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Published by nvoelker, 2021-09-28 02:31:25

FY22 Adopted Budget fixed 092821

FY22 COB Budget Adopted_web_092821

151 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

General Fund

Beginning Fund Balance FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Current Resources ACTUAL ESTIMATES ADOPTED FORECAST FORECAST
Property Tax
Sales Tax - Local 1% 14,845,758 13,637,147 BUDGET 15,735,103 12,954,049
Property Transfer Tax
Transient Occupancy Tax 15,148,489
Business License Tax
Franchises 10,234,058 8,866,409 9,092,773 10,779,574 11,131,877
Intergovernmental 3,131,568 3,623,213 3,833,388 3,947,053 4,064,100
Service Charges 241,880
Fines and Forfeitures 3,793,530 316,000 300,000 309,000 318,270
Use of Money and Property 921,183 1,366,745 1,788,540 2,273,877 3,000,380
Miscellaneous 1,383,475 1,185,620 1,072,512 1,093,963
COVID-19 Federal Relief Funding 231,626 1,368,702 1,394,451 1,422,340 1,115,842
Current Resources 566,524 1,450,787
Current Requirements 4,904,554 6,560,418 212,434 214,558
Salaries and Wages 160,211 4,089,699 4,130,596 216,704
Benefits 159,921 4,171,902
Operating 1,302,313 792,070 164,000 167,280 170,626
Transfer Out 391,498 901,571 919,602 937,994
Total Current Requirements - 371,314 282,094 287,736 293,491
Resources Over/(Under) Requirements 3,222,430 3,222,430
Total Reserves/Fund Balance 26,695,895 28,399,367 26,353,893 - -
33% Target Reserve 25,545,578 26,871,974
Remaining Fund Balance
8,891,221 8,697,138 9,313,955 9,708,077 9,952,484
5,911,537 6,001,856 6,703,091 6,760,539 6,760,136
7,952,389 9,190,356 6,735,233 6,843,016 6,953,037
5,149,358 2,998,675 3,015,000 5,015,000 5,500,000
27,904,505 26,888,025 25,767,279 28,326,632 29,165,657
(1,208,610) 1,511,342 (2,781,054) (2,293,684)
13,637,147 15,148,489 586,614 12,954,049 10,660,365
7,509,198 7,883,486 15,735,103 7,692,839 7,809,667
6,127,949 7,265,003 7,508,252 5,261,210 2,850,699
8,226,851

152 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

General Fund

FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031
FORECAST FORECAST FORECAST FORECAST FORECAST FORECAST FORECAST

10,660,365 9,078,434 7,533,719 6,588,438 6,048,427 5,950,601 5,850,098

11,501,422 11,883,650 12,279,021 13,092,159 13,953,342 14,440,969 14,947,931
4,145,382 4,228,290 4,312,856 4,399,113 4,487,095 4,576,837 4,668,374
324,635 344,506
3,748,168 331,128 337,751 351,396 358,424 365,592
4,042,164 4,344,138 4,409,300 4,475,439 4,542,571 4,610,710
1,138,159 1,160,922 1,184,140 1,207,823 1,231,980 1,256,619 1,281,752
1,479,803 1,509,399 1,539,587 1,570,378 1,601,786 1,633,822 1,666,498
223,270 225,503 230,036 232,336
218,871 221,060 4,298,315 4,341,298 227,758 4,428,558 4,472,844
4,213,621 4,255,757 4,384,711 195,995
181,069 184,691 188,384 192,152 1,077,461
174,038 177,519 995,407 1,015,315 1,035,622 1,056,334
956,754 975,889 324,037 337,128
299,360 305,348 311,455 317,684 330,518 -
- - - -
- - 32,261,550 33,856,620
28,200,213 29,091,126 30,007,009 31,107,770 33,046,840

10,208,347 10,465,841 10,730,147 11,001,453 11,279,949 11,571,081 11,864,553
7,158,455 7,515,836 7,850,956 8,155,686 8,466,845 8,839,200 8,974,806
7,065,343 7,254,163 7,490,642 7,612,583 7,942,019
5,400,000 7,371,186 5,000,000 5,000,000 7,737,061 5,000,000
5,350,000 30,635,840 5,000,000 31,647,781 32,359,376 5,000,000 33,781,379
29,782,145 (1,544,714) 30,952,290 (540,011) 33,147,343
(1,581,932) 7,533,719 (945,281) 6,048,427 (97,826) (100,503) 75,241
9,078,434 8,327,827 6,588,438 8,793,768 5,950,601 5,850,098 5,925,338
8,062,608 (794,108) 8,564,256 (2,745,341) 9,028,594 9,288,623 9,497,855
(1,975,817) (3,077,994) (3,438,526) (3,572,517)
1,015,826

FUND INFORMATION 153

Measure I

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance 2,903,606 2,101,292 BUDGET 1,376,132 2,489,159 3,234,585 5,222,920

1,897,848 3,463,687
9,547
Revenues
1,907,395
Sales Tax ½-cent 1,614,275 545,000 2,013,376 2,073,777 2,135,991 2,178,710 2,222,285
Measure I 35,707
Use of Money and - 9,069 9,250 9,435 9,624 9,817
Property 1,649,982 3,463,687
Total Revenues 2,022,445 2,083,028 2,145,426 2,188,335 2,232,101
4,110,000 970,000 1,400,000 200,000 400,000
Capital Improvement 1,493,552
Plan 958,744 - - -- -
Transfer Out 1,376,132 2,489,159 3,234,585 5,222,920 7,055,021

Ending Fund Balance 2,101,292

154 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

FUND INFORMATION 155

Revenue and Expenditure Assumptions

A detailed discussion of the projection methodologies and major assumptions made for the fiscal year (FY) 2022
budget and corresponding long-term financial plan are presented below. This includes a discussion on factors
impacting each major revenue and expenditure category. In general, assumptions for revenues are largely based
on economic or other conditions outside the City’s control. Assumptions for expenditures, however, differ in that in
many cases, the assumptions are predominantly under the City’s control.

GENERAL FUND REVENUES

Revenue Estimation Methodology

All revenue assumptions and projections are reviewed and revised each fiscal year. Considerable analysis is done
to identify the key elements impacting major revenue sources, and this ensures that the projection methodology is
as reliable as possible over the long term. Historical data trends indicate that significant swings in a number of major
revenue categories can occur due to economic cycles. Therefore, projecting revenues based on the high point of
the economic cycle overstates the City’s financial position significantly for future years and could result in spending
patterns that cannot be sustained. Conversely, projecting revenues from the lowest point of the economic cycle
understates the long-term financial position of the City and can cause unnecessary service reductions.

