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Mid-Year Dollar Trail
Tom McGreal | Finance Committee Chair

City of Del Mar General Fund Dashboard.
Click to enlarge.

Each year the City reviews its Budget based upon actual Mid-Year results. The review includes any encumbrances and appropriations carried over from the prior year, all adjustments approved by the City Council in the first six months and any additional increases deemed necessary to meet the forecast for the remainder of the fiscal year. Based upon this Mid-Year review the City Council approved a new Operating and Capital Budget for the FY ended June 30, 2018 at the March 5th Council meeting. The Dashboard chart accompanying this article presents the new Mid-Year numbers and also includes the impact of recent increases to Capital Improvement Projects.

Revenues are forecast to increase by $628,000 as a result of Property Taxes, Transient Occupancy Taxes, Parking Meter Revenue and an expected insurance reimbursement. It should noted that Measure Q Sales tax revenues, which are expected to be $1.8 million this year, are excluded from this calculation of the increase in Revenues. Measure Q revenues go directly to a Designated Measure Q Reserve and are available for major priority projects such as Undergrounding, Shores Park and Downtown Streetscape.

The Expenditures are forecast to increase by $435,000, which includes carryover encumbrances from the prior year of roughly $323,000 and several specific increases approved by the City Council over the first six months of the year. These increases do not include certain additional costs that will be covered by available Designated Reserves, such as the transfer of $225,000 from the Self Insurance Reserve for Legal Costs and Equipment Replacements totaling $112,000.

The largest changes to the Adopted Budget relate to Capital Improvement Projects, which were increased by $3.2 million primarily for the Downtown Streetscape and the Segment 5 Camino Del Mar project (Carmel Valley Rd to Del Mar Heights Rd). The Downtown Streetscape represents phase 1 of the project totaling $1.3 million plus an additional $400,000 transferred from the Measure Q Reserve. The project bids received for the Segment 5 project were higher than expected requiring a further transfer from the Contingency Reserve of $310,000 to cover project costs that could not be covered by the available CIP Reserves.

The Capital Improvement Project costs for 2018 now total $6.2 million (excluding City Hall), which will be funded by the transfer of $4.2 million from the Contingency Reserves, the transfer of $400,000 from Measure Q Reserve and the full utilization of the existing CIP Reserve. Ultimately, these Budget actions leave the City Reserves somewhat reduced from their prior levels but still in good shape in terms of the Contingency Reserve of $2.5 million, which represents 17.7% and the total General Fund Reserves of $6.5 million.


 

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