The URL can be used to link to this page

Home My WebLink About032509 FINANCIAL PRESENTATION I I II I "t FY 2009 City of Virginia Beach Budget to Actual Financial Update For July 1,2008 through February 28,2009 Overview ~ General Fund o FY 2009 Revenues o FY 2009 Expenditures o Proj ections ~ Water and Sewer Fund ~ Next Steps 1 III FY2009 Year To Date General Fund Revenues Compared to Historic Trend February 28. 2009 100.00/0 20% 100% II 80% :0 c ! ~ 60% ~ i 40% 0 ~ .. .... 0% Jul Aug Sep Oct Nov Dee Jan Month Feb Mar Apr May Jun -+- Historic Trend -;k- Percent of FY09 Budget FY 2009 - General Fund Revenues ~ Total Revenues are $529.8 million - 49.5% ~ Ahead on 3-yr average (49.3%); behind compared to 2008 (49.6%) ~ Many items are on a 2-month lag ~ Business license tax (BPOL) due in March ~ Personal Property tax due June 5 ~ Interest rate environment ~ Economy (in millions) Budget Actual Budget FY 2007 $963.6 $970.2 $6.6 0.7% FY 2008 $1,026.4 $1,018.4 $(8.0) (0.8%) 4 2 $600.0 $500.0 c $400.0 ~ :i ... .. .. $300.0 " c ~ .. D:: $200.0 $100.0 $0.0 FY 2005 $100.0 $90.0 $80.0 ~ $70.0 :i $60.0 ... III $50.0 " J $40.0 $30.0 $20.0 $10.0 $0.0 II Real Estate Revenues February 28, 2005 - 2009 FAVORABLE TREND 100.0'10 Budget 90.0'10 .... J~79:2.... 80.0'10 70.0'10 .. c 0 60.0'10 ~ '0 50.0'10 0 ii 0 40.0'10 I- '0 ;!. 30.0'10 20.0'10 10.0'10 0.0'10 FY 2008 FY 2009 -:-%ofTotal FY 2006 FY 2007 _Annual Collections _YTD Personal Property Taxes - Local (excludes PPTRA) February 28, 2005 - 2009 ............................ ... ...... ...... ... ........ ..... .......................... ..... ..................................................................... 100.0'10 .......................UNFAvORARLe..TReNl).................~.'!~.~~!........ ............................................. ........................................... .~?~:~.......... 75.0% ~ y ~ 50.0% 0 ~ '0 ~ . 25.0% 0.0% FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 ~Annu.1 Collections _YTD ~%ofTotal 3 II PPTRA - STATE Projected or FY2009 * pt payment, November 15th, 2008 * 2nd payment,]uly 3 pt, 20()9 · 3rd payment, August 15th, 2009 $6.5 million.! $42.5 million $4.4 million Risk General Sales Taxes February 28, 2005 - 2009 $100.0 $90.0 $80.0 c $70.0 ~ ~ $Go.o ... '" $50.0 .. '" c .. $40.0 > .. 0: $30.0 $20.0 $10.0 so.o 100.0~. ............................ flN.f:.4y'Q !M:!Jk~. .TlJ.!J.N.P......................... 90.0% 30.0% ................................................................................ ..~.'!~.~~~.......... 70.o~,~ ~ 11 60.30/i .,60.60Il? _ 60.30;{, 61.3010 $56.0 't; _uu.u ... _uu_u 0. .c ________"'5 _ ____nu_n_.hU_ I;O.o~,\. ..!! $51.4 $54.0 554.1 57.3% ~ 50.00/0 ;; .. o I- ... o ~ ~o.o% 30.0% 20.0% .. 10.0% 1),0% FY 2(0) FY 20')6 FY 2007 FY 2008 FY 2009 _AllIlllillCollectlons _'!'TO -;-%ofTolnl 4 Business Licenses (BPO L) February 28, 2005 - 2009 $60.0 .,,_~,w,__,w,w_,.,~,.,_'w'__'_'__'~'_"'_'_'__'_'_'.'_,_~_,_,___,~__,___,_,__,_'_'.'_'_'__'_'__'_'___'___'_'__."._'w'p'___'._.".__'___'."P".'W'___'W'__".'W'.'W'W'--'.-- UNFAVORABLE TREND 41.9% 42.3% II 50.0% $50.0 Budget .......~.1%. 40.0% $43.2 .. c ~ 30.0% u ~ '0 0 ~ 20.0% 0 I- '0 ~ 10.0% 0.0% c $40.6 ~ $40.0 ...$36.lI.............. 2 · :;; tit ~ $30.0 c CI> > CI> " c ~ $20.0 i tit .. !!l $15.0 c .. ~ II:: $20.0 $10.0 $0.0 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 c:::::l Annual Collecllons _YTD _% of Total Hotel Room Taxes February 28, 2005 - 2009 $30.0 UNFAVORABLE TREND Budget $25.0 $10.0 $0.0 FY 2005 FY 2006 FY 2007 FY 2008 _Annual Collections _YTD _'IoofTotal FY 2009 100.0% 90.0% 80.0% 70.0% .. c o 60.0% ~ .!! o 50.0% 0 ~ 40.0% I- '0 30.0% fit. 20.0% 10.0% 0.0% 10 5 c o ~ $50.0 ~ ... ~ $40.0 c .. > ~ $30.0 Restaurant Meal Taxes February 28, 2005 - 2009 $80.0 ON TREND $70.0 ........................................................................................................ Budget $60.0 ...........................