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HomeMy WebLinkAbout2025-003 Amending FY 2024-2025 Annual Operating Budget for Mid-Year Adjustments RESOLUTION NO. 2025-3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING THE FY2024-2025 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 FY2024-2025 Mid-Year Annual Operating Budget is hereby approved as amended for the 2024-2025 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. Section 3. The City Clerk shall certify to the adoption of this Resolution and enter it into the book of original Resolutions. Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 11 th, day of February 2025 Brian Tisdale Mayor Attest: Candice Alvarez, MMC City Clerk Docusign Envelope ID: 848489C4-44A7-4702-8926-54586BF1BED3 CC Reso. No. 2025-3 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. 2025-3 was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of February 11, 2025 and that the same was adopted by the following vote: AYES: Council Members Manos, Sheridan, and Johnson; Mayor Pro Tem Magee; and Mayor Tisdale NOES: None ABSENT: None ABSTAIN: None Candice Alvarez, MMC City Clerk Docusign Envelope ID: 848489C4-44A7-4702-8926-54586BF1BED3 CITY OF LAKE ELSINORE, CALIFORNIA SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCE FY2024-25 UNAUDITED - GENERAL FUND FINANCIAL REPORT FY23-24 ACTUALS FY 24-25 CURRENT BUDGET FY24-25 YTD ACTUALS @ 12/31/24 FY24-25 MIDYEAR BUDGET $Inc/(Dec) % Inc/ (Dec) Revenues: Sales Tax 15,565,562$ 17,087,000$ 4,872,339$ 16,687,000$ (400,000)$ -2.34% Property Tax 11,305,500 11,614,320 1,252,248 11,752,020 137,700 1.19% Franchise Tax 3,394,285 2,883,910 655,008 2,883,910 - 0.00% Building Permit Fee 2,090,044 1,462,920 903,442 1,811,920 349,000 23.86% Property Transfer Tax 337,420 378,640 164,183 378,640 - 0.00% Other Taxes 645,349 639,470 208,795 639,470 - 0.00% Licenses & Permits 2,421,732 2,104,390 2,760,079 2,709,390 605,000 28.75% Intergovernmental 500,792 516,800 179,101 616,800 100,000 19.35% Fees 3,656,772 6,337,620 2,050,906 6,096,420 (241,200) -3.81% Fines & Forfeitures 915,289 1,016,670 372,244 917,670 (99,000) -9.74% Tax Credit 5,245,343 5,382,550 18,800 5,382,550 - 0.00% Investment Earnings 1,198,322 423,330 610,998 823,330 400,000 94.49% Reimbursements & Other 12,809,881 12,598,200 1,762,455 13,122,100 523,900 4.16% Special Assessments 6,694,803 7,194,960 - 7,194,960 - 0.00% Reimbursements - Public Safety 376,840 532,570 157,661 532,570 - 0.00% Reimbursements - Street Program 1,000,000 1,000,000 - 1,000,000 - 0.00% Total Revenues 68,157,936 71,173,350 15,968,259 72,548,750 1,375,400 1.93% Expenditures by Department: General Government: City Council 328,284$ 354,770$ 151,499$ 386,560$ 31,790$ 8.96% Community Support 560,637 604,260 264,906 645,280 41,020 6.79% City Clerk 777,149 1,095,020 385,559 1,124,900 29,880 2.73% City Attorney 544,939 675,190 4,784 675,190 - 0.00% City Manager 1,423,862 1,333,230 718,220 1,389,040 55,810 4.19% Administrative Services Finance 1,509,782 1,666,310 808,775 1,766,370 