05252010 FINANCIAL PRESENTATIONOverview
- FY 2010 General Fund Revenues
- FY 2010 General Fund Expenditures
- Limited Projections
- Next Steps
FISCAL YEAR 2009-2010
General Fund Revenues and Expenditures
Compared to Budget Thru April 30, 2010
(In millions)
Annual YID
Bu et AMUaI Variance
Revenues
Local Revemtes* $ 861.5 $ 530.3 $ (331.2)
State Revenues** 159.1 83.6 (75.5)
Federal Revenues 23.1 17.4 (5.7)
Total Revenues $ 1,043.7 $ 631.3 $ (412.4)
Eape ndimres/Encumbts nces
DepatanetIIal Totals $ 530.5 $ 428.1 $ 102.4
Transfers 564.1 474.5 89.6
Reserve for Coremgetries 2.3 2.3
Total Ezpenditures/Encumbrances $ 1,096.9 $ 902.6 $ 194.3
Less Amoutus Funded from Ftaai Balance
Outstanding En;umbrance at 6/30/09 $ 6.1
Approved Carryover Requests 1.2
Fiadmg for City Capital Projects 33.9
SPSA Disposal 7.2
Operartmg Budget FYIO 4.8
Adjusted Eapenditures/Encumbrances 1043.7
*Local Revenues reflect SPSA paytmtrt of$18.1M in Apnl
*State Revenues contain PPTRA Budget of $53.4M and Actual of $6.SM
3
FI' 2010 Year Tv Date General Fund Re~renues
Compared to Historic Trend
April 30, 2010
100.0
too ~
gook. YTD ACTUAL = $631.3M
ANNUAL BUDGET = $1,043JM 71.3%
0 60.5%
'1'
r X
a S.
50.2% 58.6%
m 46.0% 55.3%
0
F"
49.5%
43.20/
45.7%
d ~~' 42.5%
u
a
23.5%
0 ~ 4%
20
~f, 14.4%
9.7%
4 4% 14.0%
1.9"/° 9.5%
5.2%
0 ~~
]ul Aug Sep OR Nov Dec Jan Feb Mar Apr May Jun
~•Rev Trend. _ ~ % of FY10 Rev Budget
4
t
2
FY 2010 Fear To Date General Fund Revenues
Compared to Historic Trend
Apri130, 2010
(vr•/o SPSA's $18.1M)
ioo% 100.0
so% YTD ACTUAL = $613.2M
~ ANNUAL BUDGET = $1,O43.7M ~ n.3%
>~"~ sss°i
v
x s.
so.2°i° ~ ss.6%
e 46.0% 55.3%
e 49.5%
43.20
40% 45.7%
e
v
v 42.5%
a
23.5%
20% 24.4%
14.4%
9.7%
4.4% 14.0%
1.9% g.5%
0% 5.2%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
tRev Trend ~nY % of FYIO Rev Budget
FY 2010 -General Fund Revenues
- the next few months are critical...
• Several items are on a 1-2 month lag
• Real Estate 2"d installment due June 5th
• Local Annual Personal Property Tax due June 5th
• State Revenues received after June 30th:
- About $51 million of $157 million
3
V
Real Estate Revenues
April 30, 2006 - 2010
Y600
ti600
o 5400
N
d
~ ±300
0
di
C
.;zoo
s~oo
sa
FV 2006 FY 2007 FY 2008 FV 2009
t=Actual COllactloru ~YTD -om%ef TOtal
June 5'h billing = $239.7M ($5.8M less than FY 2009)
100%
80%
c
0
60%
d
O
U
A
O
F
40% `o
r
zo%
o%
FY 2070
7
Senior and Disabled Credit
Apri130, 2006 - 2010
f18
516.0 316.3
S16
514.1
s14
C
0 s72
~
r S10 39.7
m
m f8
~ 36.0
S6
s4
s2
fo
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
~ThrouOh June 30
# QnalMled ® 42 ® 7 14 7®
s
4
Personal Property Taxes -Local Billed
Apri130, 2006 - 2010
UNFAVORABLE TREND
580 80%
573.1
567.5 $68.1 BUDGET
E64.4 564.2
C 560 60%
o
N U
d
of
~
U
a
~
S40
40% w
o
K
28.1 % ~
~
25.5% 26.0 % 24.2% 26.1 % e
520 4?^o.=i $17.5 ~ ~=i 517.7 - 17.8 518.0 20%
SO 0
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
~AC[WI Cdlsctlons ~n~ ~/ of TOhl
9
100%
S60
ao%
sao
e ~ 80% o
m
e
v
530 ~
c o
~ 40% ~
K ~
;e
S20
20
S10
SO o%
