02012011 FINANCIAL UPDATEOverview
- FY 2011 General Fund Revenues
- FY 2011 General Fund Expenditures
- Next Steps
FI' 2011 General Fund Revenues and Expenditures
Compared to Budget Thru December 31, 2010
(in millions)
Ann~a~ Yru
Bu et Actual Variance
Revenues
LocalRevenues $ 808.2 $ 361.7 $ (446.5)
State Revenues 143.0 46.2 (96.8)
FederalRevenues 22.6 ]0.8 (71.8)
TotalRevenues $ 973.8 $ 418.7 $ (555.1)
E xpe ndi ture s/Enc umb~a nc e s
Deparhmntal Totak
Transfers
Rese[ve fi~r Corria~gencies
Total Expenditures/Encumbrances
$ 522.1 $ 279.6 $ 242.5
5133 251.4 261.9
1.8 - 1.8
$ 1,037.2 $ 531.0 $ 506.2
Less Armim[s Fwded from F~u~d Balance
Oirtstardaig Fncwnbrance at 6/30/10
Approved Cazryover Requests
Fiada~g for CIIy Caprtal Projects
F~mda~ fo~ School Capital Projecis
Norfolk Southem ri~t ofway
SchoolReversion
Risk Managemern
_ Adjusted Expenditures/Encumbrances
$ 7.9
0.6
28.1
4.7
5.0
14.3
2.8
$ 973.8
z
Total General Fund Revenues
December 31, 2008 - 2010
$~.zoa
:,.~46.,
51,009.0
5973.8
o 5800
~
E
rn
0
d
~ 5429.6 j424.6 5418.7
a saoo __._~_. _ . _..__ -_- ~
.:.n.
so ~ -- ' - ~
H~~~ zoov rv zo~o Fv zou
~Actual Thru Dec 31 ~Annual Budget
a
2
FY 2011 Year-To-Date General Fund Revenues
Compared to Historic Trend
December 31, 2010
~oo.o ~
~oo% - - -- - _
--7 -
~
so ~ j'TD ACTUAL = $418.7M _ _ _ _
q ANNUAL BUDGET = $973.8M ~~.6r
~
~
~~% '~- - __ _ -' __- -
~ 5g,3 %
E 54.4•/.
, v 43.0 % 48.9 %
e ~o~ . 45.0%
- -- _ __ _
~ 42.1 %
o`~
26.7 %
20°h -- 23.1 % - - - ---
14.1 %
~ 9.7 %
'~ IS% 3.8% 12.7%
8.3 %
0°.6 k- . 4.1 % . . . . . . _ . .. , . .. _
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
^~--Rev Trrnd ~~% otFYl I Rev Budgel
5
FY 2011- General Fund Revenues
- Total Revenue follows the Trendline
- Several items are on a 2- 3 month lag
- Real Estate installments due December 6'h and June 6~'
- Business license tax (BPOL) due in March
- Personal Property tax due June 6th
"~
3
II a
GASB 54 Impact
New for FY 2011
- GASB 54 requires revenues tied to a fund to be budgeted in
the fund as a revenue, not as a transfer.
- Result: FYl l interfund transfers and revenues are smaller
General Fund budget is also smaller
GASB 54
(in millions) FY09R* FYIOR* FYl l
Total Ceneral Fund Budgeted Revenues $ 1,069.3 $ 1,044.8 $ 973.8
Annual tlnxwnts excluded from GF Revenue due to GASB 54:
Non-GF Hotel Room Tax $ 17.6
Noo-GF Restaurant Meal Tax 17.5
Amusement Tax 5.7
Cigarette Ta~c 1.0
Total Budget Revenue Reported in Special Revenue Funds 41.8
*~R-2estated
_ `\_
J
Real Estate Revenues
December 31, 2006 - 2010
_ _ _ _ ,oo%
FAVORABLE TREND
Esoo gq~g,~ $493'0 $481.8
BUDGET
5443.1 5452.5 so°r,
taoo
14
~
C C
O
~
` 60% d
~ ~ 51.5°i,,
50.9 % 51
3 % S i.7':-;~ v
N E3oo .
d ~
~
c
245.F. '1.5'1.7 247.9
°
~
> _ 225.8 234.1
~ 40% °
~
E200
20%
E100
SO . .. ,.. . . . 0%
FY 2007 FY Y008 FY 2009 FY 2010 FY 2011
~ActualCollections ~YTD -~~~%ofTotal
x
4
Personal Property Taxes
December 31, 2006 - 2010
_._...._._.... .. . . . .. _ . . _ ... _ _ . _ _. _. 50%
~o FAVORABLE TREND
568.1 BUDGET
E60
c
O
f
N
d
~
c ~
>
K
Ezo
Eo +-
FY 2007
40%
E63.1
557.8
SG ~'' ~
7 O
30% ~
d
O
26.6%, ~
0
F
~ 20% p
4 $19.5
$15.2 $15.3 ~o%
- a%
FY 2008 FY 2009 FY 2010 FY 2071
.__. - _- __-__. ..
