FY 2022-23 FINANCIAL REPORT
as of September 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 $5.5 million in revenues and roughly $8.3 million in expenditures.
GENERAL FUND REVENUES
Year-Over-Year Revenue Comparison by Revenue Source
The General Fund received approximately $5.5 million in revenue as of September 30, 2022. This reflects an increase of 11% compared to the same period in the prior fiscal year. Revenue collected from Permits and Fees of $1 million exceeds last year's figure by $373 thousand, or 56%. Transient Occupancy Tax (TOT) revenues continued to outperform last fiscal year by just over $350 thousand, or 21%, by the end of August. In total, City revenues are demonstrating a stability and growth year-to-date.
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 37%. The City continued experiencing the strong economic rebound within this sector and anticipates a continued trend further into the current fiscal year. Sales Tax revenue of over $640 thousand also points to an ongoing trend of strong revenues despite the changing economic environment.
GENERAL FUND EXPENDITURES
Year-Over-Year Expenditure Comparison by Department
General Fund expenditures reached just over $8.3 million, roughly $2.3 million or 37% more than this time last fiscal year. The largest contributor to this year-over-year change is spending on Professional and Technical Services, Infrastructure, and Salaries & Wages. Ongoing capital projects are attributed to the rise in both professional services and infrastructure spending. These categories combined to make-up roughly $3 million in current spending. Salaries and Wages have also increased by 27% when compared to the same month last year, primarily driven by wage increases and a return to previous staffing levels.
Please note that the graphs below group smaller expenditure numbers under "Other".
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.