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02232010 FINANCIAL PRESENTATION
Overview - FY 2010 General Fund Revenues - FY 2010 General Fund Expenditures - Limited Projections - Next Steps 1 FISCAL PEAR 2009-2010 General. rand Revenues and Expenditures Compared to Budget Thru January 31, 2010 (in millions) Amual YI'D Bud¢et Actual Variance Revenues ~~ Revenues $ 861.5 $ 410.7 $ (450.8) State Reverares* 159.1 57.3 (101.8) Federal Revermes 23.1 12.5 (10.6) Total Revemres $ 1,043.7 $ 480.5 $ (563.2) Eape oditures/Encumbrances DeparUneNa1 Totak $ 522.4 $ 320.5 $ 201.9 Transfers 564.1 330.1 234.0 Reserve for Cordi~gercies 3.2 - 3.2 Total Expeoditures/Encumbraoces $ 1,089.7 $ 650.6 $ 439.1 Less Amounts Funded from Fiord Balance Outstatrdmg Encumbrance at 6/30/09 $ 6.1 Approved CanyovEr Requests 1.2 Funding fflr City Capital Projects 33.9 Operaztng Budget FY10 4.8 Adjusted Expenditures/Encumbrances 1043.7 *State Revermes contaar PPTRA Budget of $53.4M and Actual of $6.SM ~ , ,,, 3 ~~ r FY 2010 Year To Date General Fund Revenues Compared to Historic Trend January 31, 2U10 100.0 loo% so% YTD ACTUAL = $480.SM a ANNUAL BUDGET = $1,043.7M 71.3% e ea% pC 58.3% i0 46.0% 55.3% e 49.5% 43.2 45.7% 9 ~~0 42.5% a . 23.5% 24.4% ZO% 14.4% 9.7% 14.0% 4.4% 1.9% 9.5% 5.2% 0% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Rev Trend ~ % of FY10 Rev Budget 4 2 II FY 2010 -General Fund Revenues - follow the trendline but keep in mind ... • Several items are on a 1-2 month lag • Real Estate 2nd installment due June 5 • Annual Business License Tax (BPOL) due in March • Local Annual Personal Property Tax due June 5 • Vulnerability of State Revenues - About $51 million of $157 million of total State revenues received after 6-30-10, Personal Property Tax Relief Act: $47M - Other State Revenues (such as public assistance and mental heath) - These State Payments to cities in July are considered State FY11 (but FY10 for Cities) - State uses cash basis budgeting (not legal for cities) ,, - TRA in Governor's budget letter Real Estate Revenues January 31, 2006 - 2010 5800 100X FAVORABLE TREND :493.0 BUDGET' Shoo _~ ___ . ..... . ........ _..... ...__~ 34791.........__ ___ . _...._.. 5477:1'... 5443.1 EoX `o Saoo ..._3383:3- _~~__., - ___. ~ _..___. .... :__.._..__. „ c 80X 0 ~ a ~~ 51.19. st;':" 51.6% 50.9 a 52.4% . °-' 'o ~ 0 5300 ... .:.: - _.__._.. ; 5254 3 .... ............ 5250 1 V ' . . 52429 , 5225 b ~~` ~ . m ~ .j . 4oX ` $190.0 '- . - :.G~~ '•-:' o ^ 5200 - : ____....... _.____ .._.. ____. a t',.. • 20% 5700 .;a~ ; -... .'. ..,.. _.:... .~. ?,.~ SO OX PY 2008 FY 2007 FY 200E FY 2008 FY 2010 ®n~wicou«ao~. ~rr0 -o-zarom * Dces not include additional appropriation for Senior Tax Credit of $400K. Dec 5 b illing = $239.7M ($5.8M less than FY 2009) 6 III 3 Senior and Disabled Credit January 31, 2006 - 2010 st9 _. _.._.._.._~__.._.. __ ........... ................. __..._.__. E16.0 516.3 i79 .__. _...... _... _.. _.. .......... 