08. Budget Adjustment
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City Hall
10300 Torre Avenue
Cupertino, CA 95014-3255
Telephone: (408) 777-3220
FAX: (408) 777-3109
F
CUPEIQ1NO
ADMINISTRATIYE SERYICES DEPARTMENT
SUMMARY
Agenda Item No. ~
Agenda Date: May 16, 2006
SUBJECT AND ISSUE
Review and approve year-end budget adjustments for fiscal year 2005-06.
BACKGROUND
In putting together the proposed budget for next fiscal year 2006-07, staff does a revised
projection of year-end revenues, expenditures and fund balances for the end of the current fiscal
year. To provide City Council with an updated projection during the budget hearings, staff
recommends that the Council adopt these revisions into the 2005-06 current year budget at this
meeting.
Proposed Budl!et Amendments
General Fund Revenues
1) Property taxes - $363,000 increase
With only the final remittance outstanding, property taxes will turn out to be 8% over
last year.
2) Transient occupancy taxes - $270,000 increase
At midyear, hotel taxes were running at a 20% increase over the prior year. Staff
proposed and Council approved a conservative $100,000 or 10% revenue increase at
mid-year in consideration of the volatility in the hospitality sector. However, the pace
of tax receipts has continued through three-quarters of the year and the local business
economy has maintained its strength. Staff sees an overall 17% growth in this tax
revenue over last year.
3) Licenses and permits - $170,000 increase
Charges for services - $100,000 increase
Development and building activity has been strong all year and these revenue
categories will end up 16% and 48%, respectively over last year's results.
4) Rent - $100,000 decrease
Rentals of park and building facilities will likely end up close to last year's amounts,
5) Park Dedication Tax - $134,000 increase
Printed on Recycled Paper
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Total increase in General Fund revenues is $937,000.
Revenues other than General Fund
1) Environmental Management fees - $9,000 decrease
2) Traffic Congestion Relief from the sales tax on gasoline - $223,000 increase. The
State has ceased borrowing the City's share of the money.
3) Housing mitigation fees - $300,000 total for fiscal year
4) Redevelopment Agency tax increment - $28,000 increase
5) Resources Recovery fees - $300,000 decrease. To cover the franchisee's costs in
implementing the weekly recycling program, the amount of fees received from the
franchisee was reduced.
General Fund Expenditures
1) Community Development - $220,000 increase
Community Development, because of heavy building activity, is anticipated to need a
$220,000 increase in contract services for the construction plan checks. The
$270,000 growth in licenses and permits and charges for services more than
compensate for this increase.
FISCAL IMPACT
The increase in budgeted revenues and expenditures from the General Fund will result in a
$717,000 increase in fund balance, which will be set aside into the capital reserves for next year.
The General Fund is forecasted to end up with $19.4 million in reserves designated for
emergencies, retiree health, retirement, maintenance and capital projects.
RECOMMENDATION
Staff recommends approval of the budget adjustments discussed in this report.
;šr~
David Woo
Finance Director
Approved for submission:
D~
City Manager
Reviewed by:
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Carol A. Atwood
Director of Administrative Services
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