 6,222,359 6,222,359 (2,061,213) 4,161,146 Other Revenue 1,374,275 1,077,242 1,472,889 557,281 2,030,170 Subtotal Revenues - Operating $96,389,272 $92,334,019 $92,729,666 $1,023,873 $93,753,539 Transfers In $87,098 $56,600 $56,600 $56,600 Unrealized Gains/Losses 6,433,261 Total Revenues $102,909,631 $92,390,619 $92,786,266 $1,023,873 $93,810,139 Expenditures Salaries & Wages $10,978,176 $11,886,262 $11,886,262 ($664,261) $11,222,001 Benefits 4,890,980 5,016,611 5,016,611 5,016,611 Services & Supplies 2,928,191 3,892,942 4,044,425 (145,658) 3,898,767 Internal Service Fund Charges 2,977,333 3,685,246 3,685,246 3,685,246 Utilities 2,427,310 2,925,055 2,925,151 2,925,151 Contracted Services 46,071,154 53,053,169 56,444,785 (620,750) 55,824,035 Capital Outlay 3,959,753 397,883 719,482 108,820 828,302 Contingency & Miscellaneous 18,987 222,605 326,605 326,605 Subtotal Expenditures - Operating $74,251,883 $81,079,773 $85,048,567 ($1,321,849) $83,726,718 Operating Impact (REV-EXP)$22,137,389 $11,254,246 $7,681,099 $2,345,722 $10,026,821 Transfer Outs & Contributions to Other Funds Transfers Out (CIPs) - Undesignated $336,309 $1,159,855 $1,159,855 $1,159,855 Transfers Out (CIPs) - Carryover from Prior Year $3,502,246 $3,502,246 Transfers Out (CIPs) - Com./Assig. Reser 7,668,923 71,715 13,153,447 13,153,447 Contribution to OPEB/PERS 1,000,000 3,000,000 3,000,000 Contribution to ISF 1,229,066 1,000,000 1,000,000 1,000,000 Total Expenditures $83,486,181 $84,311,343 $106,864,115 ($1,321,849) $105,542,266 GF Impact (Include CIP & Transfers) $19,423,450 $8,079,276 ($14,077,848) $2,345,722 ($11,732,126) TOTAL GENERAL FUND BALANCE $190,649,224 $198,728,500 $176,571,375 $178,917,097 Contracted Services Detail Actual 2019-20 Adopted Budget 2020-21 Amended Budget 2020-21 Q2 Adjustment New Amended 2020-21 Police Services (1)$19,619,858 $21,298,390 $21,443,621 $21,443,621 Fire Services (1)13,325,437 14,290,786 14,290,786 14,290,786 Maintenance Services (MCE) 4,860,718 5,736,382 5,736,382 5,736,382 Development (CDD and PW) 3,142,265 4,616,073 4,878,821 4,878,821 Other Contracted Services (2)5,122,876 7,111,538 10,095,175 (620,750) 9,474,425 Total Contracted Services $46,071,154 $53,053,169 $56,444,785 ($620,750) $55,824,035 (1) Police and Fire liability insurance amounts are not included above, they are included in Services & Supplies. (2) Other Contracted Services Amended Budget includes $1.3M carryover from FY 20-21; $1.0M for small business recovery loans, $377K for Camp Parks waste inter-governmental contract with offset revenue, and $228K for housing element update Atachment 1 Attachment 1 248 GENERAL FUND RESERVES - Q2 FY 2020-21 RESERVE DESCRIPTION Actual 2019-20 Increase 2020-21 Decrease 2020-21 Net Change Projected 2020-21 Non-Spendable $13,061 $13,061 Prepaid Expenses 13,061 13,061 Restricted $1,938,000 $441,000 $441,000 $2,379,000 Cemetery Endowment 60,000 60,000 Developer Contr - Downtown 1,049,000 441,000 441,000 1,490,000 Developer Contr - Heritage Pk 19,000 19,000 Developer Contr - Nature Pk 60,000 60,000 Heritage Park Maintenance 750,000 750,000 Committed $57,828,474 $410,000 ($10,890,544) ($10,480,544) $47,347,931 Advance to Public Facility Fee 7,500,000 7,500,000 Downtown Public Impr 8,454,625 8,454,625 Economic Development 126,359 (126,350) (126,350)9 Economic Stability 8,000,000 8,000,000 Emergency Communications 532,113 (1,736) (1,736)530,377 Fire Svcs Pension/OPEB 5,324,225 5,324,225 Innovations & New Opport 1,065,471 (170,973) (170,973)894,498 One-Time Initiative - Capital 4,993,150 (1,543,503) (1,543,503)3,449,647 One-Time Initiative - Operating 503,860 503,860 Public Safety Reserve 2,000,000 2,000,000 Specific Committed Reserves Cemetery Expansion (CIP)1,447,764 (1,447,764) (1,447,764) Contribution to Public Facility Fee 6,000,000 6,000,000 Cultural Arts Center 