~ActualCollactions ~YTD ~~%ofTMal
~. __ ____. __ - ~.
v
General Sales Taxes
December 31, 2006 - 2010
_ ___------- _ _ -__ ___ ___ ~x
E60 FAVORABLE TREND 3.7 % Up from FY10
E54.0 E54.7 BUDGET
E51.4
y50.3
BO%
~
°
43.1 % 45.3 %
44.0°a.
45.1 % °
-
~ o
~
•
~ 40% U
-
a
°
~'m
$233
~i3.k ~: 523.3
1
$22
$22.8 r
°
.
~, P.,,,: ;~
520 ~'^;
~ Y
~
n 7_
x~
x~' 20 %
~ _,
. . .
:~ C
'z::_:: . _
0%
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
I
I` ~ActualCollectiona ~VTD ~~%ofTotal
111
5
ii ~
General Sales Taxes Collections
Monthly %Change from FY10 to FY11
,o.a% !. _
I BAYo
1.8% ~
0.0% `
'~.. -2.3Ye
-5.0% ~ . _ ___ . __.... . .
I
•8.8% -9.9%
-10.0%.
oa oe oa oe ,~o ,,o ~o ,~o ,~o ~o ~o ,~o ,~o ,~o ,~o ,~o
e`~~ 0°4 ~~° o'~` ~~`' F~° ~.~' ~~ ~.P~ ~`' ~~~ ~~~ g~Q o~` ~o'~ ~`
~J
. . ~ ~'=Monthty % Change hom PY
,~"` '`' * Collections lag sales by 2 months
~~
Hotel Room Taxes
General Fund Portion Only per GASB 54
December 31, 2006 - 2010
:s _ ----- ,ooi
7.6 % Up from FY10 FAVORABLE TREND I
~
55.4 BUDGET
2
f5.2 55 ~.
~
.
55.7
E5.1
=,
' i
SS L
c
;i:~ - I
rs c~i, ~
-~~~~ 7l 3% ~-j`~~ 73.8% 72.8%
-- ~~I 75%
,~..~--- -
. 54.1
~
~ ~',
S4 33.9 $3.9
_.~
$3.8 '. ~
`
c
o .-=.o~
$3.6 $
-
f
~yz m
o
« ;Ii ~
y
c E3 ~ ,_";t
.F.~ti - 50% m
~
~ '[~ `o
S2
~'': 25%
S~ ~F~~ ~S•,'
', _~~ ~~.
SO . ~~-
-_ ~ "'~~~ ,_..... --:-
0~
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
. _Adua1Co11ectiona ~YTD -o-•%ofTotal
12
6
Total Hotel Room Taxes
December 31, 2006 - 2010
7.2% Up from FY10 FAVORABLE TREND
S25
b23.6 523.0
E22.6 522.8
s2U ~`, ~.": m.u... .. 72T7% r.,.~
~ _~.~
_° ~ 51G.8 516-7
~ 815.9 $16.4
w
y s15
c
>
m
K
S10
,oo~
BUDGET
22.7
- 80 %
b77.6 c
0
60 % m
0
U
~
O
F
0
40% ae
20 %
SS
FY 2011
SO ! ~ ~ +-
FY 2007 FY 2008 FY 2009 FY 2010
! ~Actual Collectiona ~YTD ~X of TMaI
or
13
Restaurant Meal Taxes
General Fund Portion Only per GASB 54
December 31, 2006 - 2010
__.._.. ._._- -----_..__.. . . .__--- __..... . ~5%
~
22%UpfromFY10 FAVORABLE TREND BUDGET I~
:Zy 8 530.6 30.8 530.9 E30.7 ,
S30 i " {
, 53.3% 52.7% SB :t;-~
_ . ,.. . `~
o WX
°
~ S20
p + °
o
~
<..,i~:.i $16.4 $16.3 816.6 p
S
~
m
~ g15.5
~
'o
~:
