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HomeMy WebLinkAbout2024-002 Operating Budget Mid-Year Adjustments FY 2023-24CC Reso. No. 2024-2 Page 1 of 2 RESOLUTION NO. 2024-002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING THE FY2023-2024 ANNUAL OPERATING BUDGET FOR MID-YEAR ADJUSTMENTS Whereas, the City Council has a policy of adopting an annual operating budget to plan expenditures and to match anticipated revenues available in various City accounts to make the most efficient use of the City’s limited resources for each fiscal year; and Whereas, the City of Lake Elsinore Municipal Code Section 3.04.010 defines the fiscal year for the City of Lake Elsinore as extending from July 1st of each year to and including June 30th of the following year. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The City of Lake Elsinore FY2023-2024 Mid-Year Annual Operating Budget is hereby approved as amended for the 2023-2024 fiscal year per attached Exhibit A and Exhibit B. Section 2. This Resolution shall take effect from and after the date of its passage and adoption. Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 13th day of February 2024. Steve Manos Mayor Attest: Candice Alvarez, MMC City Clerk DocuSign Envelope ID: 9279D08B-A88A-4D25-AB45-83C029E502D4 CC Reso. No. 2024-2 Page 2 of 2 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Resolution No. 2024-2 was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of February 13, 2024 and that the same was adopted by the following vote: AYES: Council Members Johnson, Magee, and Sheridan; Mayor Pro Tem Tisdale; and Mayor Manos NOES: None ABSENT: None ABSTAIN: None Candice Alvarez, MMC City Clerk DocuSign Envelope ID: 9279D08B-A88A-4D25-AB45-83C029E502D4 CITY OF LAKE ELSINORE, CALIFORNIA FY22-23 ACTUALS FY23-24 CURRENT BUDGET FY23-24 YTD ACTUALS @ 12/31/23 FY23-24 MIDYEAR BUDGET $Inc/(Dec) % Inc/ (Dec) Revenues: Sales Tax 15,746,683$ 17,543,480$ 5,276,583$ 17,543,480$ -$ 0.00% Property Tax 10,453,295 11,144,290 1,188,405 11,237,300 93,010 0.83% Franchise Tax 3,302,290 2,797,910 641,070 2,799,910 2,000 0.07% Building Permit Fee 953,803 1,219,970 757,305 1,420,310 200,340 16.42% Property Transfer Tax 368,479 517,610 125,561 367,610 (150,000) -28.98% Other Taxes 657,963 570,840 210,970 620,840 50,000 8.76% Licenses & Permits 1,901,867 2,388,390 3,491,396 2,043,390 (345,000) -14.44% Intergovernmental 347,004 193,490 266,393 443,490 250,000 129.21% Fees 3,614,438 5,993,910 1,551,671 5,944,390 (49,520) -0.83% Fines & Forfeitures 843,740 987,050 327,247 987,050 - 0.00% Tax Credit 3,869,416 4,248,380 864,830 4,248,380 - 0.00% Investment Earnings 435,013 311,000 168,527 411,000 100,000 32.15% Reimbursements & Other 9,332,069 12,064,860 903,554 12,582,660 517,800 4.29% Special Assessments 5,957,127 6,989,360 28,815 6,989,360 - 0.00% Reimbursements - Public Safety 352,586 517,060 81,531 517,060 - 0.00% Reimbursements - Street Program 800,000 1,000,000 - 1,000,000 - 0.00% Total Revenues 58,935,773 68,487,600 15,883,859 69,156,230 668,630 0.98% Expenditures by Department: General Government: City Council 291,610$ 317,370$ 182,737$ 317,370$ -$ 0.00% Community Support 405,457 623,690 213,809 624,060 370 0.06% City Treasurer - - - - - 0.00% City Clerk 741,437 901,100 334,087 901,650 550 0.06% City Attorney 851,967 676,210 4,112 676,210 - 0.00% City Manager 1,338,511 1,303,780 682,467 1,396,520 92,740 7.11% Administrative Services Finance 1,391,476 1,706,430 664,305 1,707,600 1,170 0.07% Human Resources 542,186 725,220 270,025 725,650 430 0.06% Public Safety: Police Services 16,727,969 18,652,220 3,902,188 18,652,220 - 0.00% Fire Services 9,409,288 11,004,250 110,311 11,004,250 - 0.00% Animal Services 906,465 987,500 552,092 984,500 (3,000) -0.30% Emergency Services 417,931 422,450 130,135 422,630 180 0.04% Community Development: Planning 1,966,663 2,811,460 791,823 2,714,590 (96,870) -3.45% Building & Safety 1,517,827 1,746,360 651,033 1,747,650 1,290 0.07% Code Enforcement 1,711,941 2,176,410 976,578 2,227,440 51,030 2.34% Economic Development 339,820 644,170 226,288 644,540 370 0.06% Fire Prevention 575,673 846,030 99,192 846,770 740 0.09% Public Services: Engineering 3,157,786 3,950,420 1,335,423 3,953,000 2,580 0.07% Public Works 4,254,745 5,257,650 1,751,861 5,263,920 6,270 0.12% Park Maintenance 3,417,791 4,061,510 1,688,524 4,061,510 - 0.00% Lake Maintenance 1,364,283 1,371,520 1,008,749 1,371,520 - 0.00% Community Services: Recreation 1,381,043 1,882,230 805,400 2,383,470 501,240 26.63% Community Center 869,954 1,113,740 345,368 1,165,950 52,210 4.69% Senior Center 692,979 825,630 302,644 856,740 31,110 3.77% Neighborhood Center 650,318 1,036,850 - 1,063,070 26,220 2.53% Non-Departmental - Operating 3,119,647 3,443,400 691,412 3,443,400 - 0.00% Total Expenditures 58,044,767 68,487,600 18,045,790 69,156,230 668,630 0.98% Excess of Revenues Over (Under) Expenditures 891,006 - (2,161,931) - - Operating Transfers: Operating Transfers In - - - - - Operating Transfers out - - - - - Excess of Revenues Over (Under) Expenditures & Op Transfers In/(Out) 891,006 - (2,161,931) - - Estimated Year-End Adjustments Fund Balance, Beg. of Year 18,377,710 19,268,716 19,268,716 19,268,716 SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCE FY2023-24 UNAUDITED - GENERAL FUND FINANCIAL REPORT DocuSign Envelope ID: 9279D08B-A88A-4D25-AB45-83C029E502D4 CITY OF LAKE ELSINORE, CALIFORNIA FY22-23 ACTUALS FY23-24 CURRENT BUDGET FY23-24 YTD ACTUALS @ 12/31/23 FY23-24 MIDYEAR BUDGET $Inc/(Dec) % Inc/ (Dec) SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCE FY2023-24 UNAUDITED - GENERAL FUND FINANCIAL REPORT Fund Balance, End of Year 19,268,716$ 19,268,716$ 17,106,785$ 19,268,716$ Detail of Fund Balance Nonspendable: Deposits and prepaid items 33,177$ 33,177$ 33,177$ 33,177$ Loans Receivable 1,000,000 1,000,000 1,000,000 1,000,000 Assigned Uncertainty reserve (20%) 11,608,953 13,697,520 3,609,158 13,831,246 Unassigned Unallocated reserve 6,626,586 4,538,019 12,464,450 4,404,293 Total Fund Balance (net) 19,268,716$ 19,268,716$ 17,106,785$ 19,268,716$ DocuSign Envelope ID: 9279D08B-A88A-4D25-AB45-83C029E502D4 BEGINNING FUND BALANCE REVENUES APPROPRIATIONS NET TRANSFERS IN/(OUT) PROJECTED ENDING FUND BALANCE FY2023‐24 ADOPTED OPERATING BUDGETS Fund: 100 GENERAL FUND 19,268,716 69,156,230 69,156,230 - 19,268,716 Fund: 101 SUPPLEMENTAL LAW ENF. (SLESF)3 177,000 177,000 - 3 Fund: 102 MEASURE Z 14,829,236 16,575,000 31,404,236 - - Fund: 103 THE ANCHOR 3,483 1,210,480 1,210,480 3,483 Fund: 104 TRAFFIC OFFENDER FUND - 30,000 30,000 - - Fund: 106 AFFORDABLE HOUSING IN-LIEU 3,955,533 212,500 4,168,033 - - Fund: 107 DEVELOPER AGREEMENT 60,286 276,876 337,162 - Fund: 108 AMERICAN RESCUE PLAN 7,113,854 115,000 7,228,854 - - Fund: 110 STATE GAS TAX FUND (OPER & CIP)90,215 1,948,055 2,038,270 - - Fund: 114 SB1186 CAS EDUCATION FUND 55,458 13,000 2,100 - 66,358 Fund: 115 TRAFFIC SAFETY FUND - 175,000 175,000 - - Fund: 130 CITY-WIDE LLMD FUND - 2,174,187 2,174,187 - - Fund: 135 LLMD NO. 1 1,141,813 791,059 1,932,872 - - Fund: 155 NPDES - 1,198,170 1,198,170 - - Fund: 180 LAUNCH POINTE 14,189,520 5,087,000 5,898,193 - 13,378,327 Fund: 300 INSURANCE SERVICES 802,905 871,420 986,457 - 687,868 Fund: 305 INFORMATION SYSTEMS SERVICES 2,432,347 2,443,220 2,518,470 - 2,357,097 Fund: 310 SUPORT SERVICES 57,705 119,590 108,720 - 68,575 Fund: 315 FLEET SERVICES 2,149,324 1,881,720 1,834,035 - 2,197,009 Fund: 320 FACILITIES SERVICES 2,063,853 1,017,880 1,050,310 - 2,031,423 Fund: 330 CFD 2015-2S MAINTENANCE SERVICES FUND 7,775 432,460 440,235 - - Fund: 341 CFD 2017-1S MISSION TRAIL SERVICES FUND - 9,860 9,860 - - Fund: 342 CFD 2007-5S RED KITE SERVICES FUND - 15,900 15,900 - - Fund: 343 CFD 2006-2S VISCAYA SERVICES FUND 3,597 58,070 58,070 - 3,597 Fund: 344 CFD 2005-2S ALBERHILL RANCH SERVICES FUND 