100,060 6.00% Human Resources 651,007 790,530 344,508 811,750 21,220 2.68% Public Safety: Police Services 17,972,348 19,531,030 5,470,365 19,531,910 880 0.00% Fire Services 11,345,582 12,136,450 124,393 12,176,720 40,270 0.33% Animal Services 947,283 1,209,040 739,124 1,230,040 21,000 1.74% Emergency Services 354,311 431,460 182,492 441,420 9,960 2.31% Community Development: Planning 1,703,352 2,242,660 833,286 2,309,960 67,300 3.00% Building & Safety 1,437,059 1,729,510 721,695 1,812,220 82,710 4.78% Code Enforcement 2,184,964 2,201,690 1,085,058 2,269,360 67,670 3.07% Economic Development 642,684 1,103,010 476,757 1,122,930 19,920 1.81% Fire Prevention 699,071 894,900 145,654 910,740 15,840 1.77% Public Services: Engineering 3,118,673 4,133,950 1,388,245 4,241,200 107,250 2.59% Public Works 4,796,649 4,808,110 2,171,786 5,022,100 213,990 4.45% Park Maintenance 3,562,563 4,031,600 1,772,130 4,067,600 36,000 0.89% Lake Maintenance 1,528,887 1,362,060 1,432,013 1,419,060 57,000 4.18% Community Services: Recreation 1,679,649 2,297,450 1,210,437 2,384,170 86,720 3.77% Community Center 905,464 1,395,710 520,063 1,449,220 53,510 3.83% Senior Center 745,921 910,810 370,663 956,560 45,750 5.02% Neighborhood Center 746,861 1,039,070 406,891 1,094,620 55,550 5.35% Non-Departmental - Operating 6,418,083 3,195,530 740,492 3,309,830 114,300 3.58% Total Expenditures 66,585,066 71,173,350 22,469,795 72,548,750 1,375,400 1.93% Excess of Revenues Over (Under) Expenditures 1,572,870 - (6,501,536) - - Operating Transfers: Operating Transfers In - - - - - Operating Transfers out - - - - - Excess of Revenues Over (Under) Expenditures & Op Transfers In/(Out) 1,572,870 - (6,501,536) - - Docusign Envelope ID: 848489C4-44A7-4702-8926-54586BF1BED3 CITY OF LAKE ELSINORE, CALIFORNIA SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCE FY2024-25 UNAUDITED - GENERAL FUND FINANCIAL REPORT FY23-24 ACTUALS FY 24-25 CURRENT BUDGET FY24-25 YTD ACTUALS @ 12/31/24 FY24-25 MIDYEAR BUDGET $Inc/(Dec) % Inc/ (Dec) Estimated Year-End Adjustments Fund Balance, Beg. of Year 19,268,715 20,841,585 20,841,585 20,841,585 Fund Balance, End of Year 20,841,585$ 20,841,585$ 14,340,049$ 20,841,585$ Detail of Fund Balance Nonspendable: Deposits and prepaid items 74,681$ 74,681$ 74,681$ 74,681$ Loans Receivable 1,000,000 1,000,000 1,000,000 1,000,000 Assigned Uncertainty reserve (20%) 13,317,013 14,234,670 4,493,959 14,509,750 Unassigned Unallocated reserve 6,449,891 5,532,234 8,771,409 5,257,154 Total Fund Balance (net) 20,841,585$ 20,841,585$ 14,340,049$ 20,841,585$ Docusign Envelope ID: 848489C4-44A7-4702-8926-54586BF1BED3 BEGINNING FUND BALANCE REVENUES APPROPRIATIONS NET TRANSFERS IN/(OUT) PROJECTED ENDING FUND BALANCE FY2024‐25 ADOPTED OPERATING BUDGETS Fund:100 GENERAL FUND 20,841,585 72,548,750 72,548,750 - 20,841,585 Fund: 101 SUPPLEMENTAL LAW ENF. (SLESF)- 270,000 270,000 - - Fund: 102 MEASURE Z 12,770,016 17,044,000 28,776,026 - 1,037,990 Fund: 103 THE ANCHOR - 1,400,000 1,400,000 - Fund: 104 TRAFFIC OFFENDER FUND - 30,570 30,570 - - Fund: 106 AFFORDABLE HOUSING IN-LIEU 4,695,205 655,000 5,350,205 - - Fund: 107 DEVELOPER AGREEMENT 534,599 804,146 1,338,745 - Fund: 108 AMERICAN RESCUE PLAN - 5,752,710 5,752,710 - - Fund: 110 STATE GAS TAX FUND (OPER & CIP)459,669 2,082,926 2,542,595 - - Fund: 114 SB1186 CAS EDUCATION FUND 68,529 22,000 2,100 - 88,429 Fund: 115 TRAFFIC SAFETY FUND - 235,000 235,000 - - Fund: 130 CITY-WIDE LLMD FUND - 2,114,650 2,114,650 - - Fund: 135 LLMD NO. 1 1,713,315 806,820 2,520,135 - - Fund: 155 NPDES 1,551,150 1,551,150 - - Fund: 180 LAUNCH POINTE 12,468,612 5,501,900 7,190,808 - 10,779,704 Fund: 300 INSURANCE SERVICES 802,903 967,710 1,059,690 - 710,923 Fund: 305 INFORMATION SYSTEMS SERVICES 2,293,516 2,203,990 2,103,634 - 2,393,872 Fund: 310 SUPORT SERVICES 69,343 127,496 115,906 - 80,933 Fund: 315 FLEET SERVICES 2,834,191 1,142,210 1,161,475 - 2,814,926 Fund: 320 FACILITIES SERVICES 2,015,785 1,158,610 1,178,286 - 1,996,109 Fund: 330 CFD 2015-2S MAINTENANCE SERVICES FUND - 593,490 593,490 - - Fund: 341 CFD 2017-1S MISSION TRAIL SERVICES FUND - 10,330 10,330 - - Fund: 342 CFD 2007-5S RED KITE SERVICES FUND - 16,220 16,220 - - Fund: 343 CFD 2006-2S VISCAYA SERVICES FUND - 59,230 59,230 - - Fund: 344 CFD 2005-2S ALBERHILL RANCH SERVICES FUND - 199,900 199,900 - - Fund: 358 CFD 2007-4S MAKENNA SERVICES FUND - 31,590 31,590 - - Fund: 362 CFD 2006-8S RUNNING DEER ESTATES SERVICE FUND 24,373 117,100 141,473 - - Fund: 367 CFD 2006-1S SUMMERLY SERVICE FUND 3,116 591,180 594,296 - - Fund: 373 CFD 2005-5S WASSON CANYON SERVICES FUND - 66,990 66,990 - - Fund: 380 CFD 2015-4S TERRACINA SERVICES FUND - 62,540 62,540 - - Fund: 650 CFD 2003-1S LAW, FIRE & PARAMEDIC SERVICES FUND - 3,589,940 3,589,940 - - Fund: 651 CFD 2006-5S PARK, OPEN SPACE & STORM DRAIN SERVICES FUND - 121,980 121,980 - - Fund: 652 CFD 2007-1S LAW, FIRE & PARAMEDIC SERVICES FUND - 122,040 122,040 - - Fund: 653 CFD 2009-1S PARK, OPEN SPACE & STREET LIGHT SERVICES FUND - 805,580 805,580 - - Fund: 655 CFD 2015-1S LAW, FIRE & PARAMEDIC SERVICES FUND - 1,026,040 1,026,040 - - OPERATING BUDGET SUBTOTALS 61,594,757 123,833,788 144,684,074 - 40,744,471 FY2024‐25 ADOPTED AD/CFD/LERA/PFA BUDGETS Fund: 331 CFD 2006-1 IA CC SUMMERLY IMPROVEMENT FUND 317,118 195,420 512,538 - - Fund: 332 CFD 2006-1 IA B SUMMERLY IMPROVEMENT FUND 160,261 190,290 350,551 - - Fund: 333 CFD 2015-4 TERRACINA IMPROVEMENT FUND - 252,110 252,110 - - Fund: 334 CFD 2015-5 TRIESTE IMPROVEMENT FUND 117,918 169,830 287,748 - - Fund: 335 CFD 2003-2 IA E CANYON HILLS IMPROVEMENT FUND 270,630 184,630 455,260 - - Fund: 336 CFD 2006-1 IA FF SUMMERLY IMPROVEMENT FUND 185,920 230,790 416,710 - - Fund: 337 CFD 2016-2 CANYON HILLS IMPROVEMENT FUND 2,659,353 1,350,780 4,010,133 - - Fund: 338 CFD 2006-1 IA JJ SUMMERLY IMPROVEMENT FUND 616,479 346,010 948,974 - 13,515 Fund: 339 CFD 2006-1 IA KK SUMMERLY IMPROVEMENT FUND 564,364 284,090 840,965 - 7,489 Fund: 340 CFD 2006-1 IA EE SUMMERLY IMPROVEMENT FUND 580,265 305,790 886,055 - - Fund: 345 CFD 2003-2 IA D CANYON HILLS IMPROVEMENT FUND 2,260,187 