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Description
San Bruno City Council Meeting May 13, 2014
10c. Quarterly Financial Report
B
B
Want
to
point
out
one
of
the
significance.
One
of
the
significant
elements
of
this
particular
update
that
would
not
be
apparent
to
the
council
perhaps
is
and,
and
the
importance
of
it
is.
This
is
really
the
primary
data
that
the
finance
department
and
city
manager
is
using
for
the
preparation
as
a
foundation
for
the
preparation
of
next
year's
budget.
So
a
great
deal
of
review
has
gone
into
this
to
verify
the
numbers
and
again
it
will
be
the
basis
as
we
go
forward
and,
as
you
see
the
budget
for.
B
B
The
budget
for
revenues
is
increased
by
a
total
of
1.9
million
dollars
of
compared
to
12,
13
and
so
far,
we've
actually
realized
1.5
million
dollars
additional
revenue.
So
we
believe
that
we
are
on
course,
and
will
in
fact,
at
the
end
of
the
year,
actually
see
overall
revenue
slightly
slightly
higher
than
what
we
had
budgeted.
B
The
city
continues
to
receive
additional
property
tax
revenues
both
because
of
valuations
in
the
county
and
and
the
the
city
going
up,
but
the
largest
increase
is
really
the
transition
from
the
Redevelopment
Agency
and
the
tax
increment
that
the
Redevelopment
Agency
previously
getting
coming
a
portion
of
it
coming
to
the
city
as
property
tax,
and
that's
really
the
area
that
is
seeing
the
the
increased
level.
As
you
can
see
from
the
chart.
B
We're
showing
that
sixty-seven
percent
of
the
property
tax
budget
has
been
received
would
just
note,
as
the
council
knows,
April
with
the
April
property
tax
payment
to
the
county
is
when
we
get
really
a
major
part
of
our
revenue,
property
tax
revenue
and
just
for
information.
If
you
include
what
we
actually
got
in
April
to
this
report,
that
67%
would
increase
to
89%.
B
B
We
anticipate
generally
that
our
sales
tax
is
running
about
one
percent
above
our
budget,
but
we
are
faced
with
a
situation
as
several
other
cities
in
San
Mateo
County
are
facing
where,
in
essence,
because
of
an
overpayment
through
the
triple
flip,
we're
actually
losing
four
hundred
nine
thousand
dollars
in
the
the
state
is
taking
it
from
our
sales
tax
account.
So,
while
real
sales
taxes
ahead
were
losing
four
hundred
nine
thousand
dollars
that
will
result,
we
believe
in
us
just
meeting
this.
B
B
B
The
actual
revenues
are
108
thousand
dollars
higher
than
in
the
same
period
last
fiscal
year
and
generally
higher
enrollments
in
the
youth
sports
programs
after
school
programs
and
camp
are
driving
the
revenue
growth
and
since
revenues
are
typically
highest
in
the
final
three
months
of
the
fiscal
year.
We
anticipate
that
there
will
be
some
revenue
in
excess
of
the
budget
for
community
for
community
services.
B
On
the
expenditure
side,
we
are
at
seventy-two
percent
of
the
budget
on
expenditures
which
again
is
a
little
bit
below
the
70
75
percent
threshold
that
you
would
typically
expect
after
three
quarters
again,
careful
management
of
expenditures
puts
us
in
a
slightly
better
position.
Last
year
we
were
at
seventy-three
percent
and
while
we're
at
seventy-two
percent,
there
are
some
changes
we
have
in
the
expenditure
total
transfers
to
the
general
debt
service
fund
for
the
pension
obligation,
bonds.
B
That's
a
new
expenditure,
and
we
have
reclassification
of
some
staff
from
the
successor
agency
to
the
planning
department
in
included
in
in
this
year's
budget.
I
might
mention
that
in
the
expenditure
total
reflect
salary
increases
that
were
effective
retroactive
Lee
to
the
beginning
of
the
year
for
the
miscellaneous,
mid-management
and
management
groups.
B
B
Just
a
couple
of
brief
comment
on
the
enterprise
accounts:
you'll
note
that
the
water
and
wastewater
funds
are
running
revenues
at
seventy-nine
percent
and
seventy-five
percent
of
of
the
budget.
Those
are
the
exact
same
percentages
that
they
were
last
year,
even
though
the
revenues
are
higher
and
that's
reflective
of
the
rate
increases
that
the
council
is
approved
and
the
additional
revenues
that
that
fund
is
those
two
funds
are
experiencing
and
the
internal
service
funds.
B
The
only
comment
I
would
make
is
the
expenditures
for
the
self-insurance
fund
are
running
at
ninety-one
percent
through
March
the
biggest
single
item
increasing
that
expenditure
total
is
the
a
bag
liability
premium
which
went
up
188
thousand
dollars
this
year
and
was
paid
at
the
beginning
of
the
year
in
July,
and
that's
the
single
largest
item
that
contributes
to
that
to
that
increased.
So
that's
a
brief
overview
of
the
third
quarter.
Financial
report
and
I'd
be
glad
to
answer
any
questions.
The
council
has
any.
B
Almost
identical
to
last
year
about
six
hundred
six
hundred
and
twenty-three
thousand
dollars
last
year,
616
613
thousand
dollars
this
year,
so
the
total
revenues
are
about
the
same,
but
because
there
are
less
major
projects
anticipated
in
this
year
than
there
were
the
prior
year.
You
can
see
that
the
budget
is
is
actually
down.
Last
year's
budget
for
for
revenues
was
so
about
1.1
million
dollars,
and
we
were
only
anticipating,
seven
hundred
and
twenty
thousand
dollars
this
year.
A
A
Silver
lining
yeah
food.
It's
good
to
see
here
again
because
you
know
every
time
you've,
given
a
budget.
Every
time
you
give
it
a
report
or
whatever
and
more
times
than
none
we've
come
out
of
a
recovery
and
your
tone
doesn't
change
so
I
try
to
try
to
get
you
try
to
get
you
to
give
us
a
little.
You
know
you
know
maybe
a
little
more
enthusiasm,
because.