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Compensation claims' and reserves for future downtown beautification projects, capital
<br /> improvement projects and repair and replacement efforts.
<br /> General Fund Revenues. General Fund revenues received (Actual) were greater than
<br /> the Amended Budget by $3.1 million or 2.6 percent. Table 2 presents the major revenue
<br /> categories with a comparison of the MidYear Budget versus actual revenues and the
<br /> variance to the MidYear budget.
<br /> Table 2. General Fund Revenues —Amended Budget vs. Actual
<br /> FY 2017/18 FY 2017/18
<br /> General Fund Revenues Midyear Actual Variance Variance%
<br /> Property Taxes $64,485,275 $65,363,250 877,975 1.4%
<br /> Sales& Use Taxes 23,000,000 21,764,560 (1,235,440) -5.4%
<br /> Development Services Fees 5,689,302 6,544,211 854,909 15.0%
<br /> HoteVMotel Tax 6,300,000 6,475,080 175,080 2.8%
<br /> Business License Tax 4,050,000 4,236,737 186,737 4.6%
<br /> Recreation Fees 4,415,001 5,192,229 777,228 17.6%
<br /> Other Revenues 10,023,922 11,490,470 1,466,548 14.6%
<br /> Total $117,963,500 $121,066,537 $3,103,037 2.6%
<br /> Property Tax revenues are the largest revenue source for the General Fund, accounting
<br /> for approximately 54 percent of total revenues. In FY 2017/18 actual property tax
<br /> collections including all categories of property related taxes were $877,975 more than
<br /> staff's estimate of$64.5 million in the MidYear Budget. The $877,975 increase was
<br /> primarily in Delinquent Taxes and Supplemental Assessments the majority of which the
<br /> City receives towards the end of the fiscal year and are not related to the City's
<br /> assessed valuation which is the basis for calculating the remaining property tax revenue
<br /> categories.
<br /> Sales Tax revenue is the second largest revenue source for the General Fund,
<br /> accounting for approximately 18 percent of the total revenues. FY 2017/18 actual Sales
<br /> Tax collections were $1.3 million or 5.4 percent less than staffs estimate of$23 million
<br /> in the Amended Budget. The $1.3 million decrease reflects problems the state
<br /> experienced when it switched computer systems. Specifically, the state did not allocate
<br /> a net of$400,000 in sales tax receipts from the first and second quarters of CY 2018 to
<br /> the City that it should have. The City will receive those amounts in FY 2018/19 as the
<br /> 1 LPFD's Workers Compensation Fund has approximately$8.4 million in claims payable (estimated value
<br /> of all claims LPFD has received that are still outstanding) and $3.5 million in available reserves. Thus,
<br /> LPFD's Workers Compensation claims payable are approximately 42% funded. The standard is to
<br /> maintain reserves equal to at least 70% of claims payable Workers Compensation which, for LPFD, would
<br /> be$5.9 million or$2.4 million more than the current reserves. Each partner city is responsible half of that
<br /> $2.4 million. The proposed $1.2 million allocation of the City's General Fund surplus to LPFD's Workers
<br /> Compensation reserves fulfills the City's obligation. Livermore will allocate its $1.2 million as part of their
<br /> FY 2018/19 midyear budget review.
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