FY 2021-22 FINANCIAL REPORT
as of July 31, 2021
Monthly Financial Reporting
Welcome to the Monthly Financial Report for the City of Rancho Palos Verdes. Each month the Finance Department will provide you with a look into the City's finances. The Finance Department prepares an annual budget and a Annual Comprehensive Financial Report (ACFR) which can be found at the bottom of this page. This Monthly Financial Report is an additional resource to further the City's efforts to provide transparency and a deeper understanding of the financial structure of our city.
General Fund Budget vs Actual
Below you will find a comparison of budgeted General Fund revenues and expenditures for FY 2021-22 through July 31st, 2021. Year to date the City's General Fund has received $350,000 of the $30.4 million budgeted revenue and spent $613,000 of the $30 million revised budgeted expenditures.
GENERAL FUND REVENUES
Year Over Year Revenue Comparison by Category
Through July, the first month of the fiscal year, the General Fund has received just under $350,000 in revenue, approximately $365,000 less than was received at this same point last year. This slight variance is due primarily to the timing of payments received by the City. As the fiscal year progresses staff will be able to understand true trends and variances in revenue compared to the prior fiscal year. The majority of revenue received at this point in the year is from Permits & Fees and Rental/Lease revenue.
It is typical through the first month of the new fiscal year for a very limited amount of revenue to have been received. Please check next month's report for a more extensive listing of year to date revenue types.
GENERAL FUND EXPENDITURES
Year Over Year Expenditure Comparison by Department/Division
Through July the General Fund expenditures have reached just over $613,000, roughly $72,000 less than was spent at this same point last year. The majority of this slight decrease is due to the timing of payments received and the limit expenditure activity that is typical for the start of the fiscal year.
FY 20-21 & FY 21-22 Monthly General Fund Expenditure Comparison
The table below provides a month by month comparison of General Fund expenditures. Several factors can effect the change in expeditures each month, including the timing of invoices received and paid by the City.