FY 2022-23 FINANCIAL REPORT
as of January 31, 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 January, the City's General Fund has a total of $20 million in revenues and $18 million in expenditures. General Fund revenues exceed expenditures by just over $2 million, or 12%, at this point in the fiscal year.
GENERAL FUND REVENUES
Year-Over-Year Revenue Comparison by Revenue Source
The General Fund received approximately $20 million in revenues as of January 31, 2023. This total reflects an increase of close to $2.4 million, or 13%, compared to the same period in the prior fiscal year. Property Tax revenues outpace last years figures by 3% and total nearly $8.3 million at months end. Transient Occupancy Tax (TOT) revenues remain stable at $3.6 million, 18% higher than January 2022. Property Tax and TOT are the two largest sources and account for 41% and 18% of General Fund revenues to date, respectively. Revenues collected from Permits and Fees of $2.1 million exceed last year's figures by 20%. This increase is still attributable to the backlog of work delayed in the prior years. In total, General Fund revenues have outperformed the previous fiscal year month-over-month throughout the fiscal year.
The City's major General Fund revenue sources are comprised of Property Tax, Transient Occupancy Tax, Sales Tax, User Utility Tax, Permits & Fees, and Other Taxes & Miscellaneous Revenues. Through January, Property Tax accounts for 41% of revenues and is supported by TOT revenues totaling around 18%. Revenue growth in these categories is primarily attributed to the prior years sales activity and the economic rebound within the hotels & restaurants sectors. Other Taxes & Miscellaneous Revenues include notable categories such as Golf Tax and Rentals & Leases. Year-over-year, Golf tax revenues of $377 thousand and rental & lease revenues of $363 thousand increased over last years figures by 9% and 7%, respectively. Property Tax, TOT, and Permits collectively make-up $14 million in General Fund revenues at months end, approximately 70% of the total.
GENERAL FUND EXPENDITURES
Year-Over-Year Expenditure Comparison by Department
General Fund expenditures reached slightly above $18 million in January 2022, an increase of about 21% when compared to the same period 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 and technical services category includes contract costs for services such as public safety and various consultants. This category totals roughly $5.5 million in expenditures through months end, an increase of 5% compared annually. Salaries and Wages total $4.2 million to date and reflect a 1% increase 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.