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HomeMy WebLinkAbout2026-011 FY 2025-26 Annual Operating Budget Mid-Year AdjustmentsRESOLUTION NO. 2026-11 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING THE FISCAL YEAR 2025-26 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 Fiscal Year 2025-26 Mid-Year Annual Operating Budget is hereby approved as amended for the 2025-2026 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 10th day of February 2026. Robert E. Magee Mayor Attest: Candice Alvarez, MMC City Clerk / // Docusign Envelope ID: E80ACA23-1458-4EF0-9E3D-5D111EE8D5EE CC Reso. No. 2026-11 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. 2026-11 was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of February 10, 2026 and that the same was adopted by the following vote: AYES: Council Members Tisdale, Manos, and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee NOES: None ABSENT: None ABSTAIN: None Candice Alvarez, MMC City Clerk Docusign Envelope ID: E80ACA23-1458-4EF0-9E3D-5D111EE8D5EE CITY OF LAKE ELSINORE, CALIFORNIA SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCE FY2025-26 UNAUDITED - GENERAL FUND FINANCIAL REPORT FY24-25 ACTUALS FY25-26 CURRENT BUDGET FY25-26 ACTUALS @ 12/31/25 FY25-26 MIDYEAR BUDGET $Inc/(Dec) % Inc/ (Dec) Revenues: Sales Tax 15,121,193$ 16,127,500$ 5,362,533$ 16,127,500$ -$ 0.00% Property Tax 11,749,231 12,476,230 1,351,978 12,550,115 73,885 0.59% Franchise Tax 3,512,876 3,605,000 699,803 3,607,000 2,000 0.06% Building Permit Fee 1,694,317 1,740,000 562,054 1,740,000 - 0.00% Property Transfer Tax 470,149 400,000 130,789 400,000 - 0.00% Other Taxes 690,402 639,470 209,338 692,510 53,040 8.29% Licenses & Permits 2,739,128 3,089,000 2,712,996 2,701,850 (387,150) -12.53% Intergovernmental 441,229 539,580 224,004 469,810 (69,770) -12.93% Fees 4,221,184 6,466,250 1,878,213 6,472,200 5,950 0.09% Fines & Forfeitures 934,458 1,033,860 352,977 929,550 (104,310) -10.09% Tax Credit 4,821,662 5,382,550 1,378,850 5,535,400 152,850 2.84% Investment Earnings 1,268,399 850,000 416,755 1,000,000 150,000 17.65% Reimbursements & Other 14,500,641 18,077,415 1,763,842 18,130,725 53,310 0.29% Special Assessments 7,212,448 7,975,510 - 7,893,960 (81,550) -1.02% Reimbursements - Public Safety 302,273 320,000 6,625 320,000 - 0.00% Reimbursements - Street Program 1,000,000 1,000,000 - 1,000,000 - 0.00% Total Revenues 70,679,590 79,722,365 17,050,754 79,570,620 (151,745) -0.19% Expenditures by Department: General Government: City Council 332,126$ 434,240$ 188,761$ 434,240$ -$ 0.00% Lake & Community Operations 583,271 891,440 334,111 1,067,230 175,790 19.72% City Clerk 871,818 966,430 406,420 966,430 - 0.00% City Attorney 273,419 676,750 91,041 676,750 - 0.00% City Manager 1,428,956 1,440,980 825,881 1,486,545 45,565 3.16% Administrative Services Finance 1,699,051 1,872,140 878,462 1,872,140 - 0.00% Human Resources 703,886 1,069,230 456,776 1,125,060 55,830 5.22% Public Safety: Police