The current fiscal year’s budget began with an amended budget of operating revenues exceeding operating expenses by approximately $1.9 million. With seven months of the fiscal year behind us, the financial impact of the pandemic has fortunately not been catastrophic as originally feared and in fact has shown a resiliency and strength in areas not expected during the budget development process or even the initial stages of the current fiscal year. With revenue from Sales, Measure HH and Property taxes trending on pace or above previous fiscal years, development related revenue higher than previous years and a one-time payment of $2.9 million from a development agreement with the Orange County Sanitation District, the city is projecting $6.0 million more General Fund revenues and expenses.
The mid-year forecast for General Fund operating revenues for Fiscal Year 2020/21 is approximately $63.1 million, which is approximately $6.5 million higher than the amended budget amount of $56.5 million.
The mid-year Operating expenditures for Fiscal Year 2020/21 is approximately $54.0 million, with total General Fund expenditures projected at $60.6 million, $634,190 under the amended budget.