HomeMy WebLinkAboutItem 06 - 2019-20 First Quarter Financial Report
Department Name: Finance
Cost Center: 2002
For Agenda of: November 19, 2019
Placement: Consent
Estimated Time: N/A
FROM: Brigitte Elke, Finance Director
Prepared By: Natalie Harnett, Interim Budget Analyst
SUBJECT: 2019-20 FIRST QUARTER FINANCIAL REPORT
RECOMMENDATION
Receive an update on the status of the current financial position, Major City Goals, and CIP
projects for the first quarter of Fiscal Year 2019-20. The City’s Financial Reporting and Budget
Administration policy for interim reporting requires that staff prepare and issue a formal
quarterly report to the Council.
DISCUSSION
The accompanying First Quarter Financial Report for 2019-20 (Attachment A) provides a high-
level overview of the City’s Financial condition as of September 30, 2019. The report
summarizes revenue and expenditure actuals for the first three months of the quarter. It also
includes an update on Major City Goals tasks that were expected to be completed during the first
quarter. The report includes a Capital Improvement Project update and highlights milestones
from the first quarter. The report’s focus is on the General Fund; however, updated information
is also provided for each of the City’s enterprise funds.
Background
One of the City’s Fiscal Sustainability and Responsibility Major City Goal tasks is to implement
quarterly financial reports to monitor fiscal performance including performance measures. The
purpose of reporting on financial position more regularly is to address economic development
and fiscal health sooner, thus allowing the city to find new ways of doing business and increase
efficiency.
Report Contents
Section A: General Fund Update: Overall, the General Fund revenues and expenditures are on
track with the budget. Cannabis businesses are expected to open later than originally forecasted
so tax revenues will also lag. The City will propose a lower revenue projection at mid -year.
Another notable variance is in Development Services revenue, which has already reached over
50% of it’s revenue projection for the year. Most of this over realization is due to several big
developments completing the planning process ahead of schedule, but some is due to general
growth in development activity. The Community Development Department’s original projections
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were conservative and will be reassessed at mid-year.
Section B: Enterprise Funds Update: Enterprise fund revenue showed no variance from
projections. Collectively, the funds have reached 22% of the year’s revenue projection. None of
the funds show signs of over or underspending thus far.
Section C: Major City Goals Update: Of the twelve Major City Goal tasks that had a
scheduled completion date during the first quarter, four were completed. Task completion dates
were updated for the remaining tasks. A status report on all Major City Goal tasks will be
provided and needed adjustments recommended at mid-year.
Section D: Capital Improvement Plan Update: Public Works CIP Engineering and
Management staff have delivered numerous projects in the first quarter of FY20. A couple
highlights are the completed South Broad Street Pavement Improvements and the installation and
opening of the first permanent Pickleball Courts (three) at French Park and relocated basketball
court.
Section E: CalPERS and Debt Schedule Update: The City made its annual CalPERS unfunded
liability payment in July in the amount of $10.2 million. It also made all its debt payments due
for the first quarter, totaling just under $1 million.
Section F: Outlook for Next Quarter: Staff forecasts that Sales Tax revenue will remain high
through the holiday season, but Transient Occupancy Tax Revenue will begin to slow down.
There are eight Major City Goal Tasks expected to be completed next quarter along with several
CIP projects. The City will be launching its new budget system over the next quarter in addition
to a new quarterly Transient Occupancy Tax report that will published on the city’s website in
late November.
Policy Context
Fiscal Health Major City Goal task 4 is to implement quarterly financial reports to monitor fiscal
performance, including performance measures. Budget policy F, Goal Status Reports of major
program objectives, will be formally reported to the Council on an ongoing, periodic basis.
Public Engagement
Public comment on the item can be provided to the City Council through written correspondence
prior to the meeting and through public testimony at the meeting. First Quarter Financial Report
for 2019-20 (Attachment A)will also be posted on the City’s website for public review.
CONCURRENCE
Operating departments were provided with the first quarter financial results before the
preparation of this report. The respective fiscal officers reviewed the numbers and will be
making budget amendment requests at mid-year if needed.
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ENVIRONMENTAL REVIEW
The California Environmental Quality Act does not apply to the recommended action in this
report, because the action does not constitute a “Project” under CEQA Guidelines Sec. 15378.
