HomeMy WebLinkAbout2018 - General Fund Status Report FY2019 Q1 as of 10-31-2018 I� General Fund Status Report— FY 2019 1st Quarter
4 Please see accompanying summary detail(page 3)
Revenues
In total, General Fund revenues collected in the first quarter of Fiscal Year 2019 (July— September), as
a percent of budget, were on par with the prior three years' first quarter collection rates, as a percentage
of year-end amounts, at 35.8%compared to 35.9%.
• The vast majority of Property Taxes are collected in the first month of the fiscal year. It
should be noted that property tax 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, as a percent of budget,were higher than the
average collection rate for the past three years, at 13.9%of budget, compared to 9.2%. The
adoption of East Lansing's income tax will affect our income tax revenues beginning January 1;
however, it is not anticipated that any budgetary adjustment will be needed, as that possibility
was factored into the FY 2019 budget projection. It should be noted that income tax revenues
often fluctuate from previous trends due to timing differences in remittances.
• State Revenue Sharing and Fire Protection/Bad Driver Fees were slightly lower than the
average collection rate for the first quarter of the last three fiscal years, due to timing of liquor
license revenue.
Charges for Services were just slightly lower than collection rates from the average of the
same period for the last three years, at 16.8%of budget compared to 17.4% in prior years, due
to slightly lesser rates of collection for ambulance services than the average of the previous
three years.
• In total, Licenses and Permits revenues were higher than the average collection rate of the
same period for the last three years as a percentage of year-end totals, at 3.0%of budget,
compared to 2.2%. Licenses and permits make up only 1.5%of General Fund revenues.
• Collection rates for Fines and Forfeiture for the first quarter were lower as a percentage of
year-end totals for the average of the last three years, at 16.0% of the budget compared to
17.3%, due mainly to penal case and civil case fee receipts.
• 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.
• As a category, Interest and Rents were behind previous years' trends due to timing of interest
revenue postings. Interest revenue is posted as investments mature,the timing of which varies
from year-to-year.
Other Revenues were slightly higher than previous years' first quarters, at 26.9%compared to
24.5%. The other revenue category makes up only 0.3% of General Fund revenues.
(continued)
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Expenditures
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 21.8%as of
September 30, compared to a budgetary target(taking into account the timing of payroll dates) of
23.0%. All departments were within budgetary targets as of September 30th, with the exception of the
City Clerk's Office, due to election preparation, and the Human Relations and Community Services
Department, due to the timing of programs.
It should be noted that no General Fund debt service payments were due in the first quarter; the only
amount paid was a debt service administration fee.
Summary
For the first quarter, total General Fund revenues and expenditures were on par and within budgetary
expectations. .
Year-to-date revenues always exceed expenditures in the first quarter of the year as a result of the
collection of the majority of property taxes, comprising 30% of total General Fund revenues, at the
beginning of the fiscal year.
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General Fund Status Report- FY 2019 (as of September 30, 2018)
Avg. Percent
of Year-End
Actuals as of
Revenues Annual Actual Percent September 30
Budget as of 09/30/18 of Budget FY 2016-2018
Property Taxes $ 40,315,000 $ 40,556,366 100.6% 103.2%
Income Taxes 38,500,000 5,350,726 13.9% 9.2%
Revenue Sharing 19,196,700 - 0.0% 0.4%
Licenses& Permits 1,677,000 50,907 3.0% 2.2%
Charges for Services 9,027,200 1,512,845 16.8% 17.4%
Fines& Forfeitures 2,456,100 392,896 16.0% 17.3%
Interest& Rent 205,000 62,584 30.5% 62.9%
Return on Equity 22,500,000 - 0.0% 0.0%
Other Revenue 433,000 116,616 26.9% 24.5%
Total Revenues $ 134,310,000 $ 48,042,942 (11 35.8% 35.9%
Expenditures Annual Actual Percent 09/30/18
Budget as of 09/30/18 of Budqet Budgetary Target
Council $ 714,000 $ 154,469 21.6% 23.7%
Internal Audit 194,900 44,054 22.6% 23.2%
Courts 6,605,500 1,367,961 20.7% 23.4%
Mayor's Office 1,296,800 288,899 22.3% 23.5%
Media Center 469,900 92,430 19.7% 23.2%
Clerk's Office 1,197,000 340,963 28.5% 27.1%
Neighborhood &Citizen Engagement 863,500 110,902 12.8% 23.8%
Economic Development& Planning 5,021,300 1,538,683 30.6% 30.6%
Finance 5,471,600 1,055,327 19.3% 23.4%
Human Resources 2,118,000 423,924 20.0% 23.8%
Attorney's Office 2,168,300 415,674 19.2% 23.3%
Vacancy Factor (500,000)
Police 43,193,300 8,978,149 20.8% 21.8%
Fire 34,129,900 7,428,046 21.8% 22.2%
Public Service 11,572,500 2,608,748 22.5% 24.4%
Human Relations& Community Service 1,598,300 449,699 28.1% 23.2%
Parks& Recreation 8,301,000 1,877,835 22.6% 23.8%
Subtotal- Departmental Budgets $ 124,415,800 $ 27,175,765 21.8% 23.0%
Human Services& City Supported Agencies $ 2,041,400 $ 531,535 26.0%
Library Lease 150,000 33,100 22.1%
Debt Service 1,154,000 - (2) 0.0%
Transfers 6,548,800 6,348,800 96.9%
Subtotal- Non-departmental Budgets 9,894,200 6,913,435
Total General Fund $ 134,310,000 $ 34,089,200 (')
Please see Pages 1 and 2 for an explanation of revenues and expenditures.
Note: Year-to-date revenueis always greater than expenditures at this time of yeafas property taxes,
accounting for 30%of General Fund revenues,are collected at the beginning of the year. Property taxes
include delinquent amouts that will be reimbursed by the counties upon settlement. Property tax
collections exceed budget at this time of year, but are subject to tax appeals and other adjustments
throughout the year.
(2) No debt service payments were due as of September 30.
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