CC SR 20180619 06 - 5 Year Model DRAFTRANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 06/19/2018
AGENDA REPORT AGENDA HEADING: Regular Business
AGENDA DESCRIPTION:
Consideration and possible action to review and file the draft 2019 Five-Year Financial
Model (2019 Model).
RECOMMENDED ACTION:
(1) Receive and file the draft 2019 Five-Year Financial Model (2019 Model).
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Trang Nguyen, Deputy Director of Finance
REVIEWED BY: Deborah Cullen, Director of Finance
APPROVED BY: Doug Willmore, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A. 2019 Draft Five-Year Financial Model (page A-1)
BACKGROUND AND DISCUSSION:
The 2019 Draft Five-Year Financial Model (2019 Model) is a financial schedule
prepared by the Finance Department (Exhibits A through E) as required by City Council
Policy. The 2019 Model includes all funds and its component unit, the Rancho Palos
Verdes Improvement Authority.
The information contained in the draft 2019 Model is based in part on the preliminary
budget presented to Council on May 15, 2018, and decisions made by the City Council
during that budget deliberation. The draft 2019 Model reports the following financial
information:
► FY15-16 and FY16-17 actuals and ending fund balances for all funds;
► FY17-18 year-end estimated revenue, expenditures and encumbrances, and
ending fund balances for all funds as of May 15, 2018;
► FY18-19 preliminary budget (Economic Assumptions described below);
► FY18-19 thru FY22-23 projected revenues, expenditures and fund balances for
all funds.
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This model will be updated throughout the fiscal year as Staff updates projections and
assumptions based on actual performance as reviewed each quarter.
The draft 2019 Model includes the segregation of funds as follows:
► General Fund – The General Fund balance is separated by the 50% reserve
policy and the unrestricted balance.
► Funds restricted by action of the City Council – The balances of these funds are
restricted by City Council action for specific purpose. The funds were initiated
with transfers from the General Fund. These funds may be transferred back to
General Fund or used for other purposes (e.g. infrastructure projects) upon the
action of the City Council.
► Funds restricted by law or external agencies – The balances of these funds are
restricted by law or external agencies, such as the Federal Government, State of
California, or Los Angeles County. These monies can only be used for the
purpose outlined by the terms and conditions set by legislation and voter ballot
measures.
The 2019 Model includes several schedules organized as follows:
Exhibit A One Page Fund Summary
Exhibit B Assumptions Applied Into the Model
Exhibit C Summary of the City’s two (2) major funds – General and Capital
Exhibit D Five-Year Fund Balance projection by Fund
General Fund
The draft 2019 Model incorporates the assumptions for revenues and expenditures
based on current data and information, industry experts and historical data.
As shown below in Chart 1 and Table 1, the General Fund continues to have a
structural fund balance, with operating revenues exceeding operating expenditures
though the 5 years. This is based on the assumptions outlined in detail later in the
report.
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Chart 1 ~ General Fund Operating Revenues and Expenditures
Table 1 ~ General Fund Operating Revenues and Expenditures
Currently, the forecast maintains the General Fund 50% policy reserve of operating
expenditures, along with the City Council direction to reduce the Terranea TOT transfer
to the Capital Improvement Fund by the same amount of increase in Public Safety
Contract beginning in FY17-18 along with all other transfers and subsidies to other
funds.
Based on these assumptions, as shown below in Chart 2, beginning with FY19-20, if
revenues, expenditures, transfers and subsidies remain at the same level, the General
Fund will begin to experience a negative fund balance of approximately ($1.1) million
and if not corrected will grow cumulatively to approximately ($6.7) million by FY22-23.
2019B 2020F 2021F 2022F 2023F
Revenues 30,923,100$ 31,833,359$ 32,778,336$ 33,724,100$ 34,662,452$
Expenditures 27,424,900 28,342,770 29,277,316 30,268,926 31,274,348
Surplus/(Deficit)3,498,200$ 3,490,589$ 3,501,021$ 3,455,174$ 3,388,104$
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Chart 2 ~ General Fund Reserve
*Please note, the negative $6.7 million is cumulative.
Table 2 below lists the transfers to other funds and additional subsidies that the General
Fund supports. The ongoing subsidies to other restricted funds coupled with the transfer
of TOT to support capital projects are the major factors contributing to projected
negative fund balance as shown in Chart 1.
Table 2 ~ General Fund Transfers Out and Subsidies
Table 3 below is a summary of the major expenditures that impact the General Fund:
the Sheriff contract, Abalone Cove Sewer District and the CalPERS unfunded pension
liability.
FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
Transfer to CIP 4,519,700$ 4,675,200$ 4,679,900$ 4,656,200$ 4,594,700$
Sub-region 1 - 32,000 32,000 32,000 32,000
Abalone Cove Sewer District - 208,000 208,000 208,000 208,000
1972 Act Fund 166,000 211,700 217,000 222,400 261,700
IA Portuguese Bend 20,000 126,000 126,000 126,000 126,000
IA Abalone Cove 25,000 35,000 30,500 30,500 30,500
Total Subsidies to Other Funds 211,000 612,700 613,500 618,900 658,200
Total Transfers Out and Subsidies 4,730,700$ 5,287,900$ 5,293,400$ 5,275,100$ 5,252,900$
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In FY17-18, the Sheriff Contract had a significant increase in the annual contract for
additional resources. This was due to the end of the lower “growth rate” for the
increased resources which included additional patrols and preserve enforcement.
The City also supports the annual maintenance costs for the Abalone Cove Sewer
District of approximately $200K annually and lastly listed below is the annual projected
increase in the CalPERS unfunded pension liability primarily for Tier 1 employees.
Table 3 ~ Summary of Major Expenditure Increases in General Fund
The table below summarizes the impact on the General Fund balance after applying the
transfers to the CIP Fund, subsidies to other restricted funds and programs and
applying the increases to the City Council reserve policy.
Table 4 ~ Annualized Excess Reserve/(Deficit)
1972 Act Fund
During budget adoption for FY17-18, the City Council decided to suspend the annual
supplemental property tax levy and assessments of the Citywide Landscaping and
Lighting Maintenance District (LLMD). All operating expenses that were paid by 1972
Act were transferred to General Fund and Measure M. For FY18-19, General Fund and
Measure M will continue to support these operating expenses. General Fund
experienced a loss of the administrative overhead charges of $66,000 and now
subsidizes an additional $100,000, annually, to the tree trimming contract for a total
increase in the General Fund budget of $166,000 in FY18-19.
FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
Sheriff Contract 881,900$ 183,000$ 189,600$ 195,200$ 201,100$ 207,100$
Abalone Cove Sewer District 208,000 - 208,000 208,000 208,000 208,000
Unfunded Liability 92,800 128,300 135,100 104,000 131,900 115,100
Total Major Increases 1,182,700$ 311,300$ 532,700$ 507,200$ 541,000$ 530,200$
FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
Operating Fund Balance 3,498,200$ 3,490,600$ 3,501,000$ 3,455,200$ 3,388,200$
Plus: Transfers In 220,000 230,000 230,000 230,000 230,000
Less: Transfers to CIP 4,519,700 4,675,200 4,679,900 4,656,200 4,594,700
Less: Subsidy to Other Funds 45,000 401,000 396,500 396,500 396,500
Less: Subsidy 1972 Act*- 211,700 217,000 222,400 261,700
Less: Increase in 50% Reserve 136,100 459,000 467,300 495,800 502,700
Plus: Excess Reserve From Prior Years 1,790,900 808,300 - - -
Annual Excess Reserve/(Deficit)808,300$ (1,218,000)$ (2,029,700)$ (2,085,700)$ (2,137,400)$
*Subsidy for 1972 Act in FY 18-19 is included in the Operating Fund Balance.
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Water Quality/Flood Protection Fund
The Water Quality/Flood Protection Fund is expected to end FY17-18 with a zero fund
balance as all projects are scheduled to be completed by June 30, 2018. Future
projects will be funded by General Fund tax dollars. For FY18-19, the City Council
approved the design for Storm Drain Deficiency Improvement Program (SDDIP) of
$250,000 in Capital Improvement Project Fund.
Gas Tax Fund
The Gas Tax Fund received new revenue beginning November 2017. This new revenue
source provided an additional $240,000 in FY17-18. In subsequent years, the additional
revenue is estimated to be over $700,000 annually. These funds are restricted and can
only be used for established uses based on the State guidelines.
