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Home My WebLink About06222010 INTERIM FINANCIAL PRESENTATION~ V 1 ~ ~ FY 2010 City of Virginia Beach Budget to Actual Financial Update For July 1 through June 30, 2010 (Cash Basis) 4d ~ i~ ;:t i . _.'__ . . ~~'",\ ~.~:~, . . . _ . ~ s +}; ~ `~ " _c g~~~,~±; 'i Overview - FY 2010 General Fund Revenues - FY 2010 General Fund Expenditures - Year-end Proj ections ~ Some revenues are final ~ Other revenues are still due ' ~ Expenditures not all submitted - Next Steps ~ i ~ i ~ FY 2010 General Fund Revenues and Expenditures Compared to Budget Thru June 30, 2010 (in millions) Annual YTD Budeet ~,(y~~j Variance Revenues Local Revenues $ 861.5 $ 849.7 $ (11.8) State Revenues 159.1 101.1 (58.0) Federal Revenues 23.1 19.5 (3.6) Total Revenues $ 1,043.7 $ 970.3 $ (73.4) Expenditures Departinental Totals 1'tans fers Reserve for Cont'v~gencies Total Expenditures L,ess A~now~ts Funded from Fund Balance Outstand'n~g Encwnbrance at 6/30/09 Approved Carryover Requests Fund~g for Ciry Capital Projects SPSA Disposal Operanuig F3udget FY10 Adjusted F.xpenditures ~Does not reflect 12 months of data Tor FY ?010 ? I FY 2010 Year To Date General Fund Revenues Compared to Historic Trend at June 30, 2010 (DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010) ioo~ , ~o~ , YTD ACTUAL = $970.3M ANNUAL BUDGET = $1,043.7M ~ c ~60°6 . _. _. . . ~ ~ ~ 46.0% F 43.2 45. ~40% , - 42.5% ~ a`. 23 5% ! 713% 60.5°/ 55.5°Y t% 58.6% ~ 553Wo 49.5% Total ot $75M to be collected in July/Aug ~ 24.4% 20°k j - -- - 14.4Mo I 9'~~~0 14.0% 1.9% 4.4% 9.5% po~ _ 7% 5.2"/0 )ul Aug Sep Oct Nov Dec 7an Feb Mar Apr May June ]uly/AUg ~-rRev Trrnd ~~°.~, of FY I11 R~~ BuAget 4 i I ~ 2 ~ I~ $ 530.6 $ 498.8 $ 31.8 564.7 555.9 8.8 1.6 1.6 R 1_096.9 $ 1 054_7 K 422 $ G.1 1.2 33.9 72 4.8 $ 1 _043.7 . FY 2010 - General Fund Revenues - the next month is critical... • Total Revenues to be collected between 7/ 1/ 10 and 8/13/10 are $75M • Several items are on a 1-2 month lag • Real Estate 2nd installment was due June 7tn • Local Annual Personal Property Tax was due June 7th, Supplement was due June 29tn • State Revenues to be received after June 30tn: -About $51 million of $157 million s Real Estate Revenues Projected thru 2010 Closeout FAVORABLE TREND PROJ ESOO y479.1 5483.7$4y3.~ 5482.2 E473J 5477.1 54/9.5 5445.1 F 443.1 c Eaoo 5382.7,~So:.~ ~ I '~ I ~ M I y ~ E300 > d K F~ I ~ E200 I I 5100 Eu , ~ ... _.__._. . ___ . . ,_ -~. . FY 2006 FY 2007 FV 2008 FY 2009 FY 2010 oBudget ^Actual Collection eprojection e 3 Sao c ° E80 ~ H N d 7 C d > ~ d ~ szo Personal Property Taxes - Local Billed Projected thru 2010 Closeout UNFAVORABLE TREND 581.7 579.8 5l3 ~ S70A ~E7 ~ SER.1 $S4A 5642 PROJ 1 ~ ~ ~bF2 559.2 Eo , ~ FV 2008 FY 2007 FY 2008 FV 2009 FY 2010 mBudget ^ACtualCollection ^Projection ~ General Sales Taxes Final 2010 - $800K under budget 2.8 % down from FY09 UNFAVORABLE TREND Eso ~ 553.4 $S4.G 555.7 ~y4 ~ 556.0 ~ 550.8 551.4 551A S51 E50 ~~ . : ~~~ ~ v~ _ ~ ~ :~ E3o > rc E2o Eto Eo FY 2006 ~ I ~ I 4 FY I007 FY 2008 FV 2009 FY 2070 e8udget ^ACtual Collection a a.ox a.o% s.o% o.ox -z.ox -a.ox -B.0% •8.0% •10.0% 0^ GJ PJ General Sales Taxes Collections Monthly %Change from FY09 to FY10 ~~'~~~P G~oO~P ,~'~O~P p~'~O~Q- p?J~.