Detailed information on Santa Monica’s Budget for
2006-07, as well as previous years, can be found at
the
City of Santa
Monica’s Finance Department at
http://santa-monica.org/finance/budget/.
The General Fund is used to account for all
financial resources necessary to carry out basic
governmental activities of the City that are not
accounted for in another fund. The General Fund
supports essential City services such as police and
fire protection, street maintenance, libraries,
parks and open space management. A majority of the
General Fund is financed from tax revenues.
In
Fiscal Year 2004-05, General Fund operating revenues
totaled $197.5 million, and departmental
expenditures totaled $224.5 million. Although the
City ranks 70th in the state in terms of its
estimated 2005 population,
its total revenues ranked 15th as of Fiscal Year
2001-02, the latest year for which such data are
available.
Santa Monica is one of a very few in the nation that
enjoys a triple-A credit rating from all three major
municipal investment rating agencies. This very
positive fiscal situation is a product of the City’s
increasingly diverse economy.
Table 4.1 summarizes the major revenue resources of
the General Fund revenues from Fiscal Years 2000-01
through 2004-05. The table illustrates that the tax
revenues in 2004-05 accounted for almost
three-quarters (71.1%) of the total revenue
resources. Table 4.2 illustrates the breakdown of
the tax revenues by resource from fiscal years
2000-01 through 2004-05.
Table 4.1: Major Revenue Resources
Fiscal Year 2000-01 – Fiscal Year 2004 -05 |
|
|
2000-01 |
2001-02 |
2002-03 |
2003-04 |
2004-05 |
|
Tax Revenues |
$ 119,355,606 |
$ 117,928,845 |
$ 123,696,578 |
$ 134,025,289 |
$ 140,445,242 |
|
Lic. & Permits |
$ 14,340,222 |
$ 15,035,991 |
$ 15,374,265 |
$ 17,515,136 |
$ 19,035,089 |
|
Fines & Forfeit. |
$ 8,539,835 |
$ 9,858,930 |
$ 10,742,425 |
$ 13,344,573 |
$ 13,247,272 |
|
Use of $ & Prop. |
$ 14,766,601 |
$ 17,472,563 |
$ 10,534,402 |
$ 8,647,986 |
$ 10,560,252 |
|
TOTAL |
$ 157,002,264 |
$ 160,296,329 |
$ 160,347,670 |
$ 173,532,984 |
$ 183,287,855 |
|
Tax Revenues |
68.6% |
66.5% |
72.5% |
72.5% |
71.1% |
|
Lic. & Permits |
8.2% |
8.5% |
9.0% |
9.5% |
9.6% |
|
Fines & Forfeit. |
4.9% |
5.6% |
6.3% |
7.2% |
6.7% |
|
Use of $ & Prop. |
8.5% |
9.9% |
6.2% |
4.7% |
5.3% |
|
Other |
9.8% |
9.6% |
6.0% |
6.2% |
7.2% |
|
Source: City of Santa Monica, Opportunities
and Challenges June 2005 |
|
|
|
Table 4.2: Breakdown by Major Tax Revenue
Resources
Fiscal Year 2000-01 – Fiscal Year 2004-05 |
|
|
2000-01 |
2001-02 |
2002-03 |
2003-04 |
2004-05 |
|
Utility User's Tax |
$ 25,157,000 |
$ 27,512,000 |
$ 27,549,000 |
$ 28,967,000 |
$ 29,587,000 |
|
Sales Tax |
$ 26,186,000 |
$ 24,586,000 |
$ 25,236,000 |
$ 27,825,000 |
$ 28,600,000 |
|
Prop. Tax |
$ 16,791,606 |
$ 17,511,845 |
$ 20,205,578 |
$ 23,098,289 |
$ 25,072,432 |
|
TOT Tax |
$ 19,218,000 |
$ 16,348,000 |
$ 17,059,000 |
$ 19,850,000 |
$ 23,800,000 |
|
Bus. Lic. Tax |
$ 16,957,000 |
$ 17,498,000 |
$ 17,745,000 |
$ 17,894,000 |
$ 18,600,000 |
|
Real Prop. Transf. |
$ 3,911,000 |
$ 3,233,000 |
$ 3,968,000 |
$ 5,350,000 |
$ 6,680,000 |
|
