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HomeMy WebLinkAbout042809 BUDGET PRESENTATION FY 2009FY 2009 City of Virginia BeachCity of Virginia Beach Budget to Actual Financial UpdateBudget to Actual Financial Update For July 1, 2008 through March 31, 2009For July 1, 2008 through March 31, 2009 1 General Fund -Update ? ? FY 2009 Revenues ? FY 2009 Expenditures ? Projections Water and Sewer Fund –Update ? N ext Steps ? 2 FY2009 Year To Date General Fund Revenues Compared to Historic Trend March 31, 2009 100.0% 100% 80% 71.8% 58.7% Percent of Total Revenues 60% 55.6% 49.3% 55.10% 45.2% 49.5% 42.1% 45.3% 42.4% 40% 24.8% 22.8% 20% 14.2% 10.3% 13.7% 5.1% 10.7% 2.6% 5.5% 3.0% 0% JulAugSepOctNovDecJanFebMarAprMayJun Historic TrendPercent of FY09 Budget 3 Total Revenues are $589.5 million –55.1% ? Slightly below 5-yr average (55.6%) ; behind compared to ? 2008 (55.3%) Many items are on a 2-month lag ? Personal Property tax due June 5 ? Interest rate environment ? Economy ? (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%) 4 Real Estate Revenues March 31, 2005 -2009 $600.0 100.0% FAVORABLE TREND BUDGET 90.0% $500.0 $474.6 $479.2 80.0% $439.0 70.0% Revenues $ Million % of Total Collections $400.0 $377.5 $365.4 60.0% 53.6% 52.2% 52.4%52.5% $300.0 50.0% $256.7 $249.2 $229.3 40.0% $197.9 $183.9 $200.0 30.0% 20.0% $100.0 10.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 5 Personal Property Taxes -Local (excludes PPTRA) March 31, 2005 -2009 $100.0 100.0% UNFAVORABLE TREND BUDGET $78.3 $80.0 80.0% $71.5 $66.0 Revenues $ Million % of Total Collections $64.0 $60.0 60.0% $52.5 $40.0 40.0% 24.7% 24.4% 22.3% 20.9% $20.0 20.0% $16.3 $15.9 $16.3 $15.6 $14.2 $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 6 PPTRA -STATE Budget for FY 2009 •$53.4 million Projected Schedule for FY2009 • 1 st payment, November 15 th, 2008$6.5 million ? • 2 nd payment, July 31 st, 2009$42.5 million • 3 rd payment, August 15 th, 2009$4.4 million Risk 7 General Sales Taxes March 31, 2005 -2009 $100.0 100.0% UNFAVORABLE TREND $80.0 80.0% % of Total Collections Revenues $ Million 68.1% 67.3% 67.4% BUDGET 63.8% $60.0 60.0% $56.0 $54.0 $54.1 $51.4 $49.3 $40.0 40.0% $36.8 $36.3 $35.8 $34.6 $33.4 $20.0 20.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 8 Utility Taxes March 31, 2005 -2009 $60.0 100.0% FAVORABLE TREND BUDGET 90.0% $49.4 $49.0 $50.0 80.0% $46.1 $40.9 $40.7 70.0% 62.6% Revenues $ Million % of Total Collections $40.0 63.0% 60.8% 60.1% 60.0% $29.7 $29.8 $29.0 $30.0 50.0% $25.7 $25.6 40.0% $20.0 30.0% 20.0% $10.0 10.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 9 Business Licenses (BPOL) March 31, 2005 -2009 $50.0 100.0% UNFAVORABLE TREND BUDGET $43.2 $45.0 90.0% 93.7% 92.8% 92.2% $41.8 89.1%88.0% $40.6 $39.9 $39.2 $40.0 80.0% $38.0 $37.5 $37.1 $36.4 $35.0 70.0% $32.5 % of Total Collections Revenues $ Million $30.0 60.0% $25.0 50.0% $20.0 40.0% $15.0 30.0% $10.0 20.0% $5.0 10.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 10 Hotel Room Taxes March 31, 2005 -2009 $45.0 100.0% UNFAVORABLE TREND 90.0% $40.0 80.0% 80.6% 79.6% 77.4% 80.0% $35.0 BUDGET 70.0% Revenues $ Million % of Total Collections $30.0 60.0% $23.6 $24.1 $25.0 $22.6 50.0% $21.0 $19.2 $19.0 $20.0 $18.7 $18.0 $16.8 40.0% $15.2 $15.0 30.0% $10.0 20.0% $5.0 10.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 11 Restaurant Meal Taxes March 31, 2005 -2009 $80.0 100.0% ACCEPTABLE TREND 90.0% $70.0 BUDGET 80.0% 74.6% 75.0% 74.6%74.5% $60.0 70.0% Revenues $ Million $48.7 % of Total Collections $48.1 $50.0 $46.7 60.0% $45.0 $41.6 $40.0 50.0% $36.1 $36.3 $34.9 $33.6 $31.0 40.0% $30.0 30.0% $20.0 20.0% $10.0 10.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 12 Permits and Licenses March 31, 2005 -2009 $7.0 100.0% UNFAVORABLE TREND BUDGET 90.0% $5.8 $5.8 $6.0 $5.4 80.0% 72.8% $5.0 $5.1 71.3% 69.8% $5.0 70.0% Revenues $ Million % of Total Collections $4.2 60.0% $3.7 $3.8 $4.0 52.4% $3.6 50.0% $3.0 $3.0 40.0% 30.0% $2.0 20.0% $1.0 10.