FISCAL IMPACT
Budgeted: Yes Budget Year: 2019-20
Funding Identified: Yes
Fiscal Analysis:
Funding Sources Current FY Cost
Annualized
On-going Cost
Total Project
Cost
General Fund N/A N/A N/A
State
Federal
Fees
Other:
Total N/A N/A N/A
As part of the City’s Fiscal Sustainability and Responsibility Major City Goal, $10,000 was
allocated for the ongoing staffing expenses involved with implementing quarterly financial
reports. The attached first quarter report provides a high-level overview of the City’s financial
position after the first three months of the year. No changes to the budget will be made at this
time.
ALTERNATIVES
Not receive an update on the status of the current financial position, Major City Goals, and CIP
projects for the first quarter of Fiscal Year 19-20.
Attachments:
a - FY20 First Quarter Report
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Fiscal Year
2019-20
Prepared by:
Natalie Harnett, Principal Budget Analyst
First Quarter Report
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First Quarter Financial Report
Fiscal Year 19-20
First Quarter Financial Report
Fiscal Year 2019-20
Introduction
This financial report provides an overview of the City’s financial position through the first quarter
of fiscal year 2019-20 (July 1, 2019-September 30, 2019) for the General Fund and major
enterprise operating funds. It also provides an update on the stat us of the City’s Capital
Improvement Program projects (CIP) and Major City Goals. Notable milestones or trends within
the first quarter are addressed. This report is broken down into the following sections:
SECTION A
General Fund: Operating Revenues
The following table includes first quarter revenue comparisons for FY19 and FY20 and a revenue
budget to actual comparison for FY19.
FY19 FY20 $
Variance
%
Variance FY20 % of
budget
Tax & Franchise Revenue
Sales & Use Tax 3,451,275 3,360,627 (90,648) -3% 18,060,000 19%
Local Revenue Measure G 1,725,638 1,671,117 (54,520) -3% 7,840,000 21%
Property Tax 123,611 132,909 9,298 8%17,921,000 1%
Transient Occupancy Tax 2,316,381 2,334,589 18,208 1%8,033,000 29%
Utility User Tax 1,189,307 1,187,531 (1,776) 0%5,854,000 20%
Franchise Fees 67,567 77,798 10,231 15%1,558,000 5%
Business Tax 2,550,720 2,862,835 312,115 12%2,942,000 97%
Gas Tax 267,746 393,091 125,345 47%1,783,000 22%
Cannabis Tax - - - 0%650,000 0%
Total Tax/Franchise 11,692,244 12,020,497 328,253 3%64,641,000 19%
Fees for Service
Police Services 108,290 108,157 (133) 0%742,202 15%
Fire Services 322,519 325,975 3,456 1%1,399,793 23%
Development Review 1,123,099 2,854,728 1,731,628 154%5,333,000 54%
Parks and Recreation 413,291 392,278 (21,014) -5% 1,914,645 20%
Total General Government 282,794 425,035 142,240 50%560,000 76%
Cannabis - 7,676 7,676 0%400,000 2%
Other Revenues 161,877 1,891,083 1,729,206 1068%2,262,000 84%
Subventions & Grants 21,430 18,897 (2,533) -12% 900,000 2%
Total Fees & Other 2,433,302 6,023,828 3,590,527 148%24,830,973 24%
Total Revenue 14,125,546 18,044,325 3,918,780 28%89,471,973 20%
First Quarter Actual Comparison Budget to Actual Comparison
Key: No Variance Variance Significant Variance
Section A: General Fund Update
Section B: Enterprise Funds Update
Section C: Major City Goals Update
Section D: Capital Improvement Plan Update
Section E: CalPERS and Debt Schedule Update
Section F: Outlook and Conclusion
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First Quarter Financial Report
Fiscal Year 19-20
The following factors should be taken into consideration when analyzing first quarter revenue
data:
• Property tax revenue has not yet been received .
• Only two months of Sales Tax has been received.
• Most franchise fees are collected annually in April.
• Some departmental revenues are seasonal.
• Subventions and Grants are awarded in large amounts and at varying times of the year.
• The significant increase in “Other Revenues” is due to one-time funding from SB1090
(Diablo Canyon Power Plant closure).
