FY 2021-22 FINANCIAL REPORT
as of November 30, 2021
Monthly Financial Reporting
Welcome to the Monthly Financial Report for the City of Rancho Palos Verdes. Each month the Finance Department will provide you with a look into the City's finances. The Finance Department prepares an annual budget and a Annual Comprehensive Financial Report (ACFR) which can be found at the bottom of this page. This Monthly Financial Report is an additional resource to further the City's efforts to provide transparency and a deeper understanding of the financial structure of our city.
General Fund Budget vs Actual
Below you will find a comparison of budgeted General Fund revenues and expenditures for FY 2021-22 through November 30, 2021. Year to date the City's General Fund has received $7 million of the $30.4 million budgeted revenue and spent $9 million of the $30 million budgeted for expenditures.
GENERAL FUND REVENUES
Year Over Year Revenue Comparison by Category
Through November the General Fund has received just under $7 million in revenue, approximately $1.1 million (18%) more than was received at this same point last year. The largest contributing factor to this variance is the improvement in Transient Occupancy Tax (TOT) revenue caused by the increase in demand for leisure travel across the state. $2.2 million in TOT revenue has been received as of the end of November as compared to $1.2 milllion during FY 2020-21, an 80.5% increase.
Permits & Fees revenue also continues to outpace prior fiscal year numbers with $1.2 million in revenue, $311,000 (36%) more that the $869,400 received during FY 2020-21. Permits & Fee revenue experienced a decrease during FY 2019-20, but saw a partial recovery during last fiscal year and is trending towards pre pandemic numbers this fiscal year. Additionally, Sales Tax revenue is up by $330,200 (69%) with $809,500 in revenue compared to $479,300 during FY 2020-21. All though Sales Tax revenue is up compared to last fiscal year, this increase is partially due to the timing of payments received.
Lastly, Golf Tax and Parking Lot Fees are two revenue sources that performed exceptionally well during FY 2020-21. Last fiscal year Golf Tax reached $223,000 by November, a 30% increase over FY 2019-20. So far this fiscal year Golf Tax revenue totals $250,600, a $27,600 (12%) year over year increase. Much like with Golf Tax revenue, Parking Lot Fee revenue experienced a jump thanks to increased demand for outdoor activities as the pandemic progressed. Last fiscal year Parking Lot Fee revenue reached $199,400 by November, a 100% increase over FY 2019-20. However, unlike with Golf Tax, Parking Lot Fee revenue is currently not on pace to meet last year's revenue numbers with $114,800 in revenue, 42% lower than revenue received at this point last fiscal year. However, year to date revenue during FY 2021-22 is still 15% higher than FY 2019-20 revenue of $100,000.
Please review the graph below for more information.
Through November Transient Occupancy Tax (TOT), Permits & Fees, User Utility Tax, & Sales Tax make up 71% of the $7 million in General Fund revenue received. TOT is currently the largest contributing source with 31% of total revenue.
GENERAL FUND EXPENDITURES
Year Over Year Expenditure Comparison by Department/Division
Through November General Fund expenditures have reached just under $9 million, roughly $345,000 more than the $8.6 million that was spent at this same point last year. One of the largest contributors to this year over year change is an increase to transfers out of the General Fund. Transfers out of the General Fund to other funds increased by $245,000 (50%) when compared to last fiscal year as revenue, particularly TOT revenue, continues to recover from the economic downturn caused by the pandemic.
Please note that the graphs below group smaller expenditure numbers under "Other". This is the case for the Finance Department in 2020 & 2021. Details for this department can be viewed by clicking on either of the graphs.
FY 20-21 & FY 21-22 Monthly General Fund Expenditure Comparison
The table below provides a month by month comparison of General Fund expenditures. Several factors can effect the change in expeditures each month, including the timing of invoices received and paid by the City.