4,539,197 (4,539,197) (4,539,197) Donlon Way Acquisition 410,000 410,000 410,000 Don Biddle Park (CIP)1,500,000 (1,500,000) (1,500,000) Dublin Sports Ground (CIP)1,502,671 (1,502,671) (1,502,671) Fallon Sports Park III Contingency 3,110,500 3,110,500 Maintenance Facility (CIP)58,350 (58,350) (58,350)(0) Utility Undergrounding (CIP)1,170,190 1,170,190 Assigned $64,004,659 ($4,674,038) ($4,674,038) $59,330,621 Accrued Leave 1,044,730 1,044,730 Catastrophic Loss 17,702,316 17,702,316 CIP Carryovers 3,502,246 3,502,246 Fiscally Responsible Adj 325,000 325,000 Municipal Regional Permit 2,282,905 (177,522) (177,522)2,105,383 Non-Streets CIP Commitments 2,462,100 2,462,100 Operating Carryovers 1,724,011 1,724,011 Parks and Streets Contingency 226,227 (24,957) (24,957)201,270 Pension & OPEB 15,000,000 15,000,000 Pension Rate Stabilization Plan 2,000,000 (2,000,000) (2,000,000) Relocate Parks Dept 250,000 250,000 Service Continuity 3,150,000 3,150,000 Specific Assigned Reserves Climate Action Plan 3,000,000 3,000,000 Contribution to ISF 1,500,000 1,500,000 Façade Improvement Grants 374,157 374,157 HVAC Replacement & Civic Ctr Improv. (CIP)4,202,041 (2,212,634) (2,212,634)1,989,407 Public Safety Complex (CIP)258,925 (258,925) (258,925) Village Pkwy Pavemt Recon 5,000,000 5,000,000 Unassigned $66,865,029 $15,564,582 ($12,583,126) $2,981,455 $69,846,485 Unassigned-Unrealized Gains 8,453,240 8,453,240 Unassigned (Available)58,411,790 (410,000)61,393,245 TOTAL RESERVES $190,649,224 $16,415,582 ($28,147,708) ($11,732,126)$178,917,097 Attachment 2 Attachment 2 249 GENERAL TRANSFERS OUT Project FY 2020-21 Adopted FY 2020-21 Amended Funded by Committed / Assigned Reserve* CIPs Annual Street Resurfacing $468,000 $468,000 Audio Visual System Upgrade 65,020 65,020 City Entrance Monument Signs 285,000 285,000 Citywide Bicycle & Pedestrian Imp. 108,000 325,766 217,766 Citywide Energy Imp. 35,860 35,860 Citywide Signal Comm. Upgrade 1,420,149 1,420,149 Civic Center HVAC and Roof Replacement 2,212,634 2,212,634 Cultural Arts Center 4,539,197 4,539,197 Don Biddle Community Park 2,100,000 2,100,000 Dougherty Rd. Imp. - Sierra Ln 93,485 93,485 Downtown Dublin Street Grid Network 140,840 140,840 Downtown Dublin Town Square Park 68,020 68,020 Dublin Blvd Extension 123,000 123,000 Dublin Heritage Park Cemetery Phase 1,447,764 1,447,764 EV Charging Stations 142,041 142,041 Financial System Replacement 1,845,000 1,845,000 Green Stormwater Infrastructure 71,715 71,715 71,715 Imagine Playground at Dublin Sports Ground 1,502,671 1,502,671 Maintenance Yard Facility Imp. 58,350 58,350 Police Services Building 258,925 258,925 Resiliency and Disaster Preparedness Imp 22,085 22,085 Restrooms Replacement 83,880 83,880 San Ramon Road Landscape Renovation 238,660 238,660 San Ramon Road Trail Imp. 99,335 99,335 Solar PV Canopies at The Wave 168,150 168,150 Subtotal Transfers Out to CIPs $1,231,570 $17,815,548 $16,655,693 Other Contributions Contribution to OPEB/PERS $1,000,000 $3,000,000 $2,000,000 Contribution to ISF 1,000,000 1,000,000 Subtotal Transfers Out to Other $2,000,000 $4,000,000 $2,000,000 Total General Fund Transfers Out $3,231,570 $21,815,548 $18,655,693 * Include CIP Carryovers Assigned Reserve Attachment 3 Attachment 3 250 Budget Change Reference #: From Un-Appropriated Reserves X Budget Transfer Between Funds From Designated Reserves Other 1001.0000.42101 (Sales Tax)$2,000,000 1001.0000.41101 (Property Tax)$1,500,000 1001.0000.42301 (TOT)($350,000) 1001.1402.48111 (Bldg Use Insurance)($25,000) 1001.xxxx. 49121 (PCS - Multiple Programs -Sponsorship)($34,550) 1001.xxxx. 46200 (PCS - Multiple Programs - Facility Rentals)($523,079) 1001.xxxx. 48000 (PCS - Multiple Programs - Charge for Svcs)($2,214,713) 1001.xxxx. 49102 (PCS - Multiple Programs - Concessions)($104,775) 1009.8101.48911 (Zoning)($309,510) 