General Fund

The General Fund is the primary operating fund of the City and is supported by large variety of revenue sources including taxes, license fees, permit fees, charges for services, fines, forfeitures, investment earnings, rental income and a variety of other miscellaneous sources. Through these revenues the General Fund supports Public Safety (Police and Fire), Public Works, Community Services (Libraries, Housing, Human Services and Recreation, Planning & Community Development and Transportation), Administration (City Manager’s Office, City Attorney, City Clerk, Finance and Human Resources), Non-Departmental (Transfers to the Pasadena Community Operating Corporation and Pasadena Community Access Corporation) and Debt Service.

The Fiscal Year (July 1, 2015-June 30, 2016) started out strong and mirrored a growing economy. In recent months the nationwide and global economy have become increasingly unstable and are projected to remain so for the near future. Despite this instability, Pasadena continues to see positive economic growth through new construction, economic development projects and continued slow but stable growth in sales and property tax revenues. All of this leads to a positive overall financial outlook for the 2016 Fiscal Year.

General Fund Revenue Summary

In general, the health of General Fund revenues for FY 16 remains positive. Based upon all of the data provided of key revenue sources, General Fund revenues are trending to finish more than $5.0 million above budget. It is important to note that much of this is related to one-time increases rather than ongoing revenue growth. A cautionary note to this figure is that the general economic market nationwide and globally has become increasing volatile in the past few months. While many economic indicators are still strong, the City must remain guarded in its projections. A sudden downturn in retail sales, tourism, development or other related fields could have a negative impact on the General Fund‘s revenue strength.

General Fund Financial Update 2-22-16