09282010 FINANCE BRIEFING
Unaudited Financial Results for
Fiscal Year Ended
June 30, 2010 `~
For Fiscal Year Ended June 30, 2010
Status of Three Major Funds
-General Fund
-School Operating Fund
-Water and Sewer
~
1
d
General Fund Budget to Actual at June 30, 2010
(in millions)
% of
BUDCET ACTUAL VARIANCE Budg,~t
REVENUES $ 1,O51J $ 1,048.2 $ (3.5) -0.3%
EXPENDITURES (1,095.4) (1,040.9) 54.5 5.0%
DITURES $ (43.7) $ 7.3 $ 51.0
FUND BALANCE - JULY I 162.1
FUN D BALAN CE - JUN E 30 169.4
LESS: RESERVATIONS (67.4)
UNDESIGNATED FUND BALANCE-JUNE30 $ 102.0
Fund Balance as a percent of FY 2011 Revenues is 10.05%
~
FY2010 General Fund Revenues
Compared to Historic Trend at June 30, 2010
99 J %
100% -
00
so~~ - FY10 ACTUAL = $1,048ZM _
73. o
¢ ANNUALBUDGET=$1,OS1JM ~i.a~i
- 60.0° '
~`a6p% ' _ ._ -_ - . 551% . /_ . _ _
~ .~, 49.80~ 56.6%
~ ~, 95J% 55.3%
F' I, 42.8% 49.5°k
~ 45J%
~40% ,
i 42.5%
a` I
~ 23. o
20% ~~ 24.4%
t a ~oi
I 19% --- ~- 9.5%
7°/a 5.2%
0% .,._ _ . _. _, . _ . . . . . .
Jul Aug Sep Oc[ Nov Dec ]an Feb Mar Apr May lune
-+-Re~''Ir~+ni .oufF~Y11)Re~'Nu~~Y
EXCESS OF REVE!1 UES
OVER (UNDER) EXPEN
2
General Fund Revenues
I3udget to Actual at June 30, 201 0 ~
~~„ ~„ui~o~~s~
Budget Actual Variance
Local
$ 923.0
$ 923.5 1~.
$ 0.5
State 105.7 102.5 (3.2)
Federal 23.0 22.2 (~•8)
Total $1,051.7 $1,048.2 $ (3.5)
General Fund FY2010 Local Revenue Variances
(in millions)
Variance
Real Estate $ 4.8
Personal Property (6.7)
General Sales (0.9)
Utility Taxes (0.7)
Telecommunications Taxes (2.0)
Business Licenses (2.5)
Hotel Taxes (1. l )
Restaurant Meals (l.l)
Cigarette Taxes (0.4)
Fines and Forfeitures (1.6)
V irginia Aquarium (1.2)
Interest (4.4)
Other Local Revenue 0.1
$ (17.6)
SPSA 18.1
Total Variance $ O.S
J
~ I
3
General Fund FY2010 State Revenue Variances
(in millions)
Variance
Constitutional Officers Reunbursements $ (0.3)
State Aid Law Enforcement (1.7)
Recordation Fee (0.6)
Maintenance of Roads (1.1)
Human Services (0.9)
Other (0.7)
Total Reductions $ (5.3)
Less: Estimated Original Budget Reduction 2. ]
Net Additional Variance $ (3.2)
Real Estate Tax RevenuF
June 30, 2006 - 2010
($4.7M Over Budget)
uoo
~oo
s
f
~ 3300
4
rc
Sioo
S~oo
__
......_
_.....
._.._
. .._...
; ~'
...
._.. __
___
___
FY P007 FY I008 FY ]OOB FY 2010
oButlge t ^ACtual
4
SO
FY Y008
Yersonal Yroperty I axes - Local
June 30, 2006 - 2010
($6.4M Under Budget)
~o
~ :eo
~
~
m ~o
~
:zo
General Sales 'I'axes
June 30, 2006 - 2010 ~
($900K Unde-~ Budget) ~'~ `~` ~
S80
S50
~ S10
3
f
# 330
E
~
K
S~0
S7o
So
FY 2006
u
FV 2008 FV 200] FY 2008 FV 2008 FY 2010
eBudget ^ACtual
FV 2007 Fl' xOD! FV 2009 FY xoto
~ mButlget ^ACtual
Business License
June 30, 2006 - 2010
($2.SM Under Budget)
sso ~
fao
~ S30
f
g Szo
rc
570
SO
6
FV 4006 FV 4007 FY 2008 FY 2008 FV 2010
^Butlget ^Adual
uo
~o
g
~
» ~o
~
s
~
szo
No
So
FY 2006
1a
7
Hotel Koom '1'axes
June 30, 2006 - 2010 -
($1.1M Under Budget)
Kestaurant Meal laxes
June 30, 2006 - 2010
($lAM Under Budget)
Fv soo~ Fv sooe Fr sooe Fv so,o
I. ^BUdget ^ACtual ~
FY 2007 FV 2008 FY 200D FY Y0f 0
aBudget ^ACtual ~
FY2010 General Fund Expenditures ~
Compared to Historic Trend at June 30, 2010
~~~
' 91.i~o -.. 95.0i~
' YTD ACTUAL =$1,040.9M 1 A,.z r e9.e i
~ 80% . . .._ _._. . =i:0°,.;, -__ . 81.4% ~
ANNUAL BUD(,ET = $1,095.4M
`d, tiS.J~.;, 73.9°/.
