HomeMy WebLinkAbout013125 Mid-Year Operating Budget Update
MID-YEAR 2024/25
OPERATING BUDGET UPDATE
BACKGROUND
The Annual Planning and Goal Setting Workshop provides an opportunity to review
the status of all Town revenues and operating expenditures through the midpoint of
the fiscal year on December 31, 2024. This update highlights changes to the 2024/25
Operating Budget (Budget)approved by the Town Council in June 2024 and sets the
stage toward planning for the upcoming 2025/26 fiscal year.
The budget review focuses on key revenues and expenditures, identifies potentially
significant deviations from the Budget adopted last June and recommends revenue
or expenditure adjustments that may be required. The formal mid-year financial
report will be presented to the Town Council for consideration at the February 18,
2025 Town Council meeting.
As of December 31, 2024, revenues are tracking ahead of the approved Budget
forecast, while overall expenditures are on track to finish the fiscal year within
budget. The Town’s overall fiscal condition remains strong, and the Town expects to
finish the fiscal year on a positive note.
SUMMARY
All budgeted revenues and expenditures are carefully and closely monitored
throughout the fiscal year. Town revenues are received throughout the course of the
year, at monthly, quarterly, biannual or annual intervals. Receipt of monthly
revenues, in particular sales tax, can lag as much as 30-60 days behind. Therefore, the
mid-year review focuses on identifying any negative deviations from the revenue
forecasts included in the 2024/25 Budget. A mid-year revenue comparison covering
the past five fiscal years further helps to identify trend deviations from prior years
Actual expenditures are tracked and compared against expenditures that were
approved with the Budget. As with revenues, expenditures do not occur in uniform
increments over the twelve month fiscal year. The Town’s accounting systems allow
all expenditures to be tracked against the same point in time for the prior fiscal year.
Overall mid-year revenues are on track to exceed the budgeted forecast with
expenditures on track to finish the fiscal year less than the total budget appropriation
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of $39.7 million. In addition, the Annual Comprehensive Financial Report for fiscal
year 2023/24 reflected a positive fund balance of $7.55 million for the prior year.
Ten-year forecasts cover 2024/25 through 2033/34. Increasing Town-wide Lighting
and Landscape (LLAD) assessments for the first time since 2003 will significantly
affect revenue forecasts for 2025/26 and beyond. Additionally, re-payment of the
loan from the former CDA to the Town will be retired in 2026/27, reducing general
fund revenue by $1.1 million. Absent an increase in LLAD assessments or some other
form of revenue increase, a significant additional burden would fall to the general
fund in order to continue to meet current service levels. This is not operationally
sustainable beyond 2026/27.
The Town continues to monitor a variety of factors that affect and influence the
economy. A new federal administration, inflation, interest rates, ongoing geopolitical
instability and natural disasters such as floods and wildfires are examples of factors
whose effects can be felt worldwide, nationally and locally. For Danville, these trends
and factors are expected to impact availability and costs for utilities, materials and
supplies, contracted services and personnel, at levels that could outpace forecast
revenue growth and budgeted costs moving forward.
MID-YEAR 2024/25 OPERATING BUDGET STATUS
At mid-year, total revenues are positive to the budget forecast while total
expenditures are within budget. Overall fiscal condition remains strong with the
fiscal year expected to end positively in comparison to the budget. Mid-year
expenditures are largely tracking within the budget.
REVENUES
Total revenues of $42.1 million were forecast for 2024/25, a 4.7% increase from
2023/24. Table 1 illustrates revenues received through mid-year. Exhibit A to this
memorandum expands this summary to show a mid-year revenue comparison for the
last five fiscal years.
Table 1
Mid-Year Revenue Summary
Budget Mid-Year % of
General Fund Forecast Actual Total
Property Tax $17,900,000 $ 8,075,752 45.1%
Sales Tax $ 6,565,000 $ 2,726,097 41.5%
Property Transfer Tax $ 458,780 $ 184,065 40.1%
Transient Occupancy $ 142,000 $ 33,315 23.5%
Business License $ 350,000 $ 308,329 88.1%
Franchise Cable $ 812,000 $ 186,025 22.9%
Franchise Solid Waste $ 875,000 $ 485,997 55.5%
Franchise Gas & Electric $ 700,000 $ 0 0.0%
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Fines & Forfeitures $ 150,000 $ 44,177 29.5%
Interest Income $ 500,000 $ 473,724 94.7%
Rental Income $ 180,000 $ 89,203 49.6%
Recreation Fees and Charges $ 2,572,688 $ 1,179,323 45.8%
Budget Mid-Year
Special Revenue Forecast Actual Total
Building and Planning $ 2,753,200 $ 1,405,062 51.0%
Engineering $ 302,205 $ 322,498 106.7%
Gas Tax $ 1,895,879 $ 1,200,481 63.3%
Measure J - RTS $ 857,050 $ 151,618 17.7%
Clean Water $ 578,332 $ 32,087 5.5%
LLAD - A $ 583,858 $ 325,510 55.8%
LLAD - B $ 746,968 $ 415,669 55.6%
LLAD - C $ 664,183 $ 373,019 56.2%
LLAD - D $ 1,134,741 $ 611,683 53.9%
Solid Waste VIF $ 925,376 $ 494,082 53.4%
General Fund
General Fund revenues exceed the budget forecast at mid-year.
