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 $22.1 million in revenues and $19.8 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 $22 million in revenues as of February 28, 2023. This total reflects an increase of close to $2.4 million, or 12%, compared to the same period in the prior fiscal year. Property Tax revenues outpace last years figures by 4.8% and total nearly $9.4 million at months end. Transient Occupancy Tax (TOT) revenues remain stable at $4.1 million, 22% higher than during the same period in 2022. Property Tax and TOT are the two largest sources and account for 42% and 18% of General Fund revenues to date, respectively.
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 $19.8 million in February 2023, an increase of about 17% 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 labor costs. The professional and technical services category includes contract costs for services such as public safety and various consultants. This category totals roughly $5.8 million in expenditures through months end. Salaries and Wages total $4.7 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.