n .. X
25%
f+a
su ~~
-- _-
o%
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
~ActualCollediorm ~YTD .--%ofTotal
14
7
Total Restaurant Meal Taxes
December 31, 2006 - 2010
__ _ - -__ - ___._ _ .
2.2%Up from FY10 FAVORABLE TREND
550 BUDGEI
E46.7 548.1 E48.3 s48_4 48.2
~ 53.3 %
2.1 % 52.6 % 52.7 %
0
~ 530 . ~~. ~ ~~~ '
w
a
~ $24A ~ 525.3 ~' 825.8 $25.5
~
m
rc
I szo
I
S~o `~r ~
i 7k,
;,~
h~-
ti~
~{i~
80%
so%
54.2 %
c
0
~
U
$26.1 qpX, a
~
~
zo i
So o%
FY 2007 FY 2008 FY 2009 FV Y010 FV 2011
;.. - _.. ._.__ . _ .__ . ..I
~ActualCollectlons ~VTD -c~%ofTotal ,
IS
GF Revenues
g
~ v
Summary of General Fund Revenues
December 31, 2010
(im millions)
FY 2011
Budget YTD % of Badget Trend
* Real Estate Taxes ~~52.~ ~ 23~.1 ~ I J ",~~, F
Personal Property Taxes 63.1 19.5 30.9 F
PPTRA 53.4 6.5 12.2 A
General Sales Tax 50.6 22.8 45.1 F
Utility Taxes 25.2 9.9 39.3 F
Telecommunications Taxes 22.0 7.1 32.3 U
Business Licenses 40.8 1.4 3.4 U
* Restaurant Taxes 30.7 16.6 54.3 F
* Hotel Taxes 5.1 4.1 79.0 F
Other Local Revenues 118.1 46.2 39.1 F
* State Revenues 89.? 39.7 44.3 A
* Federal Revenues 22.6 10.8 47.6 F
$ 973.8 S 418.7 43.0 % F
* GF portion only
Escludes School Rerenues
'J
FY 2011 Year-To-Date General Fund Expenditures
Compared to Historic Trend
Decem6er 31, 2010
~oo.o,
30096 ~ vr.e°~
YTD ACTUAL = $531.OM xb.~ i
~
80% t I
- -- 79.1 % _
:~ ANNUAL BUDGET = $1,037.2M
e 69.0 %
a
x
W i n~ }~
w ~o~ .--__.-_ _
F 52.8 %
°
e 45,5 %
51.2•/.
Z`+ ~% 38.3•/. 44.0 % _ .
o:
29.4 % 36.6 %
20% - 17.4~~
.4 % 17.3 %
10.5•/.
0% - -- _ r -~
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
~-exrc~a~w«ire~~a ~.-^,aorFriir:.~~nua~~
i~
9
Total General Fund Expenditures
December 31, 2008 - 2010
$I.100 ~ 31,082.5 ~
E1.046.1 57.037.2 j
o
~ $900
'
~
w
~ '
0
9
C
$700
~
a
~
!
'
5554.4
~ S540.1 5531.0
_
$5011 . `~_.,r,~i
'?~~-iz~~
5300 l "
_ . _ __~... . _„ _ ..:-'. -___,.
FY 2009 Fl' 2010 FY 2011
f ^Actual Thru Dec 31 ^Annual Budget I
iv
FY 2011 Year To Date General Fund Revenues & Expenditures
Compared to Historic Trend At December 31, 2010
,~~~~ ~,~~~~
ioo~o -- -
YJ9~~.~
ACTUAL REVENUES = $418.7M 86•~ %
0 80% - _ . -
= ACTUAL EXPENDITURES= $531.OM fiy.o i n.6 i
a I
w
W Fi.J"„
_ _-_ .__ .
F 60% ~ - -- _ _
583 %
0 52. N'Y,~
~ ' 45,5/ .7.2% 54.4%
~+ 430% 48.9%
3N.3°r~ 44.0 % 45.0"/0
0. 40% ...,,, _.._...
20% ~ ~~'4 ~~~~24.6 % ~~f 23.1 %
m"]0.5"/, 12.7'%~
1.5% 3• ~~ 8.3%
0% t!! _ ,1.1~ __ _
Jul Aug Sep Oct Noe Dec Jan Feb Mar Apr May Jun
tRer Trend t% of Pl'll Rev Budget +Expenditure Trend ~C~ % of FYII Exp Budget
20
1 O
General Fund FY 2011 Expenditures
- Total at December 31, 2010:
~ $531.OM, or 51.2%, of $1.037B Budget
- Summary of Actual Expenditures Under Budget at June 30:
(in millions)
z~
Total % of T'otal
Bud€~et Ciry % of City
Budget Schools
?UU5 ~_~cllt~ll~~~ ;±6U._i a6" ~, ~?~.U _>.J" r~ ;~,».3
2009 Actual $45.2 4.0°,'0 $30.3 39% $14.9
2010 .~ctual $53.2 4.9°,'0 $35.5 4.7% $17.7
11
GF Expenditures
Next Steps
- Continue to Monitor Revenues in FY 2011
Real Estate - June
Business Licenses - March
Personal Property - March/April
Next Briefing on February 22, 2011, for data
through January 2011.
z,
12