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Description
San Bruno City Council Meeting April 26, 2011
10d. Quarterly Financial Report
B
B
B
Property
taxes
are
primarily
paid
in
two
large
installments
that
being
in
November
and
April
of
the
fiscal
year.
So
in
these
results,
obviously
we
have
not
included,
does
not
include
the
April
large
installment.
There
are
also
some
small
payments
that
are
also
made
during
the
course
of
the
year,
so
at
the
end
of
the
fiscal
year,
staff
is
expecting
that
we
will
be
close
to
either
meeting
the
level
of
the
budget
or
very
close,
maybe
a
little
bit
a
tad
behind
the
full
year's
budget.
B
But
certainly
you
know
within
relatively
within
the
range
of
the
five
point.
Six
million
dollars
in
the
area
of
sales
tax
were
at
seventy-two
percent.
The
budget
compare
very
favorably
to
the
prior
year's
results.
A
couple
of
key
elements
of
the
increases
include
a
one-time
credit
of
a
misallocation
of
sales
taxes
of
140
thousand
dollars.
The
state's
correction
in
terms
of
in
lieu
sales
tax
via
the
triple
club
and
then
I
think
generally
recovering
economy.
That's
led
to
some
improvement
in
terms
of
retail
sales.
Overall.
B
In
terms
of
expenditures,
overall
we're
at
seventy-three
percent
through
the
first
nine
months
in
terms
of
anomalies,
the
only
one
that
really
stands
out
is
really
in
the
category
of
engineering
and
streets
and
that's
really
more
of
an
accounting
function.
There
are
staffing
charges
that
we
make
on
the
accounting
side
to
charge
staff
time
against
CIP
projects,
and
that
hasn't
been
done
yet,
so
it's
a
little
bit
misleading
in
terms
of
where
that
level
is
once
we
book
that
entry
will
reduce
those
expenditures
accordingly
and
charge
them
out
to
the
various
CIP
projects.
B
B
So
moving
on
to
redevelopment
agency,
the
revenues
for
both
the
operating
fun
and
the
get
low
and
moderate
income
fund
again
are
also
tie
into
the
payments
that
we
receive
from
the
county
and
therefore
were
just
above
the
fifty
percent
threshold
in
terms
of
the
expenditures
they're
substantially
lower
than
Eliminator
calculation
and
the
reason
wife
is
in
the
operation
side
they
pass
through.
Payments
that
are
made
are
typically
done
toward
the
end
of
the
fiscal
year
and
that
works
out
to
be
about
3.3
million
dollars.
B
So
obviously,
most
of
the
expenditures
for
the
operating
fund
redevelopment
agency
operating
fund
that
is
doesn't
occur
until
the
latter
part
of
the
fiscal
years
is
not
reflected
in
the
third
quarter
numbers.
Similarly,
in
the
low
and
moderate
income
housing
fund,
we've
only
spent
about
400,000
out
of
the
1.4
million
dollars
and
again
there's
a
element
of
expenditures
that
doesn't
occur
until
the
fourth
quarter
and
that
that's
be
at
the
subsidy
that
we
provide
to
archstone
and
again,
that's
made
toward
toward
urine
in
the
fourth
quarter.
So
that
amount
is
about
680,000
hours.
B
Likewise,
on
the
expenditure
side,
as
we
add
subscribers,
or
some
incremental
costs
associated
with
that,
so
really
at
the
end
of
the
day,
we're
going
to
see
revenues.
There
are
not
going
to
hit
the
budget
numbers
likewise,
on
expenditures
we're
not
going
to
be
spending
the
entire
10.8
million
dollars
as
budgeted
in
the
other
in
the
public
services
enterprises
if
I
may
in
wastewater
water
and
storm
water.
B
The
revenues
there
are
at
least
for
wastewater
and
wire
are
running
a
little
bit
lower
than
what
would
normally
what
we
normally
see
and
I.
Think
much
of
that
is
already
attributed
to
just
lower
consumption
that
we're
seeing
for
the
fiscal
year
in
the
area
of
the
storm
water
enterprise,
that's
actually
through
assessments.
So
it's
a
part
of
the
property
tax
bill
that
the
assessment
is
added
to
so
again,
we've
only
received
a
partial
payments
from
the
county
on
that.
So
in
this
particular
cat
ago
we
do
expect
that
we
will
be
little
hit.
B
So
looking
ahead,
staff
is
working
on
preparing
the
2011-12
budgets
and
a
couple
of
elements
that
we're
looking
at
continued
costs
that
we're
dealing
with
in
terms
of
pers
retirement.
The
impact
of
the
general
fund
is
about
six
hundred
forty
four
thousand
dollars
due
to
the
rate
increases
that
we've
been
provided
by
CalPERS,
so
overall
we're
looking
at
somewhere
between
the
nine
hundred
fifty
thousand
to
a
million
dollar
mark
in
terms
of
shortfall.
B
We
discussed
that
at
the
februari
budget
study
session
and
consistent
with
those
discussions,
the
the
plan
is
to
use
again
limited
duration
revenues
to
close
that
gap
and
that
again
being
undesignated
fund
balance.
We
also
have
recovery
of
permit
fees
that
we're
expecting
from
tgd
for
the
glenview
rebuild
and
then
leftover
balance.
B
A
C
Questions
to
the
chair,
Evan,
you,
you
explain
clearly
as
far
as
the
the
property
tax
revenue
and
that
we
haven't,
we
haven't
received
it
yet,
and
then
you
give
these
dates
from
2009-2010.
Are
those
the
same
type
of
numbers
I
mean?
Is
there
any
comparison
to
those
numbers
that
that
we
see
in
2009-2010
and
compared
to
what
you're?
Seeing
now?
Yes,.
B
C
B
The
potential
impact
is
more
likely
for
the
following
year
when
the
tax
roll
was
conducted.
This
was
a
measured
as
of
january.
First
2010,
that's
how
the
county
measures
the
values
they
freeze
the
date
so
to
speak
and
say:
okay,
where
are
the
assessed
values,
as
of
the
so
for
the
next
budget,
they're
going
to
be
using
january
first
2011
as
the
measurement
date,
so
potentially,
the
impacts
would
then
be
for
the
subsequent
fiscal
year
in
terms
of
potential
impacts
in
terms
of
property
taxes
is
that.
B
There's
definitely
a
value
so
short
of
that,
and
what
I
would
say
is
that,
in
terms
of
those
loss
of
revenues,
that's
an
element
that
we
can
go
to
pge
as
part
of
a
reimbursement
process
because
included
in
that
whole
concept
is
not
only
in
the
what
we
incur
in
terms
of
expenditures,
but
also
included
in.
There
is
the
notion
of
lost
revenues.
So
this
would
the
fall
within
that
umbrella.