HomeMy WebLinkAbout022409 Financial Update1
General Fund
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FY 2009 Revenues
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FY 2009 Expenditures
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Projections
Water and Sewer Fund
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ext Steps
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FY2009 Year To Date General Fund Revenues
Compared to Historic Trend
January 31, 2009
100%
100.0%
80%
71.8%
Percent of Total Revenues
58.7%
60%
55.6%
49.3%
45.2%
42.1%
45.3%
40%
42.4%
24.8%
22.8%
20%
14.2%
10.3%
13.7%
5.1%
10.7%
2.6%
5.5%
3.0%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Month
Historic TrendPercent of FY09 Budget
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Total Revenues are $484.3 million –45.3%
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Ahead on 3-yr average (45.2%); behind compared to 2008
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(45.4%)
Many items are on a 2-month lag
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Business license tax (BPOL) due in March
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Personal Property tax due June 5
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Interest rate environment
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Economy
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(in millions)
BudgetActualVariance% of Budget
FY 2007$963.6$970.2$6.60.7%
FY 2008$1,026.4$1,018.4$(8.0)(0.8%)
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Real Estate Revenues
January 31, 2005 -2009
$600.0100.0%
Budget
FAVORABLE TREND
90.0%
$479.2
$500.0
$474.6
80.0%
$439.0
70.0%
$377.5
$400.0
$365.4
60.0%
51.4%
50.9%
51.3%
51.7%
52.5%
Revenues $ Million
% of Total Collections
$300.050.0%
$251.6
$245.6
$225.4
40.0%
$194.1
$183.9
$200.0
30.0%
20.0%
$100.0
10.0%
$0.00.0%
FY 2005FY 2006FY 2007FY 2008FY 2009
Fiscal Year
Annual CollectionsYTD% of Total
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Personal Property Taxes -Local
(excludes PPTRA)
January 31, 2005 -2009
$100.0100.0%
UNFAVORABLE TREND
Budget
$78.3
$80.080.0%
$71.5
$66.0
$64.0
% of Total Collections
Revenues $ Million
$60.060.0%
$52.5
$40.040.0%
23.8%
22.5%
21.9%
20.7%19.0%
$20.020.0%
$14.8
$14.8
$12.5$14.8
$14.0
$0.00.0%
FY 2005FY 2006FY 2007FY 2008FY 2009
Fiscal Year
Annual CollectionsYTD% of Total
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PPTRA -STATE
Budget for FY 2009
•$53.4 million
Projected Schedule for FY2009
• 1 st payment, November 15 th, 2008$6.5 million
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• 2 nd payment, July 31 st, 2009$42.5 million
• 3 rd payment, August 15 th, 2009$4.4 million
Risk
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General Sales Taxes
January 31, 2005 -2009
$100.0100.0%
UNFAVORABLE TREND
$80.080.0%
Budget
$56.0
$60.060.0%
% of Total Collections
$54.0
$54.1
Revenues $ Million
$51.4
51.9%
50.8%
50.8%
50.6%
48.4%
$49.3
$40.040.0%
$28.0
$27.4
$27.1
$26.0
$25.0
$20.020.0%
$0.00.0%
FY 2005FY 2006FY 2007FY 2008FY 2009
Fiscal Year
Annual CollectionsYTD% of Total
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Business Licenses (BPOL)
January 31, 2005 -2009
$60.050.0%
UNFAVORABLE TREND
$50.0
40.0%
Budget
$43.2
$41.8
$40.6
$39.9
$40.0
$36.4
% of Total Collections
30.0%
Revenues $ Million
$30.0
20.0%
$20.0
9.0%9.2%
8.4%
10.0%
7.4%
$10.0
5.8%
$3.8
$3.3
$3.3
$3.1
$2.5
$0.00.0%
FY 2005FY 2006FY 2007FY 2008FY 2009
Fiscal Year
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Annual CollectionsYTD% of Total
Hotel Room Taxes
January 31, 2005 -2009
$30.0100.0%
UNFAVORABLE TREND
Budget
$23.6
$24.1
$25.0
80.0%
$22.6
74.1%
73.1%
73.4%73.3%
71.8%
$21.0
$19.2
$20.0
$17.5
$17.3
60.0%
$16.6
% of Total Collections
$15.4
Revenues $ Million
$14.0
$15.0
40.0%
$10.0
20.0%
$5.0
$0.00.0%
FY 2005FY 2006FY 2007FY 2008FY 2009
Fiscal Year
Annual CollectionsYTD% of Total
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Restaurant Meal Taxes
January31, 2005 -2009
$80.0100.0%
ON TREND
90.0%
$70.0
80.0%
$60.0
Budget
70.0%
60.2%
60.1%
$48.7
$46.760.5%
$48.1
60.4%
$50.0
60.2%
60.0%
$45.0
$41.6
Revenues $ Million
% of Total Collections
50.0%
$40.0
$29.1
40.0%
$29.4
$28.2
$30.0
