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HomeMy WebLinkAbout2.A. Measure J Budget Update (Report - December)City of Palm Springs Summary of Measure J Funds Adopted Adopted and Original Revised Mid-Year Recommended Adjusted Budget Budget Budget Budget Budget 2020-2021 2020-2021 2020-2021 2020-2021 2021-2022 Estimated Revenue 16,126,700$ 6,000,000$ 5,069,513$ 16,037,800$ 17,800,000$ (1) Unexpended PY Reallocated - - 430,183 7,180,601 Total Available Funds 16,126,700 6,000,000 5,069,513 16,467,983 24,980,601 Existing Budget Obligations: Multi-Year Projects: Street Repairs 3,000,000 - - 6,000,000 3,000,000 Community Projects 1,000,000 - - 1,000,000 1,000,000 Airport Reserve on Aviation Fuel Sales per FAA *200,000 - - 200,000 200,000 Total Multi-Year Projects (Subtotal)4,200,000 - - 7,200,000 4,200,000 Adjustments to Prior-Year Projects - - - Other Approved Projects and Expenses: Debt Service 3,200,000 3,200,000 (2,416,800) 783,200 1,754,980 Downtown Prop Maint & Other Expenses 575,000 - - - 1,350,000 Arnico Tract Sewer - Phase 4 - - - - 585,000 Shade Structures (15 locations at Various Parks)- - - 283,418 - Playground Surfacing (Demuth, Victoria, JOJDHUC)- - - 275,000 - Restrooms at Sunrise Park - - 250,000 250,000 - Demuth Park Restroom Upgrade - - - 285,764 - Desert Highland Park Restrooms - - - 210,000 - Transfer to General Fund - 2,800,000 - - - Total Existing Budget Obligations 7,975,000 6,000,000 (2,166,800) 9,287,382 7,889,980 Unallocated New Funds Available for Budgeting 8,151,700$ -$ 7,236,313$ 7,180,601$ 17,090,621$ * Note: Effective December 8, 2017, per a Federal Aviation Administration ruling, the City is required to set aside Measure J sales taxes collected on aviation fuel sales for airport project expenses. 4,572,130 3,704,947 YTD Revenue Comparison through November 30: FY 2021-22 FY 2020-21 Increase in Revenue from Previous Fiscal Year 867,183 23.4% (1) City Council increased Measure J revenues in the amount of $1,300,000, from $16,500,000 to $17,800,000, September 30,2021. Projected