Laserfiche WebLink
Prop. 4 transfer requirements. This advance was to be repaid <br /> in 1987-88. However, the advance was not necessary. <br /> <br />The following is an explanation by major category of the changes <br />in the General Fund Budget as adopted by Council. <br /> <br />Beginning Fund Balance - 7/01/87 <br /> <br />The audited General Fund beginning fund balance as of June 30, <br />1987 was $5~117~001 or $1,721,201 greater than estimated at the <br />time the budget was approved. This was due to last year <br />(1986-87) actual expenditures being less than projected by <br />$776~978 and actual revenues (plus net transfers) exceeding <br />projections by $944,223. <br /> <br />Therefore, the audited beginning fund balance is $5~117~001. <br />Revenues & Transfers: <br /> <br />Based on revised staff estimates, revenues and net transfers are <br />projected to be $172~115 less than originally projected. The <br />majority of the changes are as follows: <br /> <br />Sales Tax: <br /> <br />This year Sales Tax collection has been very healthy, and <br />constant in its growth. Sales tax revenues are up because <br />Pleasanton is the regional sales center, with an increasing <br />number of new auto dealerships, as well as new sales outlets <br />opening in the area. Through the February 1988 remittance advice <br />the City had collected more than 20% sales tax revenues over last <br />year's actual collections at the same time. <br /> <br />Hotel/Motel Tax: <br /> <br />The Hotel/Motel tax is growing very well, and is developing into <br />one of the City's major local tax revenues. Revenues will <br />continue to grow as the occupancy increases. Last years revenues <br />were 1,091,000, and this years revenue is projected to be <br />1,363,000. This is due to the increase in occupancy as well as <br />stabilization of the existing motels and hotels in their sales. <br /> <br />Public Works Inspection Fees: <br /> <br />This year the Public Works inspection fee collections has taken a <br />substantial reduction. This is due to the way the fees are <br />collected, and the fact that in some cases the fees were <br />collected in prior years, even though the work is currently being <br />done in this fiscal year. <br /> <br />This fiscal year it appears that this revenue will be under the <br />original estimate of $700,000 by some $593,000, however in the <br />previous two years the City collections over $1,600,000 in fees. <br /> <br />SR:88:123 <br /> <br /> <br />