1,677 197,280 197,280 - 1,677 Fund: 358 CFD 2007-4S MAKENNA SERVICES FUND - 29,960 29,960 - - Fund: 362 CFD 2006-8S RUNNING DEER ESTATES SERVICE FUND 24,373 65,060 65,060 - 24,373 Fund: 367 CFD 2006-1S SUMMERLY SERVICE FUND 3,116 581,610 584,726 - - Fund: 373 CFD 2005-5S WASSON CANYON SERVICES FUND - 65,670 65,670 - - Fund: 650 CFD 2003-1S LAW, FIRE & PARAMEDIC SERVICES FUND 32,447 3,519,653 3,519,653 - 32,447 Fund: 651 CFD 2006-5S PARK, OPEN SPACE & STORM DRAIN SERVICES FUND - 119,591 119,591 - - Fund: 652 CFD 2007-1S LAW, FIRE & PARAMEDIC SERVICES FUND 924 119,641 119,641 - 924 Fund: 653 CFD 2009-1S PARK, OPEN SPACE & STREET LIGHT SERVICES FUND - 789,803 789,803 - - Fund: 655 CFD 2015-1S LAW, FIRE & PARAMEDIC SERVICES FUND 1,300 749,967 749,967 - 1,300 OPERATING BUDGET SUBTOTALS 68,289,460 112,227,912 140,394,195 - 40,123,177 FY2023‐24 ADOPTED AD/CFD/LERA/PFA BUDGETS Fund: 331 CFD 2006-1 IA CC SUMMERLY IMPROVEMENT FUND 312,882 194,740 497,540 - 10,082 Fund: 332 CFD 2006-1 IA B SUMMERLY IMPROVEMENT FUND 154,776 188,660 334,150 - 9,286 Fund: 333 CFD 2015-4 TERRACINA IMPROVEMENT FUND - 10,600 10,600 - - Fund: 334 CFD 2015-5 TRIESTE IMPROVEMENT FUND 114,942 168,740 273,740 - 9,942 Fund: 335 CFD 2003-2 IA E CANYON HILLS IMPROVEMENT FUND 269,610 185,800 424,760 - 30,650 Fund: 336 CFD 2006-1 IA FF SUMMERLY IMPROVEMENT FUND 172,511 227,270 390,570 - 9,211 Fund: 337 CFD 2016-2 CANYON HILLS IMPROVEMENT FUND 3,644,165 1,373,410 1,530,060 - 3,487,515 Fund: 338 CFD 2006-1 IA JJ SUMMERLY IMPROVEMENT FUND 602,964 346,230 930,580 - 18,614 Fund: 339 CFD 2006-1 IA KK SUMMERLY IMPROVEMENT FUND 556,875 284,520 825,080 - 16,315 Fund: 340 CFD 2006-1 IA EE SUMMERLY IMPROVEMENT FUND 555,406 306,000 838,310 - 23,096 Fund: 345 CFD 2003-2 IA D CANYON HILLS IMPROVEMENT FUND 2,238,703 1,966,040 4,204,743 - - Fund: 346 CFD 2014-1 SOUTHSHORE IMPROVEMENT FUND 7,219 400 6,620 - 999 Fund: 347 CFD 2006-1 IA A SUMMERLY IMPROVEMENT FUND 159,626 250,100 306,680 - 103,046 Fund: 350 CFD 98-1 SUMMERHILL IMPROVEMENT FUND 859,225 1,116,750 1,975,975 - - Fund: 351 CFD 2006-1 IA II SUMMERLY IMPROVEMENT FUND 784,525 449,510 1,234,035 - - Fund: 354 CFD 90-2 TUSCANY HILLS IMPROVEMENT FUND 1,079,785 1,101,660 2,181,445 - - Fund: 355 RAD 2021-1 CANYON HILLS IMPROVEMENT FUND 1,432,845 1,210,930 2,643,775 - - Fund: 357 CFD 2003-02 IA A CANYON HILL IMPROVEMENT FUND 1,708,262 1,006,940 2,715,202 - - Fund: 359 CFD 2021-1 IA 2 TUSCANY VALLEY IMPROVEMENT FUND - 10,500 10,500 - - Fund: 361 CFD 2022-2 LAKESHORE IMPROVEMENT - 10,600 10,600 - - Fund: 363 CFD 2023-1 LAKESIDE IMPROVEMENT FUND - 10,750 10,750 - - Fund: 364 CFD 2023-2 