Page 8 - Moreno Valley 204 PAFR

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gEnEral Fund rEVEnuES
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The General Fund is used to account for all financial manage and provide for critical public services. The
resources of the City traditionally associated with largest revenue source for the City was property taxes
government operations that are not required legally or at $52.1 million, which is a 10.3% increase over FY 22/23.
by sound financial management to be accounted for Sales taxes provided $37.8 million in revenue, which is a
in another fund. 4.6% increase from the prior year; and Utility Users Tax
was at $19.5 million, which is a minimum change over
The City of Moreno Valley strives to provide our citizens FY 22/23.
with the very best value for their dollars while offering
the level of services our Citizens deserve. The Financial The rest of the City’s general fund revenues came from
and Management Services department is committed a mixture of Other Taxes, Use of Money and Property,
to exceeding these expectations while ensuring the and Other Revenues (including transfers in from
long-term financial stability and sustainability of other funds and proceeds from SBITA’s). Other Taxes
the City government. The City’s fiscal year is July 1st generated $19.9 million, a 4.8% decrease from the prior
through June 30th. year. Use of Money and Property are revenues earned
Fy 23/24 Fund rEVEnuES from interest and unrealized gains on investments.
Use of Money and Property generated $15.3 million,
Property taxes $ 52,059,358 a 212.2% increase over FY 22/23, primarily driven by
Sales taxes $ 37,811,351 higher investment interest income and a reduction in
Other taxes $ 19,882,841 unrealized GASB 31 losses due to improved investment
Utility users taxes $ 19,496,246 portfolio holdings. The last piece of general fund
Use of money and property $ 15,319,519 revenues includes monies collected from licenses,
Other revenues* $ 25,882,991 permits, fines, forfeitures, transfer in, etc. These
revenues were $25.9 million, which was a significant
Total General Fund Revenues $ 170,452,306 decrease from last year, primarily due to a one-time
*Includes Transfers In & Proceeds from Subscription Based Information Technology community benefit contribution and a one-time land
Agreements (SBITA) sale benefit received in the prior fiscal year.
The three largest and most important revenue sources Overall, total general fund revenues reported an
for the City are Property, Sales, and Utility Users Tax. increase of 4.5% as compared to the prior year, primarily
These vital taxes represent a relatively stable source due to increases in other revenues, indicating business
of revenue for the City, which enables it to effectively growth within the City.
FY23/24 REVENUES: $170,452,306

31%
Property taxes
22%
Sales taxes

9%
Use of money and property
15%
Other revenues
11%
Utility users taxes
12%
Other taxes

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