City of Manhattan Beach Income Sources
General Fund revenues are projected at $53.1 million for FY 2012-2013, $1.9 million or 3.8% higher than the prior year’s budget.
For FY 2012-2013, Property Tax is estimated at $20.3 million, $0.5 milllion or 2.6% above the prior year budget. For FY 2012-2013, sales tax is estimated at $8.8 million, $0.6 million or 7.8% above the prior year budget. Transient Occupancy Tax (TOT) in FY 2011-2012 was affected by the remodeling activity at the Marriott and Residence Inn hotels, but with the hotels back in full operation, revenues are expected to rebound to $2.8 million in FY 2012-2013 as the economy and tourism improve. Fifteen percent of TOT revenue is dedicated to the Capital Improvement Fund, and is not reflected in the figure above. Business License Tax is estimated at $2.8 million for FY 2012-2013, up 3.3% from the prior year budget. This revenue has been consistent in the past several years, with steady increases year over year.
General Fund expenditures are projected at $53.0 million in FY 2012-2013, up $2.3 million or 4.6% from the FY 2011-2012 budget. Labor-related expenditures are expected to increase by $0.6 million or 1.6% over last year’s budget to $36.3 million in the new fiscal year. FY 2012-2013 also includes a vacancy factor of $750,000 in the General Fund to account for times when positions are vacant due to attrition and retirements.
Salaries & Benefits for full-time sworn and non-sworn employees total $36.3 million for FY 2012-2013, up $0.6 million or 1.6% from the prior year budget. Other additional expenses include $125,000 for the City Council Strategic Plan Objective for Multi-Modal Transportation and $75,000 for Economic Development.
Internal Services is increasing $0.4 million or 8.1% from the prior year budget to $5.3 million. Full charge-outs for Information Systems, Insurance, Fleet and Building & Operations are included in the FY 2012-2013 budget, with the most notable increase in the Insurance Allocation, which is up 48.6% or $0.4 million from the prior year budget due to increased liability cases. Despite the increase in General Fund expenditures over the prior year budget, the City still has a balanced budget for FY 2012-2013 with an anticipated surplus of $104,661