ITEM NO. 4

STAFFREPORT Cm0FOCEANSIDE

DATE: October 21 , 2020

TO: Honorable Mayor and City Councilmembers

FROM: Financial Services Department

SUBJECT: FY 2019-20 FOURTH QUARTER FINANCIAL STATUS REPORT

SYNOPSIS

Staff submits the fourth quarter Financial Status Report and recommends that the CityCouncil accept the report and approve the budget adjustments

BACKGROUND

The City Council adopted the FY 2019-20 budgets on June 5, 2019, with approvedGeneral Fund revenues of $158.24 million and expenditures of $157.62 million. The Cityadopted budget for all funds is $485.75 million in revenues and $575.74 inexpenditures.

The report summarizes the preliminary General Fund major operating funds results asof June 30, 2020, and is not intended to be inclusive of all transactions. It comparesbudget and actual for revenues and expenditures. The financial status of the WaterUtilities and Harbor enterprise funds are also included. The report is intended only toprovide Council and the public with a preliminary overview of the state of the City'sgeneral fiscal condition as of June 30, 2020.

Due to the COVID—19 Pandemic and resulting economic impacts, the FY 2019-20General Fund budget was adjusted in the fourth quarter of last year. Sales tax,Transient Occupancy Tax (TOT), business license and parking revenues made up themajority of the $4.5M in reductions. in order to offset the revenue reduction, a $1.3Mreduction in the maintenance and operations budget and $3.2M in personnel vacancyfactor was used.

As of June 30, 2020, the preliminary revenue results were stronger than anticipated.Total General Fund revenues came in at $162.? million and exceeded the amendedbudget by $6.5 million. Total General Fund expenditures came in at $164.9 million andwere under the amended budget by $4.4 million. During the Fiscal Year, City Councilauthorized use of fund balance (reserves) for approximately $9.23M for designated

projects. The strong revenue performance reduced the need to use these funds to$2.2M.

This is a preliminary report for the year ending June 30, 2020. The ComprehensiveAnnual Financial Report (CAFR) for the year ending June 30. 2020, which includes allfunds and final results, will be issued in December 2020.

FISCAL IMPACT

There is no fiscal impact.

INSURANCE REQUIREMENTS

Does not apply.

COMMISSION OR COMMITTEE REPORT

Does not apply.

CITY ATTORNEY'S ANALYSIS

The referenced documents have been reviewed by the City Attorney and approved asto form.

RECOMMENDATION

Staff submits the fourth quarter Financial Status Report and recommends that the CityCouncil accept the report and approve the budget adjustments

PREPARED BY: SUBMITTED BY:

m . «AA.

- QMM. McPherson eanna Lorson

Financial Services Director City Manager

REVIEWED BY:Michael Gossman, Assistant City Manager

ATTACHMENT:Financial Status ReportAttachment A — Budget Adjustments

CITY OF OCEANSIDEFINANCIAL STATUS REPORTPreliminary Year-End Results

Fourth Quarter Ending June 30, 2020

This report summarizes the activities of the major operating funds, is not meant to be inclusive of all financeand accounting transactions, and excludes encumbrances. It is intended only to provide Council and thepublic with an overview of the state of the City's general fiscal condition. This is a preliminary report for theyear ending June 30, 2020. The Comprehensive Annual Financial Report (CAFR) for the year ending June 30,2020, which includes all funds and final results, will be issued in December 2020.

GENERAL FUND BUDGET POSITION

The City Council adopted the FY 2019-20 budgets on June 5, 2019. with approved General Fund revenues of$158.24 million and expenditures of $157.62 million. In the following sections, the amounts in the tables listedas Amended Budget include supplemental appropriations approved by Council throughout the year.

Subsequent to March 31, due to the COVlD-19 pandemic and resulting economic changes, the FY 2019-20General Fund budget required adjustment. Sales tax, transient occupancy tax, business license and parkingrevenues made up the majority of the $4.5 million in reductions. To offset the revenue reduction, a $1.3 millionreduction in the maintenance and operations budget and use of $3.2 million in personnel vacancy factor wasused to balance the budget.

