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06282011 FINANCE UPDATE
~~ Budget to Actual Financial Update Through May 31, 2011 \0~ Overview 11 Months • FY 11 General Fund Revenues • FY11 General Fund Expenditures • Limited Projections • Next Steps i• i FY 2011 General Fund Revenues and Expenditures Compared to Budget Thru May 31, 2011 (in millions) Annual YTD Revenues j;y~l ~y$j Variance Local (81.1 % of budget) $ 789.5 $ 616.8 $ (172.7) State (16.6% of budget) 161.9 89.6 (72.3) Federal ( 2.3% of budget) 22.6 19.2 (3.4) Total Revenues $ 974.0 $ 725.6 $ (248.41 Expenditures/Encumbrances City $ 650.8 $ 579.6 $ 71.2 City Capital 45.7 41.9 3.8 Schools 336.2 308.2 28.0 Schools Capital 4.7 4.3 0.4 Total Expenditures/Encumbrances $ 1,037.4 $ 934.0 $ 103.4 Less P.~nounts Funded from Fund Balance Outstanding Encumbrance at 6/30/10 $ 7.9 Approved Carryover Requests 0.6 City Capital Projects 28.1 School Capital Projects 4.7 Norfolk Southern right of way 5.0 School Reversion 14.3 Risk Management 2.8 © Adjusted Expenditures/Encumbrances $ 974.0 Total General Fund Revenues May 31, 2009 - 2011 $1,1 OU 3,.009.0 51,000 :974.0 ',,,.. $900 ~ e e ~' 3800 '~.. ~ 5718.5 5738.9 3725.6 ~I~ `> $700 C i $600 gc00 _-~ 5400 -- - __...._` - __. ----- Fl'2009 Fl'2010 Fl'2011 ^ACtual Thru May 31 ^Annual Budget 2 r i ao% ' YTD ACTUAL = $725.6M 74.5 ANNUAL BUDGET = $974.OM 71.6 % 59.1 d60 % -- _- ----- ~ . - C 50.2 % 58.3 c 46.3 % 54.4 F' 43.0 % 48.9 X40% ___45.0%. _. -... „ ~ ~ 42.1% -. -_ __. --- -___.. -_ u o. 26.7 14.1 9.7 8.3 O h + LSD=~.3-.4 % 12.7 o . 4.1% _~._-..---._ - ]ul Aug Sep Oct Nov Dec ]an Feb Mar Apr May Jun ~Rn~ Trrnd ~ % of FYI I Rw Budged FY 2011 Year-To-Date General Fund Revenues Compared to Historic Trend May 31, 2011 looms --__ _ -- ~,o FY 2011- General Fund Revenues On Target • Revenue to be collected between now and 8/12 is $88M • Several items are on a 1 - 2 month lag • Many key revenues are projected to meet or exceed budget: • Real Estate - $1 M - 1.SM over • Personal Property - $250 - SOOK over • Business License -meet budget • General Sales Tax - $1 - 1.SM over • Hotel Room Tax - $250 - SOOK over • Restaurant Meal Tax - $1 - 2M over • Telecommunications Tax will be substantially under budget • Real Estate second installment due June 6tn • Local Annual Personal Property tax due June 6cn 3 GASB 54 Impact New for FY 2011 ~I GASB 54 requires revenues tied to a fund to be budgeted in the fund as a revenue, not as a transfer. tt Result: FY 11 interfund transfers and revenues are smaller General Fund budget is also smaller cnsB s4 (in millions) FY09 FY10 FYl1 Total General Fund Budgeted Revenues $ 1,069.6 $ 1,043.7 $ 974.0 Less::Umunts excluded due [o GASB 54 (23.5) (34.7) N/A Adjusted General Fund Budgeted Revenues $ 1,046.1 $ 1,009.0 $ 974.0 Annual Amounts excluded from GF Revenue due to GASB 54: Non-GF Hotel Room Tax $ 17.6 Non-GF Restaurant Meal Tax 17.5 Amusement Tax 5.7 Curette Tax 1.0 Total Budgeted Revenue Reported in Special Revenue Funds 41.8 Real Estate Revenues May 31, 2007 - 2011 100% FAVORABLE TREND Ssoo 