1001.0000.44111 (Pole License Fee)$7,000 1001.5201.48504 (EV Charging Fee)$2,000 1001.5201.48505 (Stormwater Inspections)$14,000 1001.8301.44241 (Encroachment Permits)$113,500 1001.8301.44242 (Grading)$95,000 1001.2101.45111 (Other Court Fines)($25,000) 1001.2101.45121 (Parking Citations)($20,000) 1001.2402.48301 (Fire Alarm)$12,000 1001.2401.48399 (Santa Rita Fire Services)$150,000 1001.8301.48921 (Plan Checking)$40,000 1001.0000.49101 (Sale of Property)$30,000 1009.8301.48935 (Development Services Reimb)$226,000 1005.0000.49151 (Community Benefit Payments)$441,000 Public Facilities Fund - Developer Contributions 4101.0000.49161 (Community Parkland)$200,000 4102.0000.49161 (Neighborhood Parkland)$85,000 4103.0000.49161 (Community Park Improvements)($1,448,000) 4104.0000.49161 (Neighborhood Park Improvements)($846,000) 4105.0000.49161 (Community Buildings)($1,197,000) 4106.0000.49161 (Library)($86,000) 4107.0000.49161 (Civic Center)($477,000) 4108.0000.49161 (Aquatic)($110,000) Increase sales tax based on consultant's updated projections COVID impact Timing of development projects, with offset decrease in expenditure Community Development payment from project Developers opted to pay in-lieu fee instead of using fee credits Timing of development project Based on YTD actuals Developer reimbursements for Clover & Sunrise Parks Sales of police and fire vehicles REVENUES CITY OF DUBLIN FISCAL YEAR 2020-21 BUDGET CHANGE FORM City Council's Approval Required General Fund Anticipated a higher delinquency rate due to COVID-19 not realized and increase in property values Attachment 4 Attachment 4 251 Budget Change Reference #: FISCAL YEAR 2020-21 BUDGET CHANGE FORM City Council's Approval Required 1001.1402.61602 Insurance - Claims Paid)$150,000 1001.2111.64001(Police Support - Contract Services)$33,000 1001.2601.64001 (Crossing Guard - Contract Services)($170,000) 1001.7301.64001(Library Services - Contract Services)($100,000) 1009.8101.65106 (Community Dev. - Professional Services Reimbursable) ($238,084) 1001.3101.71101 (Public Works - Capital Outlay)$120,000 1001.8301.64091 (Public Works - Engineering Contract Services)$306,000 1001.xxxx.51202 (PCS - Temporary Salaries)($664,261) 1001.xxxx.61000 (PCS - Operating Expenditures)($295,658) 1001.xxxx.64000 (PCS - Contract Services)($451,666) 1001.xxxx.64000 (PCS - Capital Outlay)($11,180) Special Revenue Funds 2102.2111.72105 (Vehicle Abatement Fund - Vehicle)$48,000 2106.2801.63202 (Traffic Safety Fund - Electric)$32,000 2701.2802.61104 (Street Light Dist 1983-1 - Operating Supplies)$9,000 2701.2802.63202 (Street Light Dist 1983-1 - Electric)$51,000 2703.3401.63202 (Landscape Dist Dougherty 1986-1 - Electric)$200 2704.3401.63202 (Landscape District Santa Rita 1997-1 - Electric)$200 2705.2802.61104 (Street Light Dist East Dublin 1999-1- Operating Supplies) $4,000 2705.2802.63202 (Street Light Dist East Dublin 1999-1- Electric)$42,000 2705.2802.64001 (Street Light Dist East Dublin 1999-1- Contract Services) $24,400 2710.3921.64001 (CFD 2017-1 - Contract Services)$5,000 Iron Horse Trail Bridge at Dublin Boulevard ST0118.9400.9401 (3600.9601.73103) Iron Horse Trail Bridge at Dublin - Improvements - Not Buildings $1,500,000 ST0118.2218 (2218.9601.89101) Measure RR - Safe Routes to BART - Streets CIP - Transfer Out $1,500,000 3600.9601.49999 (Transfers In) $1,500,000 2218.0000.47305 Measure RR - Safe Routes to BART - Other Agency Grants $1,500,000 3/2/2021 New streetlights turned over to the City PG&E time-of-use charge rate increase Timing of development projects, with offset decrease in revenue Library not opened during shelter-in-place General Fund Based on claims received Procure a police vehicle for vehicle abatement function School not opened during shelter-in-place Crime lab services OPERATING EXPENDITURES County