HomeMy WebLinkAboutGeneral Fund Status report FY18_GFStatusSummary_3Q General Fund Status Report— FY 2018 Third Quarter
(March 31, 2018)
Please see accompanying summary detail(page 3)
Revenues
Revenue collection trends are measured by comparing the percentage of budget collected year-to-date to a
three-year average collection rate for the same period of time in the previous three years.
In total, General Fund revenues collected in the third quarter of Fiscal Year 2018 (July—March), as a
percent of budget, were slightly ahead of the prior three years' third quarter collection rates, as a
percentage of year-end amounts, at 71.4% compared to 69.2%.
• The vast majority of Property Taxes are collected in the first month of the fiscal year. At the
end of the third quarter this year, they were somewhat higher, as a percentage of budget, to the
average of the past three year's third quarter collection rates, largely due to a larger-than-
anticipated personal property tax reimbursement from the State.
Of note,property tax collections are subject to tax appeals and other adjustments throughout
the year.
• As a percentage of budget, Income Tax collections, as a percent of budget, were higher than the
average collection rate for the past three years, at 64.4% of budget, compared to 56.4%.
• State Revenue Sharing and Fire Protection/Bad Driver Fees were slightly higher than the
collection expectation as of the third quarter, due to higher-than-anticipated state sales tax
collections.
• In total, Licenses and Permits revenues were much higher than the average collection rate of
the same period for the last three years as a percentage of year-end totals, at 71.6% of budget,
compared to 49.6%, resulting from marihuana application fees received, some of which will be
refunded for denied applications. Licenses and permits make up only 1.5% of General Fund
revenues.
• Charges for Services were lower than collection rates from the average of the same period for
the last three years, at 61.7% of budget compared to 67.3% in prior years, due to lesser-than-
budgeted code compliance fees receipts. Charges for services comprise only 7% of General
Fund revenues.
• Collection rates for Fines and Forfeiture for the third quarter were lower as a percentage of
year-end totals for the average of the last three years, at 47.2% of the budget compared to
66.3%, due to lesser-than-anticipated penal case revenues and ordinance fines and costs
(traffic ticket revenue).
(continued)
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General Fund Status Report— FY 2018 Third Quarter
(March 31, 2018)
Please see accompanying summary detail(page 3)
Revenues (continued)
• The first of two semiannual Return on Equity payments from the Board of Water and Light,
was less than previous years' first installment collection percentages at 47.3%, compared to
50.2%. This return on equity payment is dependent on gross revenues of the Board of Water
and Light.
• As a category, Interest and Rents were ahead of previous years' trends due to higher-than-
anticipated cell tower revenue payments. Interest revenue is posted as investments mature, the
timing of which varies from year-to-year.
• The Other Revenues category collection rate was higher as of the third quarter-end due to the
timing of the receipt of the FY 2018 Grand Woods Park sale installment.
Expenditures
Expenditure trends are measured by comparing the percentage of budget spent year-to-date to expected
timing of expenditures,taking into account payroll cycles and other know expenditure trends.
In total, taking into account the vacancy factor, expenditures for General Fund operating departments
(excluding debt service and transfers to other funds)were within the budgetary target-- at 7 1.1% as of
March 31, compared to a budgetary target of 72.5%. All departments were within budgetary targets,
with the exception of the Fire Department,which was slightly higher than target(73.9% compared to
73.7%), due to overtime costs and the timing of ratification and implementation of the new
International Association of Firefighters (IAFF) Local 421 collective bargaining agreement in the first
quarter of the year.
Of note for the relatively small amount in General Fund debt service expended in comparison to the
budget: debt service payments are on target for the year, with the vast majority due at the end of the
fiscal year.
Summary
For the third quarter of FY 2018, total General Fund revenues and expenditures were meeting
budgetary targets.
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General Fund Status Report- FY 2018 Third Quarter (as of March 31, 2018)
Avg. Percent
of Year-End
Actuals as of
Revenues Annual Actual Percent December 31
Budget as of 3/31/18 of Budget FY 2015-2017
Property Taxes $ 40,505,000 $ 40,669,432 100.4% 98.4%
Income Taxes 35,600,000 22,920,562 64.4% 56.4%
Revenue Sharing 15,764,500 8,894,196 56.4% 53.7%
Licenses& Permits 1,906,500 1,364,637 71.6% 49.6%
Charges for Services 9,422,900 5,811,341 61.7% 67.3%
Fines& Forfeitures 2,961,600 1,399,332 47.2% 66.3%
Return on Equity 22,300,000 10,539,262 47.3% 50.2%
Interest& Rent 38,500 67,535 175.4% 80.2%
Other Revenue 452,355 430,538 95.2% 58.3%
Total Revenues $ 128,951,355 $ 92,096,837 71.4% 69.2%
Less: Addition to Reserves (196,641)
$ 128,754,714
Expenditures Annual Actual Percent 3/31/18
Budget as of 3/31/18 of Budget Budgetary Target
Council $ 709,828 $ 493,452 69.5% 73.8%
Internal Audit 183,700 132,924 72.4% 73.5%
Courts 6,579,900 4,571,387 69.5% 73.7%
Mayor's Office 1,164,600 731,168 62.8% 73.6%
Media Center 437,400 288,695 66.0% 73.4%
Clerk's Office 1,062,800 814,519 76.6% 76.8%
Neighborhoods & Citizen Engagement 220,000 52,871 24.0% 31.0%
Economic Development& Planning 2,068,700 1,010,335 48.8% 53.6%
Finance 5,646,300 3,948,044 69.9% 73.3%
Human Resources 2,134,000 1,452,155 68.0% 68.5%
Attorney's Office 2,026,500 1,363,617 67.3% 73.4%
Vacancy Factor (500,000) -
Police 41,302,394 29,637,777 71.8% 72.1%
Fire 34,083,000 25,188,290 73.9% 73.7%
Public Service 11,115,500 7,756,355 69.8% 71.6%
Human Relations&Community Service 1,332,700 887,719 66.6% 73.5%
Parks & Recreation 8,350,300 5,567,516 66.7% 74.2%
Subtotal - Departmental Budgets $ 117,917,622 $ 83,896,821 71.1% 72.5%
Human Services &City Supported Agencies $ 2,264,692 $ 1,672,640 73.9%
Library Lease 165,000 115,801 70.2%
Debt Service 1,065,000 64,635 6.1%
Transfers 7,342,400 6,834,885 93.1%
Subtotal - Non-departmental Budgets 10,837,092 8,687,961
Total General Fund $ 128,754,714 $ 92,584,782
Please see Pages 1 and 2 for an explanation of revenues and expenditures.
The vast majority of General Fund debt service payments are due in the fourth quarter of the fiscal year.
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