HomeMy WebLinkAbout071409 INTERIM FINANCE
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FY 2009
City of Virginia Beach
Budget to Actual Financial Status Report
For July 1,2008 through June 30, 2009
Overview
~ General Fund - Update
o FY 2009 Revenues
o FY 2009 Expenditures
o Projections
~ Next Steps
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FY2009 Year To Date General Fund Revenues
Compared to Historic Trend
June 30, 2009
80%
m 60%
"
c
~
~ 40%
'0
..
c
..
~ 20%
..
Do
0%
Jul
90.0%
H
71.6% BASIS
70.7%
100% .............-........-.................
~ - ~ - ~ - ~ - . ~ ~
_Historic Trend
-x-Percent of FY09 Budget
FY 2009 - General Fund Revenues
~ Total Revenues are $963.3 million - 90% (Cash Basis)
~ Many items are on a 2-month lag
~ Interest rate environment
~ Economy
FY 2007
$963.6
$1,026.4
$970.2
$1,018.4
$6.6
$(8.0)
0.7%
FY 2008
(0.8%)
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Real Estate Revenues
June 30" 2005 - 2009
$600
$500
c $400
~
iiii
<It
=:
" $300
c
..
>
&!
~....------..--.._---.-.,--_..._--------..----------........-..---.....--..-----..--......-......-""-.....----..........--......-------.......,.----"---,,.-.,,-...,----.............--..----..--.
FA VORABLE TREND
$0
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
III Budget
_Actual Collection
Personal Property Taxes - Local
(exclud.. PPTRA)
June 30,2005 - 2009
$100
$80
c
~
iiii
<It $60
..
..
"
c
~
&!
$40
UNFA VORABLE TREND
$80.2
$0
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
~Udget _Actual Collection
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PPTRA - STATE
General Sales Taxes
June 30, 2005 - 2009
$100
UNFA VORABLE TREND
$80........-...........-...-...-......-.-.................................---.............--......-...................................-......--.....
c
~
iiii
<It C~H
",," $60 ---..--.----....--..------......-.....----...-....---.------.$.~~4-----$'54.0....---J5"s:"1----s5",i.:j....--..........-...l!"Xsrs....
c $50.8 $51.4 . . .. ...... .... . .. .
~ $45.5 $49.3$47.3
&!
$40
$0
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
m Budget .Actual Collection
I'
Utility Taxes
JUDe 30. 2005 - 2009
$60 UNFA,," BLE TREND
$50
c
~ $40
iiii
'"
..
11
c
~ $30
&!
$20
$10
$0
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
I BBudget .Actual Collection I
Business Licenses (BPOL)
June 30, 2005 - 2009
$60
$50
c
~ $40
iiii
<It
..
..
"
c $30
~
&!
$20
$10
$0
UNFA VORABLE TREND
-,.---,.,.,.,..-----------------------,.....-----,.,.---..,,..,,.---,.-------_......--------------------,.-,.----"'..;-,;.,,;,;...;.;.;.,."'....,..,.,.,.,.-~;.;---"'-..;-------..----_._---.---------
FY 2005
FY 2006
IJI Budget
FY 2008
FY 2009
FY 2007
.Actual Collection
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$35
$30
$25
c
~
iiii
... $20
..
!l
c
..
>
&! $15
$80
$70
$60
c
~ $50
iiii
...
:I $40
"
c
~
&!
$30
$20
$10
$0
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Hotel Room Taxes
June 30, 2005 - 2009
.....__..._.___.......____.__.....JJNEA.IlOR.A8LE..IREND.-.-----.---..-
$5
$0
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
El Budget
.Actual Collection
II
Restaurant Meal Taxes
June 30, 2005 - 2009
ACCEPTABLE TREND
.--_.__......_-.,.---........._.--------..._._~...._.---..---..............:......--........-.,.-,_....._------~.....__........;;...-..;---------
-.-..-..-.-.---..-.......-.--.------...... ..--.----.-----.....-.-....-....--~A"SFf.-...