w
~ 58,~~~ 66.9 %
e ~o~ . _ . .._._._. _. . -__ ____.. .__-_
F° 59.1 %
a9.84o
43.1°/ SIJ%
a 40% . }i~.1"... .. __J43i _-___ .
37.3 %
i 26.4 %
20% ---1.4.4':: - _ _ . . . ... _..
S.Fq;, 17.0 %
9.8 %
0%J. . .... .. ._ . . . . .. _.. ~ ~ , --- ~-
Jul Aug Sep Ocl Nov Dtt 1an feb M11ar Apr May June
-+-^I-.x~a.adinirt~lhd ~F%i~ll}'10[xpNUdpei
General Fund Expenditures
For Fiscal Year Ended June 30, 2010
(in millions)
Bud~et Actual Variance % Savin~s
City Expenses:
Departments $ 611.5 $ 582.9 $ 28.6
Debt Service 41.3 33.8 7.5
Capital Projects 58.6 58.6 -
Total 711.4 675.3 36.1 5.1%
Schools (City Funding):
Operating Transfers $ 335.2 $ 317.5 $ 17.7
Debt Service 44.2 43.5 0.7
Capital Projects 4.6 4.6 -
Total 384.0 365.6 18.4 2.6%
Total E~enditures $ 1,095.4 $ 1,040.9 $ _54.5 5.0%
$
General Fund FY2010 Expenditure Variances
(in millions)
Variance
School Reversion $ 17.7
City:
Human Services 5.9
Police 4.8
Public Works 3.3
F ire 1.7
ComIT 1.4
Employee Special Benefts 1.1
Museums 1.1
Debt Service 8.2
Tra nsfe rs 1.6
Other Depts 7.7
$ 36.8
Total Variance $ 54.5
~
Undesignated General Fund Balance
z~~ ~~ o~%
12.8°io
~5p ».~~ ii.ok Unaudited ~?.p~o
io.~% io.o%
u.3% ~
o ^ _• ~
~
~ 100 R.U°o ~
- a
p 5
SO 4.Oo,o \
0 ~ 0.0%
ou~~.i~,~~;~,.m~,ir,i ~s:~i:~~,. ~~~.~.~ris~~at~i,.~~~ritc~~,~~~
Policy = 8-12% of Revenues
~
i;;
~-
~;e~te-•al ~, unc~ t; tic~r~~~,~t~it~~t ~~ ~~~z~c1 I3al~~ncc
June 30, 2010
(in millions) ~
7ota1 Fund Balance June 30, 2010 $ 169.4
I.ess: Reservations & Designations
Loans $ 9.8
Department Reservations 3.4
Norfolk Southern SA
Risk Management 2.8
City CIP - 2011 27.4
School CIP - 2011 4.1
Net School Reversion 14.9 67.4
Undesignated Fund Balance $ 102.0
Percent of Budgeted FY 2011 Revenues 10.05%
_ :;~.:"
School Operating Fund - Revenues & Expenditures
For the Fiscal Year Ended June 30, 2010
(in millions)
Budeet Actual Variance
REVENUES:
~'~ty $ 329.5 $ 329.4 $ (0.1)
Local 2.9 2.7 (0.2)
From Commonwealth 327.0 317A (10.0)
From Federal Government* 28.3 32.2 3.9
Total Revenues $ 687.7 $ 681.3 $ (6•4)
F,XPENDITURES $ (701•5) $ (677•6) $ 23.9
Excess Expenditure Savings
Over Revenue Variance 17.5
Prepaid Items p.2
Total Reversion to City ~ ~,~
* Includes $13.7 million in ARRA Funding for Basic School Aid
l
10
Water & Sewer Enterprise Fund
Budget to Actual at June 30, 2010 ~
(in millions)
Budget Actual
Total Revenues $ 102.0 $ 100.0
Total Expenses (116 •2) (100.4 )
Net Change $ 14.2 $ (0.4)
Summary ~
- Fund Balance within Policy, higher than 2009
- (10.05% FY10 vs 8.9% FY09)
- One time benefits ~
> SPSA $18.1M
i Debt Service $8.2M
- Departments continue to manage their budgets
v Reductions in personnel have operating impacts
- Real Estate and Personal Property - impact on
FY2011- levy is down
- Audited Financial Statements on December 14
- Storm Water Revenues Refunding Bond for
additional savings
y November 23rd - jst brie~ng on FY2011
11