CC 02-16-2021 Item No. 5 Interim Budget and Key Projects Update_Staff PresentationFEBRUARY 16, 2021INTERIM BUDGET AND KEY PROJECTS UPDATECC 02-16-2021 Item No. 5
AgendaGeneral Fund UpdateKey Projects Update
General Fund Revenue UpdateRevenue CategoryFY21 Amended BudgetActuals as of December 31, 2020% of Amended Budget05 ‐Sales tax $20,910,889 $16,772,159 80%10 ‐Property tax $25,353,783 $7,887,124 31%15 ‐Transient occupancy $7,546,884 $879,019 12%
General Fund Expenditure UpdateExpenditure CategoryFY21 Amended BudgetActuals as of December 31, 2020% of Amended Budget05 –Employee Compensation $20,430,826 $8,829,205 43%10 –Employee Benefits $8,954,238 $4,218,645 47%15 ‐Materials $6,718,799 $1,921,595 29%20 – Contract Services $24,636,020 $10,293,908 42%
FY 20-21 General Fund Beginning Fund Balance - $74.4MRestricted Nonspendable Committed Assigned UnassignedGeneral Fund$14.3 $3.4 $19.1 $3.2 $34.4$0.0$5.0$10.0$15.0$20.0$25.0$30.0$35.0$40.0In Millions
Revenue UncertaintySales Tax•Recent performance is not expected to continue•Concentration risk•Long-term/permanent remote work environmentsProperty Tax•Long-term/permanent remote work and its impact on property valuesTransient Occupancy Tax•Long-term permanent remote work environments•Recovery to historical highs may not be realistic
Key Projects UpdateProject UpdateRegnart Creek Trail Bids received – work to start early FebruaryTransit Center Final Measure B Action: May 6, 2021Library Expansion Plans being reviewed. ETC: December 2021Lawrence Mitty Coordinating annexation. Master plan efforts commencing Spring of 2021Gateway Process Study session is being prepared to explore options with CouncilObjective Standards 6 categories. 1stcategory presented to Council late Spring 2021
Next Steps●FY 2020-21●Mid Year Report to Council March 2, 2021●Third Quarter Report to Council May 18, 2021
Questions