Capital Improvements Project Fund
The draft 2019 Model indicates that the CIP Reserve will maintain a Fund Balance
between $20.5 million to $13 million as shown in the graph below. These amounts
assume a General Fund transfer in of $4.5 million annually for all five (5) years of the
model.
Staff presented the draft 5-year Capital Improvement Plan (CIP) as part of CIP FY8-19
proposed budget on April 26, 2018. At this meeting, there was almost $42 million in CIP
projects identified over the next five years. At the Preliminary Budget meeting that
followed on May 15, 2018, the City Council approved an additional project, the Preserve
Signage Program, budgeted at $249,000, bringing the total new CIP projects for the
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next five years to over $42.2 million. Below is a summary of these infrastructure costs
by type over the next five years.
All Capital Funds
Infrastructure Category FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
Streets 5.4 9.2 9.0 4.2 4.0
Parks & Trails 1.9 0.2 0.2 0.2 0.2
Storm Water Quality 0.4 0 0 0 0
Public Buildings 0.4 0.2 0.1 0.2 0.1
Landslide 0.6 1.6 0.7 0.6 0.7
Abalone Cove Sewer
System 0.4 0.4 0.4 0.5 0.4
TOTAL $9.1 $11.6 $10.4 $5.7 $5.4
For FY18-19, Staff has proposed $9.1 million in new City infrastructure projects for all
capital funds.
The funding identified include the following:
• Restricted funding sources (grants, apportionments, and developer fees) of
approximately $1.9 million.
• General Fund revenue of approximately $4.5 million (for Terranea Transient
Occupancy Tax only). This amount was adjusted in the final 5-year model based
on City Council direction from FY17-18.
• The remaining $2.7 million will come from Capital Improvement Program (CIP)
fund balance.
The City will continue the practice of re-budgeting capital projects that have not been
encumbered, meaning that they will not automatically be appropriated year-over-year.
This enables the City Council to review and access projects annually and determine if
priorities or funding has changed.
All budgeted capital appropriations, including the amounts requested to be committed in
the “FY2018E” column in Exhibit E, are included in the Model. Therefore, in years 1
through 5 of the Model, estimated beginning fund balances were already reduced by the
proposed project funds to be expended and committed.
ASSUMPTIONS
The 2019 Model is a forecasting tool that provides an estimate of the City’s financial
health five (5) years out. As a result, it requires estimates of revenues and expenditures
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based on data extracted from industry experts, historical trends, economic indicators
and forecasts. Staff takes into account all the data gathered and filters the data through
a very conservative lens to create the forecast. Future plans and decisions are
managed against this model and therefore the assumptions directly affect the City
Council decisions. The following assumptions were used in preparation of the 2019
Model.
Economic Assumptions (Grouped by Revenues then Expenditures)
REVENUES
1. Property Tax is not only one of the City’s most stable revenue sources, it is also
the largest, making up about 44% of the General Fund revenues. Property Tax is
forecasted at 5% growth for FY18-19 and 4% growth for FY19-20 and then
reduced to 3.75% for the remaining 3 years based on information from the City’s
property tax consultant and historical trends.
2. Transient Occupancy Tax (TOT) accounts for approximately 19% of the City’s
General Fund operating revenue. Per City Council Policy, the Terranea TOT
amount is transferred to the Capital Improvement Program Fund (CIP) each year
to the extent possible to fund infrastructure improvements and to maintain a
minimum $3 million reserve in the fund. However, for FY17-18 the City Council
directed Staff to reduce this transfer by the same amount of increase in the
Public Safety contract. The City receives the majority of TOT revenue from the
Terranea Resort, which opened in 2009. Based on industry information, Staff is
assuming a 4.75% growth rate for TOT revenue in FY19-20 and dropping to
3.75% in FY20-21 and down to 2.5% in FY22-23.
3. Sales Tax revenue is expected to grow an average of 2.5% over the next 5
years. This forecast is based upon information from the City’s consultant, HdL,
LLC, and highlights the strong growth in food service and restaurant receipts.
4. Permit fees are based on City Staff’s fully burdened hourly rate multiplied by
the estimated time to provide the service, as the law requires that permit fees
cannot exceed the City’s cost. A new cost allocation and fee study will be
conducted in FY18-19, therefore Staff cannot predict the impact of that study or
the resulting City Council action to set fee rates. Staff will include any fee
changes to the future model. Permit revenue is also based on the volume of
development activity in the City and is currently estimated to grow at 1.0%
annually.
5. Approximately 50% of the City’s cash is invested with the state’s Local Agency
Investment Fund (LAIF), which is an actively-managed portfolio. LAIF investment
earnings rate for the current year have averaged 1.0%. Staff feels this is a
conservative estimate and used this average for the model, but will continue to
monitor and update as needed.
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In addition to LAIF, the City began investing in Certificates of Deposit (CDs) with
Vining Sparks. These CDs have yielded a current year return of 1.14%. However,
the projected return for the next 5 years is closer to 1.0%.
Between LAIF and these CDs, the City’s total investments conservatively are
projected to yield a return of 1% annually over the next five years assuming there
are no major changes in the economy. If investment returns are forecasted to
change by a material amount in the future, Staff will update the 2019 Model
accordingly.
6. Utility User Tax (UUT) is sensitive to many factors such as weather conditions,
utility consumption and rate increases, which cannot be predicted over the long-
term with any accuracy. Staff has assumed that UUT will increase by the CPI.
Municipal Code Section 3.30.190 requires that the City Manager submit to the
City Council an analysis of the revenues derived from the UUT annually for City
Council to decide if the fee is necessary. Based upon the operating and capital
needs of the City, Staff recommended that the current UUT rate of 3% continue
in FY18-19 and Council approved this continuation on May 15, 2018.
7. Franchise Fees are based largely on utility, refuse, and cable service
consumption along with utility rates. Staff is projecting Franchise Tax to remain
flat in FY18-19, based on the current year-end estimates. This tax is expected to
turn around in FY19-20 and grow by CPI, 2.4%, for this year and the remaining
three (3) years in the 2019 Model. Using the CPI is a conservative method of
projecting these two revenue types in the future.
EXPENDITURES
1. The Sheriff’s contract continues to be the single largest expenditure in the
General Fund. For FY18-19, Sheriff’s contract has an overall increase of 3% and
Staff used this rate to apply through FY22-23 (years 2 thru 5) of the 2019 Model.
TOT transfers to CIP fund will be reduced by the same amount increased in the
Public Safety contract.
2. Approximately 40% of General Fund operating expenditures are for employee
compensation, salaries and benefits. Based on the terms of the current
agreement, the employees will receive an annual COLA with a floor of 1% and a
ceiling of 2.5% based on the CPI-U at the end of March each year through FY19-
20. The COLA for 2018 that has been included in the model and in the FY18-19
budget is 2.5%. Additionally, the employees will receive annual merit increases
based on performance evaluations. Staff has included an average of 2.25% for
merit adjustments in FY18-19. The average value of merit increases in the
subsequent years factored for the annual COLA and merit combined is
approximately 4.75%. Any changes to employee compensation beyond FY19-20
are subject to negotiation between the employee association and the City.
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Therefore, the 2019 Model assumes that employee compensation for years 4
and 5 of the Model will increase only by 3.75% for COLA and merit increases.
3. The City’s employee pension plan includes three (3) tiers of benefits based upon
local pension reform and state pension reform. CalPERS has set the employer
normal cost contribution rates for FY17-18. Based upon additional information
from CalPERS, the estimated employer contribution rates for normal cost over
the next five years are as follows:
In addition to the normal cost contributions, the City is required to make a
payment towards the unfunded liability for the Tier 1 plan; which was most
recently estimated by CalPERS to be $8.4 million at June 30, 2016. The actual
FY18-19 payment is set, and payments for the following years are estimated.
These payments are based on a 20-year amortization schedule.