Services 19,333,736 22,384,110 5,769,153 22,384,110 - 0.00% Fire Services 9,886,729 13,250,020 3,223,598 13,250,020 - 0.00% Animal Services 1,226,642 1,238,050 970,586 1,238,050 - 0.00% Emergency Services 395,506 530,620 222,679 530,620 - 0.00% Community Development: Planning 1,855,053 2,903,320 1,033,944 2,903,320 - 0.00% Building & Safety 1,626,327 1,835,550 728,666 1,835,550 - 0.00% Code Enforcement 2,276,423 2,352,110 1,083,803 2,352,110 - 0.00% Economic Development 1,099,930 1,102,190 505,216 1,102,190 - 0.00% Fire Prevention 805,406 939,880 240,487 939,880 - 0.00% Public Services: Land Development 3,197,533 4,219,450 1,173,473 3,742,900 (476,550) -11.29% Public Works 4,888,593 6,828,565 2,514,586 6,828,565 - 0.00% Park Maintenance 3,715,248 4,262,760 1,874,206 4,262,760 - 0.00% Lake Maintenance 1,917,529 1,426,450 1,605,088 1,426,450 - 0.00% Community Services: Recreation 2,318,801 2,706,790 1,272,649 2,706,790 - 0.00% Community Center 1,130,868 1,264,320 528,090 1,264,320 - 0.00% Senior Center 832,080 934,170 407,539 934,170 - 0.00% Neighborhood Center 841,510 928,020 390,513 925,640 (2,380) -0.26% Non-Departmental - Operating 3,910,846 3,264,780 556,276 3,314,780 50,000 1.53% Total Expenditures 67,151,290 79,722,365 27,282,003 79,570,620 (151,745) -0.19% Excess of Revenues Over (Under) Expenditures 3,528,299 - (10,231,249) - - Operating Transfers: Operating Transfers In - - - - Operating Transfers out - - - - Docusign Envelope ID: E80ACA23-1458-4EF0-9E3D-5D111EE8D5EE CITY OF LAKE ELSINORE, CALIFORNIA SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCE FY2025-26 UNAUDITED - GENERAL FUND FINANCIAL REPORT FY24-25 ACTUALS FY25-26 CURRENT BUDGET FY25-26 ACTUALS @ 12/31/25 FY25-26 MIDYEAR BUDGET $Inc/(Dec) % Inc/ (Dec) Excess of Revenues Over (Under) Expenditures & Op Transfers In/(Out) 3,528,299 - - - Estimated Year-End Adjustments Fund Balance, Beg. of Year 20,841,585 24,369,885 24,369,885 Fund Balance, End of Year 24,369,885$ 24,369,885$ 24,369,885$ Detail of Fund Balance Nonspendable: Deposits and prepaid items 130,286$ 130,286$ 130,286$ Loans Receivable 1,000,000 1,000,000 1,000,000 Assigned Uncertainty reserve (20%) 13,430,258 15,944,473 15,914,124 Unassigned Unallocated reserve 9,809,341 7,295,126 7,325,475 Total Fund Balance (net) 24,369,885$ 24,369,885$ 24,369,885$ Docusign Envelope ID: E80ACA23-1458-4EF0-9E3D-5D111EE8D5EE BEGINNING FUND BALANCE REVENUES APPROPRIATIONS NET TRANSFERS IN/(OUT) PROJECTED ENDING FUND BALANCE FY2025‐26 ADOPTED OPERATING BUDGETS Fund: 100 GENERAL FUND 24,369,885 79,570,620 79,570,620 - 24,369,885 Fund: 101 SUPPLEMENTAL LAW ENF. (SLESF)- 225,000 225,000 - - Fund: 102 MEASURE Z 8,495,348 17,087,690 25,583,038 - - Fund: 103 THE ANCHOR - 1,386,770 1,386,770 - Fund: 104 TRAFFIC OFFENDER FUND - 25,000 25,000 - - Fund: 106 AFFORDABLE HOUSING IN-LIEU 4,768,633 500,000 5,268,633 - - Fund: 107 DEVELOPER AGREEMENT 320,051 411,700 731,751 - Fund: 108 AMERICAN RESCUE PLAN 241,812 3,000 244,812 - - Fund: 