as of August 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 August 31st, 2021. Year to date the City's General Fund has received $2 million of the $30.4 million budgeted revenue and spent $1.4 million of the $30 million revised budgeted expenditures.


Year Over Year Revenue Comparison by Category

Through August the General Fund has received just under $2 million in revenue, approximately $193,000 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 as vaccination numbers increase across the state. $640,000 in TOT revenue has been received as of the end of August as compared to $252,000 during FY 2020-21, 155% increase.

Permits & Fees revenue has also seen an increase in revenue with $416,000 in revenue, $79,000 (24%) more that the $336,600 received during FY 2020-21. Permit and 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.
Please review the graph below for more information.

Through March Transient Occupancy Tax, Permits & Fees, & Property Tax make up 68% of the $2 million in General Fund revenue received.


Year Over Year Expenditure Comparison by Department/Division

Through August General Fund expenditures have reached just under $1.4 million, roughly $187,000 less than the $1.6 million that was spent at this same point last year. The majority of the decrease can be attributed to timing as invoices make their way to the City from vendors. More details and analysis will be available as the fiscal year progresses.

Please note that the graphs below group smaller expenditure numbers under "Other". This is the case for Public Safety in 2020 & 2021. Details for these departments can be viewed by clicking on either of the graphs.

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.

City of Rancho Palos Verdes Financial Reports

FY 2021-22 Adopted Budget
FY 2019 CAFR