Other assumptions specific to the 2019 Model
Pursuant to State redevelopment dissolution law, on January 31, 2012, the Rancho
Palos Verdes Redevelopment Agency (RDA) was dissolved. The City elected to serve
as the Successor Agency to the former RDA. The City’s General Fund loaned money to
the former RDA for landslide mitigation projects and administration. As of June 30,
2017, the outstanding loan balance (including accrued interest) was $10.6 million. Staff
developed a County debt repayment plan that has been approved by the County and is
awaiting for Department of Finance to approve. Built into the repayment plan is a
condition where the City will receive a portion of available property tax increment from
the Successor Agency for repayment of the City’s consolidated loan. Upon approval of
the repayment plan, the City expects to wind down the annual Recognized Obligation
Payment Schedule (ROPS) process later in FY18-19 by submitting a “Last and Final”
ROPS. Once a Last and Final ROPS is approved, the City’s consolidated loan will grow
Tier 1 Tier 2 Tier 3
FY 18-19 10.609% 7.634% 6.842%
FY 19-20 11.100% 8.000% 6.800%
FY 20-21 12.100% 8.800% 7.100%
FY 21-22 12.100% 8.800% 7.100%
FY 22-23 12.100% 8.800% 7.100%
Tier 1 Tier 2 Tier 3
F Y 18-19 613,118$ 1,413$ 1,011$
FY 19-20 748,000$ 3,200$ 2,200$
FY 20-21 850,000$ 6,000$ 4,200$
FY 21-22 980,000$ 9,100$ 6,400$
FY 22-23 1,093,000$ 12,000$ 8,600$
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to approximately $12 million as the interest rate will rise from the current rate of 3% to
4%. In addition to the higher interest rate, the approval of a Last and Final ROPS will
amend the formula the Successor Agency will use to repay its City debt. When applying
this new formula, the FY18-19 repayment is expected to be $215,900, of which 20%
must be deposited into the City’s low-moderate income housing fund.
Separately, as part of administering the Successor Agency and supporting the activities
of the Oversight Board representing various taxing entities, the City receives
reimbursement of administrative costs (Staff time, a share of general liability insurance,
etc.). The annual reimbursement is currently estimated to be $50,000. Beginning in
FY18-19, individual oversight boards will be consolidated into County oversight boards.
Staff has assumed that the administrative reimbursement will no longer be available
beginning in FY18-19.
The General Fund provides subsidies to a number of funds, as the restricted funding
sources for those activities are insufficient to provide for the current level of
maintenance.
A. The Improvement Authority’s Portuguese Bend Fund will require an average
annual General Fund subsidy of $126,000 in years 2 through 5, if all
assumptions and estimates remain unchanged. Interest earnings is this fund’s
only revenue source, which is not sufficient to cover the ongoing maintenance
demands in the Portuguese Bend portion of the landslide area.
B. The Improvement Authority’s Abalone Cove Fund will require an average
annual General Fund subsidy of $31,200 for all five years, if all assumptions
and estimates remain unchanged for this fund. For FY18-19, General Fund is
subsidizing $25,000 to this fund to maintenance the million dollar balance as
set-forth by the Horan Agreement. The interest earnings on the $1 million
non-spendable fund balance required by the Horan Agreement is not
sufficient to pay for maintenance of dewatering wells in the Abalone Cove
portion of the landslide area. The Horan Agreement is the 1987 settlement of
a lawsuit related to the City’s active landslide.
C. As part of its development agreement with the City, the developer of the
Subregion 1 tract (now Oceanfront Estates) was required to dedicate open
space to the City and provide a $750,000 endowment for future maintenance
of that open space. The estimated fund balance and interest earnings from
the non-spendable endowment is not expected to cover the current level of
maintenance and maintain the $750,000 endowment amount. As a result, an
average annual General Fund subsidy of $32,000 will be needed for years 2
through 5, if all assumptions and estimates remain unchanged.
D. Abalone Cove Sewer District will require an annual General Fund subsidy of
almost $208,000 for years 2 thru 5, if all assumptions and estimates remain
unchanged. The property tax assessment for this fund is used to maintenance
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the sewer system for the landslide area. Any shortage in tax collection is a
subsidy by the General Fund. Staff did not budget any transfers for FY18-19
because expenditures are projecting to come in lower than expected to close
out FY17-18. Staff will continue to monitor this fund and will report back to the
City Council if any action is needed.
Capital Spending Assumptions
Staff has included projects recommended in the draft 2019 Five-Year Capital
Improvement Plan to the City Council that would repair and improve the City’s
infrastructure over the course of the 2019 Model. City Council approves projects once a
year during the annual budget process.
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CITY OF RANCHO PALOS VERDES
2018 FIVE-YEAR FINANCIAL MODEL
EXHIBIT A
Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance
Fund 6/30/2018 Revenues Transfers In Expenditures Transfers Out 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
General Fund Balance 15,367,295 30,923,100 220,000 27,424,900 4,564,700 14,520,795 13,065,205 11,715,298 10,347,796 8,974,713
Restricted Amount (Policy Reserve)(13,576,375) (13,712,450) (14,171,385) (14,638,658) (15,134,463) (15,637,174)
GENERAL FUND Unrestricted Balance 1,790,920 30,923,100 220,000 27,424,900 4,564,700 808,345 (1,106,180) (2,923,360) (4,786,667) (6,662,461)
Restricted by Council Action
BEAUTIFICATION FUND 9,385 5,000 - - - 14,385 19,433 24,528 29,672 34,865
CIP 22,521,612 285,500 4,835,700 7,105,100 - 20,537,712 17,926,103 13,326,981 13,426,871 13,798,063
EQUIPMENT REPLACEMENT 3,188,747 327,200 - 525,200 - 2,990,747 2,792,997 2,595,499 2,398,256 2,201,269
BUILDING REPLACEMENT - - - - - - - - - -
EMPLOYEE BENEFITS - - - - - - - - - -
Subtotal 25,719,744 617,700 4,835,700 7,630,300 - 23,542,844 20,738,533 15,947,008 15,854,798 16,034,197
Restricted by Law or External Agencies
GAS TAX (223,449) 1,798,600 - 1,618,800 - (43,649) 103,792 218,227 298,995 345,423
