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Home My WebLink About08C General Fund Financial Report (Feb)CITY OF PALM DESERT General Fund Financial Report to February 28, 2021 (Vear to date) (YTD Budge t ba se d on prior year percentage or actual to budget) 2020-21 2020-21 2020-21 Prior Annual VTD VTD 2020-21 % VTD Budget Budget Actual to VTD Budget Actual Reve nues Sa les Tax 15,750,000 8,610,394 9,660,061 112% 10.417,210 Transient Occupancy Tax 8,514,5 17 4,351,749 4,136,106 95% 8,341,521 License, Permits, & Charges 3,104,847 1,645,106 1,643 ,546 100% 1,749,038 Property Tax 7,395,702 3,366,230 3,702,119 110% 3,572,267 Franchise Fees 3,125,550 888,755 771,174 87% 881,490 Interest In come a nd Rent 641,000 977,760 490,440 50% 1,854,847 State Subvention 4,501,600 2,363,990 2,276,405 96% 2,198,254 All Other s 3,084,111 3,465,237 3,840,149 111% 3 ,59 3,762 lnterFund Transfers In 2,526,010 980,253 1,98 5,740 203 % 950,000 TOTAL REVENUES 48,643,337 26,649,474 28,505,740 107% 33,558,389 rtor Annual VTD VTD 2020-21 % VTD Budget Budget Actual Enc umb. to VTD Budget Actual Expe nditures Police Serv ices 19,510,810 6,107,527 8,153,929 11 ,356,8 81 134% 6,973 ,194 General Government+ Contrib 13,800,550 8,522,342 9,383,021 1,400,466 110% 8,965,122 Public Works 6,514,205 3,608,074 3,413,122 847,590 95% 3,729,832 Parks 4,371,278 2,315,878 2,253,273 1,309.448 97% 2,384,306 Building and Safety 1,468,010 875,116 959,319 47,842 110% 1,09 0,892 Commu ni ty Deve lopment 3,028,2 14 1,740,913 1,598,588 440,488 92% 1,743.492 Econo mi c De velopment 3,375,709 1,960,384 1,338,935 1,175,159 68% 2.433,995 lnt er Fund Transfers Out 7,011,508 2,480,026 1,070,000 43% 3,400,000 TOTAL GEN FUND EXP 59,080,284 27,610,260 28,170,187 161577,874 102% 30,7201833 Total GF Exp and Encumb 44,748,061 Fire Protection Services 15,719,500 8,646,503 8,380,602 7,338,898 97% 7,081,887 Notes: 1. Interest earnings are allocated to al/funds that have cash balance at year end. 2. Sa les Tax is paid in estimated monthly payments and adjusted for each quarter: 1st -Feb. -May, 2nd -June -Aug, 3rd-Sept-Nov, 4th-Nov -Feb. 3. TOT is received on monthly basis for exa mple January co ll ection is paid in February. 4. Property Taxes are co ll ected from property owners in December and April bi annually and paid to the City in January and June . S. Department of Motor Vehicle fees are paid twice a year by the State on February and June. 6. Franchise Fees are paid throug h property tax co llection from Burtec and are paid in April for Time Warner. Edison and Gas Co. 7. Gen eral Gov. includes: City Co un cil, City Cle rk, City Attorney, City Manager, Finance, Audit, Human Resources, Info rmation Te ch., In surance 8. Economic Development includes: Community Promotions, Market, Visitor Information, Eco nomic Dev. ! ! ! t ! ! t t t t t ! ! ! ! ! ! Ex planation Includ es sa les tax reve nu e rece iv ed for July & Fe bruary for each year. Includ es payments received through Fe bruary 28, 2021 for July-Jan ua ry 2021 Lowe r reimbursments fr om government to date , BL f-$98,914 (13%)), Permits f +29,945 f 4%)) from prior year Rece iv e in lanuary and May of each Fi sca l Year. Lower waste franchise fees recogn ize d during the curre nt fiscal year. Current average Yield is 0.6173%; Prior YTD Yield was 1.95% Various diffe r e n ces; COV ID re imburse m e nts to date $663,425, various other fees lower, resu lting in net change. Fu nd 243 transfer for public safety costs. Exp lanation Includes July-Dece mber Police Service Con tracts Payments for thi s year; the prior years shows lu\y-November 2019 payments Includes payment of$3.464M to PERS for the City's a nnual required payment, in creased insura nce costs of$84,529 Landscape Co ntracts and Medi a ns pay ments Reduction in person el costs from vacat positi o n Promotion & Marketing costs decreased by $1,067,210; special eve nts ceased do to CO VIO a nd less marketing costs. $1.4M transferto IHUB from General Fund . Variance result of timi ng difference ofFire Billing, from Riverside County Fire Department. 