FY 2021-22 FINANCIAL REPORT
as of December 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 December 31, 2021. Year to date the City's General Fund has received $15.6 million of the $30.4 million budgeted revenue and spent $13.6 million of the $30 million budgeted for expenditures.
GENERAL FUND REVENUES
Year Over Year Revenue Comparison by Category
Through December the General Fund has received just under $15.6 million in revenue, approximately $1.9 million (14%) more than was received at this same point last year. The largest contributing factor to this variance is the improvement in Transient Occupancy Tax (TOT) revenue caused by the increase in demand for leisure travel across the state. $2.8 million in TOT revenue has been received as of the end of December as compared to $1.5 milllion during FY 2020-21, an 86% increase.
Permits & Fees revenue also continues to outpace prior fiscal year numbers with $1.4 million in revenue, $402,000 (39%) more that the $1 million received during FY 2020-21. Permits & Fee revenue experienced a decrease during FY 2019-20, but saw a partial recovery during last fiscal year and is trending towards pre pandemic numbers this fiscal year. Additionally, Property Tax revenue is up by $390,000 (6%) with $7 million in revenue compared to $6.6 million during FY 2020-21.
Lastly, revenue from Golf Tax and Rentals / Leases are two sources that performed exceptionally well. So far this fiscal year, Golf Tax revenue totals $343,200, a $78,400 (30%) year over year increase. Much like with Golf Tax revenue, revenue from Rentals / Leases has experienced a jump thanks to increased demand. Revenue from this source totals $242,600, a $42,000 (21%) year over year increase.
Please review the graph below for more information.
Through December Property Tax, Transient Occupancy Tax, & Permits & Fees make up 72% of the $15.6 million in General Fund revenue received.
GENERAL FUND EXPENDITURES
Year Over Year Expenditure Comparison by Department/Division
Through December General Fund expenditures have reached just over $13.6 million, roughly $1 million more than the $12.6 million that was spent at this same point last year. The largest contributor to this year over year change is spending on professional and technical services. This $1 million change can be attributed to timing as invoices make their way to the City from vendors as projects are started and completed. Additionally, transfers out of the General Fund to other funds have increased by $450,000 as revenue, particularly TOT revenue, recovers and the additional transfer in to the Employee Pension Fund.
Please note that the graphs below group smaller expenditure numbers under "Other".
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.