Property Tax – The budget forecast is $17,900,000. Property tax is projected to account
for 56.9% of general fund revenues. Actual prior year revenues totaled $18,421,168
for 2022/23 and $20,132,054 for 2023/24. Based upon mid-year receipts, revenues
are expected to exceed the budget forecast by an estimated $1 million. No mid-year
changes are recommended.
Sales Tax – The budget forecast is $6,565,000. Sales tax is projected to account for
20.9% of general fund revenues. Sales tax revenue has declined steadily since the
fourth quarter of 2022. Actual prior year revenues totaled $7,321,501 in 2022/23, and
$6,672,729 in 2023/24. Revenues are expected to decline further from 2023/24. Based
upon mid-year receipts, revenues are expected to exceed the budget forecast by an
estimated $100,000. No mid-year changes are recommended.
Property Transfer Tax – The budget forecast for 2024/25 is $458,780. Although local
property values have held steady, higher interest rates have continued to slow sales
over the past two years. Actual transfer tax revenues have declined from a high of
$1,013,688 in 2021/22 to $566,617 in 2023/24. Mid-year revenues represent 40.1% of
the annual forecast, on par with the prior two years. No mid-year changes are
recommended.
Business License Tax – The budget forecast for 2024/25 is $350,000. Business license
payments are due by August 1. Mid-year receipts represent 88.1% of the annual
forecast, on par with the prior two years. No mid-year changes are recommended.
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Franchise Fees – The budget forecast for 2024/25 is $2,387,000. Franchise fees for
Cable, Solid Waste and Gas and Electric are received at various times throughout the
year (from monthly to annually). At mid-year, revenues are tracking closely with
prior years on a total and percentage basis. No mid-year changes are recommended.
Interest Income – The budget forecast for 2024/25 is $500,000. At mid-year, the Town
has realized $473,724, 94.7% of the forecast. This is attributable to higher yields
realized with the Town’s invested funds and significantly exceeds mid-year income
for most recent prior years. Based upon mid-year income, revenues are expected to
exceed the budget forecast by an estimated $400,000. No mid-year changes are
recommended.
Recreation Fees and Charges - The budget forecast for 2024/25 is $2,572,688.
Recreation fees and charges have experienced a gradual recovery from the pandemic.
2024/25 revenues were forecast to increase by 3.5% from the prior year. Actual prior
year revenues totaled $2,186,780 for 2022/23 and $2,500,772 for 2023/24. No mid-
year changes are recommended.
Donations – No donation revenue was budgeted for 2024/25. In December, the Town
received a $10,000 donation to purchase equipment for the Police Department. A mid-
year adjustment of $10,000 is recommended to recognize the receipt of the $10,000 in
donations.
Special Purpose Revenue
Special Purpose revenues exceed the budget forecast at mid-year.
Building and Planning – The budget forecast for 2024/25 is $2,753,200. Actual prior
year revenues totaled $3,461,312 for 2022/23 and $3,559,487 for 2023/24. At mid-year,
revenues collected represent 51.0% of the budget forecast. No mid-year changes are
recommended.
Gas Tax - The budget forecast for 2024/25 is $1,895,879. Actual prior year revenues
totaled $2,117,295 for 2022/23 and $2,413,988 for 2023/24. At mid-year, actual
revenues are tracking slightly behind most recent prior year receipts. No mid-year
changes are recommended.
Measure J Return to Source (RTS) – The budget forecast for 2024/25 is $857,050. RTS
revenue comes from the countywide half cent sales tax for transportation and is
largely received at the end of the fiscal year. Actual prior year revenues totaled
$1,071,645 for 2022/23 and $1,024,094 for 2023/24. No mid-year changes are
recommended.