Property Taxes

Property Tax is the largest source of General Fund revenue, comprising approximately 30% of the total anticipated
revenue for FY 2022, and 54% of the total tax revenue, excluding Measure I. While the property tax base in Belmont
has been very stable, actions coming from Sacramento which are outside the City’s control are threatening the
City’s property tax revenue. In particular, the redevelopment residual revenues and property tax in lieu of VLF are

impacted, both of which are discussed in more detail below.

The City’s property tax revenue includes several main
categories:

Secured Property Tax is the tax on real property and the
structures on that real property.

Redevelopment Pass-Through funds represent the City’s
General Fund share of the pass-through payments made
to taxing entities based on the tax increment funds used by
Successor Agency to pay remaining debt obligations. These
revenues are primarily from the secured tax base in the former
redevelopment project areas.

Redevelopment Residual Revenues represent the City’s
designated share of tax increment from the former redevelopment project areas that are in excess of the Successor
Agency’s required obligated payments. Similar to the redevelopment pass-through funds, these revenues are
primarily from the secured tax base in the former redevelopment project areas.

Educational Revenue Augmentation Fund (ERAF) is a mechanism used by the State to shift funding from local
property tax dollars to public schools. When local property tax dollars shifted into ERAF exceed what is necessary to
fund the schools, those excess funds are returned to the local taxing entities via Excess ERAF revenue. San Mateo
County is one of the five counties in the State where Excess ERAF is generated.

Property Tax in Lieu of VLF represents the swap of vehicle license fees (VLF) for property tax as part of a state-
local budget agreement in 2004. The agreement permanently reduced the VLF tax rate from 2% to 0.65%, and the
difference is replaced with a like amount that is to be funded by property tax from non-basic aid school districts. Any

156 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Revenue and Expenditure Assumptions

monies taken from non-basic aid school districts are backfilled by the State. Subsequent to the fiscal year 2005
base year, property tax in lieu of VLF increases annually in proportion to the growth in assessed valuation.

Unsecured Property Tax represents the tax on appurtenances such as furniture, machinery, and equipment.

Supplemental Property Tax is the result of reassessing the value of real property when there is a change of
ownership or when new construction is completed after the official lien date.

Unitary Property Tax is assessed on property owned by utilities, such as power lines, cable, etc.

Homeowners’ Property Tax Relief revenues are reimbursements from the State for revenues lost due to the
homeowners’ property tax exemption on the first $7,000 of assessed value of their principal place of residence.

Secured property tax, including redevelopment pass-through and residuals, excess ERAF, and property tax in lieu
of VLF, represents roughly 95% of the overall property tax revenue base for the City. Over 85% of the secured
property tax base is from residential property. Proposition 13 limits the percentage increase of property tax value
to 2% per year or the rate of inflation, whichever is lower. However, the base value is adjusted upon transfer
of property to reflect the sales price. For FY 2022, for properties that did not change ownership, the inflation
adjustment factor is 1.036%, which is below the maximum 2% that is allowed.

For Belmont, the average annual growth in secured property tax over the past 10 years has been 5.1%. Secured
property tax revenues, excluding those that are remitted as part of the redevelopment pass-through and residuals,
are estimated to increase 4.2% in FY 2022. This estimate is based on the County Assessor’s Office estimated
property tax roll as of April 2021. Starting with the FY 2022 revenue projection, a more conservative growth
estimate of 4% is utilized through the remainder of the forecast. This factors in historic growth rates as well as the
current inflation and economic environment.

One area that has been impacted by Sacramento’s actions
outside of the City’s control relates to redevelopment
residual revenues. In August 2020, a decision made by the
California Court of Appeals has modified the calculation on
how redevelopment residual property tax is distributed by the
County. The modified methodology excludes each entity’s
AB1290 statutory pass-through payments when calculating the
proportionate share of Redevelopment Property Tax Trust Fund
(RPTTF) that gets applied to the residual balance. For Belmont,
this results in approximately $700,000 shortfall to the General
Fund on an annual basis, and $900,000 shortfall to the Belmont
Fire Protection District on an annual basis.

With such a significant and ongoing impact, Belmont has taken
some first steps to discharge obligations from the Successor
Agency by seeking an early defeasance of the redevelopment
agency (RDA) bonds. With obligations discharged from the
Successor Agency, the Successor Agency can receive a final
dissolution that will result in the shift of property tax revenues
from RPTTF to general tax, thereby mitigating the shortfall to
RDA residuals. In March and April of 2021, Belmont received
approvals from the Successor Agency and County Oversight
Board, respectively. The next step is seeking approval from the
Department of Finance, who has 100 days to review, bringing
the timeline to summer of 2021. The long-term financial plan
assumes that the efforts are successful. This means that the City
will receive minimal residuals in the first distribution of FY 2022
as the remainder will be utilized to fund the bond defeasance,
and no more residuals beginning the second distribution of

FUND INFORMATION 157

Revenue and Expenditure Assumptions

FY 2022 as the Successor Agency will be fully dissolved and RPTTF will be shifted to general tax. Similarly for
redevelopment pass-through, the long-term forecast projects that the City would get its full pass-through in the
first distribution of FY 2022, then no more beginning the second distribution of FY 2022. With a final dissolution of
the Successor Agency, RPTTF is shifted to general tax, which then grows at the same rate annually as the secured
tax projection.

Excess ERAF Funds continue to be a steady, yet somewhat uncertain, revenue source for the General Fund. With
County officials projecting that there will be less non-basic aid school districts that require ERAF funding, more
funds will be returned to the local taxing entities via excess ERAF, although not close to the same rate as the
shortfall in property tax in lieu to VLF, which is described in more detail below. The ten-year forecast anticipates
excess ERAF to gradually grow to a $1.4 million baseline by FY 2027 to reflect the projected decrease in non-
basic aid school districts, which will require less allocation of the ERAF shift funds.

For property tax in lieu of VLF, local taxing entities including Belmont are facing a shortfall as less school districts
in San Mateo County are categorized as non-basic aid. Out of 26 school districts in San Mateo County, only 5
are non-basic aid. As such, Countywide shortfall is projected to be over $96 million in FY 2021, and that grows
as more school districts lose their non-basic aid status and flip to basic aid. For FY 2021, out of the $3.4 million
VLF allocated for Belmont, Belmont is estimated to receive only $1.9 million, with the remaining $1.5 million as
shortfall. Allocation for Belmont is projected to be $3.5 million in FY 2022 and continues to grow in the ten-year
forecast based on assessed valuation growth, but the shortfall is also projected to increase as more school
districts flip to basic aid. The long-term forecast reflects that all school districts will flip to basic aid in six years,
and correspondingly projects the full amount of allocation as the amount of shortfall by FY 2027. To recover
from the shortfall, the County will submit a claim for consideration in the State’s budget that, if approved, gets
distributed two years later. It is important to note that while the State has backfilled shortfalls in previous years,
there is no requirement for the State to do so. That said, the long-term forecast assumes that the State will backfill
shortfalls two years out. If this changes or as more data becomes available, the long-term forecast will be adjusted
accordingly.