GENERAL FUND REVENUES

Table 1 highlights the amount and percentage of revenues received in each of the major classifications as ofJune 30, 2020. The preliminary fourth quarter results show General Fund revenues coming in at 104 percentof amended budget.

Table 1GENERAL FUND REVENUES

Preliminary ResultsAs of June 30, 2020

In Thousands

2019-20 2019-20 2019-20 YTD 0/0 ofAdopted Amended Year-To-Date AmendedBudget Budget Actuals Budget

Revenue TypeProperty Taxes $ 65,464 $ 66,495 $ 68,425 103%Sales & Use Taxes 23.215 22.141 23.815 108%Transient Occupancy Tax 8,342 6.215 7.436 120%All Other Taxes 4.143 3.196 4.004 125%Ambulance Billing 4,734 5.248 5,240 100%Charges for Service 11,566 12,131 10,775 89%Fines and Forfeitures 3, 870 3,374 3,843 114%Intergovernmental 479 479 660 138%Licenses and Permits 5,457 5.144 5,416 105%Other Revenue and Transfers 20,645 21,859 21,858 100%Franchise Fees 4.185 4,185 4.252 102%Use of Money & Property 6,137 5,772 6.987 121%

TotalRevenues $ 158,235 $ 156,240 $ 162,710 104%

Page 1 of 10

Property Taxes amounted to 42 percent of the total General Fund revenues and are primarily received in theDecemberIJanuary and AprillMay time frames. Property tax revenues through June 30 are at 103 percent ofthe amended budget. Compared to the prior year, property tax revenue increased 5.3 percent. The property taxrevenue increase is consistent with the 5.6 percent projected increase in overall assessed values of propertiesin Oceanside. Continued building development and increasing housing prices are expected to continue intoFY2020-21.

Sales Taxes amounted to 14.6 percent of the total annual General Fund revenues. Revenues receivedthrough June 30 are at 108 percent of the adopted budget and were down 1.4 percent from the prior yearactual. The results were much stronger than anticipated. The impact of sales tax payment deferrals andCOVID—19 related losses were not significant for Oceanside. Discount department stores were up 8 percent.sporting goodslbike stores increased 4 percent. and the city's portion of the countywide pool (which includesinternet sales) were up 58 percent. The city's fast food restaurants only decreased 1.3 percent compared tothe state's decrease of 22 percent.

Transient Occupancy Tax comprise 4.6 percent of total General Fund revenues. The City collects 10 percentof the room rent charged by a hotel or vacation rental operator to tourists occupying a room within the City fora period of less than 30 days. The City also collects a 1.5 percent assessment of the room rent which is passedthrough to Visit Oceanside for marketing purposes. As of June 30, TOT is at 120 percent of adopted budget.TOT is down 14.4 percent over prior year actuals. The decrease is due to COVlD-19 ordered shutdown of allhotellmctels and short-term rentals from the end of March through mid June 2020.

GENERAL FUND EXPENDITURES

Table 2 highlights the amount and percentage expended by each department. As of June 30, the General Fundexpended 97 percent of the amended budget. In April 2020, General Fund operating budgets for maintenanceand operations was reduced by $1.32 million and an additional $3.18 miilion was added to the personnelvacancy factor to offset the reduction in revenues. The Departments did an exceptional job in ensuring that theyprovided exceptional service within the City's financial means and capacities.

Table 2GENERAL FUND EXPENDITURES

Preliminary ResultsAs of June 30, 2020

In Thousands

2019-20 2019-20 2019-20Department Adopted Amended Year-To-Date

YTD of

AmendedBudget Budget Actuals

General GovernmentCity Council $ 1.012 $ 1.001 $ 914City Clerk 1.299 1.420 1.207City Treasurer 368 406 402City Manager 926 908 811City Attorney 1.965 2.002 2.005Non Departmental 7.927 13.726 13,630Non Depart CALPERS Add'l Payment 600 5,889 5,889Financial Services 6.080 6.01? 5.750Human Resources 736 713 677Economic Development 707 887 677Public SafetyPolice 61,815 61.262 61.814Fire 33.024 33.943 33,215Public WorksProperty Mgmt 1,090 1.015 1.006Public Works 16.407 16.588 15,317Community DevelopmentDevelopment Services 10,123 10.028 8.713CommunityICultural SvcsLibrary 5, 836 5.830 5, 625Neighborhood Services 7, 703 7,719 7.270Total Expenditures 5- 157.616 5 169,355 $ 164,924

Budget

91 %85%99%89%

100%99%

100%96%95%76%

101%98%

99%92%

87%

96%94%

Page 3 of 10

MEASURE X — GENERAL FUND

On April 1, 2019. Measure X. the temporary one-half percent transaction and use tax became effective. Todate, the City has received $15.97 million. During fiscal year 2019-20. $13.2 million was received. Detailedbelow are the activities and projects programmed for these funds.