1972 ACT 27,811 300 - - - 28,111 28,414 28,720 29,028 29,340
EL PRADO LIGHTING 29,360 2,500 - 800 - 31,060 32,014 33,011 34,054 35,144
CDBG (102,259) 139,300 - - - 37,041 176,341 315,641 454,941 594,241
1911 ACT 1,023,302 628,000 - 617,000 - 1,034,302 840,033 648,673 460,531 275,937
WASTE REDUCTION 431,373 211,700 - 317,100 - 325,973 251,683 175,634 97,241 16,903
AIR QUALITY MANAGEMENT 85,215 50,900 - 50,000 - 86,115 86,024 84,921 82,786 79,599
PROPOSITION C 483,066 702,400 - 1,100,000 - 85,466 175,925 254,203 320,057 373,237
PROPOSITION A 2,074,590 849,400 - 1,148,300 - 1,775,690 1,984,319 2,180,227 2,363,157 2,532,851
PUBLIC SAFETY GRANTS 72,231 131,000 - - 130,000 73,231 74,240 75,260 76,288 77,327
MEASURE R 1,832,225 545,400 - 100,000 - 2,277,625 (376,755) (80,912) 215,156 511,450
MEASURE M 301,900 592,100 - 536,000 - 358,000 403,383 437,834 461,135 473,063
HABITAT RESTORATION 1,084,090 12,400 - 179,500 - 916,990 746,418 572,303 394,573 213,154
SUBREGION 1 MAINTENANCE 784,146 8,100 - 46,800 - 745,446 737,887 729,451 720,119 709,874
MEASURE A 115,301 91,100 - - 90,000 116,401 107,511 98,632 89,764 80,906
ABALONE COVE SEWER DISTRICT 272,778 57,000 - 429,600 - (99,822) 8,729 13,270 13,625 9,798
GINSBURG CULTURAL ARTS BUILDING 87,264 900 - - - 88,164 89,073 89,990 90,916 91,850
DONOR RESTRICTED CONTRIBUTIONS 618,085 17,000 - 25,000 - 610,085 601,863 593,414 584,734 575,818
FEDERAL GRANTS 1,164,000 1,000 - - 316,000 849,000 850,010 851,029 852,057 853,096
STATE GRANTS - 600,000 - 600,000 - - - - - -
QUIMBY 810,295 73,000 - 300,000 - 583,295 657,779 733,781 811,335 890,478
LOW-MOD INCOME HOUSING 169,637 44,700 - - - 214,337 259,051 303,780 348,523 393,281
AFFORDABLE HOUSING IN LIEU 599,801 6,200 - - - 606,001 612,260 618,578 624,957 631,396
ENVIRONMENTAL EXCISE TAX 419,224 116,800 - - - 536,024 655,685 778,278 903,876 1,032,554
BIKEWAYS (82,500) 34,500 - - - (48,000) (13,500) 21,000 55,500 90,000
WATER QUALITY/FLOOD PROTECTION - - - - - - - - - -
IMPROV AUTH - PORTUGUESE BEND 100,738 2,200 20,000 122,000 - 938 4,719 6,032 4,828 1,056
IMPROV AUTH - ABALONE COVE 1,029,266 12,900 25,000 75,700 - 991,466 962,275 931,663 895,100 857,057
Subtotal of Restricted Funds in Deficit (408,208) (191,471) (390,255) (80,912) - -
Subtotal of Other Restricted Funds 13,615,698 12,370,761 10,449,426 10,793,550 11,283,277 11,774,833
GRAND TOTAL 54,294,529 31,540,800 5,055,700 35,055,200 4,564,700 50,242,929 43,862,909 38,374,944 37,485,872 36,783,742
FY18-19 Estimated Resources FY18-19 Estimated Appropriations
A-1
CITY OF RANCHO PALOS VERDES, CA Exhibit B
FORECAST ASSUMPTIONS
FISCAL YEAR END > 2017A 2018E 2019B 2020F 2021F 2022F 2023F
ECONOMIC MODEL INPUT FACTORS SOURCES
NON-PERSONNEL EXPENDITURES CONSUMER PRICE INDEX (CPI)2.0%2.0%2.0%2.0%2.0%
PERSONNEL EXPENDITURES CITY/EMPLOYEE MOU AND CPI 4.8%4.8%3.8%3.8%3.8%
PERS CITY/EMPLOYEE MOU AND CPI 573,000 622,469 680,566 744,086 813,534
PERS UNFUNDED LIABILITY 615,542 753,400 860,200 995,500 1,113,600
HEALTH INSURANCE CPI 2.5%2.5%2.5%2.5%2.5%
CONSUMER PRICE INDEX BUREAU OF LABOR STATISTICS 2.5%2.5%2.5%2.5%2.5%
SALES TAX MUNISERVICES LLC (SALES AND USE TAX CONSULTANT) AND HISTORICAL ACTUALS 2,683,300 2,782,900 2,882,600 2,982,300 3,085,448
PROPERTY TAX-NET GF ESTIMATE HDL LLC (PROPERTY TAX CONSULTANT) AND HISTORICAL ACTUALS 7,948,464 8,242,442 8,547,142 8,862,981 9,190,491
PROPERTY TAX-IN LIEU OF VLF (VLFAA)HDL LLC (PROPERTY TAX CONSULTANT) AND HISTORICAL ACTUALS 4,795,386 4,972,815 5,156,809 5,347,611 5,545,473
TRANSIENT OCCUPANCY TAXES CITY ESTIMATE 5,823,100 6,325,500 6,588,900 6,780,537 6,977,748
GAS TAX CITY ESTIMATE 750,000 750,000 750,000 750,000 750,000
SHERIFF CONTRACT SHERIFF'S DEPARTMENT 3.0%3.0%3.0%3.0%3.0%
PERMIT REVENUES 1.0%1.0%1.0%1.0%1.0%
INVESTMENT INTEREST LAIF, VINING SPARKS AND HISTORICAL ACTUALS 0.95%0.95%0.95%0.95%0.95%
FRANCHISE TAX CPI, CONSUMPTION PATTERNS AND HISTORICAL ACTUALS 2.5%2.5%2.5%2.5%2.5%
UTILITY USERS TAX CPI, CONSUMPTION PATTERNS AND HISTORICAL ACTUALS 2.5%2.5%2.5%2.5%2.5%
LEGEND (column headers)
A - ACTUAL
2018E - FY 17-18 YEAR-END ESTIMATE
2019B - FY 18-19 PRELIMINARY BUDGET
F - FORECASTED BUDGET
A-2
CITY OF RANCHO PALOS VERDES, CA Exhibit C
FORECAST SUMMARY < SELECT FUND
2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
REVENUES (BY ACCOUNT TYPE)
01-PROPERTY TAX-SECURED & OTHER 11,979,872 11,902,647 12,322,360 12,958,700 13,391,530 13,831,396 14,286,197 14,756,457
02-PROPERTY TAX-TRANSFER TAX 486,659 443,174 457,400 480,300 327,432 339,536 352,083 365,093
03-PROPERTY TAX-IN LIEU OF VLF - - - 0 - - - -
04-SALES TAX 2,104,327 2,462,448 2,560,700 2,561,300 2,625,333 2,690,966 2,758,240 2,827,196
05-TRANSIENT OCCUPANCY TAX 5,196,987 5,600,866 5,816,000 5,823,100 6,204,689 6,442,849 6,660,118 6,847,595
06-UTILITY USERS TAX 1,865,682 1,775,433 1,875,244 1,921,600 1,979,248 2,038,625 2,099,784 2,162,778
07-BUSINESS LICENSE TAX 811,417 904,107 906,176 904,100 926,703 949,870 973,617 997,957
08-FRANCHISE TAX 2,044,650 1,984,878 2,024,900 2,024,900 2,075,523 2,127,411 2,180,596 2,235,111
09-OTHER TAXES 367,881 365,259 386,300 386,300 395,958 405,856 416,003 426,403
SUBTOTAL-LOCAL TAXES 24,857,475 25,438,812 26,349,080 27,060,300 27,926,414 28,826,509 29,726,638 30,618,589
11-INTERGOVT-FEDERAL - - 32,029 - - - - -
12-GAS TAX - - - - - - - -
12-INTERGOVT-STATE 22,352 19,282 8,196 - - - - -
13-INTERGOVT-LOCAL - - - - - - - -
SUBTOTAL-INTERGOVT REVENUE 22,352 19,282 40,225 - - - - -
10-LICENSES & PERMITS 2,382,743 2,140,507 2,266,448 2,290,300 2,313,203 2,336,335 2,359,698 2,383,295
14-CHARGES FOR SERVICES-PW 28,014 3,856 10,700 700 718 735 754 773
15-CHARGES FOR SERVICES-RECREATION 298,616 275,701 244,000 244,000 250,100 256,353 262,761 269,330
16-FINES & FORFEITURES 179,658 152,659 97,000 97,000 99,425 101,911 104,458 107,070
17-INTEREST EARNINGS 56,306 107,867 155,488 155,500 156,977 158,469 159,974 161,494
18-LEASE & RENTAL INCOME 549,486 460,021 429,900 429,900 440,648 451,664 462,955 474,529
19-DONATIONS & DEVL FEES 26,708 31,834 69,000 19,000 19,475 19,962 20,461 20,972
20-CHARGES FOR SERVICES 174,295 155,800 89,700 89,700 89,700 89,700 89,700 89,700
21-MISCELLANEOUS REVENUES 327,629 473,327 526,601 536,700 536,700 536,700 536,700 536,700
23-OTHER SOURCES - - - - - - - -
TOTAL REVENUES 28,903,282 29,259,666 30,278,142 30,923,100 31,833,359 32,778,336 33,724,100 34,662,452
