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
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FY 2010 General Fund Expenditures
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Limited Projections
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Next Steps
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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
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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
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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
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$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
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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
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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
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Total at October 31, 2009: $408.2M, or 37.4%, of $1.09B Budget
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Summary of Actual Expenditures Under Budget at June 30:
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(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
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Continue to Monitor Revenues in FY 2010
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? Business Licenses -March
? Personal Property –March/April
Audited Financial Statements for FY09
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Briefing December 8, 2009.
Full briefing on 6 months of data on
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January 26, 2010.
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