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
®ACtual Collections ~YTD ~-%oT TOtaI
IO
General Sales Taxes
Apri130, 2006 - 2010
General Sales Taxes Collections
Monthly %Change from FY09 to FY10
6.0% 6'1Y°
4.OX
2.0%
1.9%
0.7%
0.0%
-0.7%
-2.0%
• -2.8%
d.0% ,
-8.0%
~.0%
$.8% 2.!%
•9.9%
•10.0%
~ g~~ ~ ~~ ~o~ ~~ ~~
Monthly %Change from PY
Collections lag sales by 2 months
:rv u
Business Licenses - (BPOL)
Apri130, 2006 - 2010
S50 750%
UNFAVO RABLE TREND
BU DGET
>~40 E40.8 E
539.2 E39.9 E38
1 41.8 E
5C0.? 41.0
539.0 E40.6 125
. 536.9
~ ~-
~ - 100%
~ 530 -~ a
o
~ p
d
75%
U
m
m 320 i;
~
d
K 50% c
S10
25 %
SO 0%
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
oa,~~mcaie <no~a ~vro ~ ~otTai
12
6
525
S20
0
S15
c
m
d
0:
510
S6
SO
FY 2006 FY 2007 FY 2008 FY 2009
mActual COllaetlons ~YTD ~%of Tolal
150%
t25%
,00% ~
0
U
O
U
75% ~
0
0
a
50
25
0%
FY 2010
13
Restaurant Meal Taxes
Apri130, 2006 - 2010
150%
0.1 % Down from FY09 UNFAVORABLE TREND BUDGET
S6o 548.1 548.3 548.8
546.7
545.D 125%
Sao 540.0
537.3
100%
c ._.
w S90 ! V
_ 75% ~
rc ~
320 -
50%
510 25%
1't.
SO - --- 0%
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
OAefoal Collactlons fri YTD -<---'X of Tobl
14
Hotel Room Taxes
Apri130, 2006 - 2010
Utility Taxes
Apri130, 2006 - 2010
saD 100°h
UNFAV ORABLE TREND B
325.0 UDGET
E25.7
525 324.4 524.4 524.8 77
8
- .
J I 7G. 000 80%
520 519 , 519.5 c
~
° 3 °
r'
80%
f
M ~ 'o
U
y S78
~
c _ ,9
~
°>
ro
rc `o
40% ae
510
20%
SS
SO ~:.
-
0%
FY 2006 FY 2007 FY 2008 FY 2009 FY 2070
®AMUal COtleetlons ~YTD ~-XO1 TObl
IS
Virginia Telecommunications Tax
Apri130, 2006 - 2010
530 . _.....--_._--- ------_-..--- __.----
UNFAVORABLE TREND 120%
BUDGET
525 E24.5
E23
7 700%
.
522.7
521.7 320.8
° S2o _ p 0` 80% c
0 72.5% 68.4 % i i, T3
3%
.
,,:,, 68."% _. $16.8 =
~:
- L
v
« -- - - S?.3%
_ 515.7
5~=a ~
~
516 .
5ia.a
14.5
60%
9
0
m H
`
°
510 40
SS 20%
SO 0%
FY 2006 FY 2007 FY 2008 FY 2009 FY 2070
OAmual Colieetlons ~YTD ~-X of Tobl
16
8
FY 2010 -General Fund
State Revenues Reductions
• $3.SM Reduction to the Original Budget
- Recordation Fees $1,725,638
- State Aid Law Enforcement $783,677
- Constitutional Officers & Appointed Officials $712,723
- Human Services $281,319
- State Aid to Libraries $12,695
• Additional Reductions:
- Maintenance of Roads $1,139,314
- State Aid Law Enforcement $83,521
- Compensation Board reductions in 4'~ Quarter reimbursement to
Constitutional0fficers $89,623
- Public Assistance Grant $1M (offset with Federal Stimulus Funding)
~,
Summary of General Fund Revenues
Apri130, 2010
(ln Alillions)
Real Estate Taxes $477.1 $256.2 53.7 % F
Personal Property Tams 64.2 18.0 28.1 i ;
PPTRA 53.4 6.5 12.2 -
C~neral Sales Tax 51.1 37.7 73.7 i !
Utility Taxes 25.7 19.5 759 U
Teleco~mications Taxes 23.7 14.5 61.3 U
Franchise Taxes 5.9 4.1 69.3 F
Business Licenses 40.6 36.8 90.9 U
Restaurant Taxes 49.8 40.0 80.3 U
Hotel Taxes 23.9 19.4 81.1 U
Cigarette Taxes 12.9 9.9 76.5 U
Automobile Licenses 9.1 6.4 70.4 U
Axm~sement Taxes 5.3 4.4 83.8 A
City Taxon Deeds 5.9 4.5 76.7 F
Interest on Bank Deposits 5.7 0.5 8.8 L!