110 STATE GAS TAX FUND (OPER & CIP)300,607 2,161,528 2,462,135 - - Fund: 114 SB1186 CAS EDUCATION FUND 83,033 18,000 101,033 - - Fund: 115 TRAFFIC SAFETY FUND - 70,000 70,000 - - Fund: 130 CITY-WIDE LLMD FUND - 2,160,230 2,160,230 - - Fund: 135 LLMD NO. 1 2,182,935 822,972 3,005,907 - - Fund: 155 NPDES - 1,055,150 1,055,150 - - Fund: 180 LAUNCH POINTE 9,280,286 4,196,900 5,855,460 - 7,621,726 Fund: 300 INSURANCE SERVICES 816,612 1,229,975 1,229,975 - 816,612 Fund: 305 INFORMATION SYSTEMS SERVICES 2,064,070 2,446,780 2,446,780 - 2,064,070 Fund: 310 SUPPORT SERVICES 80,399 102,400 102,400 - 80,399 Fund: 315 FLEET SERVICES 3,756,692 1,892,915 1,892,915 - 3,756,692 Fund: 320 FACILITIES SERVICES 2,689,145 1,185,560 1,185,560 - 2,689,145 Fund: 330 CFD 2015-2S MAINTENANCE SERVICES FUND - 824,282 824,282 - - Fund: 341 CFD 2017-1S MISSION TRAIL SERVICES FUND - 10,742 10,742 - - Fund: 342 CFD 2007-5S RED KITE SERVICES FUND - 16,541 16,541 - - Fund: 343 CFD 2006-2S VISCAYA SERVICES FUND - 60,409 60,409 - - Fund: 344 CFD 2005-2S ALBERHILL RANCH SERVICES FUND - 203,882 203,882 - - Fund: 358 CFD 2007-4S MAKENNA SERVICES FUND - 32,381 32,381 - - Fund: 362 CFD 2006-8S RUNNING DEER ESTATES SERVICE FUND - 120,040 120,040 - - Fund: 367 CFD 2006-1S SUMMERLY SERVICE FUND - 603,016 603,016 - - Fund: 373 CFD 2005-5S WASSON CANYON SERVICES FUND - 68,320 68,320 - - Fund: 650 CFD 2003-1S LAW, FIRE & PARAMEDIC SERVICES FUND - 3,661,771 3,661,771 - - Fund: 651 CFD 2006-5S PARK, OPEN SPACE & STORM DRAIN SERVICES FUND - 124,418 124,418 - - Fund: 652 CFD 2007-1S LAW, FIRE & PARAMEDIC SERVICES FUND - 124,473 124,473 - - Fund: 653 CFD 2009-1S PARK, OPEN SPACE & STREET LIGHT SERVICES FUND - 821,655 821,655 - - Fund: 655 CFD 2015-1S LAW, FIRE & PARAMEDIC SERVICES FUND - 1,544,584 1,544,584 - - OPERATING BUDGET SUBTOTALS 59,449,507 124,768,704 142,819,683 ‐ 41,398,529 FY2025‐26 ADOPTED AD/CFD/LERA/PFA BUDGETS Fund: 331 CFD 2006-1 IA CC SUMMERLY IMPROVEMENT FUND 325,429 199,322 524,751 - - Fund: 332 CFD 2006-1 IA B SUMMERLY IMPROVEMENT FUND 167,868 194,094 361,962 - - Fund: 333 CFD 2015-4 TERRACINA IMPROVEMENT FUND 241,903 894,794 1,136,696 - - Fund: 334 CFD 2015-5 TRIESTE IMPROVEMENT FUND 121,133 171,518 292,650 - - Fund: 335 CFD 2003-2 IA E CANYON HILLS IMPROVEMENT FUND 273,199 186,471 459,671 - - Fund: 336 CFD 2006-1 IA FF SUMMERLY IMPROVEMENT FUND 195,179 235,403 430,582 - - Fund: 337 CFD 2016-2 CANYON HILLS IMPROVEMENT FUND 2,729,411 1,377,785 4,107,196 - - Fund: 338 CFD 2006-1 IA JJ SUMMERLY IMPROVEMENT FUND 627,924 352,926 980,850 - - Fund: 339 CFD 2006-1 IA KK SUMMERLY IMPROVEMENT FUND 574,908 289,765 864,674 - - Fund: 340 CFD 2006-1 IA EE SUMMERLY IMPROVEMENT FUND 603,678 311,904 915,582 - - Fund: 345 CFD 2003-2 IA D CANYON HILLS IMPROVEMENT FUND 2,334,495 2,019,348 4,353,843 - - Fund: 346 CFD 2014-1 SOUTHSHORE IMPROVEMENT FUND 3,336 - 3,336 - - Fund: 347 CFD 2006-1 IA A SUMMERLY IMPROVEMENT FUND 166,667 260,093 426,761 - - Fund: 350 CFD 98-1 SUMMERHILL