COASTAL MISSION TRAIL IMPROVEMENT - 10,500 10,500 - Fund: 366 CFD 2005-6 CITY CENTER TOWNHOMES IMPROVEMENT FUND 405,711 277,380 683,091 - - Fund: 368 CFD 2006-2 VISCAYA IMPROVEMENT FUND 840,548 533,850 1,374,398 - - Fund: 369 CFD 2004-3 IA 1 ROSETTA CANYON IMPROVEMENT FUND 3,033,976 1,761,690 4,795,666 - - Fund: 370 CFD 2006-1 IA HH SUMMERLY IMPROVEMENT FUND 637,718 352,450 990,168 - - Fund: 371 CFD 2005-1 SERENITY IMPROVEMENT FUND 1,164,032 687,200 1,851,232 - - Fund: 372 CFD 2005-2 IA A ALBERHILL RANCH IMPROVEMENT FUND 2,922,667 1,663,340 4,586,007 - - Fund: 374 CFD 2005-4 LAKE VIEW VILLAS IMPROVEMENT FUND 1,050 10,500 11,550 - - Fund: 375 CFD 2006-4 CLURMAN FUND 3,308 265,300 268,608 - - Fund: 376 CFD 2006-3 LA STRADA IMPROVEMENT FUND 2 10,500 10,502 - - Fund: 377 CFD 2006-6 TESSARA IMPROVEMENT FUND 374,161 249,560 623,721 - - Fund: 378 CFD 2006-8 RUNNING DEER ESTATES IMPROVEMENT FUND 4,112 139,690 143,802 - - Fund: 379 CFD 2022-1 ALBERHILL IMPROVEMENT FUND - 10,600 10,600 - Fund: 384 CFD 2003-2 IA B CANYON HILLS IMPROVEMENT FUND 2,731,349 2,073,940 4,805,289 - - Fund: 385 CFD 2004-3 IA 2 ROSETTA CANYON IMPROVEMENT FUND 3,175,922 2,013,810 5,189,732 - - Fund: 386 CFD 2007-4 MAKENNA COURT IMPROVEMENT FUND 120,710 193,360 314,070 - - Fund: 387 CFD 2007-5 RED KITE IMPROVEMENT FUND 174,286 136,100 310,386 - - Fund: 388 CFD 2007-6 HOLIDAY INN EXPRESS IMPROVEMENT FUND 365 6,830 7,195 - - Fund: 389 CFD 88-3 WEST LAKE VILLAGES IMPROVEMENT FUND - 11,000 11,000 - - Fund: 390 CFD 2003-2 IA C CANYON HILLS IMPROVEMENT FUND 1,540,036 874,100 2,414,136 - - Fund: 392 CFD 95-1 CIVIC CENTER IMPROVEMENT FUND 177,174 165,540 342,714 - - Fund: 394 CFD 2005-5 WASSON CANYON IMPROVEMENT FUND 195,630 290,300 485,930 - - Fund: 395 CFD 2018-1 WASSON CANYON II IMPROVEMENT FUND 1,603 10,600 12,203 - - Fund: 396 CFD 2019-2 NICHOLS RANCH IMPROVEMENT FUND 276 206,870 207,146 - - Fund: 397 CFD 2019-1 WESTLAKE IMPROVEMENT FUND 680,302 384,030 1,064,332 - - Fund: 398 CFD 2021-1 IA 1 TUSCANY VALLEY IMPROVEMENT FUND - 10,600 10,600 - - CITY WIDE ALL FUNDS SUMMARY DocuSign Envelope ID: 9279D08B-A88A-4D25-AB45-83C029E502D4 BEGINNING FUND BALANCE REVENUES APPROPRIATIONS NET TRANSFERS IN/(OUT) PROJECTED ENDING FUND BALANCE CITY WIDE ALL FUNDS SUMMARY Fund: 400 LE FINANCING AUTHORITY FUND 8,885,902 559,120 853,025 - 8,591,997 Fund: 402 LEFFA 2017 LOCAL OBLIGATION BONDS FUND 3,993,901 100,000 291,970 - 3,801,931 Fund: 403 LEFFA 2020A REVENUE REFUNDING BONDS 14,852,524 500,000 1,030,000 - 14,322,524 Fund: 404 LEFFA 2021 REVENUE REFUNDING BONDS 32,229,402 600,000 2,213,000 - 30,616,402 Fund: 405 LEFFA 2021B