HomeMy WebLinkAbout2/27/2008 - STAFF REPORTS - 1.C. BUDGET REVIEW
FY 07=08
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CITY of
PALM SPRINGS
February 27, 2008
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fy 07-08
midyear CITY OF PALM SPRINGS
MID YEAR BUDGET REVIEW - FY 07- 08
General Fund
Surplus or(Deficit)
1 Adopted Budget, FY 07-08 930,000
2
3 Additional Expenditure Estimates:
4 Personnel:
5 MOUs (Police, MAPS, &General Unit) (1,106,000)
6 Police& Fire Staffing and Overtime (150,000)
7 Lease Payments & Property Taxes on Triangle Parcel (110,000)
8 Capital Improvements:Add'I cost of Pool Replaster (100,000)
9
10
11
12 Revised Revenue Estimates,
13 Sales Tax, Fees, Licenses and Other Taxes (2,890,000)
14 Public Safety CFD#1 (180,000)
15 Suitt/Block Parcel-payments from United Condo Corp (300,000)
16
17 Adjusted Surplus or(Deficit) (3,906,000)
18
19
20
21 Adjusted FY 07-08 Revenue Estimates:
22 Interest Income-CRA Property Purchases 1,861,000
23 Motor Vehicle In Lieu-ERAF 196,000
24 Lease payment from CRA-Parking Structure 210,000
25 Lease payment from CRA-SuitNBlock parcel 300,000
26
27 Debt reduction, July 07 refit Golf Course, Police Bldg, Conv. Center 150,000
28 Debt reduction: Downtown Parking Structure 105,000
29
30 Prior Year Rev Adjustment-Assess District 196,000
31 PS Pavilion Theatre-loan repay 300,000
32
33 Public Safety Augmentation Fund 150,000
34 Non-safety Personnel Salary Savings 160,000
35 Conv. Center Debt Service surplus 400,000
36 Mobile Recreation Program -defer 85,000
37
38
39 Adjusted Surplus or(Deficit) 207,000
40
41
42 2/27/08 City manager proposed Downtown expenditure for
43 plantings and maintenance (75,000)
44
45
46 Adjusted Surplus or(Deficit) 132,000
AIRPORT
Through January, 2008, both revenue and appropriations are almost exactly on
track. General Airport revenues will be about $14.9 million compared to Admin &
Operations cost of$14.2 million. The debt service and capital projects are paid
for primarily by the Passenger Facility Charge (PFC), the Customer Facility
Charge (CFC) and Federal Grants.
COMMUNITY REDEVELOPMENT AGENCY
Continued strong growth in property values fueled an increase in tax increment
from a budgeted $14.7 million to an estimated $16.6 million. Last year's gross
tax increment was just over $15 million. After allocations of property tax pass-
thrus to other government agencies, the 20% set aside for low and moderate
income housing, and additional appropriations for the Downtown Marketing
Program ($66,000), the payment to VIP Motors for expansion ($130,000) and
reallocated personnel costs ($27,000), the combined current year surplus of
Merged Areas No, 1 and No. 2 (excluding the Low & Moderate Income Housing
Fund) should be about $975,000, The combined cash balance at 6/30108 will be
about $16.2 million.
The above does not include the proposed interest and lease payments from the
CRA to the General Fund. Those payments will total approximately $2.1 million
for the balance of Fiscal Year 2007-08, and if extended at the same interest rates
into FY 2008-09, would cost the Agency about $3.5 million.
INVESTMENTS
The City's total portfolio of investments at January 31, 2008 was over $93.6
million. The market value was about $94.5 million. More than half of the total
was invested in the Local Agency Investment Fund, a State run pool. The
balance is in U.S. Government Agency notes, Mortgage Pass-Thrus, Corporate
Notes, and Time Deposits, All of the investments meet the City's criteria for
safety and liquidity as set forth in the Investment Policy. There are no exotic or
derivative-based investments. A more detailed report is presented to Council
each month at a Council meeting.
Overall, the City and the Community Redevelopment Agency are in excellent
financial shape. The upcoming fiscal year will present some challenges,
especially from the fallout of the State's fiscal woes, but at least from today's
perspective, those challenges can be met,
MID YEAR BUDGET REVENUES— OPERATING FUNDS
MAJOR OPERATING FUND REVENUES
The Following graph and schedule identify the major sources of revenue for the 2007-08 operating budget.
