FY 2022-23 FINANCIAL REPORT
as of November 30, 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 just over $8.5 million in revenues and almost $11.6 million in expenditures.
GENERAL FUND REVENUES
Year-Over-Year Revenue Comparison by Revenue Source
The General Fund received approximately $8.5 million in revenue as of September 30, 2022. This reflects an increase of close to $1.5 million, or 21%, compared to the same period in the prior fiscal year. Transient Occupancy Tax (TOT) revenues remain strong at $2.6 million, 22% higher than November 2021. Revenue collected from Permits and Fees of $1.5 million exceeds last year's figure by nearly 30%. Other Taxes & Miscellaneous Revenue displayed significant growth of and accounts for $1.6 million of revenues YTD. In total, City revenues have continued to exceed 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, TOT revenues account for the largest majority of General Fund revenue at 31%. Revenue growth in this category is primarily attributed to the strong economic rebound within this sector (hotels & restaurants). Other Taxes & Miscellaneous Revenue include categories such as rentals & leases, and Golf Tax. To date, Golf tax revenues of $284 thousand and rental & lease revenues of $328 thousand increased over last years figures by 13% and 52%, respectively. TOT, Permits, and Other revenue sources make-up $5.1 million of revenues to date, or 60% of the total.
GENERAL FUND EXPENDITURES
Year-Over-Year Expenditure Comparison
General Fund expenditures reached nearly $11.6 million, an increase of 29% compared to this time last fiscal year. The largest contributing factor towards year-over-year change continues to be spending on categories including Professional and Technical Services, and Salaries & Wages. The professional services category includes public safety costs as well as environmental consultants, and totals roughly $3.2 million to date. Salaries and Wages have increased around 3% when compared to the same month last year and are primarily driven by wage increases 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.
City of Rancho Palos Verdes Financial Reports