IMPROVEMENT FUND 958,780 1,110,390 2,069,170 - - Fund: 351 CFD 2006-1 IA II SUMMERLY IMPROVEMENT FUND 872,242 455,594 1,327,837 - - Fund: 354 CFD 90-2 TUSCANY HILLS IMPROVEMENT FUND 1,664 - 1,664 - - Fund: 355 RAD 2021-1 CANYON HILLS IMPROVEMENT FUND 1,568,144 1,181,761 2,749,904 - - Fund: 357 CFD 2003-2 IA A CANYON HILL IMPROVEMENT FUND 1,916,637 908,300 2,824,937 - - Fund: 359 CFD 2021-1 IA 2 TUSCANY VALLEY IMPROVEMENT FUND 584 11,000 11,584 - - Fund: 361 CFD 2022-2 LAKESHORE IMPROVEMENT FUND 1,717 10,421 12,138 - - Fund: 363 CFD 2023-1 LAKESIDE IMPROVEMENT FUND - 11,000 11,000 - - Fund: 364 CFD 2023-2 COASTAL MISSION TRAIL IMPROVEMENT 568 11,000 11,568 - - Fund: 366 CFD 2005-6 CITY CENTER TOWNHOMES IMPROVEMENT FUND 49,707 258,324 308,032 - - Fund: 368 CFD 2006-2 VISCAYA IMPROVEMENT FUND 9,690 471,573 481,263 - - Fund: 369 CFD 2004-3 IA 1 ROSETTA CANYON IMPROVEMENT FUND 77,416 1,489,033 1,566,449 - - Fund: 370 CFD 2006-1 IA HH SUMMERLY IMPROVEMENT FUND 646,783 353,154 999,937 - - Fund: 371 CFD 2005-1 SERENITY IMPROVEMENT FUND 560,221 599,833 1,160,054 - - Fund: 372 CFD 2005-2 IA A ALBERHILL RANCH IMPROVEMENT FUND 2,520,224 1,637,210 4,157,434 - - Fund: 374 CFD 2005-4 LAKE VIEW VILLAS IMPROVEMENT FUND 1 11,000 11,001 - - Fund: 375 CFD 2006-4 ROSETTA HILLS IMPROVEMENT 667,183 325,399 992,582 - - Fund: 376 CFD 2006-3 LA STRADA IMPROVEMENT FUND - 11,000 11,000 - - Fund: 377 CFD 2006-6 TESSARA IMPROVEMENT FUND 449,533 234,670 684,203 - - Fund: 378 CFD 2006-8 RUNNING DEER ESTATES IMPROVEMENT FUND 538,424 242,034 780,458 - - Fund: 379 CFD 2022-1 ALBERHILL IMPROVEMENT FUND 5,152 566,738 571,890 - - Fund: 380 CFD 2015-4S TERRACINA SERVICES - 223,273 223,273 - - Fund: 383 CFD 2025-2 CAMBERN APARTMENTS SERVICES 156 - 156 - - Fund: 384 CFD 2003-2 IA B CANYON HILLS IMPROVEMENT FUND 568,272 1,837,499 2,405,771 - - Fund: 385 CFD 2004-3 IA 2 ROSETTA CANYON IMPROVEMENT FUND 6,625,009 1,927,561 8,552,570 - - Fund: 386 CFD 2007-4 MAKENNA COURT IMPROVEMENT FUND 136,498 197,581 334,079 - - Fund: 387 CFD 2007-5 RED KITE IMPROVEMENT FUND 173,329 134,592 307,921 - - Fund: 388 CFD 2007-6 HOLIDAY INN EXPRESS IMPROVEMENT FUND 29 7,001 7,030 - - Fund: 389 CFD 88-3 WEST LAKE VILLAGES IMPROVEMENT FUND 2,000 - 2,000 - - Fund: 390 CFD 2003-2 IA C CANYON HILLS IMPROVEMENT FUND 226,984 769,103 996,087 - - Fund: 392 CFD 95-1 CIVIC CENTER IMPROVEMENT FUND 292 - 292 - - Fund: 394 CFD 2005-5 WASSON CANYON IMPROVEMENT FUND 212,302 301,923 514,225 - - Fund: 395 CFD 2018-1 WASSON CANYON II IMPROVEMENT FUND 1 11,000 11,001 - - CITY WIDE ALL FUNDS SUMMARY Docusign Envelope ID: E80ACA23-1458-4EF0-9E3D-5D111EE8D5EE BEGINNING FUND BALANCE REVENUES APPROPRIATIONS NET TRANSFERS IN/(OUT) PROJECTED ENDING FUND BALANCE CITY WIDE ALL FUNDS SUMMARY Fund: 396 CFD 2019-2 NICHOLS RANCH IMPROVEMENT FUND 965,614 487,548 1,453,162 - - Fund: 397 CFD 2019-1 WESTLAKE IMPROVEMENT FUND 727,462 391,963 1,119,424 - - Fund: 398 CFD 2021-1 IA 1 TUSCANY VALLEY IMPROVEMENT FUND - 11,000 11,000 - - Fund: 