9. The Informatio n (unaudited) derived from actual reven ues and expenditures received by the City during the respective month-to-date reported and are accurate as of the date of the repo rt Changes to the revenue and expenditures could result from th e fiscal year end audit, changes in estimates by payer agency's i.e. Ca. Dept of Fe e and Tax . Any changes will be reflected at next earliest reporting period. CITY COUNCIL ACTION APPROVED_.....,. ____ DENTED _____ _ RECEIVED 1:: 6 l:ed OTHER ____ _ ~s~~~,;:;'~:.,~nnk~$;;k;ae,~,iombilla,:{ keJ I t1 NOES: NOhe. J ABSENT: _NO_n .... e~----------- ABSTAIN: NO~ VERIFIED_B __ Y:...a;::i;~:L,:,e.:::/..;::5:_· r:s:-:_-:_-:_:::::::::::1£W.fllBM6L Original on File with City Clerk's Office 2-YEAR COMPARISON CITY OF PALM DESERT General Fund Financial Report - Two Year Comparison for the two years ended 2020-21 YTD Actual Prior YTD Actual Variance % Comparison of Prior Year Actual RevenuesSales Tax 2 9,660,061 10,417,210 (757,149) 92.73%↓Includes sales tax revenue received for July & February for each year. Transient Occupancy Tax 4,136,106 8,341,521 (4,205,415) 49.58%↓Includes payments received through February 28, 2021 for July - January 2021 License, Permits, & Charges 1,643,546 1,749,038 (105,492) 93.97%↓Lower reimbursments from government to date, BL (-$98,914 {13%}), Permits (+29,945 {4%}) from prior yearProperty Tax 3,702,119 3,572,267 129,852 103.64%↑ Receive in January and May of each Fiscal Year. Franchise Fees 771,174 881,490 (110,316) 87.49%Lower waste franchise fees recognized during the current fiscal year. Interest Income and Rent 1 490,440 1,854,847 (1,364,407) 26.44%↓Current average Yield is 0.6173%; Prior YTD Yield was 1.95%State Subvention 2,276,405 2,198,254 78,151 103.56%↑ All Others 3,840,149 3,593,762 246,387 106.86%↑ Various differences; COVID reimbursements to date $663,425, various other fees lower, resulting in net change.InterFund Transfers In 1,985,740 950,000 1,035,740 209.03%Fund 243 transfer for public safety costs. TOTAL REVENUES 28,505,740 33,558,389 (5,052,649) 84.94% 2020-21 YTD Actual Prior YTD Actual Variance % Comparison of Prior Year Actual ExpendituresPolice Services 8,153,929 6,973,194 1,180,735 116.93%↑ Includes July-December Police Service Contracts Payments for this year; the prior years shows July- b General Government + Contrib 9,383,021 8,965,122 417,899 104.66%↑ Includes payment of $3.464M to PERS for the City's annual required payment, increased insurance costs of $84,529Public Works 3,413,122 3,729,832 (316,710) 91.51%↓Parks 2,253,273 2,384,306 (131,033) 94.50%↓Landscape Contracts and Medians paymentsBuilding and Safety 959,319 1,090,892 (131,573) 87.94%↓Community Development 1,598,588 1,743,492 (144,904) 91.69%↓Reduction in personel costs from vacat positionEconomic Development 1,338,935 2,433,995 (1,095,060) 55.01%↓Promotion & Marketing costs decreased by $1,067,210; special events ceased do to COVID and less InterFund Transfers Out 1,070,000 3,400,000 (2,330,000) 31.47%↓$1.4M transfer to IHUB from General Fund. TOTAL GEN FUND EXP 28,170,187 30,720,833 (2,550,646) 91.70% Fire Protection Services 8,380,602 7,081,887 1,298,715 118.34%Variance result of timing difference of Fire Billing, from Riverside County Fire Department. February 28, 2021, and February 29, 2020 Explanation Explanation Actual to Actual - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 Sales Tax Transient Occupancy Tax License, Permits, & Charges Property Tax Franchise Fees Interest Income and Rent State Subvention All Others InterFund Transfers In Fy 2020-21 FY 2019-20 ORIGINAL FORMAT CITY OF PALM DESERT General Fund Financial Report TO 67%of the year complete 2020-21 Annual Budget 2020-21 YTD Budget 2020-21 YTD Actual 21 % to YTD Prior YTD Actual RevenuesSales Tax 15,750,000 10,500,000 9,660,061 92%10,417,210 ↓Includes sales tax