A growth rate of 2% is assumed for supplemental and unitary property tax revenues, while Homeowners’ Property
Tax Relief revenues are expected to remain flat due to the nature of that revenue source. Unsecured taxes are
projected to increase at a more modest 1% rate to reflect the impact of depreciating values of unsecured property.

Sales Tax

Sales tax fell significantly in FY 2020, which reflected the impact of the COVID-19 pandemic and the recognition
of sales tax deferments from businesses at the onset of the pandemic. As more data became available, however,
businesses who were able to pay have continued to make their sales tax payments instead of deferring.
Consumers with disposable income redirected their spending from leisure travel and dining to luxury auto
purchases and online spending. With Belmont's major sales tax contributors coming from the autos category,
their performance have helped towards the recovery in this revenue source. Further, sales tax from internet sales
have begun to be unilaterally assessed by the
end of 2019 as a result of the South Dakota v.
Wayfair Supreme Court decision. With consumer
behavior shifting heavily to online spending
especially during the pandemic, the expectation
and as reflected in the long-term financial plan
is for sales tax, both the 1% and Measure I, to
perform above the trendline in FY 2021 before
adjusting back to a sustainable recovery close to
the trendline. The local 1% sales tax is projected
to be $3.8 million in FY 2022 and Measure I
0.50% sales tax is projected to be $2.0 million
in FY 2022. Both sources are projected to grow
modestly between 2% and 3% annually in the
forecast.

158 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Revenue and Expenditure Assumptions

Property Transfer Tax

Belmont collects a property transfer tax upon the transfer of any property within the City boundaries. This
revenue source is driven by both property values and transaction volume. As a general law city, the tax rate that
Belmont receives is $0.55 per $1,000, or 0.055%, of the sales value. Factoring in historic growth rates and the
current economic environment, revenues are projected at $300,000 in FY 2022, then grows between 2% and
3% annually in the forecast.

Transient Occupancy Tax

Transient occupancy tax (TOT), or hotel room tax, is dependent on both the occupancy levels and room rates of
the City’s hotel stock. This revenue is largely dependent on the overall health of the economy. In good economic
times, both occupancy rates and room rates increase, but during recessionary periods, both go down, which can
result in a significant reduction in TOT revenue. In Belmont, the existing hotel stock primarily caters to business
travelers. Two new hotels went into operations within the
last several years that increased the City’s hotel stock by
264 rooms, which expanded the overall tax base.

However, the COVID-19 pandemic stopped the growth
abruptly, and the reactive nature of TOT to the economy
was clearly demonstrated. Occupancy rates dropped
precipitously to single-digits and low two-digits during the
pandemic as travel was restricted, and have remained
low throughout FY 2021. With many companies adapting
to virtual meetings and conferences, there is much
uncertainty surrounding the recovery of business travel.
As hotels in Belmont cater mostly to business travelers,
this revenue source is projected to stay low and recover
slowly. Revenues are projected to be $1.8 million in FY 2022, with occupancy rates projected at 40%. In the long-
term forecast, revenues will gradually build back to pre-pandemic levels in four years, then the occupancy rates
hold steady while room rates are projected to increase by 2% on an annual basis.

Business License Tax

A business license tax is imposed on all persons or businesses doing business in Belmont. The payment of this
tax is required prior to the commencement of business. Business license tax revenues have remained fairly
consistent over the past several years. Revenues are projected at $1.1 million in FY 2022, then grows at a modest
2% annually in the long-term financial plan.

Franchise Fees

The City receives franchise payments from companies providing garbage, electricity, gas, and cable television
services. In total, franchise revenue from the garbage service is approximately 55% of the total franchise revenue,
electricity and gas service at approximately 20%, and cable television service at approximately 25%. Modest
growth is expected from this revenue source, 2% annually in the forecast. For FY 2022, revenues are projected
at $1.4 million.

Intergovernmental

Intergovernmental revenues are grants or reimbursements from other governmental agencies, including other
cities, the county, the state, and the federal government. This revenue category also includes a payment from
the Sewer Collections Fund for streets access. Based on known grants, reimbursements, and streets access
payment, total revenues are projected to be approximately $212,000 in FY 2022, then grow modestly from there
throughout the remainder of the forecast.

Service Charges

Service charges include police charges such as fingerprinting fees, police report fees, and alarm fees.
Predominately, however, service charges are funds transferred into the General Fund from other funds to cover

FUND INFORMATION 159

Revenue and Expenditure Assumptions

the cost of city-wide administration. These costs cover a portion of expenditures related to the operation of the
City Manager’s Office, City Attorney’s Office, City Clerk, Finance, and Human Resources. Prior to FY 2022, service
charges include charges from a General Fund service department to another General Fund service department,
such as charges from City Clerk to Finance. These charges would then be reflected as an expenditure with the
same amount of corresponding revenue in the General Fund, resulting in no net impact to the General Fund. As
such, beginning FY 2022, these charges are no longer included.

Other charges in this revenue category are funds transferred from the Belmont Fire Protection District to cover for
the cost of fire-related activities. These activities include fuel reduction and wildfire mitigation efforts provided by
the Parks Department, as well as response to fire- and medical-related calls and fire-related code enforcement
deficiencies provided by the Police Department. In total, approximately $4.1 million is projected for service
charges in FY 2022. Per best practices, the cost allocation model will be maintained and updated on an annual
basis to ensure alignment with the cost of providing administrative services throughout the City.

Fines and Forfeitures
Fines and forfeitures include parking and traffic-related citations. FY 2022 revenues are expected to be $164,000,
and projected to grow modestly throughout the forecast.

Use of Money and Property
This revenue category includes interest earnings on the City’s investment portfolio, and lease and rental
revenues. The City invests its funds in LAIF, the Local Agency Investment Fund program established by the State.
Through the latest reporting period, the City’s investment portfolio is earning approximately 0.4 percent. While
interest rates have been historically low, projections going forward for investment earnings reflect the expectation
that the City will gradually begin to earn more on its portfolio through gradually higher interest rates. Projections
for lease and rental revenues are based on lease terms and agreement. In total, this category of revenues is

expected to generate approximately $902,000 in FY 2022.

Miscellaneous
This revenue category includes other smaller revenues
not attached to other categories. FY 2022 revenues are
projected at approximately $282,000 in FY 2022.

COVID-19 Federal Relief Funding
With the passage of the American Rescue Plan, federal relief
funding was made available to state and local municipalities
to help with the economic recovery from COVID-19. This
one-time funding is allocated based on population, not in
proportion of revenue loss. With a population of about 27,000,
Belmont’s allocation is $6.4 million and will be remitted
through the State split into two tranches, one at the end of
FY 2021 and one in FY 2022, as reflected in the ten-year
forecast. These funds will be used to help Belmont and those
that have been impacted in Belmont to recover from the crisis.