2007-08 Revenue Comparison of Percent of Total Revised
Building Permits Plan Check Fees
3.1%
Business License \
— � All Other Sources
1.2% `\ \ r 7 5% Property Tax
Administrative Charges 27 3%` \ /
18%
New Development `
1.4% ---
Motor Vehicle In Lieu Tax M
5.9%
iwe
Franchise Fees—, I tW11hM+r I
4.3% I
_Sales&Use Taxes
Transient Occupancy Tax 13.4
0/6
Utility Users Tax_ (TOT)
10.5% 21 1
DA
ACTUAL BUDGET REVISED %
CATEGORY 2006-07 2007-08 2007-08 CHANGE
Property Taxes S 18,146,788 S 19,133,760 S 19,156,000 0.0%
Sales&Use Taxes** 9,798,033 11,863,988 9,424,000 -20.6%
Transient Occupancy Tax(TOT) 14,461,539 14,798,000 14,798,000 0.0%
Utility Users Tax 7,336,436 7,375,000 7,375,000 0.0%
Franchise Fees 3,081,969 2,992,000 2,992,000 0.0%
Motor Vehicle In Lieu Tax * 3,640,542 3,977,457 4,173,000 49%
New Development 1,231,962 1,065,000 1,015,000 -4.7%
Administrative Charges 1,131,147 1,249,871 1250,000 0.0%
Business License 865,856 970,000 870,000 -103%
Building Permits 2,763,549 2,185,170 2,185,000 0.0%
Plan Check Fees 2,078,326 1,770,000 1,770,000 0.0%
All Other Sources 6,751,157 5,891,902 5,292,000 -102%
TOTALS $ 71,287,304 $ 73,294,148 S 70,300,000 4.1%
MID YEAR BUDGET APPROPRIATIONS- OPERATING FUNDS
OPERATING FUND APPROPRIATIONS
The following graph &schedule identify the major appropriations or expenditures for the 2007-08 operating
bud.-et.
2007- 08 Appropriation Comparison Percent of Total Revised
Administration Growth Management
13.0% ^� 7.0%
1 I
Public Safety
40.0%
_Quality of Life
14.0%
i
Contractual Obligations
6.0%
Public Works& \-Marketing&Tourism
Engineering — 4.0%
7.0%
OPERATING FUND APPROPRIATIONS
ACTUAL BUDGET REVISED %
CATEGORY 2006-07 2007-08 2007-08 CHANGE
Administration $ 7,500,877 $ 8,549,360 S 8,389,000 -1.9%
Growth Management 4,176,008 4,182,953 4,182,853 0.0%
Quality of Life 8,021,597 8,630,518 8,630,518 0.0%
Public Safety 29,894,988 31,443,570 31,443,570 0.0%
Public Works& Engineering 4,279,073 4,645,419 4,645,419 0.0%
Marketing&Tourism 2,105,851 2,601,605 2,601,605 0.0%
Contractual Obligations 4,500,840 3,994,000 3,994,000 0.0%
TOTALS S 60,479,134 $ 64,047,325 $ 63,886,965 -0.3%
216io8 CITY OF PALM SPRINGS
AIRPORT FINANCIAL SUMMARY
January, 2008
Current Month Prior Month Current Month Percent
EXPENDITURES Budget Expended Encumbered Year to Date Year to Date Spent
ADMIN &OPERATIONS
Airport Administration 2,877,679 144,932 146,939 1,020,503 1,312,374 45.61%
Corporate Yard 128,215 - - 128,215 128,215 100.00%
Airport Security 1,163,538 274,157 - 428,896 703,053 60,42%
Airside Operations 1,163,566 85,177 77,572 545,865 708,614 60,90%
Airport Rescue- Fire 1,921,856 390,496 9,166 782,632 1,182,194 61.51%
Landside Operations 1,470,269 124,044 262,514 748,227 1,134,785 77.18%
Grounds Maintenance 776,843 43,859 4,163 362,328 410,350 52.82%
Terminal Bldg Operations 3,079,624 230,924 107,431 1,420,363 1,758,718 57,11%
Control Center Operations 1,417,141 113,234 36,367 739,828 889,429 62.76%
Customs 215,250 14,044 105 107,635 121,784 56.58%
