RES 94042 - Laserfiche WebLink

Interest Income Interest income is money derived from investing the General Fund's idle cash. Because the City has been reducing its reserves over the years and using them for capital projects, the cash available for investment has been on the decline. However, due to the establishment of the Temporary Recession Reserve and additions made to it at year-end 1992-93, the City has more funds invested than it would normally. In addition, staff has been working to lengthen the average life of the City's investment portfolio, currently 311 days compared to 257 days a year ago. Therefore, interest income is higher than projected last spring. Staff is recommending that revenue projections be increased by $50,000, from $250,000 to $300,000. If short term interest rates continue to rise, staff may need to adjust this projection again in the next quarter. State Auto In-Lieu Auto in-lieu fees are a subvention received from the State in lieu of property taxes on motor vehicles. The subvention mount is determined by population. Based on the first six months actual receipts, staff is recommending that no change in the revenue projection of $1,836,000 be made. This is one of the revenues that the State has been reviewing the last few years for possible redistribution. There remains the possibility that this revenue source will be redirected to the State sometime in the next few years, and no longer forwarded to cities. Building and Public Works Fees Building permit activity was strong this last summer and fall, both for new construction and remodeling. Staff is recommending that building permit and plan check revenue projections be increased by $107,600, from $1,009,000 to $1,116,600. This projection is still less than 1992-93 actual revenues of $1.3 million, but may need to be revised again as we see what takes place this spring. Public Works Fees are also ahead of projections. 'However, as much as $200,000 of these revenues are for inspections that will not be done until next fiscal year. Therefore, at fiscal year end we may need to carry over these funds to next fiscal year, when the actual service costs are incurred. Implementation of Phase I fee increases in May 1992 have contributed significantly to increased fee revenues. Staff recommends that projections be increased by $457,000, from $222,000 to $679,000. However, this increase is partially offset by a refund of $164,000 collected .in the prior year from A&M Homes for the Carins property engineering fees. Because this property was recently acquired by East Bay Regional Parks, these fees were refunded. The refund is reflected as a decrease to prior year revenue. Planning Fees Planning revenues are on target with projections, with only some small line item adjustments being requested. Overall the net decrease in projections is $12,500, most of which relates to accounting changes. SR 94:100 4