% ANNUAL CHANGE 2.9%1.2%3.5%2.1%2.9%3.0%2.9%2.8%
EXPENDITURES (BY ACCOUNT TYPE)
01-SALARY & WAGES 6,310,751 6,600,929 7,034,798 8,000,400 8,380,419 8,694,685 9,020,735 9,359,013
02-HEALTH INSURANCE - 685,358 868,295 873,500 914,991 949,303 984,902 1,021,836
03-FICA/MEDICARE - 107,801 121,498 150,400 157,544 163,452 169,581 175,941
04-PERS - 515,120 574,223 648,900 616,014 673,508 736,369 805,097
05-DEFERRED COMP CITY MATCH - 210,453 179,212 223,200 233,802 242,570 251,666 261,103
06-H.S.A.- 198,881 228,464 247,300 253,483 259,820 266,315 272,973
07-CALPERS UNFUNDED LIABILITIES - 377,962 470,774 599,100 734,161 838,233 970,078 1,085,162
08-WORKERS' COMP - - - - - - - -
09-OTHER BENEFITS 2,132,383 161,588 172,029 182,200 190,855 198,012 205,437 213,141
SUBTOTAL-PERSONNEL COSTS 8,443,134 8,858,092 9,649,293 10,925,000 11,481,267 12,019,582 12,605,085 13,194,266
A-3
CITY OF RANCHO PALOS VERDES, CA Exhibit C
FORECAST SUMMARY < SELECT FUND
2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
10-SHERIFF 4,792,928 5,451,056 6,135,200 6,318,500 6,508,055 6,703,297 6,904,396 7,111,527
11-PROF/TECH SERVICES-OTHER 3,299,739 3,538,648 5,444,000 4,987,600 5,087,352 5,189,099 5,292,881 5,398,739
12-UTILITY SERVICES 283,480 278,630 426,900 472,100 481,542 491,173 500,996 511,016
13-MAINTENANCE SERVICES 1,173,696 1,376,599 1,909,200 1,818,400 1,854,768 1,891,863 1,929,701 1,968,295
14-OTHER SERVICES 371,313 444,970 544,999 691,150 704,973 719,072 733,454 748,123
15-INSURANCE 589,646 968,072 668,800 775,700 791,214 807,038 823,179 839,643
16-OPERATING SUPPLIES / MINOR EQUIPMENT 591,564 809,547 929,407 807,050 823,191 839,655 856,448 873,577
17-CAPITAL PROJECTS 72,126 - - 25,000 - - - -
18-CAPITAL-EQUIPMENT/VEHICLES - 85,536 150,000 - - - - -
24-GRANTS TO OTHER ENTITIES - - - - - - - -
25-INTERFUND CHARGES 332,700 82,185 297,700 300,400 306,408 312,536 318,787 325,163
31-OTHER USES 331,405 1,411,630 1,000,500 304,000 304,000 304,000 304,000 304,000
TOTAL EXPENDITURES, BY ACCOUNT GROUP 20,281,731 23,304,965 27,155,999 27,424,900 28,342,770 29,277,316 30,268,926 31,274,348
% ANNUAL CHANGE 7.7%14.9%16.5%1.0%3.3%3.3%3.4%3.3%
EXPENDITURES (BY DEPARTMENT)
01-CITY ADMINISTRATION 7,869,612 7,104,084 8,398,164 8,452,150 8,775,081 9,089,775 9,427,982 9,768,444
02-PUBLIC SAFETY 4,903,682 6,272,709 7,994,611 7,187,100 7,396,053 7,610,936 7,832,157 8,059,906
03-FINANCE 1,243,420 1,835,261 1,706,896 1,640,100 1,712,482 1,787,802 1,869,548 1,952,135
04-PUBLIC WORKS 3,984,821 4,087,117 5,356,923 6,001,200 6,179,068 6,356,263 6,542,635 6,732,382
05-PLANNING/BLDG/CODE ENF - - - - - - - -
06-RECREATION & PARKS 2,042,417 2,175,099 2,648,906 2,855,650 2,990,738 3,117,487 3,255,299 3,393,365
07-NON-DEPARTMENTAL 237,778 1,830,695 1,047,251 1,288,700 1,289,349 1,315,053 1,341,305 1,368,117
TOTAL EXPENDITURES, BY DEPARTMENT 20,281,731 23,304,965 27,152,751 27,424,900 28,342,770 29,277,316 30,268,926 31,274,348
- - (3,248) -
CURRENT SURPLUS/(DEFICIT) - BEFORE TRANSFERS 8,621,551 5,954,701 3,125,391 3,498,200 3,490,589 3,501,021 3,455,174 3,388,104
% ANNUAL REVENUES & SOURCES 29.8%20.4%10.3%11.3%11.0%10.7%10.2%9.8%
TRANSFERS-IN
15-TRANSFERS-IN 146,257 190,000 230,000 220,000 230,000 230,000 230,000 230,000
TRANSFERS-OUT
08-TRANSFERS-OUT 10,352,274 4,387,397 4,813,500 4,564,700 5,176,179 5,080,928 5,052,675 4,991,187
TOTAL REVENUE & TRANSFERS-IN 29,049,539 29,449,666 30,508,142 31,143,100 32,063,359 33,008,336 33,954,100 34,892,452
TOTAL EXPENDITURES & TRANSFERS-OUT 30,634,005 27,692,362 31,966,251 31,989,600 33,518,949 34,358,244 35,321,601 36,265,536
TOTAL SURPLUS/(DEFICIT)(1,584,466) 1,757,304 (1,458,109) (846,500) (1,455,590) (1,349,907) (1,367,501) (1,373,083)
FUND BALANCE-BEGINNING 16,652,564 15,068,098 16,825,402 15,367,293 14,520,793 13,065,203 11,715,296 10,347,795
FUND BALANCE PER TAB 12-FUND BALANCES 15,068,099
FUND BALANCE-END 15,068,098 16,825,402 15,367,293 14,520,793 13,065,203 11,715,296 10,347,795 8,974,711
A-4
CITY OF RANCHO PALOS VERDES, CA Exhibit C
FORECAST SUMMARY < SELECT FUND
2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
LEGEND (column headers)
A - ACTUAL
2018E - FY 17-18 YEAR-END ESTIMATE
2019B - FY 18-19 PRELIMINARY BUDGET
F - FORECASTED BUDGET
A-5
CITY OF RANCHO PALOS VERDES, CA Exhibit C
FORECAST SUMMARY < SELECT FUND
2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
REVENUES (BY ACCOUNT TYPE)
11-INTERGOVT-FEDERAL 45,866 - - - - - - -
12-INTERGOVT-STATE - - - - - - - -
13-INTERGOVT-LOCAL - 143,064 286,300 - - - - -
SUBTOTAL-INTERGOVT REVENUE 45,866 143,064 286,300 - - - - -
17-INTEREST EARNINGS 87,808 191,721 285,500 285,500 288,212 290,950 293,714 296,505
TOTAL REVENUES 133,674 334,785 571,800 285,500 288,212 290,950 293,714 296,505
% ANNUAL CHANGE -61.6%150.4%70.8%-50.1%1.0%1.0%1.0%1.0%
EXPENDITURES (BY ACCOUNT TYPE)
11-PROF/TECH SERVICES-OTHER 82,525 - 460,000 - - - - -
14-OTHER SERVICES 4,789 1,006 - - - - - -
16-OPERATING SUPPLIES / MINOR EQUIPMENT - - - - - - - -
17-CAPITAL PROJECTS 1,257,038 7,103,728 9,195,489 7,105,100 7,575,000 9,570,000 4,850,000 4,520,000
TOTAL EXPENDITURES, BY ACCOUNT GROUP 1,344,353 7,105,523 9,655,489 7,105,100 7,575,000 9,570,000 4,850,000 4,520,000
% ANNUAL CHANGE -84.5%428.5%35.9%-26.4%6.6%26.3%-49.3%-6.8%
EXPENDITURES (BY DEPARTMENT)
04-PUBLIC WORKS 1,344,353 7,105,523 9,655,489 7,105,100 7,575,000 9,570,000 4,850,000 4,520,000
TOTAL EXPENDITURES, BY DEPARTMENT 1,344,353 7,105,523 9,655,489 7,105,100 7,575,000 9,570,000 4,850,000 4,520,000
CURRENT SURPLUS/(DEFICIT) - BEFORE TRANSFERS (1,210,679) (6,770,738) (9,083,689) (6,819,600) (7,286,788) (9,279,050) (4,556,286) (4,223,495)
% ANNUAL REVENUES & SOURCES -905.7%-2022.4%-1588.6%-2388.7%-2528.3%-3189.2%-1551.3%-1424.4%
TRANSFERS-IN
15-TRANSFERS-IN 10,471,894 4,141,397 4,526,000 4,835,700 4,675,179 4,679,928 4,656,175 4,594,687
TRANSFERS-OUT
08-TRANSFERS-OUT - - - - - - - -
TOTAL REVENUE & TRANSFERS-IN 10,605,567 4,476,182 5,097,800 5,121,200 4,963,391 4,970,878 4,949,890 4,891,192
TOTAL EXPENDITURES & TRANSFERS-OUT 1,344,353 7,105,523 9,655,489 7,105,100 7,575,000 9,570,000 4,850,000 4,520,000
TOTAL SURPLUS/(DEFICIT)9,261,215 (2,629,341) (4,557,689) (1,983,900) (2,611,609) (4,599,122) 99,890 371,192
FUND BALANCE-BEGINNING 20,447,428 29,708,643 27,079,302 22,521,613 20,537,713 17,926,104 13,326,982 13,426,872
FUND BALANCE PER TAB 12-FUND BALANCES 29,708,642
