FY 2022-23 FINANCIAL REPORT
as of December 31, 2022
Monthly Financial Report
Welcome to the Monthly Financial Report for the City of Rancho Palos Verdes!
Each month, the Finance Department will provide an updated overview of the City's finances. This report will also provide access to the OpenGov financial data portal to help promote transparency and increase citizen engagement throughout the community. For additional insight into the City's finances, the FY 2022-23 Adopted Budget and Annual Comprehensive Financial Report (ACFR) are available at the bottom of this report.
General Fund Budget vs Actual
The adopted General Fund budget recognized $36 million in revenues and expenditures, including transfers, and resulted in a structurally balanced budget for Fiscal Year (FY) 2022-23. Year to date, the City's General Fund has received $18 million in revenues and accumulated $17 million in expenditures.
GENERAL FUND REVENUES
Year-Over-Year Revenue Comparison by Revenue Source
The General Fund received approximately $18 million in revenues as of December 31, 2022. This total reflects an increase of close to $2.5 million, or 16%, compared to the same period in the prior fiscal year. Transient Occupancy Tax (TOT) revenues remain strong at $3.6 million, 30% higher than December 2021. Property Tax revenues outpace last years figures by 3.4% and total roughly $7.2 million at mid-year. Property Tax and TOT account for 40% and 20% of General Fund revenues to date. Revenue collected from Permits and Fees of $1.75 million exceeds last year's figure by 23%. In total, City revenues have performed better than the previous fiscal year consecutively month-over-month.
The City's major General Fund revenue sources are comprised by Property Tax, Transient Occupancy Tax, Sales Tax, User Utility Tax, Permits & Fees, and Other Taxes & Miscellaneous Revenues. To date, Property Tax accounts for 40% of revenues and is supported by TOT revenues totaling around 20%. Revenue growth in these category is primarily attributed to the prior years sales activity and the economic rebound within the hotels & restaurants sectors. Other Taxes & Miscellaneous Revenue include categories such as Golf Tax and rentals & leases. To date, Golf tax revenues of $375 thousand and rental & lease revenues of $333 thousand increased over last years figures by 9% and 37%, respectively. Property Tax, TOT, and Permits make-up $12.6 million of revenues to date, or 70% of the total.
GENERAL FUND EXPENDITURES
Year-Over-Year Expenditure Comparison by Department
General Fund expenditures reached slightly above $17 million in December 2022, an increase of about 26% when compared to this time last fiscal year. The largest contributing factors towards year-over-year increases include expenditure categories such as Professional and Technical Services and Salaries & Wages. The professional services category includes public safety costs as well as consultant costs, and totals roughly $5.3 million to date. Compared to the previous fiscal year, this represents and increase of $925 thousand or 21%. Salaries and Wages total $3.3 million to date and reflect a 6% decrease in costs compared to the same month last year. Expenditures in this category are primarily driven by wage adjustments and a return to previous staffing levels.
FY 21-22 & FY 22-23 Monthly General Fund Expenditure Comparison
The table below provides a month-over-month comparison of General Fund expenditures. Several factors can effect the change in expenditures each month, including the timing of invoices received and paid by the City.