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 13 City Tax on Deeds March 31, 2005 -2009 $14.0 100.0% UNFAVORABLE TREND $12.3 90.0% $12.0 80.0% $10.7 $10.5 BUDGET $10.0 66.1% 66.4% 70.0% 64.9% $8.8 Revenues $ Million % of Total Collections $8.0 $8.2 60.0% $8.0 49.2% $6.8 $6.4 50.0% $5.8 $6.0 40.0% $4.0 30.0% $4.0 20.0% $2.0 10.0% $0.0 0.0% FY 2005FY 2006FY 2007FY 2008FY 2009 Annual CollectionsYTD% of Total 14 Summary of General Fund Revenues March 31, 2009 (In Millions) Year to FY 2009FY 2008 FY 2009 Budget Date% of Budget % of Actual TrendProj Var Local Revenues $8.2 Real Estate Taxes$479.2256.753.6%52.5%F (12.6) Personal Property Taxes 78.3 16.320.9%22.3%U 0.0 Personal Property - PPTRA 53.4 6.512.2%12.2%A (3.6) General Sales Taxes 56.0 35.863.8%68.1%U (1.9) Utility Taxes 49.0 29.860.8%60.1%F 0.0 Restaurant Meal Taxes 48.7 36.374.5%75.0%A (3.1) Business Licenses 43.2 38.088.0%93.7%U (1.3) Hotel Room Taxes 24.1 18.777.4%80.6%U (0.3) Cigarette Taxes 13.2 8.866.4%70.9%U (0.5) Automobile Licenses 9.0 5.763.5%65.3%U (1.9) City Tax on Deeds 8.0 4.049.2%66.4%U (0.8) Interest Income 7.0 4.362.7%81.6%U 1.1 Public Service (RE and PP) 6.1 3.658.9%52.7%F 0.0 Amusement Taxes 5.6 4.376.9%73.5%F (0.5) Rental Income 4.5 3.271.6%60.2%F (1.7) Permits and Licenses 5.8 3.052.4%71.3%U (1.5) Red Light Violations 1.6 - --U (1.4) Virginia Aquarium 7.2 3.446.6%65.5%U (0.4) Police False Alarms 1.1 0.17.5%65.1%U Other Local Revenues 42.4 (2.0) 26.963.6%50.7%F * 72.670.6%66.7%F 0.4 State Revenues 102.9 (2.0) Federal Revenues 23.6 15.565.5%68.3%U U $1,069.8593.555.5%55.3%($26.0) * Reflects reductions in Recordation Fees and State Aid Law Enforcement funding. 15 Excludes School Revenues FY2009 Year To Date General Fund Expenditures Compared to Historic Trend March 31, 2009 100.0% 100% 93.2% 84.5% Percent of Total Expenditures 75.8% 80% 74.9% 68.5% 67.6% 60.9% 60% 60.3% 51.0% 51.5% 43.6% 42.3% 40% 35.7% 35.3% 23.1% 23.6% 16.3% 20% 7.8% 18.0% 11.5% 0% JulAugSepOctNovDecJanFebMarAprMayJun Historic Trend Percent of FY09 Budget 16 Total at March 31, 2009: $843.9M, or 74.9% ? Historical Trend 75.8% ? Departmental Targeted Savings: $7.5 million or 1.25% ? Projected Expenditures at June 30, 2009 = $1,103 M ? Budgeted Expenditures = $1,139M ? Historical Comparison –Budget to Actual ? 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 17 Recap General Fund Projections for June 30, 2009 At April 28, 2009 (in millions) Budget ProjectedVariance Revenues$1,069$1,043 <$26> Expenditures (including SPSA*)$1,139$1,103$36 Planned Reduction in Fund <$70><$60>$10 Balance Projected Fund Balance (after 2010 Capital Program) $98 FY2010 Revised Revenue Budget 9.39% Policy8-12% * The Proposed Financial Assistance Plan to SPSA was adopted on April 14, 2009. 18 Water and Sewer Enterprise Fund March 31, 2009 (in millions) Lower water consumption than budgeted ? Lower Connection fees revenues due to slowdown in ? construction BudgetActual% Revenues$101.4$66.865.9% Expenditures$109.0$69.263.5% • Costs also down-Water Services contract –only 12% variable costs • Year End expected to be within budget overall 19 Water and Sewer Enterprise Fund Water Consumption Fiscal Year 2009 45.0 40.4 40.1 40.1 Million Gallons Per Day 40.0 40.19 37.1 36.9 36.7 38.46 37.43 35.0 33.7 35.61 33.4 35.57 33.2 32.9 31.6 33.53 30.0 32.04 31.55 31.35 30.0 30.76 30.89 30.95 25.0 (A)(A)(A)(A)(A)(A)(A)(A)(A)(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 34.02 MGD vs. Budgeted 35.5 MGD Target water consumption is based on Fiscal Year 2005 thru 2008 20 Continue to Monitor Revenues in FY 2009 ? ? Business Licenses –Continuous Monitoring of Future Cash Receipts ? Personal Property –April-June ? Real Estate –June Report Again Next Month ? 21