MEASURE XREVENUES AND EXPENDITURES

Preliminary ResultsAs of June 30, 2020

In Thousands

RevenuesOne-Half Percent Sales Tax Collected $ 13,886 $ 13,886

Operating ExpendituresAdministrationHomeless Outreach TeamCrime_Suppression Team

_Enhanced Emergency SceliveryHomeless DiiersioareventionContract Soben'ng ServicesHomeless Hiring Program

Capital ExpendituresRoad Repairs/Slurry SealStreet RestorationlAsphalt OverlayNew Fire Station #1IEOC RelocationTraining Towen’Draft PitIAsphaltSouth Strand Rehab StudyPier Rehab/Concreate DesignBeachfront ImprovementsBuccaneer Beach Restrooms

' New Ambulance Type #1Police HQ Expansion

Page 4 of 10

ENTERPRISE FUNDS

Enterprise funds, also known as business-type activities. are used to account for the acquisition, operation andmaintenance of governmental facilities and services that are entirely or predominantly self-supporting throughuser charges. The operations of Enterprise Funds are accounted for in such a manner as to show a profit orloss similar to comparable private enterprise. The financial status of operating funds for Water, Sewer andSolid Waste Disposal are discussed below. Please note that Water and Sewer budgets consist of multiplefunds (operating. replacement and developer connection). Debt service is not included. Generally acceptedaccounting principles (GAAP) call for fiscal analysis of Enterprise Funds to reflect a roll up of all funds into onereport.

WA TER FUND REVENUES

Overall revenues for the Combined Water Funds are at 97 percent of the amended budget as of June 30 asshown in Table 3. Revenues fell short of budget due to the suspension of various fines and penalties related todelinquent water bill payments and tower water sales coming in at 96 percent of budget.

WATER FUND EXPENDITURES

Table 3 highlights the amount and percentage expended by each water program. As of June 30, the WaterCombined Funds expended 93 percent of the amended operating budget. Operating revenues exceedoperating expenditures including transfers and depreciation by $7.2 million. As of June 30, capital projectexpenses spent 19 percent of the total budget. Expenditures for capital projects can vary depending on thestage of each construction project.

Page 5 of 10

Table 3WATER COMBINED FUNDS

Preliminary ResultsAs of June 30, 2020

In Thousands

Revenues W, , 7‘lNeter Sales 7 67,857 $ 67.657 6 65.263

__ Developer Fees 1.442 I— 1.442 1.467Other Revenue 2.035 1935 2,197

" "feeders In 21 l 764

Ependitures +M Edininistration &‘_General_ I 38.892 35 38.914 7$ 37,342 m

Flood gamer/storm Drains 765 765 ' 765 100%Water Distribution 1,605 1,584 1,663 105%

Water Filtration Plant 1.945 1.949 1,719 88%Desafi Plant 2.719 2.750 ' 2,268 82%WaterTvIEintenance 2.512 2.572 2,633 102%Water Meter Services 2.870 3.250 2,747 85%Clean Water Program 1.389 1.481 1.055 71%Recycled Water 716 717 481

_, Either Water nlgrns 3.625 3.705 _ 2,672Mieoellaneous Projecte 100 110 46CALPERS Add'l Payment 371 ; 519 5 689 .

Depreciation/GASB 31 Expenses ‘ ‘ 4,779 ‘

Transfers Out & Intemal Service ‘ ‘ 3.670

2019—20 2019-20 2019-20 YTD fill: ofCapital Projects Adopted Amended Year-To-Date Amended

Budget Budget Actuals Budget

Transfer In $ 1,375 , $ 1,375 $ 1.699 124%

Total Capital Revenues 8 1,375 5 1.375 8 1,699Replacement Projects 16,978 ‘ $ 25.569 ‘ $ 1.597 ‘Connection Projects 39,800 50,209 . 13.033 .