Overall, General Fund operating revenues are ahead of FY19 revenues during the same time
period. Although revenues are only at 20% percent of the budget through the first quarter, this
is primarily due to the timing associated with the city’s largest revenue sources, sales tax and
property tax. The majority of property tax funding is received in the third and fourth quarters of
the fiscal year.
Sales Tax: Only two months of
sales tax has been received
during the first quarter due to
the timing of disbursements
from the California
Department of Tax and Fee
Administration (CDTFA). From
the two months that have been
collected, Sales Tax revenue is
only slightly lower than FY19,
but because of true-up that
happens in later months, this
amount is likely to increase.
July 2019 marked ten years of
continuous economic growth which is the largest period of U.S economic expansion on record.
Staff expects sales tax revenue growth to slow over the next year and will continue to closely
monitor this revenue stream and provide an update at the FY20 mid-year review.
Transient Occupancy Tax (TOT): Year to date revenues are slightly higher than one year ago. Staff
forecasted growth in TOT due to three new hotels opening in 2019 and the expansion of
homestay rentals. TOT is discussed in detail in the new quarterly TOT report that will be published
in late November.
Business Tax: The renewal cycle for business tax occurs during the first quarter of the fiscal year;
therefore, most of the anticipated revenue for the year has been collected. The City had higher
revenue during the first quarter of this year compared to FY19 for two reasons. The City opened
the business license renewal period earlier and encouraged online submittals. Overall, more 3.064.18$4.02 $4.94 $4.44 FY 15 -16 FY 16 -17 FY 17 -18 FY 18 -19 FY 19 -20
(FORECAST)
SALES TAX (MILLIONS)
QTR 1 FIVE YEAR COMPARISON
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First Quarter Financial Report
Fiscal Year 19-20
businesses complied early and fewer administrative citations were sent in October. The City has
also increased business license enforcement as part of the Fiscal Health Response Plan.
Cannabis Tax: The City is currently doing background checks for the cannabis businesses that
applied in January 2019. The process is taking longer due to unexpected hurdles during
backgrounding of applicants. One non-retail business has been approved and is scheduled to
open during the winter of FY20. Staff will adjust Cannabis revenue assumptions at mid-year when
opening dates will be known for two of the three anticipated retailers.
Development Review: When taking a closer look at development review revenue, there are
three main fee types that are contributing to the notably high revenues for the first quarter.
Development review revenues are particularly difficult to forecast because there are so many
external factors that could impact development activity. “Plan Check Fees” and “Building
Permits” are fees that indicate the overall health of construction activit y within the community.
The high actuals associated with the three fee types highlighted above are directly related to
several specific, yet large development projects moving through the planning process ahead of
schedule. The Community Development Department conservatively projected revenues because
of overall uncertainty in the economy. The department is critically evaluating these revenue
streams and will adjust the budget accordingly at mid-year. The year over year revenue graph
below helps illustrate the variance. Development Services revenue has already reached over 50%
of the total revenue received in the entire year of FY19.
FY19 FY20 $
Variance
%
Variance FY20 % of
budget
Planning & Zoning Fee 120,616 203,395 82,779 69%480,000 42%
Development Review Fees 24,741 110,064 85,323 345%166,000 66%
Building Permits 428,940 884,060 455,120 106%2,263,000 39%
Code Enforcement Fees 30,353 19,806 (10,547) -35% 82,000 24%
Plan Check Fees 187,878 259,790 71,912 38%994,000 26%
Infrastructure Plan Check 228,645 1,210,853 982,208 430%923,000 131%
Encroachment Permits 66,032 69,719 3,687 6%305,000 23%
Engineering Dev Rev Fees 22,900 40,462 17,561 77%120,000 34%
First Quarter Actual Comparison Budget to Actual
Development Review Fees
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First Quarter Financial Report
Fiscal Year 19-20
General Fund: Department Operating Expenditures
The following table include first quarter staffing consumption for FY20 compared to the budget.
First quarter staffing expenditures are exactly on track. The City assumes a 2% salary savings at
the end of the year to account for vacancies and fluctuations in employee pay grades.
The following table include first quarter non-staffing consumption for FY20 compared to the
budget.
