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HomeMy WebLinkAbout04/24/2024 3:30 CC AGENDA PACKET BAKERSFIELD CITY COUNCIL POST-MEETING AGENDA BAKERSFIELD REGULAR MEETING THE SOUND v= :4YeaRt/rAiee April 24, 2024, 3:30 p.m. Council Chambers, City Hall, 1501 Truxtun Avenue 1. ROLL CALL 2. PUBLIC STATEMENTS a. Non-Agenda Item Public Statements b. Agenda Item Public Statements 3. REPORTS Public comments on each Report item will be received after Staff's presentation. a. Report on Fiscal Year 2024-25 General Fund Revenue Staff recommends Council receive and file report. *1. PowerPoint presentation 4. CLOSED SESSION a. Conference with Legal Counsel — Potential Litigation Closed Session pursuant to Government Code Section 54956.9 (d)(2)(e)(1) (one matter) *1. Staff Memorandum requesting item be removed from the agenda. 5. CLOSED SESSION ACTION 6. ADJOURNMENT �MIll BAKERSFIELD FE SOUND 0F ADMINISTRATIVE REPORT MEETING DATE: April 24,2024 AGENDA CATEGORY: REPORTS TO: Honorable Mayor and City Council FROM: Randy McKeegan, Finance Director DATE: April 18, 2024 SUBJECT: Report on Fiscal Year 2024-25 General Fund Revenue. Staff will present projections of the major sources of General Fund revenue estimated for the upcoming fiscal year budget RECOMMENDATION: Staff recommends Council receive and file report. BACKGROUND: The Finance Director will review estimates for the City's sales tax, property tax and transient occupancy tax revenues for fiscal year 2024-25. FISCAL IMPACT: There is no impact to the General Fund for receiving the presentation. COUNCIL GOAL: Innovative and Efficient City Government ATTACHMENTS: Page 2 of 12 1 Mb I ✓ GENERAL FUND REVENUES April 24, 2024 ■ age 3 of 12 • Y 2024-25 Revenue Estimate = = _ mill=lisierallod Revenue Actual % of Estimates % of Budget % of 2022-23 Total 2023-24 Total 2024-25 Total Property Tax 103,667,355 25.26% 110,815,000 27.09% 115,230,000 28.57% Sales Tax - Historic 96,974,157 23.63% 97,385,070 23.81 % 96,775,000 23.99% Sales Tax - PSVSM 1% 103,075,348 25.12% 100,200,100 24.50% 101 ,275,000 25.11 Other Taxes 12,539,562 3.06% 10,544,430 2.58% 12,050,250 2.99% Licenses & Permits 3,352,855 0.82% 3,479,900 0.85% 3,477,329 0.86% Intergovernmental 8,622,630 2.10% 9,600,000 2.35% 3,152,000 0.78% Charges for Services 34,875,732 8.50% 34,414,943 8.41 % 34,046,989 8.44% Fines and Forfeits 1 ,148,647 0.28% 845,000 0.21 % 929,300 0.23% Miscellaneous / Transfers In 13,837,964 3.37% 6,713,000 1 .64% 4,381 ,132 1 .09% Beginning Balances 32,300,000 7.87% 35,000,000 8.56% 32,000,000 7.93% Tota Is 410,394,250 100.00% 408,997,443 100.00% 403,317,000 100.00% Page 4 of 12 2 FY 2024-25 Revenue Estimates • GENERAL FUND Proposed Budget FY 2024-25 $403.3 Million Sales Tax-Bradley-Burns 96,775,000 24% Sales Tax-PSVSM 1% 101,275,000 25% Property Tax 115,230,000 29% 12,050Taxes,250 3% Charges for Services Other 34,046,989 Beginning Balances 8/ 32,000,000 8% Property Tax Sales Tax-Bradley-Burns a — es Tax-PSVSM 1% Other Taxes 3 Licenses&Permits •Intergovernmental I ge or arges for Services •Fines and Forfeits Miscellaneous/Transfers In Beginning Balances FY 2024-25 Property Tax Revenue - i � Property Tax Revenue -15 Year History g %1OF -Annual Total & % Change- 140,000,000 - 20.00% 15.00% 120,000,000 13.96% 115,230,250 11.92%110,815,150 Mil 9.97% 10.00% 3,667,35 8.26% 100,000,000 �JCi, ,0 95%— 89% • 6.14% 6.49% i 05% 2,625,969 3.98% 5.00% • 3.40% \ • 558 6 rD 2.42%83 5�43,559 41% 80,000,000 77,649,455 72,918,720 79,525,902 < 1.1 0.00% ' 69,196,216 66,439,853 68,699,090 Lr) 2. 