Solid Waste Diversion Incentive Fees – The budget forecast for 2024/25 is $925,376.
Solid Waste DIF is collected from the Town’s solid waste and recycling haulers to
offset impacts of collection vehicles upon Town streets. Solid Waste DIF have been
5
increased as part of the 2025 rate setting process, meaning that actual revenues for the
year will exceed the forecast. Actual prior year revenues totaled $877,238 for 2022/23
and $911,401 for 2023/24. No mid-year changes are recommended.
Lighting and Landscape Assessment District – The budget forecast for 2024/25 is
$3,129,750. LLAD revenues come from assessments levied on property to partially
fund the cost to maintain Town parks, roadside landscaping and street lighting. 100%
of assessment revenue is devoted to these maintenance activities. With current rates
unchanged since 2003, revenues have been stagnant, losing ground to increasing
service delivery costs and eliminating LLAD funding for capital maintenance or
projects. LLAD expenditures for 2024/25 total $5,518,916, which requires a growing,
unsustainable annual general fund subsidy. Actual prior year revenues totaled
$3,241,676 for 2022/23 and 3,308,462 for 2023/24. An assessment rate increase will
be presented to property owners for consideration in spring 2025. No mid-year
changes are recommended.
Successor Agency
The Successor Agency to the former Community Development Agency (CDA)
receives Real Property Tax Trust Fund (RPTTF) revenues to meet obligations that
were incurred by the CDA prior to the dissolution of redevelopment in 2011. RPTTF
revenues are budgeted at $2,272,850 inclusive of Town re-payment under the Re-
stated Cooperation Loan Agreement with the former CDA. RPTTF revenues fund
debt service payments for 2001 and 2005 Certificates of Participation, 2001 Taxable
Revenue Bonds, and reimbursement of allowed administrative costs. No mid-year
changes are recommended.
Revenue Summary
To date, in 2024/25, the Town Council has approved one budget adjustment:
• Resolution No. 72-2024, authorizing receipt of $25,000 from the State of
California for administration of the SD7ADU Accelerator Program.
Recommended Mid-Year Revenue Adjustments
Two mid-year adjustments are recommended:
• Increase “Donations” by $10,000 to allow the donation received for the Police
Department to be expended (Donation Fund).
• Increase Transportation program revenues by $20,000 to recognize funds
received from the Tri-Valley Transportation Council JPA to cover Town costs
to serve as administrative staff to the JPA (Special Revenue – Gas Tax and
Measure J).
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At mid-year, there are significant positive variances to the budget forecast for
Property Tax and Interest Income. As a result, total 2024/25 revenues are projected
to exceed the budget forecast. Because the anticipated variance is positive, no further
mid-year revenue adjustments are necessary.
Table 2 summarizes the adopted budget forecast, prior amendments and
recommended mid-year adjustments. Table 2
Mid-Year Revenue Summary
Adopted Prior Mid-Year
Budget Amendments Revised
TOTAL $ 44,388,969 $ 44,313,969 $ 44,443,969
General Fund $ 31,488,308 $ 31,488,308 $ 31,448,308
Special Revenue $ 10,667,811 $ 10,692,811 $ 10,722,811
Successor Agency $ 2,272,850 $ 2,272,850 $ 2,272850
EXPENDITURES
The 2024/25 operating budget includes total operating expenditures of $39.76 million,
a 5.7% increase from the 2023/24.
General Government – The budget for 2024/25 is $3,460,508. Based upon mid-year
information, no mid-year changes are recommended.
Police Services – The budget for 2024/25 is $12,257,068. One mid-year amendment is
necessary to appropriate funds received through a private donation to purchase
specialized equipment. One mid-year adjustment is recommended to increase the
Police Services Management budget by $10,000. No further mid-year changes are
recommended.
Administrative Services – The budget for 2024/25 is $5,245,189. Based upon mid-year
information, no mid-year changes are recommended.
Development Services – The budget for 2024/25 is $5,181,053. In Transportation, an
additional $20,000 should be appropriated to support administrative efforts related
to the TVTC JPA. These funds are reimbursed by the TVTC JPA. One mid-year
adjustment is recommended to increase the Transportation budget by $20,000. No
further mid-year changes are recommended.
Maintenance Services – The budget for 2024/25 is $9,481,440. No mid-year changes
are recommended.
Recreation, Arts and Community Services – The budget for 2024/25 is $4,135,208. No
mid-year changes are recommended.