TOTAL 14,213,970 1,420,867 644,257 6,284,393 8,349,517 58,74%
DEBT SERVICE
2006 PFC Debt Service 969,618 - 1,575 637,304 638,879 65,89%
1998 PFC Debt Service 869,760 191 3,200 285,851 289,242 33,26%
1998 GARB Debt Service 573,589 1,575 - 186,469 188,044 32,78%
TOTAL 2,412,967 1,575 4,775 1,109,624 1,116,165 46.26%
CAPITAL PROJECTS
Airport Development 1,399,926 59,660 417,036 589,750 1,066,446 76.18%
Special Capital Projects 3,046,448 168,596 245,011 2,199,203 2,612,810 85.77%
Federal Grants 5,693,697 - 63,227 951,626 1,014,853 17.82%
TOTAL 10,140,071 228,256 726,274 3,740,580 4,694,110 46.29%
CUSTOMER FACILITY CHARGES
Ready Return Expansion 1,280,000 41,023 196,899 81,122 319,044 24.93%
TOTAL 1,280,000 41,023 196,899 81,122 319,044
GRAND TOTAL 28,047,008 1,691,721 1,571,205 11,215,718 14,478,836 51.62%
i
Utility Summary-Terminal Building
Electricity-Cogen 1,332,247 104,353 613,231 717,584 53.36%
Water 30,000 459 11,119 11,578 38.59%
SC Gas (Heat) 10,000 1,424 4,825 6,249 62,49%
Heat-Cogen 16,384 17 84 101 0,62%
1,388,631 106,253 629,259 735,512 52,97% V
2/8r08 CITY OF PALM SPRINGS
AIRPORT FINANCIAL SUMMARY
January, 2008
Prior Month Current Month Percent
Budget Current Month Year to Date Year to pate of Budget
REVENUES
Passenger Facility Charges 3,112,100 392,403 962,132 1,354,535 43.52%
Customer Facility Charges 1,200,000 192,143 569,194 761,337 63.44%
General Airport Revenues 14,872,572 1,408,331 6,524,588 7,932,919 53 34%
Federal Grants 4,200,000 - 1,138,420 1,138,420 27.11%
TOTAL 23,384,672 1,992,877 9,154,472 11,187,211 47.84%
Major Revenue Sources
Leased Parking 2,650,000 235,599 1,227,060 1,462,659 55.19%
Term Air Comm Rentals 1,444,380 108,890 573,648 682,538 47,25%
On Airport Rental Cars 4,752,581 338,594 2,324,383 2,662,977 56.03%
cratemp2 COMMUNITY REDEVELOPMENT AGENCY
2/25/08 SUMMARY BY PROJECT AREA
APPROVED BUDGET, FY 2007-08
Revised 2/26/08
MERGED AREA#1 MERGED AREA#2 LOW/MOD INC HOUSING TOTAL
Actual Budget Revised Actual Budget Revised Actual Budget Revised Revised
FY 06-07 FY 07-08 FY 07-08 FY 06-07 FY 07-08 FY 07-08 FY 06-07 FY 07-08 FY 07-08 FY 07-08
1 Cash Bal711 6,520,751) 9,005,174 9,005,174 1,855,388 6,234,695 6,234,695 3,083,214 4,280,880 4,280.880 19,520,749
2
3 Revenue
4 Property Tax 9,521.902 9,148,000 10,$47,000 5,512,419 5,120,000 6,274,000 - - - 16,621.000
5 Other 1,036,338 260,000 260,000 481,677 165,000 155,000 382,347 100,000 100.000 515,000
6 Cash with Fiscal Agent 35,267 - 3,231,780 - - - -
7 Setaside - 3,008.864 2,747,400 3,324,000 3,324,000
8 Total 10,593,507 9.408,000 10,607,000 9,225,876 5,275.000 6,429.000 3,389,211 2,847,400 3,424.000 20,460,000
9
10 Appropriation
11 Personnel Costs (25&,575) (331,058) (358,000) (220,528) (244,753) (244,753) (304,770) (327,490) (327,496) (930,249)
12 Downtown Devel Ctr - - (66,000) - - - - - (66,000)
13 Legal Fees (12,449) (61,000) (61,000) (18.202) (40.000) (40,000) (1,700) (25,000) (25,000) (126,000)
14 ContraCUMaterial (163,492) (169,670) (169,670) (71,535) (104.990) (104,990) (23,160) (50,300) (50,300) (324,960)