Department operating expenditures are generally on target. In a linear fashion, expenditures
should track at 25% at quarter end, but this is often not the case for non-staffing expenses. One
of the largest line item expenses in the operating budget is Contract Services and contracts are
paid at varying times of the year. For example, a department budget could go from 5% expended
to 60% expended after one large annual contractual obligation.
Staffing
General Fund Budget Actual YTD % of budget
Administration & IT 4,270,520 804,856 19%
City Attorney 779,577 163,125 21%
Community Development 4,625,003 902,672 20%
Finance 1,684,061 351,355 21%
Fire 12,298,808 2,649,803 22%
Human Resources 1,074,645 212,094 20%
Parks & Recreation 3,517,812 863,114 25%
Police 16,882,738 3,566,837 21%
Public Works 8,977,704 1,894,053 21%
Grand Total 54,110,869 11,407,908 21%
Budget to Actual Comparison
Non-Staffing
General Fund Budget (incl. FY19
encumbrances) Actual YTD % of budget
Administration & IT 4,634,253 631,148 14%
City Attorney 270,148 63,706 24%
Community Development 1,074,906 287,277 27%
Finance 805,830 158,390 20%
Fire 810,916 135,090 17%
Human Resources 518,584 22,315 4%
Parks & Recreation 1,080,337 176,229 16%
Police 1,282,269 252,603 20%
Public Works 5,237,803 985,075 19%
Solid Waste 46,510 451 1%
Grand Total 15,761,557 2,712,285 17%
Budget to Actual Comparison
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First Quarter Financial Report
Fiscal Year 19-20
SECTION B
Enterprise Funds: Operating Revenue
The table below includes first quarter actual revenue comparisons for FY19 and FY20 and a
revenue budget to actual comparison for FY20 for the Enterprise Funds.
Water & Sewer: Revenues are on track and very comparable to where they were during the first
quarter of last year.
Parking: Parking revenues were artificially low in FY19 due to change in the financial system and
parking meter revenues being entered in the following quarter. This revenue stream typically
adds about $100K-$150K per month. Considering the discrepancy, FY20 revenue are only slightly
higher than the prior year.
Transit: Most of the Transit Fund revenue is from State and Federal grants that are received at
the end of the fiscal year; therefore, having received only 5% of the forecasted revenue at this
point is completely normal.
Enterprise Funds: Operating Expenditures
The following tables include first quarter staffing followed by non-staffing consumption for FY20
compared to the budget.
Like the trend in the general fund, operating expenditures for the City’s enterprise funds are
tracking lower than 25% for the first quarter. Very similar trends were seen in FY19 but spending
usually increases during later quarters in the year. The Water fund has spent 62% of the budget
because it makes a large annual Nacimiento water payment in July.
FY19 FY20 $ Variance % Variance FY20 % of
budget
Water 5,941,218 6,282,288 341,070 5.74% 27,066,000 23%
Sewer 4,139,331 4,176,662 37,331 0.90% 17,432,427 24%
Parking 875,111 1,206,485 331,375 37.87% 5,343,000 23%
Transit 594,512 213,274 (381,238) -64.13% 4,116,000 5%
Total Revenue 11,550,172 11,878,709 328,537 2.84% 53,957,427 22%
First Quarter Actual Comparison
Enterprise Funds
Budget to Actual Comparison
Staffing
Enterprise Funds Budget Actual YTD % of budget
Parking 1,287,835 302,812 24%
Sewer 4,335,683 843,834 19%
Transit 342,360 74,495 22%
Water 4,137,825 821,332 20%
Grand Total 10,103,703 2,042,474 20%
Budget to Actual Comparison
Non-Staffing
Enterprise Fund Budget (incl. FY19
encumbrances) Actual YTD % of budget
Parking 1,343,911 180,372 13%
Sewer 2,447,295 590,241 24%
Transit 3,774,565 298,856 8%
Water 12,675,448 7,858,195 62%
Grand Total 20,241,220 3,090,565 15%
Budget to Actual Comparison
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First Quarter Financial Report
Fiscal Year 19-20
SECTION C
Major City Goals Update
Of the twelve tasks that were scheduled to be completed during the first quarter of FY20, four
were fully completed. The others are in progress and the updated completion dates are included
in the table below:
Completed
(Yes/No)Task Update Updated Completion
Date (If applicable)
Fiscal Health
Negotiate labor agreements consistent with
Fiscal Health Response Plan objectives with
the San Luis Obispo City Employees'
Association and the San Luis Obispo Police
Staff Officers' Association.