160 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Revenue and Expenditure Assumptions

GENERAL FUND EXPENDITURES

Expenditure Estimation Methodology

Similar to the revenue assumptions, expenditure assumptions and projections are reviewed and revised each fiscal
year. Unlike revenues, especially tax revenues, General Fund expenditures are largely under the control of the
City. Because of that, assumptions for expenditure growth are generally able to be aligned with revenue growth
where possible. In cases where an expenditure category is not under control of the City, as is the case for CalPERS
pension contributions, the projected increases are treated as nondiscretionary and take precedence in terms of the
allocation of resources, limiting the City’s flexibility to prioritize where funds are expended. Assumptions for each of
the General Fund’s expenditure categories are discussed in detail below.

Personnel Costs

Personnel costs represent over 50% of total General Fund expenditures, and total $16.0 million for FY 2022. To
best reflect the cost of the personnel expenditure category, the ten-year forecast splits costs into two categories:
salaries, and benefits. This allows assumptions for cost increases in the two categories to move independently from
one another. Assumptions for the major categories of personnel expenditures are discussed in the detail below.

Increases for salaries and salary-related costs, such as overtime, are
initially based on existing contractual agreements or assumptions
about the outcome of ongoing and future negotiations. Beyond
those contractual assumptions, salary increases were set in the
ten-year forecast based on projected modest salary increases
throughout the forecast. It is important to note that these are only
projections of possible salary increases and do not reflect the
actual salary adjustments that will be made in the future. There are
a number of factors that have to be considered related to salary
increases in the future, including the City’s economic condition,
the amount of unassigned fund balance in the General Fund,
labor negotiations, and our ability to compete in the market for
employees.

As previously discussed, the cost of CalPERS pension contributions
is not something the City has control over the way it does over
many other expenditures. As a result, the ten-year forecast contains
projected increases in the City’s contribution rates that were
developed by a consulting actuary. These contribution rates, which
have been adjusted to consider the employees’ share of the City’s
contribution rates, factor in assumptions related to turnover of City
employees and the fact that new employees will come in under
lower pension formulas. The rates also factor in the most up-to-date
information available about the economic and actuarial changes
CalPERS has recently implemented, as well as updated investment return results. A couple of the significant factors
include:

• The reduction of the discount rate from 7.5% to 7.0% over a three-year period that first impacted contribution
rates in FY 2019, with the full impact incorporated in FY 2025.

• The 6.7% actual return on the CalPERS investment portfolio for the fiscal year ended June 30, 2019, and
4.7% actual return for the fiscal year ended June 30, 2020, both of which were below the 7.0% target and
will impact contribution costs starting in FY 2022.

• The change in amortization period from 30 to 20 years that will impact contribution rates starting in FY
2022.

FUND INFORMATION 161

Revenue and Expenditure Assumptions

These factors have a significant impact on the City’s cost for employee pension benefits, and continue to put
pressure on General Fund operations. The City’s pension cost in the General Fund is projected to increase from
$3.5 million in FY 2022 to $4.7 million in FY 2031, and increase the percentage of total operations from 14% to 17%.
With the discount rate, or expected rate of return, at 7%, any returns that fall short of this target will create another
layer of unfunded pension liability that increase total pension contribution, as witnessed in the actual returns from
fiscal years 2019 and 2020. At the start of 2021, CalPERS started their process of evaluating its Asset Liability
Management (ALM), a formal process that runs on a four-year cycle that includes a review of CalPERS’ investment
portfolios and retirement plan liabilities. Part of the review is to determine whether there will be new proposed
discount rates that differ from the current 7.0% rate. Final approval of the discount rate is slated for November 2021.
It is important to note that based on the proposals and final approval, if the discount rate turns out to be lower than
the current 7.0%, pension contribution costs for all CalPERS-contracted agencies, including Belmont, will increase.
As more information becomes available, the ten-year financial plan will be updated accordingly.

Overall, the pension cost in the General Fund makes up over 50% of the total cost of employee fringe benefits.
Other major costs in this category include medical, dental, and vision premiums paid by the City; Medicare taxes;
workers’ compensation; and deferred compensation. Medical insurance, which is the second-largest cost in
this category, is set in the forecast to increase at 6% in FY 2022 and then taper off to a 4.6% annual increase
throughout the long-term plan. These assumptions are based on historical trends and assumptions used by the
consulting actuary in the valuation of the City’s retiree medical plan. For other benefit costs that move with salary
increases, such as Medicare taxes, those are set to increase at the same rate as salaries in the ten-year financial
plan.

Non-Personnel Costs

The remaining 50% of the General Fund’s
expenditures consist of non-personnel costs. For
the purpose of the ten-year forecast, non-personnel
expenditures were broken down into two distinct
categories: operating, and transfers out. A brief
description of the types of expenditures in each
category is provided below.

OPERATING

Operating expenditures, which total $6.7 million in
fiscal year 2022, include spending on a wide variety
of expenditure categories related to operation of
the City. Some of the major expenditure categories
include $1.5 million in professional and contract
services, $275,000 in utilities costs, and $3.7 million in
administrative and other costs.

Professional and contract services include service areas like the annual financial audit, consultants for special
studies and staffing assistance, animal control, and maintenance of city parks and trees. Because expenditures in
this category are largely within the City’s control, the long-term forecast holds the total budget in this category flat
for four years before increasing the budget by 5% in year five. The remaining forecast years are then held flat.

Utilities costs include gas, electricity, and water costs. For the ten-year forecast, the annual increase is set at
3%. These increases consider expected growth in costs, which are largely beyond the City’s control, although
increased conservation efforts can help control expenditure growth in this area.

And finally, the administrative and other expenditures consist of the “rental rate” the departments are charged
to cover the cost of funding the replacement of city computers, vehicles, and equipment from the Fleet and
Equipment Management Fund. Funds are collected for replacement while the vehicle/equipment is still in use
so that adequate funds are available at the time when replacement is necessary. This expenditure category also
includes charges to cover for building maintenance in City facilities from the Facilities Management Fund. As
mentioned earlier in the Revenues Section under service charges, prior to FY 2022, charges were generated

162 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Revenue and Expenditure Assumptions

from a General Fund service department to another General Fund service department to cover for the cost
of city-wide administration. These charges would then be reflected as an expenditure with the same amount
of corresponding revenue in the General Fund, resulting in no net impact to the General Fund. As such,
beginning FY 2022, both of these revenue and expenditure charges are no longer included. The budget for this
expenditure category is $3.7 million in FY 2022.

