02222011 FINANCIAL PRESENTATION~
I
. .
, .
FY 2011
City of Virginia Beach
Budget to Actual Financial Update
For July 1 through January 31, 2011
- _._.~~ be .,.:~~~
Overview
- FY 2011 General Fund Revenues
- FY 2011 General Fund Expenditures
- Next Steps
FY 2011 General Fund Revenues and Expenditures
Compared to Budget Thru January 3l, 2011
(in millions)
Annual YI'p
Bud2et Actual Variance
Revenues
Local Revenues $ 808.2 $ 387.1 $ (421.1)
State Revenues 143A 51 .4 (9I.6)
Federal Revenues ?2.6 13J (9.9)
Total Revenues $ 973.8 $ 451.2 $ (522.6)
Ex pe nditure s/Encumbrance s
Departmental Totals $ 522.2 $ 314.8 $ 20'7.4
TransCers 513.4 298.7 214.7
Reserve for C:ontingencies 1.6 1.6
Total Expenditures/Encumbrances $ 1,037.2 $ 613.5 $ 423.7
Less AmowNs Funded from Fund Balance
Outstanding Encwnbrance at 6/30/10 $ 7.9
Approved Cacryover Requests 0.6
Fund'mg for City Caprtal Projects 2g,1
Funding for School Capital Projects 4J
Norfolk Southem right ofway 5.0
Sc}aol Reversan 143
Risk Management ~.g
Adjusted Expenditures/Encumbrances $ 973.8
'J
Total General Fund Revenues
January 31, 2009 - 2011
~~,zoo ~
:,.o~.,
51.009.0
51,000 5973.8 ~
$800
c
~
` 5600
`o
c
~ 5459.1 3452.4 $4512
C
5400 ~
$200
SO . . ~-. . . _ F _ . ~,I
Fl' 2009 Fl' 2010 Fl" 2U11
^Actual 7hru Jan 31 ^Annual Budget I
4
<
2
FY 2011 Year-To-Date General Fund Revenues
Compared to Historic Trend
January 31, 2011
~oa.o,
~~~ I _ +
~
so ~ I YTD ACTUAL = $451.2M
i
ANNUAL BUDGET = $973.8M ~~.6r
~ I
_ ~
d eo~ ~ -- - - - E' -
a ss.3 i
o ~. 463 % 54.4•/.
F 43.0•/. 48.9 %
~ 45.0 %
- --- _. . _ __ . _.
~40% ,. -- --- --- 42.1% .
C ~
a' 26.7 %
20°k ~II 23.1'/_ - --- . _ ._.- .
~ .._ ___. -_'. lAto%
~ 9.7 ~
3.8 % 12.7 %
1.5, ~% 8.3 %
0% r- ^~-2.3°u 4.1 % . . . . . ..
Jul Aug Sep Oct Nov Dec ]an Feb Mar Apr May Jun
~Rev Trrnd ~°4~ of FY I I Rer Budget
S
FY 2011- General Fund Revenues
- Total Revenue follows the Trendline
- Several items are on a 2- 3 month lag
- Real Estate installment due June 6~h
- Business license tax (BPOL) due in March
- Personal Property tax due June 6~n
~
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: FY 11 interfund transfers and revenues are smaller
General Fund budget is also smaller
GASB 54
(in millions) FY09 FY10 FYl l
Total General Fund Budgeted Revences $ 1,069.6 $ 1,043J $ 973.8
Less: Amounts excluded due to GASB 54 (23.5) (34.7) N/A
Adjusted Gene~al Fund Budgeted Revences $ 1,046.1 $ 1,009.0 $ 973.8
Annual ,4mounts excluded from GF Revenue due to GASB 54:
Noo-GF Hotel Room Tax g ~ ~ 6
NorFGF Restawan[ Meal Tax ~ ~ 5
Amusemen[ Tax 5 ~
Ci~arette Tar ~ 0
-ta1 Budgeted Revenue Reported in Special Revenue Funds 41.8
J
Real Estate Revenues
January 31, 2007 - 2011
E5oo FAVORABLE TREND
~ a479 ~ E493.0 fqg~,g
BUDGET
~ eo%
5443.1 5452.5
faoo !
C ~% ~
~
_° 50.9% 5t.' ~ 51.9% 52.4% °
u
_ y
f
M
N f300 = U
d
J
y
~ 247.~ _ _. `25G
1 W
~
~ .
225.6 237.2 40%
o
~
S2oo °
I~ ' ~;'~' 20 %
5100 4
i -
~~F ;:
l
I
Sp
_ . ~_ . _ _ .___''
_
0%
FV 2007 FY 2008 FY 2009 FV 2010 FY 2017
, ~Actual Collectiona ~YTD -:~ % of Total
R
4
Eao ~ FAVORABLE TREND
~ 573.1
567.5 E68.1 BUDGET I, ~X
563.1
Eao 557.8
~i ~;_ N
O
C 30% ~
o y
f 2'_,~ U
H
, ~ ~
23.1 % 23.1 % r°-
i 21.4 % 20% o
m e
rc
$20.1
S20 ~ ~-- $15.6 $15-6 -: - $15.8 S1', 9 .