REVENUE REFUNDING BONDS 10,324,839 500,000 554,100 - 10,270,739 Fund: 406 LEFFA 2021A REVENUE REFUNDING BONDS 9,495 1,063,780 1,073,275 - - Fund: 407 LEFFA 2022A LEASE REVENUE BONDS 25,088,894 1,798,400 1,798,400 - 25,088,894 Fund: 510 SARDA AREA I, II, III FUNDS (26,600,129) 22,200,464 10,336,180 - (14,735,845) Fund: 603 PUBLIC PURPOSE TRUST - CARL GRAVES FUND - 1,700 1,700 - - Fund: 604 ENDOWMENT TRUST - ADOLPH KORN FUND - 1,000 1,000 - - Fund: 617 SARDA HOUSING FUND 61,084,501 7,699,835 1,050,000 - 67,734,336 Fund: 630 LAKE WATER MANAGEMENT ESCROW FUND 3,290,039 1,600,000 4,562,717 - 327,322 Fund: 631 DESTRATIFICATION EQUIPMENT REPLACEMENT FUND 503,977 100,000 50,000 - 553,977 Fund: 739 LEPFA 2014 SERIES B FUND 14,766,660 700,000 1,316,063 - 14,150,597 Fund: 740 LEPFA 2015 FUND 88,320,334 4,000,000 7,060,349 - 85,259,985 Fund: AD/CFD/LERA/PFA SUBTOTALS 269,589,594 64,194,089 84,082,072 - 249,701,615 FY2023‐24 ADOPTED CAPITAL BUDGET Fund: 105 GENERAL PROJECTS (OPER & CIP)72,256 - 72,256 - - Fund: 109 SB1 ROAD MAINTENANCE AND REHAB 104,813 1,738,445 1,843,258 - - Fund: 111 TUMF CAPITAL PROJECT FUND - 7,100,000 7,100,000 - - Fund: 112 MEASURE 'A' FUND 1,053,183 2,304,500 3,357,683 - - Fund: 113 SB821 FUND - 463,766 463,766 - - Fund: 116 CITY HALL/P.W. DIF FUND 935 150,700 151,635 - - Fund: 117 COMMUNITY CENTER DIF FUND 161,274 127,700 288,974 - - Fund: 118 LAKE SIDE FACILITIES DIF FUND 272,059 162,600 434,659 - - Fund: 119 ANIMAL SHELTER FACILITY DIF FUND 76 75,300 75,376 - - Fund: 121 TOTAL ROAD IMPROVEMENT PRGM (TRIP)16,686 495,500 512,186 - - Fund: 140 GEOTHERMAL FUND 13,739 300 14,039 - - Fund: 150 CDBG FUND - 1,042,020 1,042,020 - - Fund: 160 PEG GRANT FUND 84,300 21,630 105,930 - - Fund: 202 LA STRADA RBBD FUND 23,936 460 24,396 - - Fund: 203 SUMMERLY TRAFFIC INFRASTRUCTURE FEE (ELSP)3,375,321 48,100 3,423,421 - - Fund: 205 TRAFFIC IMPACT FEE FUND 94,214 551,100 645,314 - - Fund: 211 STORM DRAIN CIP FUND 3,077,017 280,000 3,357,017 - - Fund: 221 QUIMBY FUND 88,140 227,100 315,240 - - Fund: 231 LIBRARY CIP DIF FUND 1,327,151 69,100 1,396,251 - - Fund: 232 FIRE PROTECTION DIF FUND 578,661 186,100 764,761 - - Fund: 500 CAPITAL IMPROVEMENT PLAN FUND 11,117,276 74,805,496 85,922,772 - - Fund: 540 SARDA DIAMOND STADIUM FUND - 3,474,526 3,474,526 - - Fund: 605 PUBLIC IMPROVEMENTS IN-LIEU FUND 1,677,760 125,500 1,803,260 - - Fund: 606 AB2766 AIR POLLUTION REDUCTION FUND 302,030 74,300 376,330 - - CAPITAL BUDGET SUBTOTALS 23,440,825 93,524,243 116,965,070 - - TOTALS 361,319,878$ 269,946,244$ 341,441,337$ ‐$ 289,824,792$ DocuSign Envelope ID: 9279D08B-A88A-4D25-AB45-83C029E502D4