FUND BALANCE-END 29,708,643 27,079,302 22,521,613 20,537,713 17,926,104 13,326,982 13,426,872 13,798,063
LEGEND (column headers)
A - ACTUAL
2018E - FY 17-18 YEAR-END ESTIMATE
2019B - FY 18-19 PRELIMINARY BUDGET
A-6
F - FORECASTED BUDGET
A-7
CITY OF RANCHO PALOS VERDES, CA Exhibit D
FUND SUMMARY
FUND TYPE 2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
101-GENERAL FUND 1-REVENUES 28,903,282 29,259,666 30,278,142 30,923,100 31,833,359 32,778,336 33,724,100 34,662,452
2-EXPENDITURES 20,281,731 23,304,965 27,152,750 27,424,900 28,342,770 29,277,316 30,268,926 31,274,348
OPERATING SURPLUS/(DEFICIT)8,621,551 5,954,701 3,125,392 3,498,200 3,490,589 3,501,021 3,455,174 3,388,104
3-TRANSFERS-IN 146,257 190,000 230,000 220,000 230,000 230,000 230,000 230,000
4-TRANSFERS-OUT 10,352,274 4,387,397 4,813,500 4,564,700 5,176,179 5,080,928 5,052,675 4,991,187
TRANSFERS NET (10,206,017) (4,197,397) (4,583,500) (4,344,700) (4,946,179) (4,850,928) (4,822,675) (4,761,187)
TOTAL OVER/(UNDER)(1,584,466) 1,757,304 (1,458,108) (846,500) (1,455,590) (1,349,907) (1,367,501) (1,373,083)
BALANCE 15,068,099 16,825,403 15,367,295 14,520,795 13,065,205 11,715,298 10,347,796 8,974,713
POLICY RESERVE (50% EXPS.)10,140,865 11,652,483 13,576,375 13,712,450 14,171,385 14,638,658 15,134,463 15,637,174
EXCESS/(DEFICIENCY)4,927,234 5,172,921 1,790,920 808,345 (1,106,180) (2,923,360) (4,786,667) (6,662,461)
202-GAS TAX 1-REVENUES 954,487 839,714 1,190,392 1,798,600 1,798,617 1,798,634 1,798,652 1,798,669
2-EXPENDITURES 1,954,273 1,939,780 1,662,496 1,618,800 1,651,176 1,684,200 1,717,884 1,752,241
OPERATING SURPLUS/(DEFICIT)(999,786) (1,100,066) (472,104) 179,800 147,441 114,435 80,768 46,428
3-TRANSFERS-IN 1,035,791 - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET 1,035,791 - - - - - - -
TOTAL OVER/(UNDER)36,005 (1,100,066) (472,104) 179,800 147,441 114,435 80,768 46,428
BALANCE 1,348,721 248,655 (223,449) (43,649) 103,792 218,227 298,995 345,424
203-1972 ACT LANDSCAPE/LIGHT 1-REVENUES 259,964 260,582 300 300 303 306 309 312
2-EXPENDITURES 75,335 264,903 - - - - - -
OPERATING SURPLUS/(DEFICIT)184,629 (4,321) 300 300 303 306 309 312
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 200,000 - - - - - - -
TRANSFERS NET (200,000) - - - - - - -
TOTAL OVER/(UNDER)(15,371) (4,321) 300 300 303 306 309 312
BALANCE 31,831 27,510 27,810 28,110 28,413 28,719 29,027 29,339
209-EL PRADO LIGHTING DIST 1-REVENUES 2,446 2,582 2,590 2,500 1,770 1,830 1,892 1,956
2-EXPENDITURES 31 237 800 800 816 832 849 866
OPERATING SURPLUS/(DEFICIT)2,415 2,345 1,790 1,700 954 997 1,043 1,090
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)2,415 2,345 1,790 1,700 954 997 1,043 1,090
BALANCE 25,225 27,570 29,360 31,060 32,014 33,011 34,054 35,144
211-1911 ACT STREET LIGHTING 1-REVENUES 612,793 646,166 628,000 628,000 435,071 450,567 466,623 483,267
2-EXPENDITURES 426,065 459,442 1,656,000 617,000 629,340 641,927 654,765 667,861
OPERATING SURPLUS/(DEFICIT)186,728 186,724 (1,028,000) 11,000 (194,269) (191,360) (188,142) (184,593)
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 117,000 - - - - - - -
TRANSFERS NET (117,000) - - - - - - -
TOTAL OVER/(UNDER)69,728 186,724 (1,028,000) 11,000 (194,269) (191,360) (188,142) (184,593)
BALANCE 1,864,578 2,051,302 1,023,302 1,034,302 840,033 648,673 460,531 275,937
212-BEAUTIFICATION 1-REVENUES 2,052 3,268 5,000 5,000 5,048 5,095 5,144 5,193
A-8
CITY OF RANCHO PALOS VERDES, CA Exhibit D
FUND SUMMARY
FUND TYPE 2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
2-EXPENDITURES - - 475,000 - - - - -
OPERATING SURPLUS/(DEFICIT)2,052 3,268 (470,000) 5,000 5,048 5,095 5,144 5,193
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 97,791 - - - - - - -
TRANSFERS NET (97,791) - - - - - - -
TOTAL OVER/(UNDER)(95,739) 3,268 (470,000) 5,000 5,048 5,095 5,144 5,193
BALANCE 476,117 479,385 9,385 14,385 19,433 24,528 29,672 34,865
213-WASTE REDUCTION 1-REVENUES 217,241 224,153 252,021 211,700 218,882 226,310 233,994 241,943
2-EXPENDITURES 148,484 231,579 276,900 317,100 293,172 302,358 312,388 322,281
OPERATING SURPLUS/(DEFICIT)68,757 (7,426) (24,879) (105,400) (74,290) (76,048) (78,393) (80,338)
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 98,000 - - - - - - -
TRANSFERS NET (98,000) - - - - - - -
TOTAL OVER/(UNDER)(29,243) (7,426) (24,879) (105,400) (74,290) (76,048) (78,393) (80,338)
BALANCE 463,678 456,252 431,373 325,973 251,683 175,634 97,241 16,903
214-AIR QUALITY MANAGEMENT 1-REVENUES 54,422 55,576 50,900 50,900 50,909 50,917 50,926 50,935
2-EXPENDITURES 50,000 78,285 50,000 50,000 51,000 52,020 53,060 54,122
OPERATING SURPLUS/(DEFICIT)4,422 (22,709) 900 900 (91) (1,103) (2,135) (3,187)
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)4,422 (22,709) 900 900 (91) (1,103) (2,135) (3,187)
BALANCE 107,024 84,315 85,215 86,115 86,024 84,921 82,786 79,599
215-PROPOSITION C 1-REVENUES 636,682 648,934 670,200 702,400 702,459 702,518 702,578 702,639
2-EXPENDITURES - 539,740 600,000 1,100,000 612,000 624,240 636,725 649,459
OPERATING SURPLUS/(DEFICIT)636,682 109,194 70,200 (397,600) 90,459 78,278 65,854 53,180
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 526,000 - - - - - - -
TRANSFERS NET (526,000) - - - - - - -
TOTAL OVER/(UNDER)110,682 109,194 70,200 (397,600) 90,459 78,278 65,854 53,180
BALANCE 303,672 412,866 483,066 85,466 175,925 254,203 320,057 373,237
1 YR. PAVEMENT MGMT EXP.526,000 575,000 575,000 575,000 575,000 575,000 575,000 575,000
EXCESS/(DEFICIENCY)(222,328) (162,134) (91,934) (489,534) (399,075) (320,797) (254,943) (201,763)
216-PROPOSITION A 1-REVENUES 765,926 2,459,693 803,000 849,400 849,495 849,591 849,688 849,785
2-EXPENDITURES 611,907 623,585 954,610 1,148,300 640,866 653,683 666,757 680,092
OPERATING SURPLUS/(DEFICIT)154,019 1,836,108 (151,610) (298,900) 208,629 195,908 182,931 169,693
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)154,019 1,836,108 (151,610) (298,900) 208,629 195,908 182,931 169,693
BALANCE 390,092 2,226,200 2,074,590 1,775,690 1,984,319 2,180,227 2,363,157 2,532,851
217-PUBLIC SAFETY GRANTS 1-REVENUES 114,896 129,927 140,396 131,000 131,010 131,019 131,029 131,039
2-EXPENDITURES - - - - - - - -
A-9
CITY OF RANCHO PALOS VERDES, CA Exhibit D
FUND SUMMARY
FUND TYPE 2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
OPERATING SURPLUS/(DEFICIT)114,896 129,927 140,396 131,000 131,010 131,019 131,029 131,039