~ ~o%
so -- o^r,
FY 2007 FY Y008 FY 2009 FV 2070 FY 2071
i _. ___ . _ _... ._-__. - .
. iActualColledions ~VTD ~Y%o(Total '~
q
General Sales Taxes
January 31, 2007 - 2011
_ _ _ .__ ~~,
FAVORABLE TREND p.g^/, Up from FYtO
E60 r
BUDGET
E~~ S~,
I 551.4
550.3
~ 80%
50.8 % 51.9 % 52.8 % 5 ~ ~~,, 62 E'ib
~ E4o
o `o
-
_
f _ m
o
M - 40Yo U
~ .~27.4 $2$.0 F2 i 1 F.26.0
$26.7 s
~ `o
c e
Ezo
20 %
. ._. ._ . _ 0%
EO _
FY 2007 FY 2008 FY 2009 FY Y010 FY 2017
~ oACtual Colledions ~VTD -o-X of Total ~,
Personal Property Taxes
January 31, 2007 - 2011
General Sales Taxes Collections
Monthly %Change from FY10 to FY11
,o..~
,o.o% .
5.0% I
0.7%
0.0 % ~k-
-5.0`k
6.1%
2.0% ~,5%
K 1.2%
•1.4%
Y.3%
1.8% 1,0%
-10.0% ' ~
~ oa „o ,~o ,~o ,~o ,~o ,~o ,~o ,~o ,~o ~o ,~o o s ~
~ ~
~~~Monthly % Change from PY
~ ?°, ~` '~ ~~0 ~ ~~ ~P+ 'J? J~~' pJG g~~ °`'~ ~o, d``, '~, ~~e,
_ * Collections lag sales by 2 months
~~
Hotel Room Taxes
General Fund Portion Only per GASB 54
January 31, 2007 - 2011
S6 - 100q
7.7 % Up from FY10 FAVORABLE TREND
E5.4 SS 2 BUDGET
55.t 55.2 E5.1
35
74.~°: ~ g°,6 76.4% ~75.5% ~
,.~,_~ ~.- -._. . .~
S4 eac I $4.0 : 54.0 I~3.9
$4.2 75%
u
50°k ~j
, o
~
0
, o
a°
FY 2008 FY 2009 FY 2010 FY 2011
i ~AdualCollections ~ttD ~•%ofTotal .
25%
0%
1?
6
Total Hotel Room Taxes
January 31, 2007 - 2011
--_- -_ ,oo,
7.3%Up from FY10 FAVORABLE TREND
525
E23.6 b23
0
BUDGET
522.6 .
E22.8 j22.7
74] ;~6
~ ~ ..t~;? 6":.. . BO%
S20
- , .~
.,
$18.3
- $17.5 $17.3 $17.0
~ $16.6
60% o
o
- 515 -
y
~
a o
U
d
~
m
m 310
~ w
40 % ~
0
e
SS 20 %
So , _ ~_ __ o%
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
'
.. ~Actual Colledions ~YTD ~%of Tolal
. _ _ _. _____._ . . . . _
Ii
Hotel Room Taxes 8% Allocation
(in millions)
Total Hotel Room Tax FY11 Budget =$22.7M
^ GF 2%
OCBDTIF
^ TGIF 2.5%
^ TAP 1 %/$1
^ MP 2.5%
SB $1
8% plus $i room nights I
Nute: SB SSD has an addi[ional 2%s % tax 14
Restaurant Meal Taxes
General Fund Portion Only per GASB 54
January 31, 2007 - 2011
535
90%
3.6 % Up from FY10 FAVORABLE TREND ~
gUDGET ~
529.8 b30.6 530.8 E30.9 E30.7
E30 ~
75%
Ezs 6c 60.8% 60.7% ,6`'~,`
~
o -! so%
`
~ fzo
,. ;~,r.5 nib.~ 51aJ 819.4
~~~ o
~
g~L a
~ 1 45% -
c p
m E15
~ ~
`o
a
30°k
E10
ES i 15%
I
EO ni::
- . ,.. _._. . . __•_ ___~ -__
I 0%
FY 20a7 FY 2008 FV 2009 FY 2010 FY 2011
' ~ActualCollectiona ~YTD -w%o(Total
j5
Total Restaurant Meal Taxes
January 31, 2007 - 2011
I FAVORABLE TREND - so~
3.6 % Up from FY10
BUDGET
L5o i $48.1 548.3 j48.4 48.2 II
$46.7 ,
~ 4}'.'~ ': 75%
~ ~°/ 60.8% ~ 60]°,~. 63.3°/
ao% a
c o`
o '~-~
f 5?t).1 $29.4 $29.4 $30.4 _
p E30 31f~ i - U
m 45% p
° I ~
~i `o
a ..li a~
E2o
30%
r;l i
510 _ I
1 15°h
:~
so . -- ~ o%
FY 2007 FY 2008 FV 2009 FY 2010 FY 2011
~ActualCOllectiorm ~YTD -+.~-%ofTOtal
I(
2
Restaurant Meal Taxes 51/2% Allocation
(in millions)