1,979,760 4,239,947 - - Fund: 346 CFD 2014-1 SOUTHSHORE IMPROVEMENT FUND - 3,000 3,000 - - Fund: 347 CFD 2006-1 IA A SUMMERLY IMPROVEMENT FUND 161,215 255,000 416,215 - - Fund: 350 CFD 98-1 SUMMERHILL IMPROVEMENT FUND 952,456 1,110,400 2,062,856 - - Fund: 351 CFD 2006-1 IA II SUMMERLY IMPROVEMENT FUND 853,368 446,670 1,300,038 - - Fund: 354 CFD 90-2 TUSCANY HILLS IMPROVEMENT FUND 1,061,898 885,116 1,947,014 - - Fund: 355 RAD 2021-1 CANYON HILLS IMPROVEMENT FUND 1,503,869 1,199,401 2,703,270 - - Fund: 357 CFD 2003-2 IA A CANYON HILL IMPROVEMENT FUND 1,900,894 1,006,890 2,907,784 - - Fund: 359 CFD 2021-1 IA 2 TUSCANY VALLEY IMPROVEMENT FUND - 10,500 10,500 - - Fund: 361 CFD 2022-2 LAKESHORE IMPROVEMENT FUND 1,310 10,500 11,810 - - Fund: 363 CFD 2023-1 LAKESIDE IMPROVEMENT FUND - 10,500 10,500 - - Fund: 364 CFD 2023-2 COASTAL MISSION TRAILS IMPROVEMENT FUND - 10,500 10,500 - - Fund: 366 CFD 2005-6 CITY CENTER TOWNHOMES IMPROVEMENT FUND 403,494 276,810 680,304 - - Fund: 368 CFD 2006-2 VISCAYA IMPROVEMENT FUND 842,137 545,860 1,386,408 - 1,589 Fund: 369 CFD 2004-3 IA 1 ROSETTA CANYON IMPROVEMENT FUND 3,090,636 1,790,000 4,880,636 - - Fund: 370 CFD 2006-1 IA HH SUMMERLY IMPROVEMENT FUND 635,430 346,240 981,670 - - Fund: 371 CFD 2005-1 SERENITY IMPROVEMENT FUND 1,182,587 685,200 1,867,787 - - Fund: 372 CFD 2005-2 IA A ALBERHILL RANCH IMPROVEMENT FUND 3,028,805 1,670,070 4,698,875 - - Fund: 374 CFD 2005-4 LAKE VIEW VILLAS IMPROVEMENT FUND - 10,500 10,500 - - Fund: 375 CFD 2006-4 CLURMAN FUND 4,261,881 319,020 322,328 - 4,258,573 Fund: 376 CFD 2006-3 LA STRADA IMPROVEMENT FUND - 10,500 10,500 - - Fund: 377 CFD 2006-6 TESSARA IMPROVEMENT FUND 437,936 230,070 604,231 - 63,775 Fund: 378 CFD 2006-8 RUNNING DEER ESTATES IMPROVEMENT FUND 516,575 237,290 241,402 - 512,463 Fund: 379 CFD 2022-1 ALBERHILL IMPROVEMENT FUND - 193,910 193,910 - - Fund: 384 CFD 2003-2 IA B CANYON HILLS IMPROVEMENT FUND 2,783,555 2,044,020 4,827,575 - - Fund: 385 CFD 2004-3 IA 2 ROSETTA CANYON IMPROVEMENT FUND 3,280,144 1,969,420 5,249,564 - - Fund: 386 CFD 2007-4 MAKENNA COURT IMPROVEMENT FUND 128,586 193,710 314,420 - 7,876 Fund: 387 CFD 2007-5 RED KITE IMPROVEMENT FUND 172,587 134,600 307,187 - - Fund: 388 CFD 2007-6 HOLIDAY INN EXPRESS IMPROVEMENT FUND - 6,870 6,870 - - Fund: 390 CFD 2003-2 IA C CANYON HILLS IMPROVEMENT FUND 1,652,942 877,600 2,530,542 - - Fund: 392 CFD 95-1 CIVIC CENTER IMPROVEMENT FUND 203,188 165,432 368,620 - - Fund: 394 CFD 2005-5 WASSON CANYON IMPROVEMENT FUND 199,894 296,010 495,904 - - Fund: 395 CFD 2018-1 WASSON CANYON II IMPROVEMENT FUND - 10,500 10,500 - - Fund: 396 CFD 2019-2 NICHOLS RANCH IMPROVEMENT FUND - 348,300 348,300 - - Fund: 397 CFD 2019-1 WESTLAKE IMPROVEMENT FUND 708,320 384,280 1,092,600 - - CITY WIDE ALL FUNDS SUMMARY Docusign Envelope ID: 848489C4-44A7-4702-8926-54586BF1BED3 BEGINNING FUND BALANCE REVENUES APPROPRIATIONS NET TRANSFERS IN/(OUT) PROJECTED ENDING FUND BALANCE CITY WIDE ALL FUNDS SUMMARY Fund: 398 CFD 2021-1 IA 1 TUSCANY VALLEY IMPROVEMENT FUND - 10,500 10,500 - - Fund: 