Linda J. Briskman Profile of Beverly Hills Mayor The City of Beverly Hills, a long-established residential city and Stephen P. Webb commercial center is located within Los Angeles County in Vice Mayor Southern California. The City, incorporated in 1914, has an estimated 2003 population of 34,052. From the beginning, when Jimmy Delshad it was planned as a subdivision in 1906, Beverly Hills was Councilmember designed as a special place. In subsequent years, much has changed, but not the desire to keep it special. As a result, the Barry Brucker City of Beverly Hills has established a tradition of providing Councilmember residents, businesses and visitors with a superior level of public safety services, premium life enrichment opportunities, and a Frank M. Fenton renowned physical environment. From rolling hillside estate Councilmember homes through a world renowned business community to charming family bungalows and apartments, Beverly Hills Eliot Finkel provides its residents, visitors and business partners a City Treasurer community often sought but rarely found in modern urban centers. Roderick J. Wood City Manager Beverly Hills is blessed by a healthy business community. Revenues generated from the business sector represent about Donald J. Oblander 80% of total General Fund revenues. This allows the City to Chief Financial Officer provide residents with the finest of residential living environments - clearly the City Council’s first objective. Over the last few years, Beverly Hills has become the home of many entertainment industry headquarters, especially in the music recording field. The City has also attracted the most prestigious art galleries in the country, and all of the major talent agencies. In the retail field, Beverly Hills has enjoyed remarkable reinvestment in all geographical and market areas. City of Beverly Hills DEPARTMENT OF ADMINISTRATIVE SERVICES Donald J. Oblander, Chief Financial Officer Noel Marquis, Deputy Director Cindy Aller-Sterling, Director of Management Services Lisa Ann Convery, Management Analyst Terri Escolar, Management Analyst Alberto Zelaya, Management Analyst Printed July 2005 City of Beverly Hills 455 North Rexford Drive Beverly Hills, California 90210-4817 Table of Contents LETTER OF TRANSMITTAL .........................................................................................................................I SUMMARY OF THE BUDGET AND ACCOUNTING STRUCTURE OF THE CITY ................................ V SUMMARY BY FUND CATEGORY - BUDGETED REVENUES AND EXPENDITURES ...................... VI GENERAL FUND REVENUE PROJECTIONS........................................................................................ VI GENERAL FUND EXPENDITURE PROJECTIONS ............................................................................. VIII CAPITAL PROJECTS.............................................................................................................................. IX LISTING OF CIP PROJECTS FOR FISCAL YEAR 2005/2006 .............................................................. IX SPECIAL REVENUE FUNDS.................................................................................................................. IX ENTERPRISE FUNDS.............................................................................................................................. X SUMMARY OF ENTERPRISE FUNDS BUDGETED REVENUES AND EXPENDITURES ................... XI INTERNAL SERVICE FUNDS................................................................................................................ XII SUMMARY OF INTERNAL SERVICE FUND BUDGETED REVENUES AND EXPENDITURES........ XIII STAFF REPORT AND ADOPTED RESOLUTIONS ........................................................................... XVII THE GENERAL FUND................................................................................................................................. 1 ECONOMIC CONDITION AND OUTLOOK.............................................................................................. 1 REVENUES .......................................................................................................................................................1 EXPENDITURES ...............................................................................................................................................4 AVAILABLE CASH BALANCE ...........................................................................................................................5 THE FISCAL YEAR 2005/2006 BUDGET ................................................................................................5 GENERAL FUND HISTORY & REQUESTED BUDGET SPREADSHEET .......................................... 6 GENERAL FUND FIVE YEAR PROJECTION SPREADSHEET.......................................................... 7 COMPONENTS OF GENERAL FUND REVENUES GRAPH .............................................................. 8 COMPONENTS OF GENERAL FUND EXPENDITURES GRAPH ...................................................... 9 COMPONENTS OF CONTRIBUTIONS AND DEBT SERVICE ............................................................. 11 COMMUNITY ASSISTANCE FUNDING............................................................................................. 12 TOURISM PROMOTION.................................................................................................................... 13 INFRASTRUCTURE FUND ....................................................................................................................... 17 SPECIAL REVENUE FUNDS .................................................................................................................... 23 STREETS AND HIGHWAYS STATE GAS TAX FUND.......................................................................... 24 CAPITAL PROJECTS..................................................................................................................................... 25 PARKS AND RECREATION FACILITIES TAX FUND............................................................................... 26 CAPITAL PROJECTS...................................................................................................................................... 26 HCDA GRANT FUND ............................................................................................................................. 28 PROPOSITION A TRANSPORTATION FUNDS.................................................................................... 29 PROPOSITION C TRANSPORTATION FUNDS.................................................................................... 30 IN-LIEU PARKING FUND ....................................................................................................................... 31 FINE ART FUND..................................................................................................................................... 32 LAW ENFORCEMENT GRANT.............................................................................................................. 33 ENTERPRISE FUNDS ............................................................................................................................... 37 WATER ENTERPRISE FUND................................................................................................................ 38 CAPITAL PROJECTS......................................................................................................................................40 DEBT SERVICE COVERAGE .........................................................................................................................40 WASTEWATER ENTERPRISE FUND ................................................................................................... 42 CAPITAL PROJECTS......................................................................................................................................43 DEBT SERVICE COVERAGE .........................................................................................................................44 SOLID WASTE ENTERPRISE FUND .................................................................................................... 46 Table of Contents (continued) STORMWATER ENTERPRISE FUND................................................................................................... 47 CAPITAL PROJECTS ......................................................................................................................................48 PARKING ENTERPRISE FUND............................................................................................................. 52 CAPITAL PROJECTS ......................................................................................................................................54 DEBT SERVICE COVERAGE..........................................................................................................................54 INTERNAL SERVICE FUNDS ................................................................................................................... 57 INFORMATION TECHNOLOGY INTERNAL SERVICE FUND.............................................................. 58 CAPITAL PROJECTS ......................................................................................................................................58 CABLE TV........................................................................................................................................................60 REPROGRAPHICS..........................................................................................................................................61