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 100,000 100,000 140,000 130,000 130,000 130,000 130,000 130,000
TRANSFERS NET (100,000) (100,000) (140,000) (130,000) (130,000) (130,000) (130,000) (130,000)
TOTAL OVER/(UNDER)14,896 29,927 396 1,000 1,010 1,019 1,029 1,039
BALANCE 41,908 71,835 72,231 73,231 74,240 75,260 76,288 77,327
220-MEASURE R 1-REVENUES 481,350 496,404 521,200 545,400 545,620 545,843 546,068 546,294
2-EXPENDITURES - 169,952 650,000 100,000 3,200,000 250,000 250,000 250,000
OPERATING SURPLUS/(DEFICIT)481,350 326,452 (128,800) 445,400 (2,654,380) 295,843 296,068 296,294
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)481,350 326,452 (128,800) 445,400 (2,654,380) 295,843 296,068 296,294
BALANCE 1,634,573 1,961,025 1,832,225 2,277,625 (376,755) (80,912) 215,156 511,450
221-MEASURE M 1-REVENUES - - 536,500 592,100 592,103 592,106 592,109 592,112
2-EXPENDITURES - - 234,600 536,000 546,720 557,654 568,807 580,184
OPERATING SURPLUS/(DEFICIT)- - 301,900 56,100 45,383 34,451 23,301 11,928
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)- - 301,900 56,100 45,383 34,451 23,301 11,928
BALANCE - - 301,900 358,000 403,383 437,834 461,135 473,063
222-HABITAT RESTORATION 1-REVENUES 5,843 20,180 12,833 12,400 12,518 12,637 12,757 12,878
2-EXPENDITURES 139,344 140,825 144,300 179,500 183,090 186,752 190,487 194,297
OPERATING SURPLUS/(DEFICIT)(133,501) (120,645) (131,467) (167,100) (170,572) (174,115) (177,730) (181,419)
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)(133,501) (120,645) (131,467) (167,100) (170,572) (174,115) (177,730) (181,419)
BALANCE 1,336,202 1,215,557 1,084,090 916,990 746,418 572,303 394,573 213,154
EMERGENCY PROJECTS RESERVE 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
EXCESS/(DEFICIENCY)1,286,202 1,165,557 1,034,090 866,990 696,418 522,303 344,573 163,154
223-SUBREGION ONE MAINTENANCE 1-REVENUES 3,080 5,307 30,816 8,100 8,177 8,255 8,333 8,412
2-EXPENDITURES 35,046 35,107 45,000 46,800 47,736 48,691 49,665 50,658
OPERATING SURPLUS/(DEFICIT)(31,966) (29,800) (14,184) (38,700) (39,559) (40,436) (41,331) (42,246)
3-TRANSFERS-IN - - 41,500 0 32,000 32,000 32,000 32,000
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - 41,500 0 32,000 32,000 32,000 32,000
TOTAL OVER/(UNDER)(31,966) (29,800) 27,316 (38,700) (7,559) (8,436) (9,331) (10,246)
BALANCE 786,630 756,830 784,146 745,446 737,887 729,451 720,119 709,874
NON-SPENDABLE ENDOWMENT 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000
EXCESS/(DEFICIENCY)36,630 6,830 34,146 (4,554) (12,113) (20,549) (29,881) (40,126)
224-MEASURE A MAINTENANCE 1-REVENUES 90,396 200,334 94,796 91,100 91,110 91,121 91,132 91,142
A-10
CITY OF RANCHO PALOS VERDES, CA Exhibit D
FUND SUMMARY
FUND TYPE 2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
2-EXPENDITURES - - - - - - - -
OPERATING SURPLUS/(DEFICIT)90,396 200,334 94,796 91,100 91,110 91,121 91,132 91,142
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 42,923 90,000 90,000 90,000 100,000 100,000 100,000 100,000
TRANSFERS NET (42,923) (90,000) (90,000) (90,000) (100,000) (100,000) (100,000) (100,000)
TOTAL OVER/(UNDER)47,473 110,334 4,796 1,100 (8,890) (8,879) (8,868) (8,858)
BALANCE 171 110,505 115,301 116,401 107,511 98,632 89,764 80,906
225-ABALONE COVE SEWER DIST 1-REVENUES 56,006 55,622 56,950 57,000 39,481 40,888 42,346 43,857
2-EXPENDITURES 110,713 163,614 172,725 429,600 238,930 244,347 249,990 255,684
OPERATING SURPLUS/(DEFICIT)(54,707) (107,992) (115,775) (372,600) (199,449) (203,459) (207,645) (211,827)
3-TRANSFERS-IN 80,700 208,000 208,000 0 308,000 208,000 208,000 208,000
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET 80,700 208,000 208,000 0 308,000 208,000 208,000 208,000
TOTAL OVER/(UNDER)25,993 100,008 92,225 (372,600) 108,551 4,541 355 (3,827)
BALANCE 80,545 180,553 272,778 (99,822) 8,729 13,270 13,625 9,798
227-GINSBURG CULTURAL ART BLD 1-REVENUES 338 587 920 900 909 917 926 935
2-EXPENDITURES 16,000 - - - - - - -
OPERATING SURPLUS/(DEFICIT)(15,662) 587 920 900 909 917 926 935
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)(15,662) 587 920 900 909 917 926 935
BALANCE 85,757 86,344 87,264 88,164 89,073 89,990 90,916 91,850
228-DONOR RESTRICTED CONTRIB 1-REVENUES 18,274 16,466 47,000 17,000 17,278 17,561 17,850 18,145
2-EXPENDITURES 11,742 9,760 312,893 25,000 25,500 26,010 26,530 27,061
OPERATING SURPLUS/(DEFICIT)6,532 6,706 (265,893) (8,000) (8,222) (8,449) (8,680) (8,916)
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)6,532 6,706 (265,893) (8,000) (8,222) (8,449) (8,680) (8,916)
BALANCE 877,272 883,978 618,085 610,085 601,863 593,414 584,734 575,818
285-IA PORTUGUESE BEND MAINT 1-REVENUES 1,422 1,937 2,200 2,200 2,221 2,242 2,263 2,285
2-EXPENDITURES 53,121 69,989 114,900 122,000 124,440 126,929 129,467 132,057
OPERATING SURPLUS/(DEFICIT)(51,699) (68,052) (112,700) (119,800) (122,219) (124,687) (127,204) (129,772)
3-TRANSFERS-IN - - - 20,000 126,000 126,000 126,000 126,000
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - 20,000 126,000 126,000 126,000 126,000
TOTAL OVER/(UNDER)(51,699) (68,052) (112,700) (99,800) 3,781 1,313 (1,204) (3,772)
BALANCE 281,490 213,438 100,738 938 4,719 6,032 4,828 1,056
310-CDBG 1-REVENUES 297,593 142,317 202,801 139,300 139,300 139,300 139,300 139,300
2-EXPENDITURES 298,649 142,317 305,060 - - - - -
OPERATING SURPLUS/(DEFICIT)(1,056) - (102,259) 139,300 139,300 139,300 139,300 139,300
3-TRANSFERS-IN 12,680 - - - - - - -
A-11
CITY OF RANCHO PALOS VERDES, CA Exhibit D
FUND SUMMARY
FUND TYPE 2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET 12,680 - - - - - - -
TOTAL OVER/(UNDER)11,624 - (102,259) 139,300 139,300 139,300 139,300 139,300
BALANCE - - (102,259) 37,041 176,341 315,641 454,941 594,241
330-INFRASTRUCTURE IMPRVMNTS 1-REVENUES 133,674 334,785 571,800 285,500 288,212 290,950 293,714 296,505
2-EXPENDITURES 1,344,353 7,105,523 9,655,489 7,105,100 7,575,000 9,570,000 4,850,000 4,520,000
OPERATING SURPLUS/(DEFICIT)(1,210,679) (6,770,738) (9,083,689) (6,819,600) (7,286,788) (9,279,050) (4,556,286) (4,223,495)
3-TRANSFERS-IN 10,471,894 4,141,397 4,526,000 4,835,700 4,675,179 4,679,928 4,656,175 4,594,687
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET 10,471,894 4,141,397 4,526,000 4,835,700 4,675,179 4,679,928 4,656,175 4,594,687
TOTAL OVER/(UNDER)9,261,215 (2,629,341) (4,557,689) (1,983,900) (2,611,609) (4,599,122) 99,890 371,192