1 5493.0 5481.8 E479 . BUDGET 5443.1 5452.5 5400 +..... ___.. _,_- 345.4 b357.5 ~ 341 3 0 328.1 332.6 . `o so% m 5309 M N W ~ f ~ 40% ~ ~ $299 5199 20% Eo _. __,___ _.. o% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 OActual Collections ~YTD -~%oi TotalI 4 Personal Property Taxes May 31, 2007 - 2011 Eeo FAVORABLE TREND 573.1 E67.5 588.1 BUDGET sox E63.1 Erg n-. Eso 557.8 80% N c c 0 o u 542.5 542.8 c 540.2 ~ ~ 536 3 U . ~ 534.3 ~ c a ~% f r ~ o z e E20 20% EO . . ~ __ _ __-._ _. -__ 0% FY 2007 FV 2008 FY 2009 FY 2010 FY 2017 Actual Collediona as~YTD -~-%of Total O Eso I "" " 554.0 545.2 E45 0 w E30 j I E15 Eo ~ FY 2007 General Sales Taxes May 31, 2007 - 2011 FAVORABLE TREND f 40% BUDGET 5. tzo% 543.0 foo% I'~ `o 90% o 0 U 0 sa% 0 40% 20% o% FY 2071 5 FY 2008 FY 2009 FY 2010 mgctual Collections ~YTD t%of Total to.ox s.o% o.o% -s.o% •to.ox .t~ rQ~ ~~~ S~ x9' P°~' e'`a cf° ~°, o`~° ~~ ~0 ~ v4p ,try ~°~ ~~ - -Monthly%Change from PY ® • Collections lag sales by 2 months Business Licenses May 31, 2007 - 2011 Eso - tso% 7.0% Up from FY10 FAVORABLE TREND 541.8 547.1 541.0 540.3 BUDGET 540.8 540 2 t2s% ~ 539.9 538.7 538.1 537.6 . too% `o E?4 ° m 0 75% u o m E20 f $ to ~ so% Eta 25% EO ... - __ _ ._._._ - -- 0% FY 2007 FY 2008 FY 2009 FY 2010 FY 2071 t=Actual Collectlona ~YTD -r-% of Total II General Sales Taxes Collections Monthly %Change from FY10 to FY11 to.a% Telecommunications Taxes May 31, 2007 - 2011 530 -- 3.6% Down from FY10 UNFAVORABLE TREND Ezs E24.5 E27.7 E20.8 S2o $18 7 ° E16.7 ~ $15.4 q E15 ~ :1 m tl: E10 E5 EO ~-- _- -- - -- FY 2007 FY 2008 FV 2008 FY 2010 Actual Collections ~YTD ~%of Total ~, t2o% too% 0 m 0 U A 80% F `o ie 50% 40% FY 2071 E6 E5 E4 C O m E3 d c a d E2 Et $0 FY 2007 Hotel Room Taxes General Fund Portion Only May 31, 2007 - 2011 t Sox 125% 100% N C O u m 75% tj 9 0 H O 50% e 25% 0% FY 2008 FY 2009 FY 2010 FY 2011 mActual Collections ~YTD -~- % of Total 7 Total Hotel Room Taxes May 31, 2007 - 2011 __ t5 FAVORABLE TREND 6.5 % Up from FY10 E25 6 523'6 523.0 S22 8 522 BUDGET . 522.7 522''1 $21.6 521.1 ' 725% 520.7 520.8 . Ego ~ _, i' ~ I 100% m O E75 ' ~ y Y+ 75% ° U ~ c __. ~. ~ o i m Eto ' ~ 0 °C 50% dE E5 25% SO - - _.- _. 0% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 ~Adual Collectlons ~YTD ~%of Total Hotel Room Taxes 8% Allocation (in millions) Total Hotel Room Tax FYll Budget = $22.7M I .: .~ ^GF 2% ^ CBD TIF BD TIF $0.5 ^TAPI%/$1 ^ TGIF 2.5% ^ MP 2.5% SB $1 Ilolel Room Tax = 8 % plus Sl room nights Note: SB SSD has an additional 2 %: % tax g Restaurant Meal Taxes General Fund Portion Only May 31, 2007 - 2011 E35 750% 4.4 % Up from FY10 FAVORABLE TREND BUDGET 8 E30.6 E30.8 E30.9 E30.7 529 f3o . 529.3 527.9 E28.0 528.1 - 125% 527.1 Ezs foo% a E20 w o c U 75% a c n E15 ~ `o o: x 50% E10 E5 25% EO -~_ _ _ .. - _._ . 0% FY 2007 FV 2008 FY 2009 FY 2010 FV 2011 OActual Collections ~YTD 'w•%of Total Total Restaurant Meal Taxes May 31, 2007 - 2011 _- - ___... _. 750% 4.4 % Up from FY10 FAVORABLE TREND BUDGET E50 Eas.1 ba6.3 bae.a E46 7 ba8.2 . E46.0 542 6 543.7 E44.0 544.0 tzs% E4o o o o .,_ _ a N Eao ~ 75% - 5 r ~ ~ E2o o ~ 50% E10 25% i EO ~. _.. __'___ _ __. 