06222010 INTERIM FINANCIAL PRESENTATION~ V
1 ~ ~
FY 2010
City of Virginia Beach
Budget to Actual Financial Update
For July 1 through June 30, 2010 (Cash Basis)
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Overview
- FY 2010 General Fund Revenues
- FY 2010 General Fund Expenditures
- Year-end Proj ections
~ Some revenues are final
~ Other revenues are still due '
~ Expenditures not all submitted
- Next Steps
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FY 2010 General Fund Revenues and Expenditures
Compared to Budget Thru June 30, 2010
(in millions)
Annual YTD
Budeet ~,(y~~j Variance
Revenues
Local Revenues $ 861.5 $ 849.7 $ (11.8)
State Revenues 159.1 101.1 (58.0)
Federal Revenues 23.1 19.5 (3.6)
Total Revenues $ 1,043.7 $ 970.3 $ (73.4)
Expenditures
Departinental Totals
1'tans fers
Reserve for Cont'v~gencies
Total Expenditures
L,ess A~now~ts Funded from Fund Balance
Outstand'n~g Encwnbrance at 6/30/09
Approved Carryover Requests
Fund~g for Ciry Capital Projects
SPSA Disposal
Operanuig F3udget FY10
Adjusted F.xpenditures
~Does not reflect 12 months of data Tor FY ?010
? I
FY 2010 Year To Date General Fund Revenues
Compared to Historic Trend at June 30, 2010
(DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010)
ioo~ ,
~o~ , YTD ACTUAL = $970.3M
ANNUAL BUDGET = $1,043.7M
~
c
~60°6 . _. _. . .
~ ~
~ 46.0%
F 43.2 45.
~40% , - 42.5%
~
a`.
23 5%
! 713%
60.5°/
55.5°Y
t% 58.6%
~ 553Wo
49.5%
Total ot $75M to be collected in July/Aug
~ 24.4%
20°k j - -- - 14.4Mo
I 9'~~~0 14.0%
1.9% 4.4%
9.5%
po~ _ 7% 5.2"/0
)ul Aug Sep Oct Nov Dec 7an Feb Mar Apr May June ]uly/AUg
~-rRev Trrnd ~~°.~, of FY I11 R~~ BuAget
4
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I~
$ 530.6 $ 498.8 $ 31.8
564.7 555.9 8.8
1.6 1.6
R 1_096.9 $ 1 054_7 K 422
$ G.1
1.2
33.9
72
4.8
$ 1 _043.7
.
FY 2010 - General Fund Revenues
- the next month is critical...
• Total Revenues to be collected between 7/ 1/ 10
and 8/13/10 are $75M
• Several items are on a 1-2 month lag
• Real Estate 2nd installment was due June 7tn
• Local Annual Personal Property Tax was due
June 7th, Supplement was due June 29tn
• State Revenues to be received after June 30tn:
-About $51 million of $157 million
s
Real Estate Revenues
Projected thru 2010 Closeout
FAVORABLE TREND PROJ
ESOO y479.1 5483.7$4y3.~ 5482.2
E473J 5477.1 54/9.5
5445.1 F 443.1
c Eaoo 5382.7,~So:.~ ~ I
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~
M I
y
~ E300
>
d
K F~ I
~
E200 I
I
5100
Eu , ~
... _.__._. . ___ . . ,_ -~. .
FY 2006 FY 2007 FV 2008 FY 2009 FY 2010
oBudget ^Actual Collection eprojection
e
3
Sao
c
° E80
~
H
N
d
7
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d
> ~
d
~
szo
Personal Property Taxes - Local Billed
Projected thru 2010 Closeout
UNFAVORABLE TREND
581.7 579.8
5l3 ~
S70A ~E7 ~ SER.1
$S4A 5642 PROJ
1 ~ ~ ~bF2 559.2
Eo , ~
FV 2008 FY 2007 FY 2008 FV 2009 FY 2010
mBudget ^ACtualCollection ^Projection
~
General Sales Taxes
Final 2010 - $800K under budget
2.8 % down from FY09 UNFAVORABLE TREND
Eso ~
553.4 $S4.G 555.7 ~y4 ~ 556.0
~ 550.8 551.4 551A S51
E50 ~~ . : ~~~
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rc
E2o
Eto
Eo
FY 2006
~
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4
FY I007 FY 2008 FV 2009 FY 2070
e8udget ^ACtual Collection
a
a.ox
a.o%
s.o%
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-B.0%
•8.0%
•10.0%
0^
GJ
PJ
General Sales Taxes Collections
Monthly %Change from FY09 to FY10
~~'~~~P G~oO~P ,~'~O~P p~'~O~Q- p?J~.~t 0Q'J~.-~ G~ PQQ~. ~,J 'J~~ J~~~1
y~Q O ~O 0(4 ) ~Q. ~ )
tMonthly k Change trom PY
* Collections lag sales by 2 months
,
Business Licenses - (BPOL)
Final 2010 - $2.4M under budget
'~. UNFAVORABLE TREND
550 '
345.0
I 543.2
3A1.&
540.6 $40.8 ~ ~.: ~yy Sn1.0 =40.6
S40 4
!
f37.1 ~ 338.1
~ 530 :. iP ~.