7;14.1 Sta ~ Stz _ _ ~ a sto _ Ss.z 3 $ s8 ~ b6.0 SB __. __... __.._.. S< _ _.. fz fD Fy Z008 FY 2007 FY 2009 FY 2009 FY 2010 aa~Through Jive 30 # QualHlad 4 539 5 420 6 408 7 143 7 814 =amount of relief pending additional appropriation of S400K 7 Personal Property Taxes -Local Billed January 31, 2006 - 2010 590 100% s9o ...,. _.~__ ....,...,,. _ _~ ... _~_.... ~__...._.~. j731 BUDGET S7o ~ . ~~~ ~~..~.~~ ~~.~~~~~~~~~~..~... f67:5 ~ .... .~.~~.: ~~~. x6$.1. .~~~~~.~ ....... ~.~.~.~.. ~. _ ~Y~ 564.4 ~ S64.2 7s% c 580 o ~` ..~.___.. - ' ..~~_..~.~ _. ..~. .~._a ............. a e :: ~ ' iS 90% V _ c y,~ m ~- .. ____s___ ~ jw _ _____.._ _. __ ___....__ ~ ____ ss F ~ - ., ~ ~ Z45% ~ . ~ + 23.1% +c. ; 21.4% 23.1% 24.8% : - 29% 520 - 8'f5B"'.__ 15.6 <'; 15.8 St5:8_ 510 .,. .. :. .. ~ _.... .... SO : ~' < 0% FV 2008 FY 2007 Fy 200a FY 2009 FY 2070 ®AClual CdNCtbn~ aa~VTD -o-X of TOftl COR completes assessments on April 25 9 4 General Sales Taxes January 31, 2006 - 2010 570 580 0 560 f w ~ S40 m m K 530 szo 570 50 UNFAVORABLE TREND 4.396 Down from FY09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . 564.8. : . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564.1 BUDGET 581.4 581.4 ~y ~:: 50.6% si. U.~~: f:::. 61.9%_... :'. 5T.69: 60.8%... .~ iz6s r A , y_ ', o _ ` . s27 ~ Szs.o ~~.. ',_. s ,, .~ . ,3, ~ ~w l .~, ........ _._..... ~. :' ~v, ......... L .; s S, ~. FY zoos FY zoo? Fr zoos FY zooo FY zoto AMwI Collections ~YTD ~% of Total ,06% 76% 0 m ~% U_ 0 x 26X 0% General Sales Taxes Collections Monthly %Change from FY09 to FY10 z.o% o.oX -z.o% w.o% -e.ox a.o% -to.o% AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY Monthly X Change from PY * Collections lag sales by 2 months io 5 Business Licenses - (BPOL) January 31, 2006 - 2010 s5o Due in March euDGET f f41.8 f41.0 f40.8 40.6 s39 9 - ; ; •. :; '+ s.., i ,, ........_ r.. a 'M~ m '~ S ~ « v ' , .... ` ~ ~' 7.4% i '~ 6.8% o ''`rs.t% ~~ x _......._. __..,,.,...__._~. ~ ' ~ ~ j70 ,.._,._.... _ ., , 5 32.8 %s 53.3 ~ E~.1 2 . 0% SO FY 2008 FY 2007 FY 2008 FY 2009 FY 2010 ~vro -~~ a rams ®ro d cdi e .o w,. ,m, 1t Hotel Room Taxes January 31, 2006 - 2010 530 S25 0 520 w m S75 s+o SS SO UNFAVORABLE TREND t.7%down from FY09 BUDGET _. ~..~ ~ __... __ ~_ _ ~.fZ3'8 . ,. ~.._-- _ ,.~...~~ ~~..~..... .. _...~....~~ ........_ 521.4.73.4% f 22.6 73.3% T4.1% ~ 23.0 75.5% 71.3% i s, e e ' -:517.5- __' . . f17.3 ; slzo E 15.4 . ~'" «{ ., r ~~~ ~ ~ .~ f . ." ~~ ' . A:. l.~: I~~. .,,_ .......... 100% 80% e 0 60% ro U 0 F 40% ~ 20% ~% Y 2006 FY 2007 FY 2008 FY 2009 FY 2010 ACIUaICOllxtlons ~YTD ~%of Tohl l2 6 Restaurant Meal Taxes January 31, 2006 - 2010 :~ f80 o f40 f N f30 K fzo S10 f0 UNFAVORABLE TREND ,~%UpfromFY09 B UDGET __ --548x --._....-5 46:3....... _...__.. ~ 0 546.7 ~ ~ ~:; ~~ ~ 80.2% ~' "rf~' so.d°X k~ 66.596....... 60.8% 59.0% .•:'3'. 2 329.1 '.',^ ` 28 i' 329 A_.._. 529_4..__.. . 327.1 : x *~i'A:` ~, _~ . *, ~T3~ k' ~.; `? ~~.~ y: ,y, ^' ",~'. ~ f.; $ v .. KI.. r ,oox eox 0 BOx O U F 40% X lox 0% FY Y008 FY 2007 FY 2008 FY 2009 ®Adwl CdNCtlom ~YfD ~Xd'ToW FY 2070 l3 Utility Taxes January 31, 2006 - 2010 sso ,oox fzf fox ~ f20 e H BOx ~ 3 U ~ f18 c ~ `e 40% X f10 zox ss fo ox Fr zone Fv zoo7 Fv zoos Fv zoos Fv zoo ®nnnn,l eda,een, ~nD ~Y. of Tnhl - ~a 7 Virginia Telecommunications Tag January 31, 2006 - 2010 100% s2o UNFAVORABLE TREND BUDGET S28 --_ . _. --_,- __- 524.5 _....