Total Capital Expenditures 56,778 5 75,777 5 14,630

Page 6 of 10

SEWER FUND REVENUES

Table 4 shows overall revenue and expenditures for the Sewer Fund as of June 30. Sewer Combined Fundrevenues are at 105 percent of budget. Developer fees are at 108 percent of budget. Developer fee revenuesare difficult to predict due to timing of new construction.

SEWER FUND EXPENDITURES

Table 4 also highlights the amount and percentage expended by each sewer program. As of June 30. SewerCombined Funds have expended 92 percent of the amended operating budget. Operating revenues exceedoperating expenditures including transfers and depreciation by $10.7 million. Capital Project expenses are at27 percent of budget. As in the Water Fund, most of the capital projects are in the planning and design phaseand the majority of funds have not been expended.

Table 4SEWER COMBINED FUNDS

Preliminary ResultsJune 30, 2020In Thousands

Revenues ‘Sewer Senice & Flow Fees 39.756 3 39.756 L $ 41.107Developer Fees 1.872 1.372 1 1.477

joeemeenue ’ i 2.157 2&1" 2.993Transfers In - 1' - 13

Expenditures _ __ _ _, _ W_Hfidministratlon & general 3.273 , 3.433 $ 6.051m__Far:jliti§ Maintenance 1.883 1.888 1.707

sewer Collections 3.668 3.679 3.688La Selina Wastewater 3.355 3.363 3.137

San L17; Rey'Wastewater 7.181 7.191 6.592Sewer Laboratory 754 757 721SCADA Program 847 850 788Gus Program §15 317 261Miscellaneous Projeets ‘ 1&3 l -. 1.931 1.306CALPERS Add1 591 709 .

31 A - ‘ 5 7.721

Transfer Out & lntemal Service 2.302 $ 2.288

2019-20 2019-20 2019-20 YTD ".v'I—. of

Capital Projects Adopted Amended Year-To-Date AmendedBudget Budget Actuals gudget

Transfer In 3.228 s 3.23.8 $ 'Miscellaneous Income 251 . 251 1

Total Capital Revenues 3.478 8 3.478 S‘ > 63.24? $ 92.90%:

Expansion Projects 833 1.583 _lTotal Capital Expenditures 64.080 3 94.488 $

Page 7 of 10

SOLID WASTE DISPOSAL FUND REVENUES

Overall revenues for the Solid Waste Disposal Fund came in at 101 percent of the amended budget as of June30.

Trash Pick-Up Fees — these fees are collected to provide all the costs associated with solid waste disposal.

Waste Management Collector Payment — contract with Waste Management, the annual collector paymentremitted is the greater of nine percent of gross receipts for the prior year or $1.7 million.

SOLID WASTE DISPOSAL FUND EXPENDITURES

Table 5 highlights the amount and percentage expended by expenditure category. As of June 30, the SolidWaste Disposal Fund has expended 96 percent of the amended budget. The AB 1826 ComplianceFoodIOrganics capital project is at 91% of the budget.

Table 5SOLID WASTE DISPOSAL FUND 731

Preliminary ResultsAs of June 30, 2020

In Thousands

2019-20 2019-20 2019-20 YTD ‘ ofOperating Adopted Amended Year-To-Date Amended .

Budget Budget Actuals Budget

RevenuesTrash P/U Fees $ 21,133 $ 23,285 $ 22.766 900/;

_. waste Mgrnt Collector Payment “h ' P2325 2.129 _ 2.243 105%CityMWaTste éanr‘ces 3,001 l 3.826 4,382 g 115%Other Revenue — — d I V 32 I ‘ 4 l 2 J 50%

Total Operating Revenues $ 27,095 $ 29,244 5 29,393 101%

Expenditures__ Personnel Y 64? _$ PGTB —$_ g 508 78%

Maintenance & Operations 20,101 22,412 21.278 95%lntemal Service Charges 1,263 1,263 1.263 _ 100%

