FY 2021-22 FINANCIAL REPORT
as of October 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 October 31, 2021. Year to date the City's General Fund has received $5.2 million of the $30.4 million budgeted revenue and spent $7.7 million of the $30 million budgeted for expenditures.
GENERAL FUND REVENUES
Year Over Year Revenue Comparison by Category
Through October the General Fund has received just over $5.2 million in revenue, approximately $616,000 (13.3%) more than the $4.6 million that 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. $1.7 million in TOT revenue has been received as of the end of October as compared to $914,100 during FY 2020-21, an 83.5% increase.
Permits & Fees revenue has also seen an increase in revenue with $890,000 in revenue, $160,000 (22%) more that the $729,500 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. Sales Tax revenue also experienced a significant increase with revenue reaching $533,700 through October compared to $274,400 during FY 2020-21.
Through October Transient Occupancy Tax, Permits & Fees, & User Utility Tax make up 61% of the $5.2 million in General Fund revenue received.
GENERAL FUND EXPENDITURES
Year Over Year Expenditure Comparison by Department/Division
Through October General Fund expenditures have reached just under $7.7 million, roughly $708,000 more than the $6.9 million that was spent at this same point last fiscal year. One of the largest contributors to this year over year change is an increase to transfers out of the General Fund. Transfers out of the General Fund to other funds increased by $245,000 (50%) when compared to last fiscal year as revenue, particularly TOT revenue, continues to recover from the economic downturn caused by the pandemic.
Please note that the graphs below group smaller expenditure numbers under "Other". This is the case for Community Development in 2020 & 2021. Details for this department 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.