~...._ ~523:7_........e.._ eo% 5227 521.7 °'. 520.8 S2o .. - __~,r_ ~ ....,. ~. --.... .;i ~ ° f w a'': . 80% ~•' °m c .: '~' ' ~ 50 0°0 ~ ._ '.... - 46.9SG , .- ~.' e V ~ ~ 42.1 % ~ " t.«. 36.8°k.. ~ ~ ~ ~ 1~- ..;+: 511.1 >. S i n i 40% X . .,;' 10.3 . ;y ».. e ...,.._ : y. ,'.. .. .. f ; 0% SO FY 2006 FY 2007 FY 200! FY 2008 FY 2010 ®Amual cdlwtlon. ~rro ~xor rotr is Summary of General l+'und .Revenues .Tanuary 31, 2010 (In Millions) Real Estate Taxes Personal Property Taxes PPTRA General Sales Tax Utility Taxes Telecommunications Taxes Franchise Taxes Business Licenses Restaurant Taxes Hotel Taxes Cigarette Taxes Automobile Licenses Amusement Taxes City Taxon Deeds Other Local Revenues State Revenues Federal Revenues Excludes Schools Revenues $477.1 $250.1 52.4 % F 64.2 15.9 24.8 F 53.4 6.5 12.2 - 51.1 26.0 50.8 U 25.7 12.4 48.0 U 23.7 9.2 38.8 U 5.9 2.5 43.2 F 40.6 2.8 6.8 F 49.8 29.4 59.0 U 23.9 17.0 71.3 U 12.9 7.3 56.2 U 9.1 4.2 46.3 U 5.3 3.6 68.2 U 5.9 3.3 56.3 F 66.3 27.0 40.8 F 105.7 50.8 48.0 U 23.1 12.5 54.1 U $1,043.7 $480.5 46.0 % U 16 8 ~~~ FY 2010 Year-to-llate General Fund Revenues Prior Fiscal Years Year-End Results $1,SOo e $1,000 a e $soo $o 68.tM> 628.1M> 56.SM $1,054.9 51,663.0 51,061.0' $I,OR9.1 $1,043.^ 5979.7 5973.2 ~ ,.:.:.... ........:.. ~ '?~t ~. ~y. r ~+';ru; ' ~~ YTD ~'~»»i Saso.s . ' ` ~' ' ~, I +~ FY 2007 FY 2008 FY 2009 FY 2010 ®Annual Actual ^Annual Budget J FY 2UlU Year-to-Date General Fund Expenditures Compared to Historic Trend January 31, 2010 166.0°0 loo°~ 4.R'i YTD ACTUAL = $650.6M RSS! tl Rom ANNUAL BUDGET=S1,089.7M 'R•0"" 9 ° N 6$.1"% W 59.7 F' 51..9% X1.9"4, ° 44.5°~ E aa.R'se 37.5 u P. ~O 37.6°ie 17.1% 20% ,, ,,_, 17.tN?o 0% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun ^~Fxpmditurc Trend ~!4 ofFY10 Exp Budget J 9 FY 2010 Fear-to-Date General Fund Revenues & Expenditures Compared to Historic Trend .At January 31, 2010 ,«~.° 100°.6 4,8", gs s% eo56 :g.o^,~ 9 y 71.3% W SPSA eai ^~~ 59.7 E» 6056 58.39'° 51 Q :i 5L9",o 55.3% 46.0°10 ° 4aS % 43.2% 44.5 /a °i 45.7% ~l.S`:o 40% ,6°~ zgsi State $ received after 6/30/10 " -9,0 i, 23.5 17 ~ ~ 2a.a% - PPTRA $46.9M 20v' ° - Other S4.6M la.a 17.0°b ).R°l. 9.7% 14.0% g µ~.~, 4.4 i.9% 9.5°10 5.2°10 ~ 2.7°!0 Jul Aug Sep Oc[ Nov Dec Jan Feb Mar Apr May Jun i ~-Rev Trsd -~XOf PYIO Rw Budgex "'~~'F.ryediNO 75vd ~%^^f FYIO F~Budgtl l9 General Fund FY 2010 Expenditures - Total at January 31, 2010: $650.6M, or 59.7% , of $1.09B Budget - Summary of Actual Expenditures Under Budget at June 30: ~in millions) __ _ _ ---- - T_____. ___ __. _ - of Total ~ ~ % of City ~~ Total ~'~ Budget City ....Budget ' SchooLy 2008 Actual $60.3 5.6% $25.0 3.5% $35.3 2009 (Actual) $43.0 3.8% $28.1 3.6% $14.9 zo 10 Bottom Line Revenues <$6M - $12M> under Expenditures <$22M - $26M> under Risks - SPSA - State z~ Next Steps - Continue to Monitor Revenues in FY 2010 ^ Business Licenses -March ^ Personal Property - March/April - Next briefing on March 23, 2010 for data through February 2010. 22 11