TRANSFERS OUT

This category of funding includes the transfers the General Fund makes to various funds to fund ongoing and
one-time needs. Ongoing items are to support costs in other funds that are not fully recovered through user fees.
They include transfers to support the Recreation Fund, Development Services Fund, Street Maintenance Fund,
and the Storm Drainage Fund. Total transfers are approximately $3 million in FY 2022, $5 million in FY 2023,
and continue throughout the forecast.
Additional detail about the City’s funds
can be found in the accompanying
long-term financial plans in this Fund
Information section of the budget
document.

MEASURE I

Measure I is the ½-cent transaction
and use sales tax that Belmont voters
passed in 2016. This locally-controlled
funding source has greatly enhanced
the City’s ability to invest in roadway
repairs. While Measure I is a sub-fund
of the General Fund, the sales tax
from Measure I and projects funded
by Measure I are presented in its own
long-term financial plan for tracking purposes.

Measure I sales tax is budgeted at $2.0 million in FY 2022, and grows between 2% and 3% annually in the
forecast. A total of $7.1 million is included in the five-year capital improvement plan, funding for slurry seal,
pavement rehabilitation, and storm drain infrastructure improvements. Measure I revenues will continue to be
monitored carefully, and funding adjustments will be made in the long-term financial plan as appropriate.

Resources Over/(Under) Requirements and Fund Balance

The long-term financial forecast includes all known and assumed resource demands. This provides a
comprehensive view of the demand for the City’s resources and allows Council to prioritize how those
resources should be allocated. As demonstrated in the ten-year forecast, the COVID-19 pandemic has impacted
revenues significantly, resulting in a draw down on fund balance. Especially as it relates to transient occupancy
tax, recovery is anticipated to be slow, thus putting further pressure to maintain operations at current service
levels. On top of that, actions from Sacramento that are outside of the City’s control is impacting property tax,
the General Fund’s top revenue source. The long-term plan illustrates that even with the mitigation strategies
approved by Council to reduce certain operational expenditures and freeze vacant positions, resources are not
able to meet demands in each year of the plan from FY 2023 until FY 2031. The fund balance that have been
diligently built up to reach $14.8 million in FY 2019 are being drawn down through the forecast, and will fall below
the 33% target reserve level in FY 2026. This depletion of fund balance places significant pressure on operations
and threatens provision of services at current levels. That said, the long-term forecast allows the City to foresee
structural imbalances, and plan ahead to position itself towards long-term sustainability. In the spring of 2021, a
community engagement effort shows that enhancing locally-controlled revenues to support fiscal sustainability
is a key priority. With this input, identifying opportunities to diversify and expand the City’s revenue sources and
implementing a long-term financial sustainability plan will be the focus of the FY 2023 budget development.

FUND INFORMATION 163

SPECIAL REVENUE

164 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Recreation

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 76,273 - BUDGET 162,048 183,662 175,453 136,609
Intergovernmental
Service Charges 46,278
Use of Money and
Property 42,252 41,550 53,000 53,000 53,000 53,000 53,000
Miscellaneous 1,869,066 751,991 1,711,736 1,745,971 1,780,890 1,816,508 1,852,838
Total Revenues
Expenditures (1,593) - - - - - -
Personnel
Operating 21,582 4,281 24,125 12,240 12,485 12,734 12,989
Total Expenditures 1,931,307 797,822 1,788,861 1,811,211 1,918,827
Transfer In 1,846,375 1,882,242
Ending Fund Balance
1,843,303 1,753,268 1,666,141 1,862,508 1,906,953 1,952,502 1,999,185
1,299,261 798,276 1,006,950 1,027,089 1,047,631 1,068,583 1,089,955
3,142,564 2,673,091 2,889,597 2,954,584 3,021,086 3,089,140
1,134,984 2,551,544 1,000,000 1,100,000 1,100,000 1,100,000 1,100,000
1,800,000 175,453
- 162,048 183,662 136,609 66,296
46,278

FUND INFORMATION 165

Library Maintenance and Operation

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 1,106,449 1,033,288 BUDGET 820,894 556,862 436,639 310,044
Taxes
Use of Money and 960,910
Property
Total Revenues 304,049 303,706 303,706 306,743 309,810 312,909 316,038
Expenditures 17,834 3,904 3,709 3,783 3,859 3,936 4,015
Personnel
Operating 321,883 307,610 307,415 310,526 313,669 316,845 320,052
Total Expenditures
Capital Improvement 161,870 186,066 184,249 188,753 193,372 198,108 202,966
Plan 208,176 193,922 231,181 235,805 240,521 245,331 250,238
Ending Fund Balance 370,046 379,988 424,558 433,893 443,440 453,203
25,000 415,430
- 32,000 150,00 - - -
1,033,286
960,910 820,894 556,862 436,639 310,044 176,893

166 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Athletic Field Maintenance

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 314,814 324,158 BUDGET 356,780 252,982 249,109 245,158
Intergovernmental
Service Charges 380,503
Use of Money and
Property - - - - 1,000,000 - -
Miscellaneous 51,729 60,000 75,000 76,500 78,030 79,591 81,182
Total Revenues 3,446 1,329 1,382
Expenditures 1,345 1,277 1,303 1,355
Operating - -
Total Expenditures 55,175 50,000 - - 1,000,000 - 82,565
Capital Improvement 111,345 76,277 77,803 2,079,359 80,946
Plan
Ending Fund Balance 45,831 55,000 80,000 81,600 83,232 84,897 86,595
45,831 55,000 80,000 81,600 83,232 84,897 86,595
20,000 100,000 2,000,000
- - - -
356,780 252,982 249,109
324,158 380,503 245,158 241,128

FUND INFORMATION 167

City Trees

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance 390,965 362,349 BUDGET 254,764 185,581 314,865 242,581
Revenues
Service Charges 3,834 9,000 322,448
Use of Money and 7,254 1,375
Property 5,000 5,100 5,202 5,306 5,412
Total Revenues 11,088 10,375 1,306 1,332 1,359 1,386 1,414
Expenditures
Personnel - 28,776 6,306 6,432 6,561 6,692 6,826
Operating 39,704 21,500
Total Expenditures 39,704 50,276 33,990 34,815 35,661 36,528 37,417
Transfer In 40,000 40,800 41,616 42,448 43,297
Ending Fund Balance - - 73,990 75,615 77,277 78,976 80,715
362,349 322,448 200,000
- - 314,865 - -
254,764 185,581 242,581 168,692

168 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Senior Services Donation

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023
ACTUALS ESTIMATES ADOPTED FORECAST
Beginning Fund Balance
Revenues 81,147 85,863 BUDGET 91,574
Use of Money and Property 86,252
Miscellaneous 896 339 328
Total Revenues 3,550 50 322 5,000
Ending Fund Balance 4,446 389 5,000 5,328
85,863 86,252 5,322 96,902
91,574