Other Local Revenues 60.6 40.3 66.5 U
State Revenues 105.7 77.1 72.9 U
Federal Revenues 23.1 17.4 75.2 F
$ 1,043.7 $ 613.2 58.8 % l.:
SPSA - 18.1 -
1043.7 6313 60.5 % F
Excludes Schools Revenues
IS
FY 2010 Year-to-Date General Fund Revenues
Prior Fiscal Years
Fear-End Results
$1,500
i
i
68.1M> <$2b.1M>
$6.SM ~
1, t
$1.054.9 ~%~~'"'~? $1.061.0`... .. i $I,OJ3.7
e $1,000 $979.7 59'3.2
e
~ ~ YTD
h
~ , $631.3
e ~'
r $500
a ;~ ",~"
:.:~...
.g~~,`~-jai
-.t.Kl'Y.11fi.
$0
FY 2007 FP 2008 FY 2009 FY 2010
®Annual Actual ^Annual Budget
19
GF Projected Revs w/ SPSA
GF Projected Revs w/o SPSA
F~' 2010 Year-to-Date General Fund Expenditures
Compared to Historic Trend
Apri130, 2010
~o~.o %
100% 9d.8
so^r
~
9
°
~', 68.1
73.8%
M
~
~
~/
60.6 %
66.8
F 51.9 % 59.3%
~
e 44.8 % 51.6
d 40% 37.6
a
37.2
29.0 %
28.3
20% 7 0
8.9 % 17.0
9.8
0%
JuI Aug Sep Oct Nov Dec lan Feb Mar Apr May Jun
~EXpmoiturc TrcnC ~¢ % of FY 10 Fxp Budgct
22
YTD ACTUAL = $902.6M a5.5 %
ANNUAL BUDGET = $1,096.9M 7s.o %
az.3 %
F~' 2010 Year-to-Date General Fund Revenues & Expenditures
Compared to Historic Trend At April 30, 2010
100.0 %
ulo% ~ -
sa% -
9
O
SPSA $18.1M
68.1 % 73.8 % 71.3
9 60.6 % '66.8 / 60.5%
E°+ 60% 9.3 % 5 SR.6
e 51.9 % 50 ° 55.3
44.8 % _ 1.6 % ~po~
~ 43 % 49.5
a ~% 7 ° 44.2 % ~° J5.7
29.0 % 37.2
State $ received after 6/30/10
28.3 % 23.5° z4.4 % - PPTRA $46.9M
zo%
17.0% la.a% -Other $4.6M
8.9 % 9.7
9.8 % 14.0
a °
1.9%
95 %
0% 5.2
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
~~Rev Trend ~~ % of FYIO Rev Budget
-+'-ExpenditureTrend -~%of FYIOEzp Budget
23
General Fund FY 2010 Expenditures
- Total at April 30, 2010: $902.6M, or 82.3%, of $1.098 Budget
- Summary of Actual Expenditures Under Budget at June 30:
Savings (in millions)
- ..__.
of Total % of City
Total Budget City Budget Schools
2007 (Actual) $41.7 4.1% $25.9 _ 3.8% $15.8
2008 (Actual) $60.3 5.6% $25.0 ~ 3.5% $35.3
2009 (Actual) $43.0 3.8% $28.1 ~ 3.6% $14.9
- ._ ..
24
12
GF Projected Expenditures
Bottom Line
Revenues
SPSA $18.1M
<$14M - $20M> under
$ OM - $ 2M over
Expenditures
<$22M - $28M> under
26
Undesignated General Fund Balance
200 16.0%
12.8%
150 tt.t% 1to% Projected
12.0%
to.t%
9.3% 10.0%
~
0 8.8 % 8.9% 9.0%
123
4 d
~
100 .
103.4
103.4
8.0%
~
96.6
101.5 $
W $92,7 $91.4
73.0
63
1 ~'
50 . 4.0% °
e
0
0.0%
2003 2004 2005 2006 2007 2008 2009 2010 2010
OUndesignated GF Balance t % of Budgeted GF Revenue
Pollcy = 8-12%of Revenues
z7
Next Steps
- Continue to Monitor Revenues in FY 2010
^ Personal Property -May/June
^ Real Estate -May/June
- Next briefing on June 22, 2010 for data
through May 2010.
- "Close out" -August 13
28
14
~~