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City finance staff says midyear budget is tracking close to projections
Summary
Finance staff reported unaudited FY results and a midyear review indicating revenues and expenditures are roughly on track; staff cited position-control, time-and-attendance changes and one-time land acquisition as factors and said more refined numbers will follow after audit completion.
Finance staff presented the City of Santa Fe Springs’ midyear budget review, reporting unaudited general fund revenues and expenses near $99 million and noting the adopted operating budget is roughly $100 million. "We had about $99,000,000 of general fund revenues and expenses," presenter Julio Morales said, describing one-time land acquisitions and position-count discrepancies that had created differences between the budget book ($114 million) and expected operating levels (about $100 million).
Morales described management steps to improve accuracy, including new position-control and time-and-attendance processes in the Tyler financial system and an effort to align HR and finance on authorized positions. He said the city has about 242 positions listed in the system with roughly 50 vacancies and that, overall, expenditures are about halfway through the year — roughly 47–50% of the annual projection — putting the city "on par for the course." Morales also explained sales-tax timing and noted an additional sales-tax payment expected on the 22nd that could add about $4 million to receipts.
Council members asked about oil revenues commonly associated with the city; Morales said those receipts are small (about $140,000 reported) and that local oil operations have declined. The council took the budget update as "receive and file;" staff will return with refined numbers after the audit is complete later this year.