400 LE FINANCING AUTHORITY FUND 8,345,834 289,000 558,320 - 8,076,514 Fund: 402 LEFFA 2017 LOCAL OBLIGATION BONDS FUND 3,728,887 160,000 289,900 - 3,598,987 Fund: 403 LEFFA 2020A REVENUE REFUNDING BONDS 13,080,997 489,600 2,179,200 - 11,391,397 Fund: 404 LEFFA 2021 REVENUE REFUNDING BONDS 29,282,407 750,000 2,260,000 - 27,772,407 Fund: 405 LEFFA 2021B REVENUE REFUNDING BONDS 10,012,490 404,000 576,000 - 9,840,490 Fund: 406 LEFFA 2021A REVENUE REFUNDING BONDS 1,342 1,058,070 1,058,070 - 1,342 Fund: 407 LEFFA 2022A REVENUE REFUNDING BONDS 18,840,508 9,500,000 10,994,900 - 17,345,608 Fund: 408 LEFFA 2025A REVENUE REFUNDING BONDS 84,126,560 1,500 2,726,075 - 81,401,985 Fund: 510 SARDA AREA I, II, III FUNDS (8,206,555) 22,366,150 13,895,600 - 263,995 Fund: 603 PUBLIC PURPOSE TRUST - CARL GRAVES FUND - 4,500 640 - 3,860 Fund: 604 ENDOWMENT TRUST - ADOLPH KORN FUND - 1,500 630 - 870 Fund: 617 SARDA HOUSING FUND 64,649,040 7,077,550 3,125,000 - 68,601,590 Fund: 630 LAKE WATER MANAGEMENT ESCROW FUND 4,864,402 1,650,000 2,419,135 - 4,095,267 Fund: 631 DESTRATIFICATION EQUIPMENT REPLACEMENT FUND 374,664 100,000 100,000 - 374,664 Fund: 739 LEPFA 2014 SERIES B FUND 6,671 4,100 10,771 - - Fund: 740 LEPFA 2015 FUND 31,048 18,700 49,748 - - Fund: AD/CFD/LERA/PFA SUBTOTALS 257,986,047 66,567,570 91,784,639 ‐ 232,768,976 FY2025‐26 ADOPTED CAPITAL BUDGET Fund: 109 SB1 ROAD MAINTENANCE AND REHAB 1,931,220 2,037,722 3,968,942 - - Fund: 111 TUMF CAPITAL PROJECT FUND - 9,510,000 9,510,000 - - Fund: 112 MEASURE 'A' FUND 1,462,274 2,152,000 3,614,274 - - Fund: 113 SB821 FUND - 182,230 182,230 - - Fund: 116 CITY HALL/P.W. DIF FUND 704,168 261,000 965,168 - - Fund: 117 COMMUNITY CENTER DIF FUND 667,732 151,000 818,732 - - Fund: 118 LAKE SIDE FACILITIES DIF FUND 939,640 230,000 1,169,640 - - Fund: 119 ANIMAL SHELTER FACILITY DIF FUND 98 55,502 55,600 - - Fund: 121 TOTAL ROAD IMPROVEMENT PRGM (TRIP)8,658 11,926,731 11,935,389 - - Fund: 140 GEOTHERMAL FUND 15,006 600 15,606 - - Fund: 150 CDBG FUND - 1,581,230 1,581,230 - - Fund: 160 PEG GRANT FUND - 12,600 12,600 - - Fund: 202 LA STRADA RBBD FUND 26,516 1,500 28,016 - - Fund: 203 SUMMERLY TRAFFIC INFRASTRUCTURE FEE (ELSP)3,739,238 165,000 3,904,238 - - Fund: 205 TRAFFIC IMPACT FEE FUND 780,841 673,000 1,453,841 - - Fund: 211 STORM DRAIN CIP FUND 2,011,020 670,000 2,681,020 - - Fund: 221 QUIMBY FUND - 111,500 111,500 - - Fund: 231 LIBRARY CIP DIF FUND 1,076,807 80,000 1,156,807 - - Fund: 232 FIRE PROTECTION DIF FUND 1,355,214 355,000 1,710,214 - - Fund: 500 CAPITAL IMPROVEMENT PLAN FUND 13,710,510 66,132,096 79,842,606 - - Fund: 540 SARDA DIAMOND STADIUM FUND - 1,463,371 1,463,371 - - Fund: 605 PUBLIC IMPROVEMENTS IN-LIEU FUND 2,990,326 365,000 3,355,326 - - Fund: 606 AB2766 AIR POLLUTION REDUCTION FUND 245,941 81,000 326,941 - - CAPITAL BUDGET SUBTOTALS 31,665,210 98,198,082 129,863,291 ‐ ‐ TOTALS 349,100,764$ 289,534,356$ 364,467,613$ ‐$ 274,167,505$ Docusign Envelope ID: E80ACA23-1458-4EF0-9E3D-5D111EE8D5EE