HomeMy WebLinkAboutGeneral Fund Status Report.FY 2014 1st Q General Fund Status Report— FY 2014 1st Quarter
Please see accompanying summary detail(page 3)
Revenues
In total, General Fund revenues collected in the first quarter of Fiscal Year 2014 (July— September)
were on par with the average of the past three years' first quarter collection rates, as a percentage of
year-end amounts, at 40.2% compared to 40.0%.
• 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 103% compared to
103%.
• As a percentage of budget, Income Tax collections were higher than the average collection
rate for the past three years, at 11.4% of budget, compared to 8.9%. It should be noted that
income tax revenues fluctuate from previous trends due to timing differences in remittances.
• State Revenue Sharing and Fire Protection/Bad Driver Fees were on target. The City has
complied with the October I Economic Vitality Program (EVIP)deadline for the
Accountability and Transparency submission;the first of those payments will begin in
November.
• Charges for Services were a bit lower as a percentage of year-end totals for the average of
the same period for the last three years, at 19.6%of budget compared to 21.3% in prior
years.
• In total, Licenses and Permits revenues were on par 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 3.4%. Licenses and permits make up only 1.5%of General Fund revenues.
• Collection rates for Fines and Forfeiture were just slightly lower as a percentagef y
end totals for the average of the last three years, at 17.8% of the budget compared 18. "
n
• The City's Return on Equity payment from the Board of Water and Light (BWL), aich I
accounts for 15%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
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 25.4%as of September 30, compared to a budgetary target of 27.9%. The only
department exceeding budget targets as of September 30 was the Public Service Department, due o
the fact that the budget resolution for streetlighting has not yet been adopted by City Council.
10/31/2013 Pagel of 3
Summary
For the first quarter,total General Fund revenues and expenditures are on track.
10/31/2013 Page 2 of 3
General Fund Status Report- FY 2014 September 30, 2013
Avg. Percent
of Year-End
Actuals as of
Revenues Annual Actual Percent September 30
Budget as of 09/30/13 of Budget FY 2011 -2013
Property Taxes $ 37,519,000 $ 38,883,325 103.6% 103.4%
Income Taxes 29,130,000 3,309,667 11.4% 8.9%
Revenue Sharing 14,568,300 69,447 0.5% 2.0%
Licenses& Permits 1,563,700 33,829 2.2% 3.4%
Charges for Services 9,002,000 1,768,707 19.6% 21.3%
Fines& Forfeitures 2,595,400 462,211 17.8% 18.2%
Interest& Rent 60,000 41,464 69.1% 55.1%
Return on Equity 17,300,000 300,000 1.7% 2.2%
Other Revenue 261,600 112,363 43.0% 10.8%
Total Revenues $ 112,000,000 $ 44,981,013 40.2% 40.0%
Expenditures Annual Actual Percent Target, Including
Budget as of 09/30/13 of Budget VacancyFactor
actor
Council $ 628,900 $ 119,363 19.0%
Internal Audit 184,460 27,758 15.0%
Courts 5,608,490 1,050,204 18.7%
Mayor's Office 792,470 155,558 19.6%
Media Center 334,250 67,912 20.3%
Clerk's Office 880,400 181,692 20.6%
Planning& Neighborhood Development 845,050 198,442 23.5%
Finance 4,895,100 867,092 17.7%
Human Resources 1,612,670 245,200 15.2%
Attorney's Office 1,452,640 276,111 19.0%
Vacancy Factor (600,000) - 0.0%
Police 35,498,150 7,773,473 21.9%
Fire 31,704,800 7,099,287 22.4%
Public Service 5,742,090 1,597,454 27.8%
Human Relations&Community Service 869,910 174,377 20.0%
Parks& Recreation 7,048,750 1,284,793 18.2%
Human Services& City Supported Agencies 1,726,400 579,695 33.6%
$ 99,224,530 $ 21,698,411 25.4% 27.9%
Library Lease $ 155,000 $ 36,258 23.4%
Debt Service 1,106,620 19,475 1.8%
Transfers 11,513,850 9,057,265 78.7%
$ 112,000,000 $ 30,811,409 c�>
Please see Pages 1 and 2 for an explanation of revenues and expenditures.
Note: Year-to-date revenue is always greater than expenditures at this time of year, as property
taxes, accounting for 34%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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