15 Administration (136,761) (224,026) (224,026) (66.276) (115,915) (115,915) (82,240) (84,097) (84.097) (424,038)
16 Capital Projects (008,214) (900,000) (900,000) (181,745) (475,000) (475,000) (1,315,280) (2,136,000) (2,135.000) (3,510.000)
17 Pass Thru's (3,263,039) (3,036,363) (3,735,000) (2,191,044) (2,029,662) (2,589,000) - - - (6,324,000)
18 Housing Setaside (1,904,380) (1,754,200) (2,069,000) (1,102,484) (993,200) (1,255,000) - - - (3,324,000)
19 Debt Service (1,462.173) (2,519,561) (2,649,632) (994,755) (993,667) (993.667) (464,395) (467,070) (467,070) (4,110,369)
20 Total (8,109,083) (8,995,898) (10,2$2,328) (4,846,569) (4,997,087) (5,818,326) (2,191,545) (3,088,963) (3,068,963) (19,139,616)
21
22
23 Est Cash 6130 9,005.174 9,417.276 9,379,846 6,234.695 6,512.608 6,845.370 4,280.880 4,039,317 4,615,917 20,841.133
24 j
25 Surplus or(Deficit) 2,484,424 412.102 374,672 4,379,307 277,913 610,675 _ 1,197,666 (241,563) 335,037 _ 1,320,384
i
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teeas�cp CITY Of PALM SPRINGS
M212M TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
JANUARY 31,2008
Cn(all its Adjusted Basis Category Teed Percentage
Chcckjng Account S 3,142,246
5t=pwl 47,440,000 S 50,582,2A6 54-02%
Short Term investments
1 ar less
Corporate Notes 993"090
Mortgage Pa Thms 1.524.404
Time D*=ts 3,034,000
U.S.GovlAgencies 5�500,000 11.051.494 11.90%
I.ledrum Termhrvestoeats
1year to )
Corporate Notes 2,785,4M
Mortgage Po Thms 6,332,611
V.S.GovItAgmcfes 11,430,696 20,548,738 21.95%
LougTerm invs tments
m 5 rs)
MortgagePass-Thrtrs 958,015
li.S.Gov't Agenrdea 10,495,234 11,453,249 12.23%
S 93,G35,T26 100.00'/.
*Some iermutmenta made prior to the implementation of the
cum art Investment Policy exceed the year limit
i
treasrep TREASURER'S MONTHLY REPORT
02/22108. CALCULATION OF INVESTMENT LIMITATIONS
JANUARY 31, 2008
II
Allowable Percenta es
By Maturity: Minimum Maxi, Current Mo.
1 day to 365 days $8,000,000 1`� A $61,633,740
1 year to 3 years 0,00% 50.00la/o 21.95%
3 years to 5 years 0,00% 30.06% I 11.70%
i
over 5 years N/A MA 0.53%
BY Type of Investment:
Bankers Acceptance -in total N/A 40.0b% 0.00%
Bankers Acceptance- single bank N/A MOP% 0.00%
Commercial Paper N/A 15.00% I 0.00%
Certificates of Deposit N/A. 30.00% I 3.24%
Corporate Notes N/A 20.00% 4,04%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage PassTbru's N/A 10.00% 9.41%
U.S. Government Agencies N/A 50.0�%
Notes/Bonds
U.S. Treasury Notesonds N/A /A I 0.00%
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Downtown Planting Proposal � �-
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.�� City of Palm Springs
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Muhlenbergia capillaris Ruellia x brittoniana "Katie"
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TYPICAL LAYOUT
MEMAN FEATHER GRASS DURANGO DELIGHT AGAVE
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C PINK MUHLY Damiantia
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