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320 .
310
SO L~':
- `` '~ - - -i
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
eBudget ^ActualCollection
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Hotel Room Taxes
Fina12010 - $1.2M under budget
_ ____
1.3 % down from FY09 UNFAVORABLE TREND
S25 E24.1 t~~o
S20
c
0
~ S15
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W
>
K S1U
SS
SO
FY 2006
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Restaurant Meal Taxes
Fina12010 - $1.4M under budget
0.3 % Up from FY09 UNFAVORABLE TREND S
549
1
487
' 49 8 ~~
548
5 ~~
#50 .
.
.
$48.
s
cAC.i E
547.3 c46.i ~'..
$45.0
f42.6 ~,~ ~'-' ~ '
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#40 ,;'
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f20 I
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FY 2006 FV 2007 FV Y008 FY 2009 iY 2010
oBudget ^Ac[ual Collection
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6
FY 2007 FY 2008 FY 2009 FY 2070
~ ~Budget ^ACtual Collection
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Utility Taxes
Projected thru 2010 Closeout
E30 ,
' . ... ._______.. .
UNFAVORABLE TREND
PROJ
524.9$14
4 525.3 `,4.t, 525.4 q~h.0 5257 =25.0
524.6 c
4
.
E25
~2
.4
73.7
E20
0
~
p E75
0
0
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>
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K
E70
ES
So
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
~ ~Budget ^ACtual Collection oProjection
It
f30
E25
E20
0
f
E15
0
m
~
570
E5
~
Virginia Telecommunications Tax
Projected thru 2010 Closeout
UNFAVORABLE TREND
E24A ~`~ ~
523.6 323.7 pROJ
521.4 ~:: 521.6
520.P
„~
18.1 c"'
FY 2006 FY 2007 FY 2008 FV 2009 FY 2010
sBudget ^ActualCollection ^Projection ~
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Permits and Licenses
Fina12010 - $100K under budget
UNFAVORABLE TREND
56 $5.~ =5.8
SbA
55.2 E5.1 E5.1
SS.O
aa.3 sa2
$4.?
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FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
^Budget ^Actual Collection
is
512
S10
SS
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» S6
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~ S4
32
SO
FY 2006
City Tax on Deeds
Fina12010 - $300K over budget
FAVORABLE TREND ',
il
~10.5
~
$&.8
37.7 37.9 58.0
96 5
E5.9 ~~'.; i
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FY 2007 FY 2008 FY 2009 FY 2010
^Budget ^Actual Collectlon
16
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FY 2010 - General Fund
State Revenues Reductio~s
•$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
Constitutional Officers $89,623
:' Public Assistance Grant $1M (offset with Federal Stimulus Funding)
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Summary of General Fund Revenues
June 30, 2010
(DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010)
(In Millions)
Real Estate Taxes $477.1 $4799 100.6 % F
Personal Proper[y Taxes 64.2 582 90J U
PPTRA 53.4 6.5 12.2 -
Ge~~eral Sales Tax 51.1 50.3 98.3 l'
Utility Ta~ces 25J 23.2 90A l%
Telecortanunica[ions Ta.xes 23.7 18.1 76.4 lJ
Franchise Taxes 5.9 5.2 88.4 F
Business Licenses 40.6 38.1 94A U
Restaurant Ta~s 49.8 48.5 972 U
Hotel Taxes 23.9 22.7 94.8 U
Cigarette T'axes 12.9 12.5 9GA l;
Autoinobile Licenses 9.1 7.$ g6.1 l I
A~nuseinen[ Ta~s 53 52 97.5 A
City Taxon Deeds 59 6.2 105.0 F
Interest on Bank Deposits 5.7 0.6 IOS U
Other Local Re~~enues 60.6 55.1 90A U
State Revenues 105.7 94.6 89.5 U
FederalRevenues 23.1 ]9.5 84.6 U
$ 1,043J $ 952.2 91? °6 t~
SPSA - 18.1 -
$1,043J $ 970.3 93.0 °~ U
Excludes Schools Revenues -$75M still to be collected
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FY 2010 Year-to-Date General Fund Revenues
Prior Fiscal Years Year-End Results
S6.SM <a8.7M> <528.1M> . ... ~
$1.200 ~- ...
c s, r 51.D71.3 PRO.1
'~ 51.045.9 ~~~-~-' E1,0432 $'I,043.'r' E1,040.3
$1.000 . a979.7 ~:. ... ? ; 5970.3
_y.
~. -ir;~`. YTD
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~ SS00 ~. ~T,?' ;
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~ 5600 :~ "~ ~ "- ;
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$400 ~ k ~ - ~ ' i
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~2~~ ' #~.~ ~', '` I
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So _ , --... -- ~- ~
F'l~ 2007 Fl' 200R Fl' 2U119 Fl' 2010
mAnnualActual ^AnnualBudget oProjection ~~.