8/30/2019 No
The Human Resources Department has successfully negotiated
a labor agreement with the San Luis Obispo Police Staff
Officers Association consistent with Fiscal Health Response
Plan objectives. Negotiations with the San Luis Obispo City
Employees' Association is in progress and we are hopeful to
come to agreement in early 2020.
Winter/Spring 2020
Fund new Cannabis Detective Position using
Cannabis Fees Jul-19 Yes
The Cannabis Detective is actively working on applications and
background investigations to sucessfully integrate cannabis
industry in San Luis Obispo.
Purchase specific equipment related to
Cannabis Detective Jul-19 No Some equipment has been purchased such as a ID card
machine Ongoing through FY20
Climate Action
Support SLO Green Business Network and
Certify City Hall as a Green Business Jul-19 No
The $10,000 in support was disbursed to the SLO Green
Business Network, which has certified 20 local businesses. The
City will engage with the SLO Green Business Network to
certify City Hall as a Green Business by March 2020.
1st Quarter 2020
Sustainable Transportation
Construct Anholm Greenway Phase 1 &
2 (Grants, SB1, & GF) 2019 No
Anholm Greenway Phase 1A (Foothill/Ferrini Crossing) is
under construction and will be completed in November 2019.
Phase 1B (Foothill to Broad) and Phase 2 (Broad to Downtown)
are in design with plans to start construction by mid-year 2020.
Phase 1A - Nov 2019
Phase 1B - Nov 2020
Phase 2 - Nov 2020
Complete Prado Creek Bridge Environmental
Review & Construction Documents (Traffic
Impact Fees & Grants)
2019 No
Environmental review underway, with CEQA/NEPA documents
submitted for internal review and planned for submittal to
Caltrans by end of 2019. Anticipated completion of
Environmental, Right-of-Way Aquisition, and Construction
Documents by end of 2020.
4th Quarter 2020
Housing
Complete an Affordable Housing Nexus Study
in alignment with HE 2.15 and HE 4.6* Fall 2019 No
Nexus study is underway and on schedule. Staff anticiaptes a
final report with policy recommendations from the consultant
in mid-December.
2nd Quarter FY20
Continue the Affordable Housing Monitoring
Program* Fall 2019 No
Montioring progam is underway and staff anticipates
completion of this item in mid-December. Depending on
findings, completion of all follow-up actions associated with
this work effort may take additional time and coordination
with the City Attorney's Office.
2nd Quarter FY20
Downtown Vitality
Fund Police Field Service Technician and a
Downtown Sergeant with land lease revenues Jul-19 Yes Both positions have been hired.
Install security cameras in Mission Plaza Sept-19 No In progress. Staff working with contractor to start project. Construction to begin
January 2020
Work with Downtown SLO to update
downtown tile maps Aug-19 Yes
The design and installation of the new tile maps at
Monterey/Chorro, Marsh/Chorro and Higuera/Broad was
completed in July 2019.
Support the implementation of a Property-
Based Business Improvement District (also
included in Fiscal Health and Sustainability
Major City Goal)
Sep-19 Yes
With the withdrawl of the petition for the PBID by Downtown
SLO, the City amended its existing agreement with DSLO to
fund a one-year pilot program that will add an additional
downtown ambassador to their Clean and Safe Program.
Downtown SLO hired
a new ambasssador
and they began work
on October 25, 2019.
Tertiary MCG Priorites*
PROGRAMS/PROJECTS
2019-20
Major Task Completion
Date
Status Update (as of Sept 30, 2019)
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First Quarter Financial Report
Fiscal Year 19-20
SECTION D
CIP Update
Public Works CIP Engineering and Management staff have delivered numerous projects within
the first quarter of the fiscal year as listed in the below table. These projects include South Broad
Street Pavement Improvements, which in addition to new asphalt pavement, included Americans
with Disabilities Act (ADA) ramp upgrades and wider and safer bike lanes with striped buffers.
Public Works staff also designed and implemented Utilities projects that maintained or replaced
existing sanitary sewer and potable water systems, ensuring continued health and welfare of the
public. Other notable projects include installation of the first permanent Pickleball Courts at
French Park and maintenance of the Therapy Pool at the SLO Swim Center.