Park'g Fac. Tax |
$ 5,372,000 |
$ 5,636,000 |
$ 5,898,000 |
$ 6,098,000 |
$ 6,175,000 |
|
Mot. Veh. In-Lieu |
$ 5,028,000 |
$ 4,721,000 |
$ 5,170,000 |
$ 4,034,000 |
$ 1,000,000 |
|
Franchise Taxes |
$ 705,000 |
$ 857,000 |
$ 820,000 |
$ 863,000 |
$ 890,790 |
|
Condos Tax |
$ 30,000 |
$ 26,000 |
$ 46,000 |
$ 46,000 |
$ 40,020 |
|
|
$ 119,355,606 |
$ 117,928,845 |
$ 123,696,578 |
$ 134,025,289 |
$ 140,445,242 |
|
|
68.6% |
66.5% |
72.5% |
72.5% |
71.1% |
|
Source: City of Santa Monica, Opportunities
and Challenges June 2005 |
|
|
Table 4.3 provides an
historical summary of General Fund expenditures
since Fiscal Year 2000-01. In Fiscal Year 2004-05,
public safety (i.e., fire safety and police
protection) accounted for about 33 cents out of
every dollar of General Fund expenditures, general
government, which includes City administration,
housing and community development, was the next
largest expenditure category (22.5%), followed by
cultural and recreation services (21.8%), library
services (21.6%), and general services (9.7%). Year
to year variations in these categories are a
function of staffing costs, capital improvements and
City Council decisions about specific community and
policy priorities.
|
Table 4.3: General Fund Expenditures by
Function
FY 2000/2001 – FY 2004/2005 |
|
|
2000-01 |
2001-02 |
2002-03 |
2003-04 |
2004-05 |
|
Gen'l Govt |
$ 25,959,983 |
$ 39,409,953 |
$ 37,257,824 |
$ 44,482,857 |
$ 53,810,554 |
|
Public Safety |
$ 59,003,870 |
$ 76,242,210 |
$ 77,107,871 |
$ 63,428,190 |
$ 79,226,865 |
|
General Services |
$ 27,282,364 |
$ 26,592,628 |
$ 22,055,521 |
$ 17,371,193 |
$ 23,081,361 |
|
Cultural & Rec |
$ 22,708,323 |
$ 32,151,026 |
$ 30,252,427 |
$ 30,631,170 |
$ 52,003,224 |
|
Library |
$ 5,948,042 |
$ 7,385,216 |
$ 13,002,733 |
$ 16,872,822 |
$ 30,102,051 |
|
Retirement |
$ 7,621,026 |
$ 4,367,576 |
$ 7,068,355 |
$ 13,258,631 |
$ ------------ |
|
Other |
$ 21,257,628 |
$ 349,609 |
$ 329,561 |
$ 241,524 |
$ 597,859 |
|
Total $ |
$ 169,781,236 |
$ 186,498,218 |
$ 187,074,292 |
$ 186,286,387 |
$ 238,821,914 |
|
|
|
|
|
|
|
|
Gen'l Govt |
15.3% |
21.1% |
19.9% |
23.9% |
22.5% |
|
Public Safety |
34.8% |
40.9% |
41.2% |
34.0% |
33.1% |
|
General Services |
16.1% |
14.3% |
11.8% |
9.3% |
9.7% |
|
Cultural & Rec |
13.4% |
17.2% |
16.2% |
16.4% |
21.8% |
|
Library |
3.5% |
4.0% |
7.0% |
9.1% |
12.6% |
|
Retirement |
4.5% |
2.3% |
3.8% |
7.1% |
0.0% |
|
Other |
12.5% |
0.2% |
0.2% |
0.1% |
0.3% |
|
Source: City of Santa
Monica, Opportunities and Challenges June
2005
City of Santa Monica Comprehensive Annual Report (CAFR) Year End June 30,
2005
(1) Starting in FY 2001-02,
expenditures previously reported as "Other"
are included in functional categories, as
appropriate.
(2) Starting in FY 2004-05, retirement
expenditures are included in the appropriate
functional categories. |
|
Source: California,
Department of Finance, E-1 City / County
Population Estimates, with Annual Percent
Change, January 1, 2004 and 2005.
Sacramento, California, May 2005 (available
at: http://www.dof.ca.gov/HTML/DEMOGRAP/E-1TEXT.HTM).
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This page was last modified on
03/06/2007
|