BASIS
FY 2005
FY 2006 FY 2007
I El Budget .Actual Collection
FY 2009
FY 2008
\2
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Permits and Licenses
June 30, 2005 - 2009
$7
$6
$5
c
~
iiii $4
tit
..
!I
c
..
>
&! $3
$2
$1
$0
UNFAVORABLE TREND
......._.__.~-.--....~......;.~-___-.-----...~~.-~~--.-.~.-.--~.~...-~-~_..$5.&.~-.---
$5,4
FY 2005
FY 2006
II Budget
FY 2007
. Actual Collection
FY 2008
FY 2009
13
City Tax on Deeds
June 30,2005 - 2009
$16
$14
$12
c
~ $10
iiii
<It
..
.. $8
~
c
~
&!
$6
$4
$2
$0
UNFA VORABLE TREND
.~-------------......---......_-_.._-_..-.-;-.._.........._..",......-.._.._.._....--..-..............---........................-..--.......................,..,...........-..-....---.......-....-...;...,.--......
$12.3
...............-------....------..--.....--................---..-................-....------..-....-......---...---........-..-
FY 2005
FY 2006
FY 2007
Ell Budg9t . Actual COll9ction
FY 2008
FY 2009
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FY09 General Fund Year End Projection
(In Millions)
! 80%
.a
'6
c
8-
.ll 60%
!
~
...
o
~ 40%
~
:
FY2009 Year To Date General Fund Expenditures
Compared to Historic Trend
June 30, 2009
100%
20%
0%
Jul
Oct
Dee
Jan
Feb
May
Jun
Mar
Apr
Aug Sep
Nov
_Historic Trend
-x- Percent of FY09 Budget
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General Fund FY 2009 Expenditures
~ Total at June 30, 2009: $1,106M, or 97.1 %
~ Projected Expenditures at June 30, 2009 = $1,107 M
~ Budgeted Expenditures = $1,139M
~ Historical Comparison - Budget to Actual
2007 (Actual)
2008 (Actual)
$41. 7
$60.3
$25.9
$25.0
$3.0
3.8%
$15.8
$35.3
4.1%
5.6%
3.5%
2009 (projected) $32.3
2.8%
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Expenditure Challenges
~ Targeted Saving met - $7.5M
~ Enabled increased costs to be met:
. Energy
. Tax Relief for Elderly
. $11.2 M in additional SPSA Costs - will also impact 2010
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Recap General Fund
Projections for June 30, 2009
At July 9, 2009
(in millions)
f."Hf'),* '~;q '" ~, ,,~~ <<" """" i ~ i <<
w" : Budget ~/ ~rojected ", Variance y'
&s; % 2:: ,,~, ;':z~, ~ ,,"w( ,~ N t ~'" ..; ~ f ~ ,,'" ":::~ '" N X "'" ~ ~~~ ~"o<<w/.
Revenues
$1,071
$1043
~. .
<$28>
Expenditures & Encumbrances.' . $1~139
Plaiined Reduction in Fund . <$68>"
Balance
. -..
ProjectedFundBal~Qe. (aft~r'resetvations)
FY201 0 . Revised Reveriue':Buclget
PolicY .
,$llI07 $32
<;$64> $4
.$89-$91<
-. ...
8;6% ...8~7%
. 8-12%
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Reservations of Fund Balance
General Fund
(in millions)
2010
$33;9.
4.8
Loans
C orwards and Other Reservations
Total
11.3
6.6
$56.6
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Undesignated General Fund Balance
200 .............................-.........-.........-....................................................,.................-.........-........ 16.0%
150
2001 2002 2003 2004 2005
-Undesi atedGF Balance
12.0%
.
~
c
8.0% ~
It:
IL
4.0% ~
.
..
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III
0.0% ~
m
..
o
~
o
'"
III
~ 100
~
! 50
II
'0
o 0
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Next Steps
~ FY 2009
o Close-out: August 14
o Briefing on unaudited statements: September 22
o Audited statements: last meeting in December
~ FY 2010
o Briefing on first quarter: October 27
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