FUND INFORMATION 169

Development Services

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 216,809 - BUDGET 480,606 742,482 857,391 833,104
Licenses and Permits
Service Charges 416,822
Use of Money and
Property 1,235,053 1,824,000 1,844,000 1,812,980 1,738,660 1,673,911 1,692,461
Miscellaneous 1,730,569 1,950,248 2,141,186 2,184,010 2,227,690 2,272,244 2,317,689
Total Revenues 2,011
Expenditures 7,896 2,117 2,051 2,092 2,134 2,177
Personnel 7,000
Operating 16,087 9,550 3,994,197 7,140 7,283 7,428 7,577
Total Expenditures 2,989,605 3,785,915 4,006,181 3,975,725 3,955,717 4,019,903
Transfer In
Ending Fund Balance 2,210,995 2,418,983 3,170,303 3,244,994 3,321,517 3,399,919 3,480,249
1,566,678 1,700,111 1,960,110 1,999,312 2,039,298 2,080,084 2,121,686
3,777,673 5,130,413 5,244,306 5,360,815 5,480,004 5,601,935
4,119,093 1,200,000 1,500,000 1,500,000 1,500,000 1,500,000
571,258 750,000 480,606 742,482 751,072
- 416,822 857,391 833,104

170 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

General Plan Maintenance

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 405,581 407,621 BUDGET 626,338 658,785 691,881 725,639
Intergovernmental
Service Charges 794,527
Use of Money and
Property - 10,000 - - - - -
Miscellaneous 148,031 380,000 200,000 204,000 208,080 212,242 216,486
Total Revenues
Expenditures 8,078 1,906 1,811 1,847 1,884 1,922 1,960
Operating
Total Expenditures - 125,000 - - - - -
Transfer Out 156,109 516,906 201,811 205,847 209,964 214,163 218,447
Ending Fund Balance
154,070 130,000 170,000 173,400 176,868 180,405 184,013
154,070 130,000 170,000 173,400 176,868 180,405 184,013
200,000
- - 626,338 - - - -
407,621 794,527 658,785 691,881 725,639 760,073

FUND INFORMATION 171

Belmont Fire Protection District

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance 8,646,574 19,473,754
Revenues 953,459 4,660,027 BUDGET 12,008,548 15,613,334
Property Tax 5,515,170 15,139,745 16,928,745
Intergovernmental 12,986,186 11,520,997 65,576 15,713,216 16,309,250 69,590
Service Charges 64,290 64,290 14,587,974 - -
Use of Money and (201) - 64,290 39,650 66,887 68,225 42,077
Property 192,566 40,919 -
Miscellaneous 38,873 - -- -
Total Revenues 15,244,971 17,040,412
Expenditures - 40,443 41,252
Personnel 14,691,137 95,473 104,326
Operating 98,707 - 11,787,525 -- 12,806,607
Total Expenditures 92,692 11,882,998 15,820,547 16,418,727 12,910,932
Ending Fund Balance 13,341,548 11,626,206 11,467,041 12,008,548 23,603,234
Capital Reserve 11,559,733 11,250,000 13,781,250
Remaining Fund Balance 494,052 85,234 8,646,574 758,548 98,337 101,287 9,821,984
10,000,000
9,980,369 10,685,829 (1,353,426) 12,117,423 12,457,020

10,474,421 10,771,063 12,215,760 12,558,307

3,820,586 5,515,170 15,613,334 19,473,754

5,000,000 7,500,000 12,500,000 13,125,000

(1,179,414) (1,984,830) 3,113,334 6,348,754

172 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Public Safety Grants

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023
ACTUALS ESTIMATES ADOPTED FORECAST
Beginning Fund Balance
Revenues 36,354 35,448 BUDGET 30,719
Use of Money and Property 35,587
Total Revenues 389 139 135
Expenditures 389 139 132 135
Operating 132
Total Expenditures 1,295 - 5,100
Ending Fund Balance 1,295 - 5,000 5,100
35,448 35,587 5,000 25,753
30,719

FUND INFORMATION 173

Supplemental Law Enforcement

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023
ACTUALS ESTIMATES ADOPTED FORECAST
Beginning Fund Balance
Revenues 59,746 2,791 BUDGET 3,585
Intergovernmental 2,692
Use of Money and Property 155,948 193,781 200,820
Total Revenues 428 - 196,882 -
Expenditures -
Personnel 156,376 193,781 200,820
Operating 196,882
Total Expenditures 164,156 157,939 170,272
Transfer In 49,175 60,941 166,346 45,536
Ending Fund Balance 213,331 218,880 44,643 215,808
25,000 210,989 15,000
- 2,692 15,000 3,597
2,791 3,585

174 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Street Maintenance

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance - 945,792 BUDGET 472,773 453,764 447,347 451,728
Revenues
Intergovernmental 1,693,916 1,193,607 389,075
Service Charges 753,715 648,241
Use of Money and 4,194 1,266,101 716,566 727,434 737,641 746,638
Property 1,994 673,031 686,492 700,221 714,226 728,510
Miscellaneous 725
Total Revenues 2,452,549 10,269 1,895 1,933 1,972 2,011 2,051
Expenditures 1,854,111
Personnel 1,150,802 - - -- -
Operating 1,161,356 1,117,353 1,941,027 1,404,991 1,429,628 1,453,878 1,477,199
Total Expenditures 2,312,158 1,293,476
Transfer In 805,401 2,410,828 1,041,294 1,481,643 1,516,842 1,552,911 1,589,874
Ending Fund Balance 945,792 1,316,035 1,342,356 1,369,203 1,396,587 1,424,519
- 2,357,329 2,823,999 2,886,045 2,949,498 3,014,392
389,075 500,000 1,400,000 1,450,000 1,500,000 1,550,000
472,773 453,764 464,534
447,347 451,728

FUND INFORMATION 175

Road Maintenance and Rehabilitation
Account Street Project

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 463,172 587,977 BUDGET (432,491) (358,259) 212,341 804,005
Intergovernmental
Use of Money and 808,733
Property
Total Revenues 475,217 484,947 531,107 546,509 567,823 588,832 617,096
Capital Improvement 5,004 2,809 2,669 2,722 2,777 2,832 2,889
Plan
Ending Fund Balance 480,221 487,756 533,776 549,231 570,600 591,665 619,985
355,415 267,000 1,775,000 475,000 - - -

587,977 808,733 (432,491) (358,259) 212,341 804,005 1,423,991

176 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Measure W

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Reallocated Balance -- BUDGET (143,755) (192,806) 83,640 365,688
from Street Improvement
Fund Revenues - 329,043 190,644
Taxes
Use of Money and - 257,601 - - - - -
Property - 4,000
Total Revenues 261,601 266,833 272,170 277,613 283,165
Capital Improvement - 261,601 4,000 4,116 4,277 4,435 4,648
Plan --
Transfer Out 265,601 270,949 276,446 282,048 287,813
Ending Fund Balance - 400,000 600,000 320,000 - - -
- 190,644
- - - - -
(143,755) (192,806) 83,640 365,688 653,501

