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HomeMy WebLinkAbout112409 FINANCIAL PRESENTATION FY FY 20102010 City of Virginia BeachCity of Virginia Beach Budget to Actual Financial UpdateBudget to Actual Financial Update For July For July 1 through October 31, 1 through October 31, 20092009 1 FY 2010 General Fund Revenues ? FY 2010 General Fund Expenditures ? Limited Projections ? Next Steps ? 2 100.0% 100% ACTUAL = $150.3M 80% BUDGET = $1,044.8M 71.3% Percent of Total Revenues 60% 58.3% 55.3% 49.5% 45.4% 40% 42.3% 24.2% 20% 14.4% 9.7% 14.0% 4.4% 1.9% 9.5% 5.2% 2.7% 0% JulAugSepOctNovDecJanFebMarAprMayJun Rev Trend% of FY10 Rev Budget 3 • Total Revenue follows the Trendline • Several items are on a 2-3 month lag • Real Estate installments due December 5 and June 5 • Business license tax (BPOL) due in March • Personal Property tax due June 5 4 Real Estate Revenues October 31, 2005 -2009 $600100% FAVORABLE FAVORABLE TRENDTREND BUDGETBUDGET $487.6 $500 $474.6 $472.0 $439.0 Revenues $ Million % of Total Collections $40010% $377.5 4.4% 4.0% 3.8% 3.4% $300 $2001% $100 $12.5 $20.8 $18.3 $19.7 $15.0 $00% FY 2006FY 2007FY 2008FY 2009FY 2010 Actual CollectionsYTD% of Total Dec 5 billing = $239.7M ($5.8M less than FY 2009) 5 Personal Property Taxes October 31, 2005 -2009 $100100% FAVORABLE TREND $90 $80 75% $71.5 BUDGET $70 $66.3 $66.0 Revenues $ Million$62.4 $63.0 % of Total Collections $60 $5050% $40 $30 20.0% 25% 18.4% 18.2% 16.9% $20 $12.5 $12.4 $12.2 $12.0 $12.1 $10 $00% FY 2006FY 2007FY 2008FY 2009FY 2010 Actual CollectionsYTD% of Total 6 General Sales Taxes October 31, 2005 -2009 100% UNFAVORABLE TREND $70 6.5%Down from FY09 BUDGET $60 $54.0 75% $54.1 % of Total Collections Revenues $ Million $51.4 $51.4 $51.1 $50 $40 50% $30 29.2% 28.0% 27.0% 27.4% $20 25% $15.0 $15.1 $13.9 $14.6 $14.0 $10 $00% FY 2006FY 2007FY 2008FY 2009FY 2010 Actual CollectionsYTD% of Total 7 Hotel Room Taxes October 31, 2005 -2009 $30100% UNFAVORABLE TREND 2.5% downfrom FY09 BUDGET $25 $23.6 $23.9 80% $23.0 $22.6 $21.0 Revenues $ Million% of Total Collections $20 64.0% 61.8% 60.3% 60% 60.0% $14.6 $14.7 $14.3 $15 $13.6 $12.8 40% $10 20% $5 $00% FY 2006FY 2007FY 2008FY 2009FY 2010 Actual CollectionsYTD% of Total 8 Restaurant Meal Taxes October 31, 2005 -2009 $60100% UNFAVORABLE TREND 1.35% Down from FY09 BUDGET $49.8 $50 $48.1 $48.3 $46.7 80% $45.0 Revenues $ Million % of Total Collections $40 60% $30 38.6% 38.0% 37.1% 36.9% 40% $18.7 $20 $18.4 $18.2 $17.3 $16.7 20% $10 $00% FY 2006FY 2007FY 2008FY 2009FY 2010 Actual CollectionsYTD% of Total 9 Utility Taxes October 31, 2005 -2009 $60100% UNFAVORABLE TREND 1.6% Up from FY09 BUDGET $49.4 $49.4 $50 $47.8 $45.8 $46.1 80% Revenues $ Million % of Total Collections $40 60% $30 40% $20 21.5% 21.9% 21.4%20.1% 20% $10.3 $10.1 $10.6 $9.8 $9.9 $10 $00% FY 2006FY 2007FY 2008FY 2009FY 2010 Annual CollectionsYTD% of Total 10 Summary of General Fund Revenues (In Millions) October 31, 2009 Year to FY 2010 Budget Trend Date% of Budget $472.0 Real Estate Taxes $ 20.8 4.4%F 62.4 Personal Property Taxes12.520.0%F Public Service (RE and PP) 6.8 - 0.0%A 4.9 Penalty and Interest (RE and PP)1.632.8%F 51.1 General Sales Tax14.027.4%U 55.3 Utility and Franchise Taxes11.019.9%U 40.6 Business Licenses1.02.4%U 23.9 Hotel Taxes14.360.0%U 49.8 Restaurant Taxes18.436.9%U 9.1 Automobile Licenses2.325.8%F 85.4 Other Local Revenues21.925.6%F State Revenues 160.4 26.216.4%F Federal Revenues 23.1 6.327.2%U $1,044.8$150.3 14.4%F Excludes School Revenues 11 $1,500 <$28.1M> <$8.1M> $6.5M $1,089.1 $1,044.8 $1,063.0 $1,061.0 $1,054.9 $973.2 $979.7 $1,000 Revenues $ Million YTD $500 $150.3 $0 FY 2007FY 2008FY 2009FY 2010 Annual ActualAnnual Budget 12 100.0% 100% 94.6% 85.3% Percent of Total Expenditures 80% 77.8% 67.9% 60.4% 60% 51.0% 43.6% 37.4% 40% 37.6% 28.5% 29.0% 17.1% 20% 17.0% 9.8% 8.9% 0% JulAugSepOctNovDecJanFebMarAprMayJun 13 Expenditure Trend% of FY10 Exp Budget 100.0% 100% 94.6% Percent of Total Expenditures 85.3% 80% 77.8% 71.3% 67.9% 60% 58.3% 60.4% 55.3% 51.0% 49.5% 45.4% 43.6% 37.4% 40% 42.3% 37.6% 28.5% 29.0% 17.1% 24.2% 20% 14.4% 17.0% 9.8% 9.7% 14.0% 4.4% 8.9% 9.5% 1.9% 5.2% 2.7% 0% JulAugSepOctNovDecJanFebMarAprMayJun Rev Trend% of FY10 Rev BudgetExpenditure Trend% of FY10 Exp Budget 14 Total at October 31, 2009: $408.2M, or 37.4%, of $1.09B Budget ? Summary of Actual Expenditures Under Budget at June 30: ? (in millions) % of Total % of City TotalBudgetCity BudgetSchools 2008 (Actual)$60.3 5.6%$25.0 3.5%$35.3 2009 (Actual)$43.0 3.8%$28.1 3.6%$14.9 15 Continue to Monitor Revenues in FY 2010 ? ? Business Licenses -March ? Personal Property –March/April Audited Financial Statements for FY09 ? Briefing December 8, 2009. Full briefing on 6 months of data on ? January 26, 2010. 16