Piedmont Budget: $$$$ Revenue and Expenditures- Thurs. Sept. 15 6 pm
City of Piedmont Budget Advisory & Financial Planning Committee
Thursday, September 15, 2022 6:00 p.m. Via Teleconference
Agenda and Participation >- 2022-09-15 Budget Advisory and Financial Planning Committee Agenda
1. Review of FY 2021-22 Revenue and Expenditures: Actual vs Budget
FY 2021-22 Highlights
Revenue exceeded annual budget by $5.9 million
Major variances include:
• Transfer tax receipts totaled $6.0 million,
• $3.2 million HIGHER than budget, but $0.3 million LESS than last year
• Home sales 11% LESS than last year (152 vs 170)
• Average Sales Price increased 6% to $3.0 million
• Recreation revenue up $0.9 million as programs and facilities rentals returned to normal levels versus conservative budget.
• Building Permits and Planning Fees $0.5 million higher than budget
• Mutual Aid \ Strike Team revenue was $0.5 million as we participated in battling the seasons severe wildfires.
• Property taxes exceeded annual budget by $0.3 million
2. Review of Proposed FY 2022-2023 General Fund Transfers
Year End General Fund Transfers • Projecting Ending Balance of General Fund to be $10.1 million.
Staff recommends the following:
• $1.7 million to the Facilities Maintenance Fund.
• $1.0 million to the Equipment Replacement Fund.
After transfers, General Fund will be $7.4 million, or 24% of Expenditures.
READ the full staff report on revenue and expenditures: >BAFP_Meeting_09-15-2022
Available records of the BAFP Committee have been limited and minutes are not kept and approved by the Committee. Those interested in the subject matter are advised to participate in the meeting as noted in the Agenda > 2022-09-15 Budget Advisory and Financial Planning Committee Agenda
“SECTION 6.05 PUBLIC RECORD Minutes for each of such boards and commissions shall be kept as a record of its proceedings and transactions. Each board or commission shall prescribe its own rules and regulations which shall be consistent with this Charter and with City Council ordinances and resolutions, and copies of which shall be kept on file with the City Clerk.” City Charter
READ the full Piedmont City Charter >charter
Committee Roster –
- Andrew Flynn
- Cathie Geddeis
- Deborah Leland
- Robert McBain
- Paul Raskin
- Frank Ryan
- Vanessa Washington
- Alice Cho (Alternate)
Council Liaison: Jennifer Cavenaugh | jcavenaugh@piedmont.ca.gov | (415) 215-6933
Staff Liaison: Michael Szczech | mszczech@piedmont.ca.gov | (510) 420-3045
It would be nice, in these reports, to include cash on hand. That gives us citizens an idea how we might deal with shortfalls of revenue.
I think the best estimate of cash on hand is the General Fund Reserve, $7.4 M. And I think the Facility Maintenance/Capital fund – $10 M- could be considered on hand – those funds are not committed. The last revenue shortfall was during The Great Recession, 2008-09. Then the only drop in city revenue was the transfer tax, which came in at $1.8M for the three years. There were no layoffs, no cuts in city services, no drop in the General Fund. So the city is in a very stable financial situation and revenue has exceeded predictions for several years running now. It would be nice to account for this excess in the BAFPC projections later this year.