FUND INFORMATION 177

Street Improvement

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance 1,747,852 682,742 BUDGET 551,694 411,209 1,032,474 1,667,764

Revenues 1,080,867 719,378 1,566,660
Taxes 944,285 218,000
13,241 730,890 745,508 760,418 775,626 731,139
Intergovernmental 54,955 4,548 2,787,000 - - - -
1,153,000
Use of Money and 2,093,349 2,094,926 4,321 4,407 4,496 4,585 4,677
Property
Miscellaneous 66,320 60,804 80,000 - - - -
66,320 60,804 3,602,211 749,915 764,914 780,212 795,816
Total Revenues 4,050,885 1,221,161
Expenditures 958,744 400,000 61,177 62,401 63,649 64,922 66,220
Operating 61,177 62,401 63,649 64,922 66,220
- 329,043 4,556,000 828,000 80,000 80,000 80,000
Total Expenditures
Capital Improvement 682,742 1,556,660 - - - - -
Plan
Transfer In - - -- -
Reallocate Balance for 411,209 1,032,474 1,667,764
Creation of Measure W 551,694 2,317,360
Fund
Ending Fund Balance

178 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Traffic Impact

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues -- BUDGET 1,688,095 3,574,581 3,778,742 3,982,987
Service Charges
Use of Money and -- -
Property --
Total Revenues 1,684,095 1,882,406 200,000 200,000 200,000
Ending Fund Balance -- 4,000 4,080 4,162 4,245 4,330
--
1,688,095 1,886,486 204,162 204,245 204,300
1,688,095 3,574,581 3,778,742 3,982,987 4,187,317

FUND INFORMATION 179

Public Art

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance - - BUDGET 555,342 1,157,382 1,234,463 1,311,585
Revenues
Service Charges - - -
Use of Money and - -
Property - - 553,342 600,000 75,000 75,000 75,000
Total Revenues - - 2,000 2,040 2,081 2,122 2,165
Ending Fund Balance
555,342 602,040 77,081 77,122 77,165
555,342 1,157,382 1,234,463 1,311,585 1,388,750

180 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Affordable Housing

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023
ACTUALS ESTIMATES ADOPTED FORECAST
Beginning Fund Balance 3,992,897
Revenues 3,618,577 BUDGET 7,557,360
Intergovernmental - 3,698,533
Use of Money and Property 94,252 - -
Other Financing Sources 280,748 310,000 80,741
Total Revenues - 80,726
Expenditures 94,252 - 3,750,000 -
Operating 280,748 4,140,726 80,741
Total Expenditures 468,573
Ending Fund Balance 468,573 200,792 281,899 287,537
3,618,577 200,792 281,899 287,537
3,698,533 7,557,360 7,350,564

FUND INFORMATION 181

Inclusionary Housing

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023
ACTUALS ESTIMATES ADOPTED FORECAST
Beginning Fund Balance
Revenues 792,161 * 1,116,090 BUDGET 400,038
Service Charges 118,097
Use of Money and Property 282,410 - 3,340,598
Total Revenues 41,519 2,006 280,035 1,944
Expenditures 2,006 1,906
Operating 323,929 3,342,542
Total Expenditures - 281,941
Ending Fund Balance - - -
- 118,097 1,000,000 -
1,116,090 1,000,000 3,742,579

400,038

* Fund balance is reduced by $2.2 million to reflect loans receivable that is not available for appropriation.

182 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

FUND INFORMATION 183

CAPITAL PROJECTS

184 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

General Facilities

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 1,000,001 1,020,074 BUDGET 390,490 301,882 262,502 222,334
Use of Money and
Property 816,341
Total Revenues
Expenditures 14,231 3,839 3,647 3,720 3,794 3,870 3,948
Operating 14,231 3,839 3,647 3,720 3,794 3,870 3,948
Total Expenditures
Capital Improvement 176,123 8,273 41,498 42,328 43,175 44,038 44,919
Plan 176,123 8,273 41,498 42,328 43,175 44,038 44,919
Transfer In 38,653 199,300 388,000 50,000
Ending Fund Balance - - -
220,618 - - -
1,020,074 816,341 390,490 301,882 - - -
262,502 222,334 181,363

FUND INFORMATION 185

Infrastructure Repair

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance 2,357,507 2,816,035 BUDGET 2,333,949 2,044,705 2,055,676 2,066,867
Revenues
Intergovernmental - 300,000 3,125,070
Use of Money and 47,768 11,100
Property 1,213,334 - - - -
Total Revenues 47,768 311,100 10,545 10,756 10,971 11,190 11,414
Capital Improvement 638,513 2,065
Plan 1,049,273 1,223,879 10,756 10,971 11,190 11,414
Transfer In 2,816,035 - 2,015,000 300,000 - - -
Ending Fund Balance 3,125,070
- - -- -
2,333,949 2,044,705 2,055,676 2,066,867 2,078,281

186 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Comcast

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 411,990 372,685 BUDGET 244,082 245,486 246,919 248,380
Use of Money and
Property 362,705
Total Revenues
Capital Improvement 7,538 1,449 1,377 1,405 1,433 1,461 1,491
Plan 7,538 1,449 1,377 1,405 1,433 1,461 1,491
Ending Fund Balance 46,843 11,429 120,000
- - - -
372,685 362,705 244,082
245,486 246,919 248,380 249,870

FUND INFORMATION 187

Planned Park

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance 953,459 4,660,027 BUDGET 2,368,584 2,056,715 1,333,331 608,838
Revenues
Service Charges - - 89,818 -
Use of Money and 61,384 10,982 11,293
Property 6,000,000 - 410,430 - -
Other Financing Sources 6,061,384 - 10,433 10,642 10,854 11,072 -
Total Revenues 10,982 11,293
Expenditures 399,027 - - - -
Administrative and Other 399,027 731,191 10,433 421,072 10,854 11,072 736,915
Total Expenditures 1,955,790 731,191 736,915
Capital Improvement 3,850,000 731,667 732,940 734,239 735,564
Plan - 731,667 732,940 734,239 735,564 -
Transfer In 4,660,027 -
Ending Fund Balance 89,818 - - - - -
(116,784)
3,000,000 - - -
2,368,584 2,056,715 1,333,331 608,838

188 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Park Impact Fees

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 342,635 362,708 BUDGET 1,362,791 3,167,274 3,078,733 2,740,222
Intergovernmental
Service Charges 1,432,122
Use of Money and
Property - - 194,570 - - - 3,000,000
Miscellaneous 16,329 1,067,937 2,974,696 1,878,052 35,000 35,000 35,000
Total Revenues 1,519
Capital Improvement 3,744 1,477 1,403 1,431 1,460 1,489
Plan
Transfer Out - - 10,000 - - - -
Ending Fund Balance 20,073 1,069,414 3,180,669 1,879,483 36,460 36,489 3,036,519
250,000 125,000 375,000 3,125,000
- - 75,000
3,000,000
- - 1,362,791 - - - -
362,708 1,432,122 3,167,274 3,078,733 2,740,222 2,651,741