0% FY 2007 FV 2008 FY 2009 FY 2010 FY 2071 OActual Collections ~YTD ~-%of Total 9 Restaurant Meal Taxes 5 '/2% Allocation (in millions) Total Restaurant Meal Tax FY11 Budget = $48.2M =, :.~f ~ ,y= ~~ 1 ~ ~~~^ x Y. ~, ;, s ,;. ^TAP0.5% ^TG1F0.5% ^ MP 0.56% / ~ OS 0.44% Summary of City's General Fund Revenues May 31, 2011 (in millions) FY 2011 YTD B d t % T d * Real Estate Taxes u ge $ $ 452.5 $ 341.3 75.4 % ren F Personal Property Taxes 63.1 42.8 67.8 F PPTRA 53.4 6.5 12.2 A General Sales Tax 50.6 43.0 85.0 F Utility Taxes 25.2 21.8 86.3 F Telecommunications Taxes 22.0 15.7 71.4 U Business Licenses 40.8 40.2 98.7 F * Hotel Taxes 5.1 5.1 98.3 F * Restaurant Taxes 30.7 29.3 95.6 F Charges for Services 40.6 32.1 79.0 A Other Local Revenues 58.9 45.6 77.4 A * State Revenues 108.5 83.1 76.6 A * Federal Revenues 22.6 19.2 84.8 A $ 974.0 $ 725.6 74.5 % A * GF porfion only ~Fawrable A=Acceptable U=Unfawrable 10 General Fund Revenues ~o FY 2011 Year-To-Date General Fund Expenditures Compared to Historic Trend May 31, 2011 loo.o% loo% T - --- - - - - 94.9 YTD ACTUAL = $934.OM 86.1 % 1: 90.0 _ so~o _ _____ __78.1%__ 9 ' ~ ANNUAL BUDGET = $1,037.4M ez.5 % c 69.0 `a 74.0 ~ ' I 61.9 % 66.5 m ` 60% - - -- - -- - _..-- - -- ---- - F o, 52.8 % 59.1 45,5 % 51.2 c ~' 40% -- - --- 38.3 % 44.0 % _ d 29.4 % 36.6 ~ 20% 17.4 4S% - - --_ 4 %~ 17.3 10.5 Jul Aug Sep Oct Nov Dec Jau Feb Maz Apr May Juu ip 11 Total General Fund Expenditures May 31, 2009 - 2011 $1.100 __ -, 082., __ 51,046.1 $1,037.4 $1,000 3993.3 3945.1 c 5934.0 0 $900 H it e 9 ° $800 a x W I i $700 I $600 _ _- FS' 2009 Fl' 2010 FY 2011 ^ACtual Thru May 31 ^Annual Budget ~I FY 2011 Year To Date General Fund Revenues & Expenditures Compared to Historic Trend At May 31, 2011 wo.o % loo% 94.9 ACTUAL REVENUES = $725.6M 86.1 % 90.0 % 82.5 d ACTUAL EXPENDITURES=$934.OM 74.5% a ~ 69.0 % 74.0% 71.6 ~ 61.9 % 6.5 59.1 52.8 % ° `0 50 • 54 4 % ~ 45.5 % .1.2 % 46.3° 43 % 48.9 d 38.3% 44.0% a5.e~~~ a 40% r ~ ~, - -- - i 29.4 % 36.6 26.7° 20%'I - - 17_4% _ __ 24.5% 23.1 I 9.4% 7.3% 14.1° - 9.7°. 10.5% ° 12.7°.. ~ 1.5% 83"~6 Jul Aug Sep Oa Noc Dec Jan Feb Mar Apr May Jun +Rev Trend t % of FYII Rev Budges +Ezpenditure Trend -~- % of FYII Exp Budget o 12 General Fund FY 2011 Expenditures • Total at May 31, 2011: • $934.OM, or 90.0%, of $1.037B Budget • Summary of Actual Expenditures Under Budget at June 30: ® * Totals Exclude Encumbrances General Fund Expenditures l 2~ 13 (in millions) Total % of Total Budget City % of City Budget Schools 2(lUS (1lcttial) X611.3 5.G" ~~ $25.0 3.5° v X35.3 2009 Actual $45.2 4.0% $30.3 3.9% $14.9 2010 Actual $53.2 4.9% $35.5 4.7% $17.7 Next Steps • Review revenues received after 6/30 to accrue to 2011. • Review expenditures to accrue. • Review encumbrances to release. • Next briefing on August 9th for data through June 2011. • Review funds, prepare workpapers, coordinate audit. • Unaudited financials briefing on Sept. 27th for FY 2011. 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