HomeMy WebLinkAboutFY2015 First Quarter General Fund Status Report OFFICE OF THE MAYOR
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Virg Bernero, Mayor
TO: City Clerk Chris Swope
FROM: Mayor Virg Bernero
DATE: October 31, 2014
RE: FY 2015 1 st Quarter General Fund Status Report
Pursuant to Section 7-110 of the City Charter, attached please find the General Fund Status Report for the first
quarter of Fiscal Year 2015.
"Equal Opportunity Employer"
General Fund Status Report— FY 2015 1st Quarter
Please see accompanying summary detail(page 3)
Revenues
In total, General Fund revenues collected in the first quarter of Fiscal Year 2015 (July—September)
were a bit behind the average of the past three years' first quarter collection rates, as a percentage of
year-end amounts, at 37.2%compared to 39.3%. While total revenues were a bit behind previous
year collection rates, the largest sources of revenues, property taxes, income taxes, and revenue
sharing, are trending in the positive.
• The vast majority of Property Taxes are collected in the first month of the fiscal year. At
the end of the first quarter this year, they were on par, as a percentage of budget, compared
to the average of the past three year's first quarter collection rates, at 102%. Collections
exceed budget at this time of year, but are subject to tax appeals and other adjustments
throughout the year.
• As a percentage of budget,Income Tax collections were higher than the average collection
rate for the past three years, at 9.2%of budget, compared to 8.7%. It should be noted that
income tax revenues fluctuate from previous trends due to timing differences in remittances;
however, the trend is consistent with that of the past several quarters.
• Although behind prior year collection rates at the end of the first quarter,State Revenue
Sharing and Fire Protection/Bad Driver Fees were on target. The difference in collection
rates is due to a change in payment timing.
• Charges for Services were on par as a percentage of year-end totals for the average of the
same period for the last three years, at 21.5% of budget compared to 21.1% in prior years.
• In total, Licenses and Permits revenues were slightly below the average collection rate of
the same period for the last three years as a percentage of year-end totals, at 2.2% of budget,
compared to 2.7%. Licenses and permits make up only 1.5%of General Fund revenues.
• Collection rates for Fines and Forfeiture were slightly lower as a percentage of year-end
totals for the average of the last three years, at 17.0% of the budget compared to 18.7%.
• The City's Return on Equity payment from the Board of Water and Light(BWL),which
accounts for 17% of General Fund revenues, is not collected until later in the year.
• Interest revenue is posted as investments mature, the timing of which varies from year-to-
year.
Expenditures
In total,taking into account the vacancy factor, expenditures for General Fund operating
departments (excluding debt service and transfers to other funds)were somewhat under the budget
target-- at 20.8%as of September 30, compared to a budgetary target (taking into account the
timing of payroll dates)of 21.6%. The only areas exceeding budget targets as of September 30
10/30/2014 Page I of 3
were payments to Human Service agencies,which is typical this time of year due to agency
payment timing, and the City Clerk's Office, due to August and November election preparation.
Summary
For the first quarter,total General Fund revenues and expenditures are meeting budgetary
expectations.
10/30/2014 Page 2 of 3
General Fund Status Report-FY 2015 September 30, 2014
Avg. Percent
of Year-End
Actuals as of
Revenues Annual Actual Percent September 30
Budget as of 09/30/14 of Budget FY 2012-2014
Property Taxes $ 37,595,000 $ 38,502,091 102.4% 102.3%
IncomeTaxes 31,180,000 2,855.150 9.2% 8.7%
Revenue Sharing 15,464,695 69,389 0.4% 1.2%
Licenses& Permits 1,507,500 33,166 2.2% 2.7%
Charges for Services 8,305,670 1,785,808 21.5% 21.1%
Fines &Forfeitures 2,585,600 440,240 17.0% 18.7%
Interest& Rent 31,172 13,597 43.6% 36.3%
Return on Equity 21,300,000 300,000 1.4% 1.9%
Other Revenue 1,030,463 213,106 20.7% 12.0%
Total Revenues $ 119,000,000 $ 44,212,546 (') 37.2% 39.3%
Less: Addition to Reserves (500,000)
$ 118,500,000
Expenditures Annual Actual Percent Target, Including
Budget as of 09/30/14 of Budget Vacancy Factor
Council $ 666,400 $ 120,565 18.1%
Internal Audit 204,650 41,523 20.3%
Courts 6,979,450 1,164,812 19.5%
Mayor's Office 875,130 169,443 19.4%
Media Center 355,750 74,235 20.9%
Clerk's Office 949,360 220,703 23.2%
Planning & Neighborhood Development 825,500 180,931 21.9%
Finance 5,014,120 891,759 17.8%
Human Resources 1,817,300 297,078 16.3%
Attorney's Office 1,605,970 309,868 19.3%
Vacancy Factor (800,000) - 0.0%
Police 38,076,900 8,079,112 21.2%
Fire 33,406,600 7,249,477 21.6%
Public Service 10,130,100 2,005,261 19.8%
Human Relations&Community Service 1,045,750 180,875 17.3%
Parks & Recreation 7,420,800 1.240,463 16.7%
Human Services &City Supported Agencies 1,811,400 532,338 29.4%
$ 109,385,180 $ 22,758,444 20.8% 21.6%
Library Lease $ 155,000 $ 37,001 23.9%
Debt Service 1,016,000 18,114 1.8%
Transfers 7,943,820 6,862,430 86.4%
$ 118,500,000 $ 29,675,988 c�>
Please see Pages 1 and 2 for an explanation of revenues and expenditures.
�l Note:Year-to-date revenue is always greater than expenditures at this time of year,as property taxes,
accounting for 32%of General Fund revenues, are collected at the beginning of the year. Property
taxes include delinquent amouts that will be reimbursement by the counties upon settlement.
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