BALANCE 29,708,642 27,079,301 22,521,612 20,537,712 17,926,103 13,326,981 13,426,871 13,798,063
EMERGENCY PROJECTS RESERVE 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
EXCESS/(DEFICIENCY)26,708,642 24,079,301 19,521,612 17,537,712 14,926,103 10,326,981 10,426,871 10,798,063
331-FEDERAL GRANTS 1-REVENUES - - 2,295,300 1,000 1,010 1,019 1,029 1,039
2-EXPENDITURES - - 1,131,300 - - - - -
OPERATING SURPLUS/(DEFICIT)- - 1,164,000 1,000 1,010 1,019 1,029 1,039
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - 316,000 - - - -
TRANSFERS NET - - - (316,000) - - - -
TOTAL OVER/(UNDER)- - 1,164,000 (315,000) 1,010 1,019 1,029 1,039
BALANCE - - 1,164,000 849,000 850,010 851,029 852,057 853,096
332-STATE GRANTS 1-REVENUES - - - 600,000 - - - -
2-EXPENDITURES - - - 600,000 - - - -
OPERATING SURPLUS/(DEFICIT)- - - - - - - -
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)- - - - - - - -
BALANCE - - - - - - - -
334-QUIMBY PARK DEVELOPMENT 1-REVENUES 1,082,197 67,434 73,000 73,000 74,484 76,002 77,554 79,142
2-EXPENDITURES - 80,551 1,619,295 300,000 - - - -
OPERATING SURPLUS/(DEFICIT)1,082,197 (13,117) (1,546,295) (227,000) 74,484 76,002 77,554 79,142
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 50,000 - - - - - - -
TRANSFERS NET (50,000) - - - - - - -
TOTAL OVER/(UNDER)1,032,197 (13,117) (1,546,295) (227,000) 74,484 76,002 77,554 79,142
BALANCE 2,369,707 2,356,590 810,295 583,295 657,779 733,781 811,335 890,478
336-LOW-MODERATE INCOME HOUSI 1-REVENUES 46,456 43,540 33,700 44,700 44,714 44,729 44,743 44,758
2-EXPENDITURES - - - - - - - -
OPERATING SURPLUS/(DEFICIT)46,456 43,540 33,700 44,700 44,714 44,729 44,743 44,758
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
A-12
CITY OF RANCHO PALOS VERDES, CA Exhibit D
FUND SUMMARY
FUND TYPE 2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)46,456 43,540 33,700 44,700 44,714 44,729 44,743 44,758
BALANCE 92,397 135,937 169,637 214,337 259,051 303,780 348,523 393,281
337-AFFORDABLE HOUSING PROJ 1-REVENUES 4,945 4,034 6,200 6,200 6,259 6,318 6,378 6,439
2-EXPENDITURES - - - - - - - -
OPERATING SURPLUS/(DEFICIT)4,945 4,034 6,200 6,200 6,259 6,318 6,378 6,439
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)4,945 4,034 6,200 6,200 6,259 6,318 6,378 6,439
BALANCE 589,567 593,601 599,801 606,001 612,260 618,578 624,957 631,396
338-DEVELOP IMPACT MIT (EET)1-REVENUES 67,611 97,890 116,800 116,800 119,661 122,593 125,598 128,677
2-EXPENDITURES - 75 - - - - - -
OPERATING SURPLUS/(DEFICIT)67,611 97,815 116,800 116,800 119,661 122,593 125,598 128,677
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 200,000 - - - - - - -
TRANSFERS NET (200,000) - - - - - - -
TOTAL OVER/(UNDER)(132,389) 97,815 116,800 116,800 119,661 122,593 125,598 128,677
BALANCE 204,609 302,424 419,224 536,024 655,685 778,278 903,876 1,032,554
340-BICYCLE/PEDESTRIAN ACCESS 1-REVENUES - - - 34,500 34,500 34,500 34,500 34,500
2-EXPENDITURES 97 - 82,500 - - - - -
OPERATING SURPLUS/(DEFICIT)(97) - (82,500) 34,500 34,500 34,500 34,500 34,500
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)(97) - (82,500) 34,500 34,500 34,500 34,500 34,500
BALANCE - - (82,500) (48,000) (13,500) 21,000 55,500 90,000
501-WQ FLOOD PROTECTION 1-REVENUES 1,405,559 49,710 20,000 - - - - -
2-EXPENDITURES 646,433 1,399,913 4,755,809 - - - - -
OPERATING SURPLUS/(DEFICIT)759,126 (1,350,203) (4,735,809) - - - - -
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)759,126 (1,350,203) (4,735,809) - - - - -
BALANCE 6,086,011 4,735,808 (1) (1) (1) (1) (1) (1)
681-EQUIPMENT REPLACEMENT 1-REVENUES 344,334 101,214 327,200 327,200 327,450 327,702 327,957 328,214
2-EXPENDITURES 582,433 680,844 358,986 525,200 525,200 525,200 525,200 525,200
OPERATING SURPLUS/(DEFICIT)(238,099) (579,630) (31,786) (198,000) (197,750) (197,498) (197,243) (196,986)
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)(238,099) (579,630) (31,786) (198,000) (197,750) (197,498) (197,243) (196,986)
BALANCE 3,800,163 3,220,533 3,188,747 2,990,747 2,792,997 2,595,499 2,398,256 2,201,269
A-13
CITY OF RANCHO PALOS VERDES, CA Exhibit D
FUND SUMMARY
FUND TYPE 2016A 2017A 2018E 2019B 2020F 2021F 2022F 2023F
685-EMPLOYEE BENEFITS 1-REVENUES 2,169,254 - - - - - - -
2-EXPENDITURES 2,247,354 53,328 - - - - - -
OPERATING SURPLUS/(DEFICIT)(78,100) (53,328) - - - - - -
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET - - - - - - - -
TOTAL OVER/(UNDER)(78,100) (53,328) - - - - - -
BALANCE 53,328 - - - - - - -
686-BUILDING REPLACEMENT 1-REVENUES 334 - - - - - - -
2-EXPENDITURES - - - - - - - -
OPERATING SURPLUS/(DEFICIT)334 - - - - - - -
3-TRANSFERS-IN - - - - - - - -
4-TRANSFERS-OUT 334 - - - - - - -
TRANSFERS NET (334) - - - - - - -
TOTAL OVER/(UNDER)- - - - - - - -
BALANCE - - - - - - - -
795-IA ABALONE COVE MAINT 1-REVENUES 4,115 7,818 12,900 12,900 13,023 13,146 13,271 13,397
2-EXPENDITURES 45,688 47,785 74,600 75,700 77,214 78,758 80,333 81,940
OPERATING SURPLUS/(DEFICIT)(41,573) (39,967) (61,700) (62,800) (64,191) (65,612) (67,062) (68,543)
3-TRANSFERS-IN 37,000 38,000 38,000 25,000 35,000 35,000 30,500 30,500
4-TRANSFERS-OUT - - - - - - - -
TRANSFERS NET 37,000 38,000 38,000 25,000 35,000 35,000 30,500 30,500
TOTAL OVER/(UNDER)(4,573) (1,967) (23,700) (37,800) (29,191) (30,612) (36,562) (38,043)
BALANCE 1,054,933 1,052,966 1,029,266 991,466 962,275 931,663 895,100 857,057
NON-SPENDABLE ENDOWMENT 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
EXCESS/(DEFICIENCY)54,933 52,966 29,266 (8,534) (37,725) (68,337) (104,900) (142,943)
TOTAL 1-REVENUES 38,736,971 36,175,840 38,983,857 38,270,200 38,384,950 39,362,953 40,342,761 41,316,220
2-EXPENDITURES 29,078,798 37,542,099 52,486,013 42,321,800 44,764,971 44,850,917 41,231,834 42,018,350
OPERATING SURPLUS/(DEFICIT)9,658,173 (1,366,259) (13,502,156) (4,051,600) (6,380,020) (5,487,965) (889,072) (702,130)
3-TRANSFERS-IN 11,784,322 4,577,397 5,043,500 5,100,700 5,406,179 5,310,928 5,282,675 5,221,187
4-TRANSFERS-OUT 11,784,322 4,577,397 5,043,500 5,100,700 5,406,179 5,310,928 5,282,675 5,221,187
TRANSFERS NET (0) - - - - - - -
TOTAL OVER/(UNDER)9,658,173 (1,366,259) (13,502,156) (4,051,600) (6,380,020) (5,487,965) (889,072) (702,130)
BALANCE 69,162,942 67,796,683 54,294,527 50,242,927 43,862,907 38,374,943 37,485,870 36,783,740
LEGEND (column headers)
A - ACTUAL
2018E - FY 17-18 YEAR-END ESTIMATE
2019B - FY 18-19 PRELIMINARY BUDGET
F - FORECASTED BUDGET
A-14