Total Restaurant Meal Tax FYll Budget =$48.2M
~ ~ ^GF3.5%
~~
i~,~,~
~. ~, h,_. ~-.._ ,~~;':; ^TGIF0.5%
^ TAP 0.5%
^ MP 0.56%
^ OS 0.44°/a
i
;: ~ ~
GF Revenues
Summary of General Fund Revenues
January 31, 2011
(in millions)
F~'2011
Budget YI'D % of Budget Trend
* Real Fstate Taxes $ 452.5 $ 237.2 52.4 % F
Personal Property Taxes 63.1 20.1 31.9 F
PPT~ 53.4 6.5 12.2 A
General Sales Tax 50.6 26.7 52.8 F
Utility Taxes 25.2 12.7 50.4 F
Telecommunications Taxes 22.0 8.8 40.1 U
Business Licenses 40.8 2.6 6.3 U
* Restaurant Taxes 30.7 19.4 63.3 F
* Hotel Taxes 5.1 4.2 81.9 F
OtherLocalRevenues 118.1 55.3 46.8 F
* State Revenues 89.7 45.0 50.2 F
* Federal Revenues 22.6 12.7 56.2 F
S 973.8 $ 451.2 46.3 % F
~
* GF portion only
ExcluJes Schoul Rerenaes
ie
FY 2011 Year-To-Date General Fund Expenditures
Compared to Historic Trend
January 31, 2011
I 100% . _ .. . . . .. ---- --
949 %
~ YTD ACTUAL = $613.SM y~.~ ~~
e 80% I _ 78.1 °i~
9 '
~ ANNUAL BUDGET = $1,037.2M
_ I o~i.o r
s
~ 61.9',~
~ 60% ' _ _ ----
~~--
F°. ~~, ;'_8^.,. 59.1•/.
o
~ I
45.5 % i1.2•/.
°'
i
y
40% - ~8.3 %
-- -_ 44.0%. _
- -..__
_ ....
. _ ____ . __ .
~ 29.3% 36.6 %
20% 1 17A % ,~
~"~~ 17.3%
0% 10.5%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May ~ lun
-~e..~a~w~~r«~a ~-sc~,rrvii~:..~n~aF«
zu
10
II I~
Total General Fund Expenditures
January 31, 2009 - 2011
$,.~oo ~
:,.oaz.,
31,046.1 s1,0372
51,000
$S00
0
~
~ 3~.8 5622.8 $613.5
~' 5600
~
'
9
C
,°~' $400
~
$200
SO . -- - ._.~_ . . . _ . .
F1~ 2009 FY 2010 F1' 20l t
~Actual Thru Jan 31 ^Annual Budget
zi
FY 2011 Year To Date General Fund Revenues & Expenditures
Compared to Historic Trend At January 31, 2011
~~,~~.~~~,~.
ioo~a i _ 4a.v:,,
~
ACTUAL REVENUES = $451.2M "~' ~ ~
y
~ 80% '% . . --- -- ---._ __ . _.- _. . -~~NrP`~o-- - - ~~---
= ACTUAL EXPENDITURES= $613.SM „y ~ ~ ~~.6 r
a
W ', h1.~7'~.~ '
F ~% . ..__ _ 59.1_%___.__- -_... i83"/o ._.
g2.8% •
`c 4c.5 % . 11 % 46.3 % ~.~ %~
u ' 43.0% J8.9%
~ ~~, i8.3~~:h 44.0% a5•~~~ . _--.. _-----
--- ---
- ---
o ; - - - -
4 /o .a~ ~~ ._
29A %~ 36.6 %
26.7°
U.4 i~~ 24.6% 23.1%
20°k - _ _ - _-_ _ - - __ _
~~~ v.a G~ 7.3 % 14.t % -.. ~
9.7°0
~ 10.5 % 12.T%
~I 1.5% ~' ~ 8.3%
0% i _ " ~I~. -- , - -- -- --- - - . - _ . _ _
Jui Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
-r-Rev Trend t% of FYtl Rev Budgef "~"'Expendifure Trend ~~~ % of FY'll Exp Budget
22
General Fund FY 2011 Expenditures
- Total at January 31, 2011:
~ $613.SM, or 59.1%, of $1.037B Budget
- Summary of Actual Expenditures Under Budget at June 30:
(in millions)
Total °/r~ of Total
Budget City '% of Cit}~
Budget Schools
2UU8 ~ctual ~p60.3 5.6`%0 `~2~.0 3.5% $35.3
2009 Actual $45.2 4.0% $303 3.9% $14.9
2010 r~ctttal $53? 4.9°,/0 $35.5 4.7% $17.7
12
GF Expenditures
£i
:~
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