FUND INFORMATION 189

Open Space

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 244,528 234,605 BUDGET 141,922 106,972 71,683 36,047
Use of Money and
Property 211,540
Miscellaneous
Total Revenues 2,578 891 847 864 881 899 917
Expenditures
Operating - 6,000 -- -- -
Total Expenditures 2,578 6,891 847 864 881 899 917
Capital Improvement
Plan 12,500 19,956 17,465 17,814 18,171 18,534 18,905
Ending Fund Balance 12,500 19,956 17,465 17,814 18,171 18,534 18,905
10,000 53,000 18,000 18,000 18,000 18,000
-
211,540 141,922 106,972 71,683 36,047 60
234,605

190 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Special Assessment District

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 303,303 306,562 BUDGET 308,919 310,090 311,284 312,502
Use of Money and
Property 307,771
Total Revenues
Ending Fund Balance 3,259 1,209 1,148 1,171 1,194 1,218 1,243

3,259 1,209 1,148 1,171 1,194 1,218 1,243
306,562 307,771 308,919 310,090 311,284 312,502 313,745

FUND INFORMATION 191

DEBT SERVICE

192 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Library Bond Debt Service

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023
ACTUALS ESTIMATES ADOPTED FORECAST
Beginning Fund Balance
Revenues 245,486 262,525 BUDGET 246,899
Taxes 254,600
Use of Money and Property 676,754 675,991 682,751
Total Revenues 1,303 500 675,991 765
Expenditures 750
Operating 678,058 676,491 683,516
Total Expenditures 676,741
Ending Fund Balance 661,018 684,416 688,825
661,018 684,416 684,441 688,825
262,525 254,600 684,441 241,590
246,899

FUND INFORMATION 193

ENTERPRISE

194 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Sewer Collections

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
13,692,039
Beginning Fund Balance 11,490,979 13,387,096 BUDGET 11,961,754 10,725,797 8,278,794
18,770,544
12,346,846 179,866

Revenues 18,950,409

Service Charges 12,711,449 16,368,854 17,341,081 17,687,903 18,041,661 18,402,494 1,805,176
166,168 169,491 8,265,327
Use of Money and 632,310 160,093 172,881 176,339 10,070,502
Property 3,085,000
Total Revenues 13,343,760 16,528,947 17,507,249 17,857,394 18,214,542 18,578,833
110,000
Expenditures 19,376,946

Personnel 1,233,264 1,603,223 1,642,751 1,681,876 1,721,972 1,763,063
7,831,590 7,938,475 8,044,572 8,157,525
Operating 8,833,242 9,000,474 9,474,342 9,620,351 9,766,544 9,920,588
7,715,000 9,280,000 10,435,000 3,085,000
Total Expenditures 10,066,506 10,603,697

Capital Improvement 1,056,133 6,455,500 703,000 193,000 460,000 160,000
Plan 325,000 510,000 8,278,794 13,692,039
Transfer Out

Ending Fund Balance 13,387,096 12,346,846 11,961,754 10,725,797

FUND INFORMATION 195

Sewer Treatment Facility

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST
Beginning Fund Balance
Revenues 20,219,035 13,387,096 BUDGET 8,527,527 8,548,906 8,979,004 9,292,153
Service Charges
Use of Money and 10,708,250
Property
Total Revenues 3,196,757 3,181,962 3,185,789 3,217,647 3,249,823 3,282,322 3,315,145
Expenditures 425,229 49,543 47,065 48,006 50,945
Operating 48,966 49,946
Capital Outlay
Total Expenditures 3,621,987 3,231,505 3,232,854 3,265,653 3,298,790 3,332,267 3,366,089
Ending Fund Balance
1,376,670 2,010,172 2,007,033 2,014,243 2,015,038 2,018,951 2,020,974
6,990,138 3,900,178 3,406,544 1,230,031 853,653 1,000,168 1,000,168
8,366,809 5,910,350 5,413,577 3,244,274 3,019,119 3,021,142
15,474,213 10,708,250 8,527,527 8,548,906 2,868,691 9,292,153 9,637,100
8,979,004

196 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

Storm Drainage

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance 4,001,928 1,186,989 BUDGET 286,214 247,634 430,658 584,575
Revenues
Service Charges 969,137 956,049 797,094
Use of Money and 32,540 9,527
Property 1,005,400 1,021,335 1,037,547 1,054,041 1,070,822
Miscellaneous - 78,920 16,785 17,121 17,463 17,812 18,169
Total Revenues 1,001,677 1,044,496
Expenditures - - - - -
Personnel 955,829 1,053,517 1,022,185 1,038,456 1,055,010 1,071,853 1,088,991
Operating 1,163,988 1,299,049
Total Expenditures 2,119,817 2,352,567 849,748 870,052 890,863 912,191 934,052
Capital Improvement 3,389,622 1,183,317 1,206,983 1,231,123 1,255,745 1,280,860
Plan 1,692,824 15,500 2,033,065 2,077,036 2,121,986 2,167,937 2,214,912
Transfer In 1,186,989 933,675 703,000 460,000 160,000
Ending Fund Balance 797,094 193,000 110,000

1,203,000 1,193,000 1,710,000 1,410,000 1,360,000
286,214 247,634 430,658 584,575 708,654

FUND INFORMATION 197

Solid Waste

FINANCIALS FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
ACTUALS ESTIMATES ADOPTED FORECAST FORECAST FORECAST FORECAST

Beginning Fund Balance 1,275,858 1,538,689 BUDGET 1,584,218 1,564,151 1,541,683 1,516,722
Revenues
Intergovernmental 35,849 - 1,601,975
Service Charges 482,843 486,308
Use of Money and - - - - -
Property 24,964 7,201 493,356 502,463 511,744 521,204 530,845
Miscellaneous
Total Revenues 62,249 - 6,841 6,978 7,117 7,260 7,405
Expenditures 605,905 493,509
Personnel - - - - -
Operating 194,097 275,606 500,197 509,441 518,862 528,464 538,250
Total Expenditures 148,978 154,617
Ending Fund Balance 343,075 343,156 351,215 359,470 367,928 376,592
1,538,689 430,223 174,798 178,294 181,860 185,497 189,207
1,601,975 517,954 529,509 541,330 553,425 565,799
1,584,218 1,564,151 1,541,683 1,516,722 1,489,172

198 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET

FUND INFORMATION 199

INTERNAL SERVICE

200 CITY OF BELMONT ADOPTED FISCAL YEAR 2022 BUDGET


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