-.......................--................................................... 67.0% 67.5% 67.3% 67.5% 67.5% ........ ?............ $'45.0~"""'"'''' $46.7~'''''''''''''' S.4~.i............ H~i......... $41.6 $20.0 $10.0 $0.0 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 I::liiI!lAnnual Collactlona _YTD ~'IoofTotal I Permits and Licenses February 28, 2005 - 2009 $7.0 $6.0 UNFAVORABLE TREND Budget .........................J.~,!l.............................................................$.$,tI........... $5.4 $5.0 c ~ :i ... $4.0 .. .. " c ~ $3.0 II:: $2.0 $1.0 $0.0 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 I::liiI!lAnnual Colloctions _YTD ~'IoofTotal J , I 100.0% 90.0% 80.0% 70.0% .. c o 60.0% 'fl .9! '0 50.0% u ii 40.0% ~ '0 30.0% ~ 20.0% 10.0% 0.0% 11 100.0% 90.0% 80.0% 70.0% .. c o 60.0% 'fl .9! '0 50.0"10 ~ J! o 40.0% !: o ~ 30.0"10 20.0"10 10.0% 0.0% 12 6 II Summary of General Fund Revenues (In Millions) February 28, 2009 49.0 48.7 43.2 ':24.:1 13.2 6.9 9.0 6.1 4.5 5.6 State Revenues Federal Revenues 50.3 102.7 23.5 $1,069.5 ,I 22.8 56.0 14.1 $529.8 45.3% 54.6% 60.0% 49.5% 51.2% 51.9% 61.9% 49.6% U F U ----u- 4.6 (0.3) 0.0 ($18.0) '" Reflects reductions in Recordation Fees and State Aid Law Enforcement funding Excludes School Revenues 13 FY2009 Year To Date General Fund Expenditures Compared to Historic Trend February 28, 2009 100% I III Gl .. 80% :I :!::! 'C C Gl Cl. 60% >< ILl III ... 0 ... 40% - 0 ... C Gl u 20% .. Gl Q. 0% I 35.~ 23.10~u. 35.3% 16.3%~ 23.6% 7.80f0~.""r:;;"" ~ 18.0% 11.5% 100.0% ~ 84.5011 68. SOl? 60.90/0/* 67.7% 60.3% 51.5% Jul Aug Sep Oct Nov Dee Jan Feb Mar Apr May Jun - H6tori: Trend -x- Percent of FY09 Budget 14 7 'I General Fund FY 2009 Expenditures ~ Total at February 28, 2009: $762.3M, or 67.7% ~ Historical Trend 68.5% ~ Departmental Targeted Savings: $7.5 million or 1.25% ~ Projected Expenditures at June 30, 2009 = $1,096 M ~ Budgeted Expenditures = $1,126M ~ Historical Comparison - Budget to Actual S ... s (in milliqns) % of Total Budget 2007 (Actual) $41. 7 4.1% $25.9 3.8% $15.8 2008 (Actual) $60.3 5.6% $25.0 3.5% $35.3 Recap General Fund Projections for June 30, 2009 At March 24, 2009 (in millions) 15 Revenues Expendi Projecte $1,069 $1 , 126 Balance After 2010 Capital ogram Other: SPSA wil reduce this below Policy $1,051 $1,096 <$18> 10.19% 8-12% 16 8 I I .... Q 40.0 ... ~ g 35.0 = .. " = o ~ 30.0 ~ 'I Water and Sewer Enterprise Fund February 28, 2009 (in millions) ~ Lower water consumption than budgeted ~ Lower Connection fees revenues due to slowdown in construction Revenues Budget $101.4 $109.0 Expenditures $59.4 58.6% $62.6 57.5% . Costs also down- Water Services contract - only 12% variable costs . Year End expected to be within budget overall 17 Water and Sewer Enterprise Fund Water Consumption Fiscal Year 2009 45.0 40.1 40.4 40.1 30.95 25.0 w w w w w w w w ~ ~ ~ ~ Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dee-08 Jan-09 Feb-09 Mar-09 Apr-09 May- JOO-091 09 ~ Actual (A) MGD I Projected (P) MGD ___ Target MGD Notes: Actual/Projected water consumption is 34.19 MGD vs. Budgeted 35.5 MGD Target water consumption is based on Fiscal Year 2005 thru 2008 18 9 " Next Steps ~ Continue to Monitor Revenues in FY 2009 o Business Licenses - March o Personal Property - March! April-June o Real Estate - June ~ Report Again Next Month 19 10