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City of Rialto Midyear Changes PowerPoint Presentation
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City of Rialto Midyear Changes

City of Rialto Midyear Changes

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City of Rialto Midyear Changes

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  1. City of Rialto Midyear Changes Budget-Fiscal Year 2012/2013 Council Presentation – February 26, 2013

  2. General Fund FY 12/13 • Original General Fund Budget Revenues $49,369,147 - Expenditures to be $55,114,894 Deficit (5,745,747)

  3. Council Approved Budget Adjustment From Budget adoption to 12/31/12

  4. Proposed Midyear Changes

  5. Reserve Summary

  6. Midyear Adjustments – Special Revenue Funds • Special Revenue funds show a increase in $3.4M mostly due to Development Impact Fees being received. • Special Revenue funds also saw a reduction in expenditures of $2.78M primarily due to Housing Authority related expenses

  7. Midyear Adjustments – Enterprise Funds • Utility Billing – Reconciled to reflect the final effect of the CA

  8. Midyear Adjustments – Internal Service Funds • Development Services & Engineering (Fund 710) estimates an increase to revenues in the amount of $474K primarily due to increased permit activity

  9. New Job Descriptions • Emergency Dispatcher Lead • Police Records Assistant Lead

  10. Future Budget Challenges • CalPERS recently implemented a rate increase and plan on a $1.2M increase in FY13/14 • Slow revenue growth- revenue growth expected at 2-3% per year while expenditure growth 10-15% • Capital Project neglect • Unexpected sales tax impacts • UUT sunset date June 30, 2013 (Impact – $11.2M or 21%)

  11. Recommendation • Consider Resolutions approving the 2012/13 Budget Adjustment for the City, Rialto Utility Authority and the Successor Agency formally known as the Rialto Redevelopment Agency • Consider the Resolution approving new Job Descriptions