62,889,341 -3.45% .98% 111 60,717,715 rip jit 60,000,000 57,185,433 _ e--h 5.00% m cn 0 r+ P -10.00% 9J 40,000,000 — '� -15.00% 20,000,000 - - 9.31% -20.00% 0 -25.00% 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 4 Property Tax-Actuals —?— %change I Oft FY 2024-25 Sales Tax Revenue = •• _ _ _ Sales Tax Revenue (Bradley Burns) - 15 Year History -Annual Total & % Change- 2 5.00% 96,974,1587,385,070 22.36% 21.08%98,652,970 / 100,000,000 . 96,775,000 89,351 `7 20.00% 15.00% 80,000,000 77,486,234 ll 72,442,178 73,793,176 �° .i 70,786,793 72,322,068 ,418,028 I 70,366,255 Q do 67,642,795 65,348,909 % eD ap 10.00% d =? • 60,000,000 55, 81,897 IUD O 5.00% 50,664,333 .10 0.42'. .60' 0.00% 40,000,000 r 100.63% -5.00% 20,000,000 -10.00% 0 Lmi -15.00% 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 IMI Sales Tax 410 a/oghVige 5 FY 2024-25 PSVS Sales Tax Revenue Iii• PUBLIC SAFETY & VITAL SERVICE REVENUE HISTORY -ANNUAL TOTAL & % CHANGE- 30.00% 102,281,087 103,075,258 101,277,000 m1 100,200,103 $100,000,000 24.32% 25.00% 92,647,208 $80,000,000 70 70 20.00% 74,521,888 rD < 0 _. `. N (D 15.00% rD $60,000,000 10.40% _ ' CZ r-f- Inni 0 10.00% QA $40,000,000 E 5.00% $20,000,000 17,135,994 0.00% V -2. 9% $- -5.00% 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Page 8 of 12 6 Sales Tax %change FY 2024-25 Sales Tax Revenue — b Industry= = -d IIIft • - BB Sales Tax by Industry By Fiscal Year 2021-22 thru 2024-25 25,000,000 20,000,000 15,000,000 Alb 10,000,000 — 5,000,000 — — 1111 Autos& Building& Business& Food & Drugs Fuel&Service General Restaurants& County Pool/Misc Proposition 172 Transportation Construction Industry Stations Consumer Goods Hotels (Public Safety) 7 ■ 2021-22 'r 2022-23 ■ 2023-24 ■ 2024-25 • p FY 2024-25 Transient OccupancyTax = = Transient Occupancy Tax Revenue - 15 Year History - Annual Total & % Change - 12,403,708 12,500,000 35.0% 12,000,000 11,503,777 11,614,04 30.0% 10,500,000 — 9,943,110 9,487,984 9,450,710 9'577'898 9,570,855 25.0% 8,826,003 8,913,146 8,863,710 rD 8,500,000 8,274,240 _ 20.0% 7,827,791 rip 6,851,869 M G ? 6,493,702 4.2% r'rl CD 15.0% 6,500,000 - Ll 10.0% 4,500,000 / - \ • A 6.8% 0 5/0 5.0% 0 2,500,000 - \_ 1 '° - - - -0.6% 1.0% 0.0% + -3.3% li -5.0% 500,000 - - -9.1% lie -10.0% FY 09-10 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 1. 20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 -10.4% (1,500,000) Page 10 -15.0% 8 'TOT Revenu; % Change . -• _ MEMORANDUM CITY ATTORNEY April 22, 2024 TO: HONORABLE MAYOR AND COUNCILMEMBERS FROM: VIRGINIA GENNARO, CITY ATTORNE t/0.11- SUBJECT: Conference with Legal Counsel—Potential Litigation Closed session pursuant to Government Code section 54956.9(e)(1) (One matter). At the request of the City Attorney, Agenda Item 4.a (Conference with Legal Counsel) has been pulled. With this item being pulled, there are no closed sessions for this meeting. VG:vlg cc: Christian Clegg, City Manager Julie Drimakis, City Clerk S:\COUNCIL\CI Sess\Memos\23-24\4-24-24.Pullltem.docx Page 11 of12 Page 12 of 12