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GF Projected Revenues
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~
FY 2010 Year-to-Date General Fund Expenditures
Compared to Historic Trend at June 30, 2010
(DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010)
ioo i `,v- "
4~,~~
961 %
I YTD ACTUAL = $1,054.7M H`.s';"
89J %
~ 80% ~' -----7R.3"~~- - - ----
- ANNUALBUDGET=$1,096.9M SZ'3~
~ 6x.3~~~~~ 73.8%
`a
~ '. ~„~.s~~. 66.8%
W 60% i --- - -----_._ ... ..
~ 53.0"..~ g9.3 % - - . _ _-.- -
~ I qt.0% 51,6 %
`c ~
~ ~~~ 37.6 % 441 %
_ _ . .. ___ ___ _-------. ...
~ ,-- -~--- -- - - ..
37.2 %
29.0':S,
28.3 %
20% I, _.I7,OY;6_ _ _ _ _ _ . ..
--...__.- _ ..__ _._.
---- __----~ -
~t.9'%~ 17.0 %
9.8 %
0% . _- , T ~ - -- - - -
Jul Auc Sep Oct Nov Dec lan Feb Mar Apr May June July~Aug
~FxpendiwrcTrcnJ ~e~~~anffYlOFxpNuJgn
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FY 2010 Year-to-Date General Fund Revenues & Expenditures
Compared to Historic Trend At June 30, 2010
(DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010)
vv.x°,
„
ioo~~ __ _ _ _ _ _ _ - _ ,e,,.
95.1'4
o~ o, 3' o° 92J~
„ i ..~.. ,.
~ 80% !_ _ fil~. 82.3 %
9
~4.4
a SPSA $18.1M ~~` ;`~ ~3.Si ~~.'~~
~ 'i
0
W 61LN"~L ° .5%
" 60ok _ _ _
~ SR.M1"o
F' S, p~~~ 59.3 % S. °
, $O ° SS.i'%
`= as.u",~ .1.6%16.0°
~ ~ a3 z i av.5~i,
a 40% ~ 37.6'Ct_ 4A.2°o S1J59/ . . . ..
?9.0"^ 37•2 ~ State $ received after 6/30/10
2g•3 % z~ s^ Za a,~;, - PPTRA $46.9M / Other $4.6M
20/ :__ . ---
~•9 i ~~~~ ~ 14~4 ~ Total of $75M between 7/1 - 8/13
~ 9.~~ u.o^c
9.8 % 9 S^,~
I 1.9 % 'Y o
~~ 5.2'%
0% - - - - ,
Jul Aug Sep Oct No~~ Dec Jan Feb Mar Apr May lune luly/A~S~
-1r°.oofF'YIORe~~NuJgei ~lrpcndiwrcltend
~ Re~~ 7}end ~as^o of I'Y I U i;z~ Rudpoi
22
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General Fund FY 2010 Expenditures
- Total at June 30, 2010: $1,054.7M, or 96.2%, of $1. l OB Budget
- Summary of Actual Expenditures Under Budget at June 30:
Savings (in millions)
% of Total % of Citv
Total Budget Ciry Budget Schools
2007 (rlctual) ~41.? -~.1 °~ ~, ~25.9 3.8° ~ ~ I ~.8
2008 (rlctual) $G0.3 5.G% $25.0 3.5°.~0 $35.3
2009 (1lctual) $43.0 3.8°% ~28.1 3.6% ' $14.9
,~., ,.
~;`,:; :
z,
GF Projected Expenditures
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~
~
Bottom Line
Revenues
SPSA $18.1 M
Expenditures
<$18M - $22M> under
$OM - <$ 4M> under
<$25M - $30M> under
j5
Undesignated General Fund Balance
200 , ~b.aio
,z.ex
150 ».~% ~~.o~ Projected 12.0%
tonx
9.3% ~o.ox ='
~ ~ 8.8% s.0% +
~ C
~
~ 100 ; S.0% V
101._5
W 592.7 591.4 9
o '
O m
50 4A% °
e
p + _ ~ - 0.0%
2003 2004 2005 2006 2007 2008 2009 2010 2010
OUndesignated GF Balance t9~8 of Budgeted GF Rwenue ~
Policy= 8-12%of Revenues
?F
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Water and Sewer Fnterprise Fund
June 30, 2010
- Lower water consumption than budgeted
(35.2MGD budgeted vs. 33.4MGD actual)
- Lower Connection fees revenues due to slowdown in
construction
FY09 FY10
Bud et Actual* % Bud et Actual* %
evenues $ 101.4 $ 98.3 97.0% $ 102.4 $ 92.4 90.2%
xpenditures $ 109.0 $ 96.9 89.0% $ 118.6 $ 100.3 84.6%
* CASH BASIS - EXCLUDES ACCRUALS
• Costs also down: Water Services contract -- only 12% variable costs
• Year-end expected to be within budget overall
n
Next Steps
- "Close out" - August 13
- Next briefing on September 28, 2010 for
unaudited financials through June 2010.
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