revenue received for July & February for each year. Transient Occupancy Tax 8,514,517 5,676,345 4,136,106 73%8,341,521 ↓Includes payments received through February 28, 2021 for July - January 2021 License, Permits, & Charges 3,104,847 2,069,898 1,643,546 79%1,749,038 ↓Lower reimbursments from government to date, BL (-$98,914 {13%}), Permits (+29,945 {4%}) from prior yearProperty Tax 7,395,702 4,930,468 3,702,119 75%3,572,267 ↑ Receive in January and May of each Fiscal Year. Franchise Fees 3,125,550 2,083,700 771,174 37%881,490 ↓Lower waste franchise fees recognized during the current fiscal year. Interest Income and Rent 641,000 427,333 490,440 115%1,854,847 ↓Current average Yield is 0.6173%; Prior YTD Yield was 1.95%State Subvention 4,501,600 3,001,067 2,276,405 76%2,198,254 ↑ All Others 3,084,111 2,056,074 3,840,149 187%3,593,762 ↑ Various differences; COVID reimbursements to date $663,425, various other fees lower, resulting in net change.InterFund Transfers In 2,526,010 1,684,007 1,985,740 118%950,000 Fund 243 transfer for public safety costs.TOTAL REVENUES 48,643,337 32,428,892 28,505,740 88%33,558,389 2020-21 Annual Budget 2020-21 YTD Budget 2020-21 YTD Actual Encumb. 21 % to YTD Prior YTD Actual ExpendituresPolice Services 19,510,810 13,007,207 8,153,929 11,356,881 63%6,973,194 ↑ Includes July-December Police Service Contracts Payments for this year; the prior years shows July- November 2019 payments General Government + Contrib 13,800,550 9,200,367 9,383,021 1,400,466 102%8,965,122 ↑ Includes payment of $3.464M to PERS for the City's annual required payment, increased insurance costs of $84,529Public Works 6,514,205 4,342,803 3,413,122 847,590 79%3,729,832 ↓Parks 4,371,278 2,914,185 2,253,273 1,309,448 77%2,384,306 ↓Landscape Contracts and Medians paymentsBuilding and Safety 1,468,010 978,673 959,319 47,842 98%1,090,892 ↓Community Development 3,028,214 2,018,809 1,598,588 440,488 79%1,743,492 ↓Reduction in personel costs from vacat positionEconomic Development 3,375,709 2,250,473 1,338,935 1,175,159 59%2,433,995 ↓Promotion & Marketing costs decreased by $1,067,210; special events ceased do to COVID and less marketing costs.InterFund Transfers Out 7,011,508 4,674,339 1,070,000 23%3,400,000 $1.4M transfer to IHUB from General Fund. TOTAL GEN FUND EXP 59,080,284 39,386,856 28,170,187 16,577,874 72%30,720,833 Total GF Exp and Encumb 44,748,061 Fire Protection Services 15,719,500 10,479,667 8,380,602 7,338,898 80%7,081,887 Variance result of timing difference of Fire Billing, from Riverside County Fire Department. Notes:- 1. Interest earnings are allocated to all funds that have cash balance at year end. 2. Sales Tax is paid in estimated monthly payments and adjusted for each quarter: 1st -Feb. - May, 2nd -June -Aug, 3rd- Sept -Nov, 4th- Nov - Feb. 3. TOT is received on monthly basis for example January collection is paid in February. 4. Property Taxes are collected from property owners in December and April bi annually and paid to the City in January and June. 5. Department of Motor Vehicle fees are paid twice a year by the State on February and June. 6. Franchise Fees are paid through property tax collection from Burtec and are paid in April for Time Warner. Edison and Gas Co. 7. General Gov. includes: City Council, City Clerk, City Attorney, City Manager, Finance, Audit, Human Resources, Information Tech., Insurance 8. Economic Development includes: Community Promotions, Market, Visitor Information, Economic Dev. 9. The Information (unaudited) derived from actual revenues and expenditures received by the City during the respective month-to-date reported and are accurate as of the date of the report. Changes to the revenue and expenditures could result from the fiscal year end audit, changes in estimates by payer agency's i.e. Ca. Dept. of Fee and Tax. Any changes will be reflected at next earliest reporting period. February 28, 2021 (year to date) Explanation Explanation YTD Budget based on