7
Successor Agency
For 2024/25, Successor Agency operating expenditures total $1,172,850 for debt
service and administrative costs. Re-payment of the outstanding balance owed under
the former CDA/Town loan funds capital transfers of $1,100,000. This amount is
reduced to $659,401 in 2025/26 then eliminated in 2026/27. Successor Agency
expenditures remain unchanged. No mid-year changes are recommended.
Expenditure Summary
To date in 2024/25, the Town Council has approved three budget adjustments
totaling $151,000.
• Resolution No. 53-2024, appropriating $25,000 from the Low and Moderate
Housing Fund for expenses related to 510 La Gonda Way.
• Resolution No. 69-2024, awarding $126,000 from funds previously designated
to support mental health initiatives to Discovery Counseling Center, to support
a three-year Comprehensive Group Therapy Program.
• Resolution No. 76-2024, appropriating $99,000 from contingency funds to
award a contract for conducting the Proposition 218 process associated with
updating the Danville Street Lighting and Landscape Assessment District No.
1983-1 rates.
Recommended Mid-Year Expenditure Adjustments
The following mid-year adjustments are recommended:
• Police Services - Increase Management budget by $10,000 (Donation Fund);
• Development Services – Transportation – Increase Contracted Services budget
by $20,000 (Gas Tax and Measure J Fund)
Table 3 illustrates 2024/25 expenditures, including the adopted budget forecast, prior
amendments and recommended mid-year adjustments.
Table 3
Mid-Year Expenditure Summary
Adopted Prior Mid-Year
Budget Amendments Revised
TOTAL $ 40,933,316 $ 41,183,316 $ 41,213,316
General Fund $ 28,614,857 $ 28,839,857 $ 28,839,857
Special Revenue $ 11,145,609 $ 11,170,609 $ 11,200,6095
Successor Agency $ 1,172,850 $ 1,172,850 $ 1,172,850
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Transfers and Designations
The 2024/25 budget includes General Fund transfers of $4,231,004, for the following
purposes:
• $1,450,000 for LLAD operations
• $800,000 for CIP - Pavement Management
• $50,000 for Asset Replacement
• $1,384,004 for CIP – General Purpose
• $27,000 for CIP - Civic Facilities
• $520,000 for CIP - Park Facilities
On November 19, 2024, the Town Council adopted Resolution No. 75-2024, approving
the 2023/24 ACFR and transferring a total of $4,997,432 from the General Fund into
the Capital Improvement General Purpose Fund. This increased the total 2024/25
transfers and designations to $9,228,436.
STATUS OF TEN-YEAR FORECAST
Ten-year forecasts are key to planning for future years, ensuring long term fiscal
stability and continuity of service for Town residents. This report describes factors
and conditions that are likely to affect future ten-year forecasts. Additional time is
required to determine how to factor in this new information toward development of
the forecast as part of the upcoming 2025/26 budget process. No mid-year changes
are recommended.
2025/26 OPERATING BUDGET
As the Town prepares to move forward with the 2025/26 Operating Budget, several
considerations have the potential to affect Town costs or service delivery. These
include:
• The re-payment from the former CDA to the Town will be reduced from
$1,100,000 to $659,401 in 2025/26, and then to zero for 2026/27 as the debt is
retired. Though the Town has treated this as “one-time” rather than ongoing
revenue, the loss of the revenue will reduce the amount of general fund
revenue available to be transferred for capital or non-operating purposes.
• The possibility of increasing property owner LLAD assessment rates. The
Town is currently proposing to increase rates for the first time since 2003.
2024/25 LLAD expenditures are budgeted for $5,518,916, against total
assessment revenues of $3,129,750. The $2,389,166 difference is covered
through a general fund subsidy of $1,450,000 and $939,166 from LLAD
reserves. Current LLAD reserves will be depleted by the end of 2026/27.
Absent increased LLAD revenue, the general fund subsidy would need to
9
increase by approximately $1 million annually to avoid offsetting service level
reductions to balance the budget.
• Contracted Services and Utility costs are expected to continue to increase at
rates that outpace the ten year forecast fueled by higher levels of inflation.
• Risk Management costs have increased significantly, and general liability costs
are expected to continue to increase as a result of new claims that have been
filed.
• Personnel expenses are expected to continue to increase as inflation and the
high cost of living continue to create competition for certain classifications of
employees and affect the rate of staff turnover.
RECOMMENDATION
Review and discuss the 2024/25 Mid-Year Financial Overview and provide direction
and feedback to staff regarding any mid-year budget adjustments.
Attachments
A – Mid-Year Revenue Comparison for 2020/21 – 2024/25
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6
,
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5
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2
5
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%