FY 2021-22 FINANCIAL REPORT

as of May 31, 2022

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 May 31, 2022. Year to date, the City's General Fund has received $32.4 million in revenue of the $30.4 million originally budgeted, exceeding initial estimates. The City spent $24.7 million of the $30.4 million originally budgeted for expenditures.

GENERAL FUND REVENUES

Year Over Year Revenue Comparison by Category

Through May, the General Fund has received $32.4 million in revenue, approximately $5.3 million (19%) more than the $27.2 million received at this point last year. The largest contributing factor to this variance is the recovery of Transient Occupancy Tax (TOT) revenue caused by the increase in demand for leisure travel across the state. Over $4.9 million in TOT revenue has been received as of the end of May as compared to $2.3 million during FY 2020-21, an 123% increase.


Permits & Fees revenue also continues to outpace prior fiscal year numbers with $3 million in revenue to date. This amounts to a 62% gain compared to the $1.9 million received through May FY 2020-21. Permits & Fees 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 2.7% with $15 million in revenue compared to $14.7 million year over year.


Lastly, revenue from Golf Tax and Rentals / Leases are two sources that performed exceptionally well. So far this fiscal year, Golf Tax revenues total just under $0.6 million, well above the budget by 38.5%. Much like with Golf Tax revenue, revenue from Rentals / Leases also experienced a jump due to increased demand. Revenue from this source totals $455,935 to date, 22.7% above budgeted estimates.


Please review the graph below for more information.

Property Tax, Transient Occupancy Tax, and Permits & Fees make up 71% of the $32.4 million in General Fund revenue received as of May 2022.




GENERAL FUND EXPENDITURES

Year Over Year Expenditure Comparison by Department/Division

General Fund expenditures reached slightly below $24.7 million, roughly $3.6 million more than the $21 million spent at this same point last year. The largest contributor to this year over year change is spending on professional and technical services which accounts for nearly $8.9 million (36%) of total expenditures through May.


Additionally, transfers out of the General Fund to other funds totals $2.5 million to date. The increase intransfers is attributed to the recovery of TOT revenues that are transferred out to the CIP fund. Salaries and Wages have also increased by 5.6% when compared year over year, primarily due to the return to previous staffing levels.


´╗┐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.

City of Rancho Palos Verdes Financial Reports

FY 2021-22 Adopted Budget