400 LE FINANCING AUTHORITY FUND 8,618,451 559,113 558,713 - 8,618,851 Fund: 402 LEFFA 2017 LOCAL OBLIGATION BONDS FUND 3,863,894 160,000 293,550 - 3,730,344 Fund: 403 LEFFA 2020A REVENUE REFUNDING BONDS 14,601,761 489,600 1,785,000 - 13,306,361 Fund: 404 LEFFA 2021 REVENUE REFUNDING BONDS 30,778,476 751,000 2,260,000 - 29,269,476 Fund: 405 LEFFA 2021B REVENUE REFUNDING BONDS 10,178,664 404,000 575,900 - 10,006,764 Fund: 406 LEFFA 2021A REVENUE REFUNDING BONDS 1,908 1,075,000 1,075,000 - 1,908 Fund: 407 LEFFA 2022A REVENUE REFUNDING BONDS 25,034,515 2,400,000 22,785,580 - 4,648,935 Fund: 510 SARDA AREA I, II, III FUNDS (12,232,529) 22,366,153 9,636,180 - 497,444 Fund: 603 PUBLIC PURPOSE TRUST - CARL GRAVES FUND 64,346 6,000 640 - 69,706 Fund: 604 ENDOWMENT TRUST - ADOLPH KORN FUND 15,408 3,000 630 - 17,778 Fund: 617 SARDA HOUSING FUND 62,260,940 7,077,550 1,050,000 - 68,288,490 Fund: 630 LAKE WATER MANAGEMENT ESCROW FUND 4,059,174 1,700,000 4,940,039 - 819,135 Fund: 631 DESTRATIFICATION EQUIPMENT REPLACEMENT FUND 462,277 100,000 562,277 - - Fund: 739 LEPFA 2014 SERIES B FUND 14,082,941 611,350 1,349,350 - 13,344,941 Fund: 740 LEPFA 2015 FUND 84,748,684 3,610,000 7,280,100 - 81,078,584 Fund: 741 LEPFA 2015 SERIES A FUND - - - - - Fund: AD/CFD/LERA/PFA SUBTOTALS 284,235,112 64,507,455 110,178,570 - 238,563,997 FY2024‐25 ADOPTED CAPITAL BUDGET Fund: 105 GENERAL PROJECTS (OPER & CIP)- - - - - Fund: 109 SB1 ROAD MAINTENANCE AND REHAB 1,957,656 1,951,959 3,909,615 - - Fund: 111 TUMF CAPITAL PROJECT FUND - 10,000,000 10,000,000 - - Fund: 112 MEASURE 'A' FUND 919,891 2,323,000 3,242,891 - - Fund: 113 SB821 FUND - 150,000 150,000 - - Fund: 116 CITY HALL/P.W. DIF FUND - 454,000 454,000 - - Fund: 117 COMMUNITY CENTER DIF FUND 435,956 279,000 714,956 - - Fund: 118 LAKE SIDE FACILITIES DIF FUND 610,646 400,000 1,010,646 - - Fund: 119 ANIMAL SHELTER FACILITY DIF FUND 9,546 140,600 150,146 - - Fund: 121 TOTAL ROAD IMPROVEMENT PRGM (TRIP)17,435 474,240 491,675 - - Fund: 140 GEOTHERMAL FUND 14,326 600 14,926 - - Fund: 150 CDBG FUND - 1,317,890 1,317,890 - - Fund: 160 PEG GRANT FUND 4,346 15,600 19,946 - - Fund: 202 LA STRADA RBBD FUND 25,131 2,500 27,631 - - Fund: 203 SUMMERLY TRAFFIC INFRASTRUCTURE FEE (ELSP)3,543,848 205,000 3,748,848 - - Fund: 205 TRAFFIC IMPACT FEE FUND 688,453 746,000 1,434,453 - - Fund: 211 STORM DRAIN CIP FUND 3,383,883 1,385,000 4,768,883 - - Fund: 221 QUIMBY FUND 2,766 78,500 81,266 - - Fund: 231 LIBRARY CIP DIF FUND 1,101,961 116,000 1,217,961 - - Fund: 232 FIRE PROTECTION DIF FUND 1,006,073 455,000 1,461,073 - - Fund: 500 CAPITAL IMPROVEMENT PLAN FUND 9,807,046 93,719,625 103,526,671 - - Fund: 540 SARDA DIAMOND STADIUM FUND (166,866) 2,053,897 1,887,031 - - Fund: 605 PUBLIC IMPROVEMENTS IN-LIEU FUND 2,142,846 865,000 3,007,846 - - Fund: 606 AB2766 AIR POLLUTION REDUCTION FUND 123,902 106,000 229,902 - - CAPITAL BUDGET SUBTOTALS 25,628,845 117,239,411 142,868,256 - - TOTALS 371,458,714$ 305,580,654$ 397,730,900$ ‐$ 279,308,468$ Docusign Envelope ID: 848489C4-44A7-4702-8926-54586BF1BED3