property tax admin cost **********Finance Use Only********** As Presented at the City Council Meeting CIPs Account for the Bay Area Rapid Transit District (BART) $1,500,000 in Measure RR Safe Routes to BART (SR2B) program funding for the Iron Horse Trail Bridge at Dublin Boulevard Project Public Works work space reconfiguration Utilization of contract services for staff vacancies Additional traffic signals and PG&E time-of-use charge rate increase Materials to fixe two street lights knocked down events Additional street lights and PG&E time-of-use charge rate increase Materials to fixe two street lights knocked down events Installation of two replacement streetlights COVID impact Attachment 4252 Budget Change Reference #: FISCAL YEAR 2020-21 BUDGET CHANGE FORM City Council's Approval Required Posted By:Date: Attachment 4253 FY 2020-21 2nd Quarter Financial Review March 2, 2021 ITEM 8.1 Summary Revenues -Net Increase $1,023,873 •Property Tax +$1,500,000 o Restore projected COVID reduction o Some growth in assessed valuation •Sales Tax +$2,000,000 o COVID impact not as severe o Consumer behavior change –Auto o Online sales growth higher than projected •TOT -$350,000 o Extension of Shelter-in-Place Summary •Parks & Recreation Programs -$2,877,011 o COVID impact through summer in budget o Extension and restrictive Stay-at-Home order o Program cancellations and facility closures o Net program impact -$1,454,246 •Other Revenues +$750,884 o One-time revenue +$667,000 o Development Revenues -$156,116 o Other +$240,000 Summary Expenditures -Net Decrease $1,321,849 •Parks & Recreation Program -$1,422,765 o Cancellation of programs and facility closures o Reduction in program costs o Net program impact -$1,454,246 •Development Services -$238,084 o Timing of project, offset by revenue reduction •Contract Services +$69,000 o Backfill staff vacancies o Additional police crime lab services o Reduction in library & crossing guard services Summary •Other Expenditures +$270,000 o Risk management program o Work -space reconfiguration Net Impact +$2,345,722 Transfers Out Total Transfers out = $21,815,548 •FY 20-21 Adopted = $ 3,231,570 •Carried over from FY 19-20 = $10,832,147 •Budget added during FY 20-21 = $ 7,751,831 •Total $21,815,548 Total funded with Reserves = $18,655,693 •CIP -$16,655,693 •PERS -$2,000,000 Transfers Out Type Project Amount Assigned City Entrance Monument Signs $285,000 Assigned Citywide Bicycle & Pedestrian Imp.217,766 Assigned Civic Center HVAC and Roof Replacement 2,212,634 Assigned Dougherty Rd. Imp. -Sierra Ln 93,485 Assigned Dublin Blvd Extension 123,000 Assigned Financial System Replacement 1,845,000 Assigned Green Stormwater Infrastructure 71,715 Assigned Police Services Building 258,925 Assigned San Ramon Road Landscape Renovation 238,660 Assigned San Ramon Road Trail Imp.99,335 Subtotal -Assigned $5,445,520 Committed Citywide Signal Comm. Upgrade $1,420,149 Committed Cultural Arts Center 4,539,197 Committed Don Biddle Community Park 2,100,000 Committed Dublin Heritage Park Cemetery Phase 1,447,764 Committed EV Charging Stations 142,041 Committed Imagine Playground at Dublin Sports Ground 1,502,671 Committed Maintenance Yard Facility Imp.58,350 Subtotal -Committed $11,210,173 Total Transfers Out to CIPs $16,655,693 Reserves FY 2019-20 Actual FY 2020-21 Adopted FY 2020-21 Amended Q2 Change New FY 2020-21 Amended Beginning of Year $171,225,773 $190,649,224 $190,649,224 $190,649,224 Revenues 102,909,631 92,390,619 92,786,266 1,023,873 93,810,139 Expenditures 74,251,883 81,079,773 85,048,567 (1,321,849)83,726,718 Transfers Out 9,234,298 3,231,570 21,815,548 21,815,548 End of Year $190,649,224 $198,728,500 $176,571,375 $2,345,722 $178,917,097 Change from prior Year $8,079,276 ($14,077,848)($11,732,126) Staff Recommendation Approve the budget change. Questions?