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Description
San Bruno City Council Meeting February 14, 2012
10c. Mid-Year Financial Report
B
We
discuss
these
already
earlier
this
evening
at
the
study
session,
so
I
plan
to
just
walk
through
the
highlights,
primarily
where
we're
seeing
some
increases
are
in
the
areas
of
sales
tax.
While
we
are
only
showing
that
we
are
at
forty-two
percent
of
budget
for
the
current
fiscal
year,
there
are
some
timing
delays
related
to
when
we
receive
sales
tax
revenues.
At
this
point
in
time,
we
anticipate
that
sales
tax
revenues
will
exceed
the
budget
at
the
end
of
the
fiscal
year
by
approximately
five
hundred
thousand
dollars
as
I
discussed
earlier.
B
This
increase
is
a
increase
that
we're
seeing
across
the
entire
city.
It's
not
attributable
to
any
one
or
two
particular
businesses,
but
rather
it
is
indicative
of
general
economic
growth
across
the
whole
city,
similar
to
the
story
with
sales
tax
we
are
seeing
increases
with
hotel-motel
tax,
otherwise
known
as
t
OT
year.
To
date,
we
at
the
December
31st
point.
B
We
are
at
sixty
percent
of
our
budget
and
it's
important
to
note
that
that
six,
while
it
is
a
six-month
reporting
period,
it
actually
only
includes
five
months
of
revenues
for
those
hotels
motels
because
of
a
timing
delay,
we
are
seeing
a
twenty
percent
increase
in
t
OT
tax
receipts
over
last
year.
So
assuming
that
that
twenty
percent
increase
continues
for
the
remainder
of
the
fiscal
year,
we
would
anticipate
exceeding
the
budget
by
approximately
four
hundred
thousand
dollars.
At
the
this
fiscal
year,
n
Tott
tax.
B
Moving
on
to
the
expenditure
side,
one
other
thing-
I
guess
I
should
point
out-
departmental
revenues-
are
another
area
where
we
anticipate
exceeding
the
budget
departmental
revenues
primarily
building
and
planning.
We've
received
a
six
hundred.
Eighty
thousand
dollar
permit
fee
related
to
Pacific
Bay
vistas,
which
we're
an
excess
of
the
budget.
We
also
have
received
a
cop's
funding.
When
we
put
together
the
budget,
we
did
not
anticipate
receiving
cops
funding.
B
Moving
on
to
the
expenditure
side,
as
you
can
see,
looking
at
the
bottom
line
for
general
fund
expenditures,
we
are
at
forty
percent
forty
seven
percent
of
budget
year
to
date,
and
this
number
is
consistent
with
where
we
were
on
the
expenditure
side
last
year.
At
this
point
in
time.
For
the
most
part,
looking
across
all
the
departments,
you
can
see
that
expenditures
are
coming
in
at
approximately
at
or
below
budget
a
few
exceptions
and
those
actually
will
be
addressed
related
to
the
engineering
department.
B
B
Moving
on
to
the
Redevelopment
Agency,
we
typically
received
property
tax
increment
in
two
disbursements,
fifty
percent,
but
by
December
31st
and
then
the
other
fifty
percent.
By
the
end
of
the
fiscal
year,
we
to
date
have
received
approximately
forty
percent
of
our
tax
increment
as
a
December
31st.
When
we
should,
we
would
have
anticipated
receiving
approximately
fifty
percent.
The
decrease
in
what
we
received
was
due
to
some
pretty
significant
property
reassessments
in
the
redevelopment
area
that
were
resulted
in
a
one-to-one
time
decreases
in
the
amount
of
increment
that
was
distributed
to
the
agency
this
year.
B
So,
unfortunately,
we
did
receive
less
than
we
anticipated
and
also
as
you're.
Well
aware,
the
elimination
of
redevelopment,
effective
February
first
means
that
we
will
not
receive
tax
increment
going
forward
that
this
2.8
that
we
received
in
the
eighty
percent
operations
fund
represents
the
last
tax
increment
payment
that
the
Redevelopment
Agency
will
receive.
B
Moving
into
the
enterprise
funds,
the
revenues
on
the
revenue
side
we
are
tracking
with,
but
in
within
the
budget.
Forecasted
budget
amount
a
couple
of
exceptions.
We
are
seeing
a
slight
decrease
in
the
cable
department
revenues
which
we
anticipate.
We
will
be
able
to
address
with
some
additional
efforts
on
the
commercial
services
side.
We
have.
B
We
had
some
recent
signups
that
will
increase
the
revenues
in
that
area,
so
we're
projecting
some
increases
in
the
latter
six
parts
of
the
fiscal
year
in
the
cable
department,
but
on
the
similar
side,
their
expenditures
are
tracking
to
be
below
budget.
At
this
point
in
time
on
the
wastewater
fund,
the
revenues
are
at
fifty
percent
of
budget
year
to
date.
This
is
at
an
increase
of
six
hundred
thousand
dollars
over
where
we
were
at
this
point
last
year,
which
is
consistent
with
the
rate
increase.
B
The
three-year
rate
increase
program
adopted
by
council
in
2009
and
a
similar
story
on
the
revenue
side
for
water
revenues,
we're
seeing
a
pretty
significant
increase
of
four
hundred
thousand
dollars
on
the
water
side.
As
part
of
that
rate
increase
program
as
well,
expenditures
in
both
wastewater
and
water
are
tracking
below
budget
on
the
water
side.
They,
the
dollar
amount
year-to-date
over
last
year,
is
higher
primarily
due
to
the
increased
cost
of
water
purchases
and
finally,
on
the
storm
water
enterprise
we
have
received.
B
We
receive
stormwater
revenues
from
the
county
as
part
of
the
property
tax
distribution,
because
those
are
collected
on
the
property
tax
bill.
To
date,
we
have
received
46
percent
of
that
budget.
I
do
anticipate
that
we
will
meet
the
budget.
We
tend
to
see
less
consistency
on
the
allocation
of
stormwater
tax
revenues
as
opposed
to
our
other
property
tax
revenues
and
similarly,
on
the
expenditure
side,
we
are
at
below
budget
tracking
below
budget
at
thirty-five
percent.
C
C
B
So
to
answer
your
first
question:
grant
revenues
are
put
into
a
special
grant.
Revenue
fund,
they
are,
they
were
not
discussed,
then,
are
typically
not
discussed
as
part
of
our
quarterly
budget
updates
and
the
fifteen
thousand
dollars
for
the
fire
station,
I
believe,
was
a
prior-year
transaction
if
I'm
not
mistaken,
so
it
was
not
incorporated
into
these
numbers.