Project Proponent
Department Status LRM
Funding
Approx. Construction
Budget
South Broad Street Pavement
Improvements Public Works Completed in October Yes $2,270,500
Casa/Murray Waterline
Replacements Utilities Awarded. Construction to start
November No $2,055,000
Stafford-Kentucky-Taft Sewer
Replacement Utilities Ongoing. Completion targeted
November No $1,230,000
Osos-Leff-Santa Barbara Sewer
Replacement Utilities Completed in September No $1,103,000
Sewer Lining 2016 Utilities Substantially Completed in August No $524,000
Foothill Pipe Bursting Utilities Ongoing. Completion targeted
November No $304,000
Sewer Lining 2019 Utilities Completed in October No $228,000
Water Treatment Plant Wash Water
Tank Recoat Utilities Ongoing. Completion targeted
December No $168,000
Pickleball Courts Parks and
Recreation Completed in September No $167,000
Dispatch HVAC Replacement Police / Fire / PW Completed in October Yes $151,000
El Capitan Bridge Replacement Public Works Ongoing. Completion targeted
November No $108,000
Silt Removal 2019 Public Works /
Administration Completed in October No $97,000
Swim Center Therapy Pool Re-
Plaster
Public Works /
Parks and
Recreation
Completed in September Yes $96,000
Fire Station 4 Emergency Backup
Generator Fire Completed in September Yes $94,000
City Hall Painting Public Works Completed in September Yes $40,000
Fire Station 3 Painting Public Works Completed in August Yes $10,000
$8,645,500 Total Budget for Active Projects in FY 2019 Q1
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First Quarter Financial Report
Fiscal Year 19-20
SECTION E
Update on CalPERS Unfunded Liability Payment: The CalPERS unfunded liability payment was
made in July 2019 in the amount of $10,218,495. When the city prepays the unfunded liability, it
saves a significant amount in interest as opposed to paying the amount due monthly. For FY20,
the City saved $368,924 by prepaying the unfunded liability.
Debt Schedule: Below is a table of all debts that had maturity dates during the first quarter and
the associated payments.
SECTION F
Outlook for Next Quarter
The second quarter of FY20 will provide City staff with a clearer picture of revenue and
expenditure trends. Transient Occupancy Tax revenue typically begins to slow down in the
second quarter due to lower travel activity during the Winter months. Historically, Sales Tax
revenues for San Luis Obispo remain strong through the holiday season and drop after the second
quarter. Sales Tax revenues for the second quarter for FY20 are forecasted to be about $4.7
million, or about $300K higher than forecasted for the first quarter.
Including the first quarter Major City Goal tasks that were extended, there are eight MCG work
tasks that are scheduled to be completed next quarter. The City will also be launching the Oracle
budget module over the next three months. This system will help the departments improve
forecasting and easily generate real time revenue and expenditure information.
By January, FY19 financials will be audited and finalized, giving staff a clear picture of fund
balances and overall ending position of FY19. Depending on the amount of savings, departments
may request to increase budgets for projects or programs based on City priorities.
Conclusion
Except for identified variances, revenue and expenditures are tracking as expected. Staff will
continue to monitor these variances and report to City Council in February with the mid-year
review and proposed budget changes. Based on first quarter results, the major changes will be
to lower Cannabis related revenue projections, possibly offset by an increase in development
services.
City staff will be attending the annual Central Coast Economic Forecast on November 8, 2019 and
will be providing a comprehensive economic update at mid-year review.
Fund Item Principal
Payment
Premium/
Discount
Interest
Payment Total Final
Year
General 2018 Lease Fire Truck 31,934 4,599 36,533 2024
General 2015 Lease Mobil Data Equipment Lease 44,291 172 44,463 2020
General 2014 Lease Copiers 5,324 23 5,347 2020
General 2010 Lease Fire Truck (Apparatus)1,869 1,869 2020
Water 2004 State Water Resource Control Board 453,100 72,357 525,457 2025
Parking 2001 State Infrastructure Bank (CIEDB) Loan Marsh St 275,580 12,968 66,354 354,902 2032
TOTAL 810,229 85,325 73,017 968,571
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