FY 2021-22 FINANCIAL REPORT
as of September 30, 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 September 30, 2021. Year to date the City's General Fund has received $4.9 million of the $30.4 million budgeted revenue and spent $6.1 million of the $30 million budgeted for expenditures.
GENERAL FUND REVENUES
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, & User Utility Tax make up 61% of the $4.9 million in General Fund revenue received.
GENERAL FUND EXPENDITURES
Year Over Year Expenditure Comparison by Department/Division
Through September General Fund expenditures have reached $6.1 million, roughly $1.9 million more than the $4.1 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 $1.2 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 $169,000 (34%) as revenue, particularly TOT revenue, recovers.
Please note that the graphs below group smaller expenditure numbers under "Other". This is the case for Community Development in 2020 & 2021 and Recreation & Parks in 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.