Winterfund Transfers Olli— 5,70"§’ ' 3,717 slog 170073CALPERS Add'l Payment I - - 10 l 46 ‘ 460%

TotaloperatingExpenditures $ 27,713 $ 30,050 $ 28,797Depreciation/GASB 31 Expense $ - $ - $ 140

Operating Incomef(t_oss) $ (618) $ (806) $ 450

2019-20 2019-20 2019-20 YTD % ofCapital Projects Adopted Amended Year-To-Date Amended

Budget Budget Actuals Budget

Solid Waste Projects 15 - $ 448 $ 408 91%Total Capital Expenditures $ - ‘5 448 $ 408 919-1)

Page 8 of 10

HARBOR FUND REVENUES

Overall revenues for the Harbor Fund are at 95 percent of amended budget as of June 30 as noted in Table 6.COVlD-19 impacted the lease and parking revenue which came in at 76 and 81 percent, respectively.

HARBOR FUND EXPENDITURES

Table 6 highlights the amount and percentage expended by expenditure category. As of June 30. the HarborFund expended 97 percent of the operating and depreciation adopted budget. Operating expenditures exceedoperating revenues by $131 thousand. As of June 30. capital project expenses spent 63 percent of the totalbudget. Expenditures for capital projects can vary depending on the stage of each construction project.

Table 6HARBOR FUND 751Preliminary ResultsAs of June 30, 2020

In Thousands

2019-20 2019-20 2019-20 YTD”.='—..otOperating Adopted Amended Year-To-Date Amended

Budget Budget Actuals Budget

RevenuesSlip Rental Revenue i $ 5.538 $ 5.538 $ 5.520 100%'Harbor Leases ’ 1.3327 1352 1.011 7679;Parking 1.033 1.033 840 81%Interest 15 15 103 687%

” '“iarsgrs‘a Weitlist Fees 3? 89 92 107%'___ini:sewon&,se+ieiies_ ‘ I‘ ‘23; : gait“ “27' . 115%Other Fees & Income (i.e. Late. Key. Dump) _ 27 . 27 55 204%

Expenditures 7 W ' ,— firansfer; Harbor Edioe — _ g 5606 : rsfi 2.39.8"w6' 23309 T @031;' Transfer-Harbor Admin .2 m ‘93?) 959' 659’ 100%;

TranErEr Lineage Maint 3.097 3.097 3,097 100%Transfer . Prop Mgmt 33 38 30 100%Transfer - Harbor Lifeguard 204 204 204 1Q§T305??? - Bieir Management 9 9 79 "100%

7~T599§£63T19§la7§18é8s fl. __ _ 735‘” IE E. @513Debt Service 135 . 135 17 13%

Total Operating Expenditures 5 7,583 3 7.583 5 7,413

Depreciation/GASB 31 Expense S 474 $ 474 $ 366Total Ex penditures S 8,057 S 8,057 5 7,779

Operating lncomel(Loss) S 1 3 1 S (131—)

CAPITAL PROJECTSHarbor Projects 1 $ 306 ‘ $ 875 $ 554

Total Capital Expenditures S 306 5 875 S 554

Page 9 of 10

BUDGET TRANSFERS

In compliance with Section 03-2 of Council Policy 200-13 “Financial Policies", the City Manager has theauthority to transfer monies appropriated within the same fund for the same department provided the totatamount within a fund has not changed.

Budget transfers in excess of $25,000 are presented to the City Council on a quarterly basis for notificationpurposes. Table 7 highlights the budget transfers.

Table 7BUDGET TRANSFERS IN EXCESS OF $25,000

April through June 2020

Description of Business Unit. Account Reason Amount

or Proiect

CPD-Patrol Regular Employees. Fringe Benefit Burden Reallocate ($100,000)

CPD-Patrol Machry & Equip <$10K Expend'tures 5100.000SLRWRF Digester Rehabilitation infrastructure-Construction Reallocate ($40,000)SLRWRF Digester Rehabilitation Professional Svcs EXPGHditUW-‘S $40,000

Th-FareITraffic Signals Admin Regular Employees. Fringe Benefit Burden Reallocate ($141,910)

Th-Farei'Trafl‘ic Signals Admin Infrastructure > $100K Expenditures $141,910

Page 10 of 10

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