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Dana Point committee forwards quarterly financial report showing revenues tracking above budget
Summary
The Financial Review Committee reviewed the quarterly report ending March 31, 2025, hearing staff projections that overall revenues are likely to finish the year ahead of the amended budget and voted to forward the report to City Council.
The Dana Point Financial Review Committee on April 29 reviewed the city’s quarterly financial report for the period ending March 31, 2025, and voted to forward staff’s recommendation to the City Council.
Staff told the committee that general fund revenues through the end of the third quarter totaled $34,900,000, about 71% of the amended budget, while expenditures excluding interfund transfers were about $35,000,000, or roughly 67% of the amended budget. Transient occupancy tax (TOT) receipts for the quarter were $12,900,000, which staff said represented 81% of the TOT budget and an increase of $636,000 from the prior fiscal year. Staff estimated FY25 TOT receipts would end near $16,500,000 — roughly $600,000 above the amended FY25 budget but still about 2.3% below FY24, a shortfall staff attributed to temporary room closures at a hotel for renovations.
Sales tax receipts through March were reported at $4,100,000 with staff projecting year-end receipts near $6,900,000, about 3% above the amended budgeted figure of $6,700,000. Property tax receipts through March were $7,800,000; staff said they expect property tax actuals to match the amended budget of $11,950,000.
On the expenditure side, staff highlighted a higher police-services line driven by the Orange County Sheriff’s Department contract. Fiscal year 2025 contract costs were reported at $15,400,000; staff said a June reconciliation between overtime and vacancies typically produces a credit and that final costs may be somewhat lower. Data-technology costs were noted to be approximately $275,000 higher than FY24, primarily for one-time contract work to upgrade permitting software and make online submittals available.
Committee members asked about the potential effect of business closures on sales tax and about the timing of property tax receipts and sales-tax true-ups. Staff explained that a substantial portion of property tax arrives in April and that sales tax reporting is two months behind because of state processing and year-end “true up” adjustments.
A motion to forward staff’s recommended action passed. The committee earlier moved to approve minutes from the January 28, 2025 meeting; the minutes motion recorded two votes in favor and one abstention and was noted in the record.
