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The proposed allocations boosts the City's operating reserves to the target of 25 percent of operating expenses as well as increasing reserves for repair and replacement efforts. In addition, the $1,970,147 allocation to Fire Station #3 will allow that project to be put out to bid in FY 2019/20 or a year earlier than envisioned in the FY 2019/20 through 2022/23 CIP. General Fund Revenues. General Fund revenues received (Actual) were greater than the midyear budget by $3.3 million or 2.7 percent. Table 2 presents the major revenue categories with a comparison of the midyear budget versus actual revenues and the variance to the midyear budget. Table 2. General Fund Revenues — Amended Budget vs. Actual FY 2018119 FY 2018/19 Revenues Midyear Actual Variance Variance % Property Taxes S69.128.000 $69.930.012 S802.012 1.2% Sales & Use Taxes 22,500,000 22,959,956 459,956 2.0% Development Services Fees 5.716.550 6.162.422 445,872 7.8% HoteVMotel Tax 6,600,000 6,521,979 (78,021) -1.2% Business License Tax 4.000,000 4,422,151 422,151 10.6% Recreation Fees 4,574.477 4,775,357 200,880 4.4% Other Revenues 10,224,629 11,259,579 1,034,950 10.1% Total $122,743,656 $126,031,456 $3,287,800 2.7% Property Tax revenues are the largest revenue source for the General Fund, accounting for approximately 55 percent of total revenues. In FY 2018/19 actual property tax collections including all categories of property related taxes were $802,012 more than staff's estimate of $69.1 million in the midyear budget. Sales Tax revenue is the second largest revenue source for the General Fund, accounting for approximately 18 percent of the total revenues. FY 2018/19 actual Sales Tax collections were $459,956 or two percent more than staff's estimate of $22.5 million in the Amended Budget. The $459,956 increase reflects problems the state experienced when it switched computer systems. Specifically, the state did not allocate a net of approximately $400,000 in sales tax receipts from the first and second quarters of CY 2018 to the City that it should have. The City received those amounts in FY 2018/19 after the state fixed the computer glitches. Otherwise, overall, the City's actual FY 2018/19 sales tax revenues were slightly greater than staff's midyear budget estimate. Development Services fee revenues increased by $445,872 or 7.8 percent as a result of additional building permits issued during the second half of FY 2018/19 beyond what staff anticipated during the midyear budget review. Business License revenues exceeded budget by $422,151 or 10.6 percent as a result of Pleasanton's businesses' income increasing more than anticipated. Recreation Fees increased by $200,880 or 4.4 percent due to increased demand for Recreation programs. Page 3 of 11