FY 2022-23 FINANCIAL REPORT

as of March, 2023

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. For the month ending February, the City's General Fund has a total of $26.3 million in revenues and $26 million in expenditures. General Fund revenues exceed expenditures by just over $0.3 million, or 1%, at this point in the fiscal year.

GENERAL FUND REVENUES

Year-Over-Year Revenue Comparison by Revenue Source

The General Fund received approximately $26.3 million in revenues as of March 31, 2023. This total reflects an increase of close to $3.4 million, or 15%, compared to the same period in the prior fiscal year. Property Tax revenues outpace last years figures by 3.9% and total nearly $9 million at months end. Transient Occupancy Tax (TOT) revenues remain stable at $5.2 million, 31% higher than during the same period in 2022. Property Tax and TOT are the two largest sources and account for 54% of General Fund revenues to date.

The City's major General Fund revenue sources are comprised by Property Tax, Transient Occupancy Tax, Sales Tax, Franchise Tax, User Utility Tax, Permits & Fees, and Other Taxes & Miscellaneous Revenues.



GENERAL FUND EXPENDITURES

Year-Over-Year Expenditure Comparison by Department

General Fund expenditures totaled $26 million in March 2023, an increase of about 29% when compared to the same period last fiscal year. The largest contributing factors to the year-over-year increase include expenditure categories such as Professional and Technical Services and personnel costs. The professional and technical services category includes contract costs for services such as public safety and various consultants. This category totals roughly $8 million in expenditures through months end. Salaries and Wages total $5.6 million to date.

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.

City of Rancho Palos Verdes Financial Reports

FY 2022-23 Adopted Budget
Annual Comprehensive Financial Report