$27.1
$25.0
30.0%
$20.0
20.0%
$10.0
10.0%
$0.00.0%
FY 2005FY 2006FY 2007FY 2008FY 2009
Fiscal Year
Annual CollectionsYTD% of Total
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Summary of General Fund Revenues
(In Millions)
January 31, 2009
Year to FY 2009FY 2008 FY 2009
Budget Date% of Budget % of Actual TrendProj Var
Local Revenues
$6.0
Real Estate Taxes$479.2$251.652.5%51.7%F
(15.1)
Personal Property Taxes 78.3 14.819.0%20.7%U
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Personal Property - PPTRA 53.4 6.512.2%12.2%A
(4.1)
General Sales Taxes 56.0 27.148.4%51.9%U
(0.7)
Utility Taxes 49.0 21.844.5%45.2%U
0.2
Restaurant Meal Taxes 48.7 29.460.2%60.5%U
(1.8)
Business Licenses 43.2 2.55.8%7.4%U
(0.7)
Hotel Room Taxes 24.1 17.371.8%74.1%U
(0.3)
Cigarette Taxes 13.2 6.952.3%56.8%U
(0.2)
Interest Income 6.1 3.761.1%68.5%U
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Automobile Licenses 9.0 4.347.9%50.3%U
1.1
Public Service (RE and PP) 6.1 3.658.8%52.7%F
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Rental Income 5.3 2.444.8%31.5%F
(0.4)
Amusement Taxes 5.6 3.867.4%64.3%F
0.4
Other Local Revenues 66.0 23.735.9%37.6%U
51.0%35.4%F (1.8)
State Revenues 102.8 52.4
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Federal Revenues 23.5 12.452.8%50.5%F
$1,069.6$484.345.3%45.4%U$(17.5)
Excludes School Revenues
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FY2009 Year To Date General Fund Expenditures
Compared to Historic Trend
January 31, 2009
100.0%
100%
93.2%
84.5%
Percent of Total Expenditures
75.9%
80%
68.6%
60.9%
60%
51.0%
60.3%
43.6%
51.5%
42.3%
40%
35.7%
35.3%
23.1%
16.3%
23.6%
20%
7.8%
18.0%
11.5%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Month
Historic TrendPercent of FY09 Budget
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Total at January 31, 2009: $679.6M, or 60.3%
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Historical Trend 60.9%
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Departmental Targeted Savings: $7.5 million or 1.25%
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Projected Expenditures at June 30, 2009 = $1,093 -$1,096 M
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Budgeted Expenditures = $1,126M
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Historical Comparison –Budget to Actual
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Savings
(in millions)
% of Total % of City
BudgetBudget
TotalCity Schools
2007 (Actual)$41.7$25.93.8%$15.8
4.1%
2008 (Actual)$60.35.6%$25.03.5%$35.3
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Budget ProjectedVariance
Revenues$1,069$1,051 –$1,054<$15> -<$18>
Expenditures$1,126$1,093 –$1,096$30 -$33
Projected Fund Balance$118
% of FY 2010 Revenues11%
Excess over 10%$15M
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Water and Sewer Enterprise Fund
January 31, 2009
(in millions)
Lower water consumption than budgeted
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Lower Connection fees revenues due to slowdown in
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construction
BudgetActual%
Revenues$101.4$51.450.7%
Expenditures$109.0$55.050.5%
• Costs also down-Water Services contract –only 12% variable costs
• Year End expected to be within budget overall
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Water and Sewer Enterprise Fund
Water Consumption Fiscal Year 2009
45.0
40.4
Million Gallons Per Day 40.1
40.1
40.0
37.1
36.9
36.7
40.19
38.26
37.43
33.7
33.4
35.0
33.2
32.9
35.61
35.39
31.6
30.0
33.53
32.04
30.0
31.84
31.39
31.35
30.89
28.62
25.0
(A)(A)(A)(A)(A)(A)(A)(P)(P)(P)(P)(P)
Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09May-09Jun-09
Actual (A) MGD / Projected (P) MGDTarget MGD
Notes:Actual/Projected water consumption is 33.89 MGD vs. Budgeted 35.5 MGD
Target water consumption is based on Fiscal Year 2005 thru 2008
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Continue to Monitor Revenues in FY
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2009
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Business Licenses –March
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Personal Property –March/April
Report Again Next Month
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