~t 0Q'J~.-~ G~ PQQ~. ~,J 'J~~ J~~~1 y~Q O ~O 0(4 ) ~Q. ~ ) tMonthly k Change trom PY * Collections lag sales by 2 months , Business Licenses - (BPOL) Final 2010 - $2.4M under budget '~. UNFAVORABLE TREND 550 ' 345.0 I 543.2 3A1.& 540.6 $40.8 ~ ~.: ~yy Sn1.0 =40.6 S40 4 ! f37.1 ~ 338.1 ~ 530 :. iP ~. ~ = ~ m ~~ , ~:, ~ rc 320 . 310 SO L~': - `` '~ - - -i FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 eBudget ^ActualCollection ~u Hotel Room Taxes Fina12010 - $1.2M under budget _ ____ 1.3 % down from FY09 UNFAVORABLE TREND S25 E24.1 t~~o S20 c 0 ~ S15 M N d J C W > K S1U SS SO FY 2006 i~ Restaurant Meal Taxes Fina12010 - $1.4M under budget 0.3 % Up from FY09 UNFAVORABLE TREND S 549 1 487 ' 49 8 ~~ 548 5 ~~ #50 . . . $48. s cAC.i E 547.3 c46.i ~'.. $45.0 f42.6 ~,~ ~'-' ~ ' ~C:~ 'r.. ' ` #40 ,;' 14: ~ ' `o !i'r ;;4 ~ m ~ b3a i ,~~; c > K ~ '-. f20 I ',~F£:~.~~ E10 ~ j' ti~~,Lr ~ _. . ~. .. -.__ . FY 2006 FV 2007 FV Y008 FY 2009 iY 2010 oBudget ^Ac[ual Collection i? 6 FY 2007 FY 2008 FY 2009 FY 2070 ~ ~Budget ^ACtual Collection i Utility Taxes Projected thru 2010 Closeout E30 , ' . ... ._______.. . UNFAVORABLE TREND PROJ 524.9$14 4 525.3 `,4.t, 525.4 q~h.0 5257 =25.0 524.6 c 4 . E25 ~2 .4 73.7 E20 0 ~ p E75 0 0 c m > ^i K E70 ES So FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 ~ ~Budget ^ACtual Collection oProjection It f30 E25 E20 0 f E15 0 m ~ 570 E5 ~ Virginia Telecommunications Tax Projected thru 2010 Closeout UNFAVORABLE TREND E24A ~`~ ~ 523.6 323.7 pROJ 521.4 ~:: 521.6 520.P „~ 18.1 c"' FY 2006 FY 2007 FY 2008 FV 2009 FY 2010 sBudget ^ActualCollection ^Projection ~ ta i~ 7 Permits and Licenses Fina12010 - $100K under budget UNFAVORABLE TREND 56 $5.~ =5.8 SbA 55.2 E5.1 E5.1 SS.O aa.3 sa2 $4.? c S4 0 ~ w °o ~ c m > ~ SZ f. i. ~ ~ w%c SO .. .. . ~ .. . . _ ____._.. . _J FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 ^Budget ^Actual Collection is 512 S10 SS `o ~ » S6 "m ~ c m > ~ S4 32 SO FY 2006 City Tax on Deeds Fina12010 - $300K over budget FAVORABLE TREND ', il ~10.5 ~ $&.8 37.7 37.9 58.0 96 5 E5.9 ~~'.; i I i I I FY 2007 FY 2008 FY 2009 FY 2010 ^Budget ^Actual Collectlon 16 8 FY 2010 - General Fund State Revenues Reductio~s •$3.SM Reduction to the Original Budget - Recordation Fees $1,725,638 - State Aid Law Enforcement $783,677 - Constitutional Officers & Appointed Officials $712,723 - Human Services $281,319 - State Aid to Libraries $12,695 • Additional Reductions: - Maintenance of Roads $1,139,314 - State Aid Law Enforcement $83,521 - Compensation Board reductions in 4'~' Quarter reimbursement to Constitutional Officers $89,623 :' Public Assistance Grant $1M (offset with Federal Stimulus Funding) ~, Summary of General Fund Revenues June 30, 2010 (DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010) (In Millions) Real Estate Taxes $477.1 $4799 100.6 % F Personal Proper[y Taxes 64.2 582 90J U PPTRA 53.4 6.5 12.2 - Ge~~eral Sales Tax 51.1 50.3 98.3 l' Utility Ta~ces 25J 23.2 90A l% Telecortanunica[ions Ta.xes 23.7 18.1 76.4 lJ Franchise Taxes 5.9 5.2 88.4 F Business Licenses 40.6 38.1 94A U Restaurant Ta~s 49.8 48.5 972 U Hotel Taxes 23.9 22.7 94.8 U Cigarette T'axes 12.9 12.5 9GA l; Autoinobile Licenses 9.1 7.$ g6.1 l I A~nuseinen[ Ta~s 53 52 97.5 A City Taxon Deeds 59 6.2 105.0 F Interest on Bank Deposits 5.7 0.6 IOS U Other Local Re~~enues 60.6 55.1 90A U State Revenues 105.7 94.6 89.5 U FederalRevenues 23.1 ]9.5 84.6 U $ 1,043J $ 952.2 91? °6 t~ SPSA - 18.1 - $1,043J $ 970.3 93.0 °~ U Excludes Schools Revenues -$75M still to be collected ix 9 FY 2010 Year-to-Date General Fund Revenues Prior Fiscal Years Year-End Results S6.SM <a8.7M> <528.1M> . ... ~ $1.200 ~- ... c s, r 51.D71.3 PRO.1 '~ 51.045.9 ~~~-~-' E1,0432 $'I,043.'r' E1,040.3 $1.000 . a979.7 ~:. ... ? ; 5970.3 _y. ~. -ir;~`. YTD c ~. '~'°`F',`-~~ ~ SS00 ~. ~T,?' ; ~ ~~ ~~w~~ .~ ~ ~ ~ ,S' ~ 5600 :~ "~ ~ "- ; e f~~ ' i C ~ ..~.{`;'~1, _ $400 ~ k ~ - ~ ' i ~+ L?' ~p-" ~~4.`. t ~2~~ ' #~.~ ~', '` I e .. tA~ j ~~ ~~, .- ~ ,'~ So _ , --... -- ~- ~ F'l~ 2007 Fl' 200R Fl' 2U119 Fl' 2010 mAnnualActual ^AnnualBudget oProjection ~~. iv GF Projected Revenues 10 ~ FY 2010 Year-to-Date General Fund Expenditures Compared to Historic Trend at June 30, 2010 (DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010) ioo i `,v- " 4~,~~ 961 % I YTD ACTUAL = $1,054.7M H`.s';" 89J % ~ 80% ~' -----7R.3"~~- - - ---- - ANNUALBUDGET=$1,096.9M SZ'3~ ~ 6x.3~~~~~ 73.8% `a ~ '. ~„~.s~~. 66.8% W 60% i --- - -----_._ ... .. ~ 53.0"..~ g9.3 % - - . _ _-.- - ~ I qt.0% 51,6 % `c ~ ~ ~~~ 37.6 % 441 % _ _ . .. ___ ___ _-------. ... ~ ,-- -~--- -- - - .. 37.2 % 29.0':S, 28.3 % 20% I, _.I7,OY;6_ _ _ _ _ _ . .. --...__.- _ ..__ _._. ---- __----~ - ~t.9'%~ 17.0 % 9.8 % 0% . _- , T ~ - -- - - - Jul Auc Sep Oct Nov Dec lan Feb Mar Apr May June July~Aug ~FxpendiwrcTrcnJ ~e~~~anffYlOFxpNuJgn 21 FY 2010 Year-to-Date General Fund Revenues & Expenditures Compared to Historic Trend At June 30, 2010 (DOES NOT REFLECT 12 MONTHS OF DATA FOR 2010) vv.x°, „ ioo~~ __ _ _ _ _ _ _ - _ ,e,,. 95.1'4 o~ o, 3' o° 92J~ „ i ..~.. ,. ~ 80% !_ _ fil~. 82.3 % 9 ~4.4 a SPSA $18.1M ~~` ;`~ ~3.Si ~~.'~~ ~ 'i 0 W 61LN"~L ° .5% " 60ok _ _ _ ~ SR.M1"o F' S, p~~~ 59.3 % S. ° , $O ° SS.i'% `= as.u",~ .1.6%16.0° ~ ~ a3 z i av.5~i, a 40% ~ 37.6'Ct_ 4A.2°o S1J59/ . . . .. ?9.0"^ 37•2 ~ State $ received after 6/30/10 2g•3 % z~ s^ Za a,~;, - PPTRA $46.9M / Other $4.6M 20/ :__ . --- ~•9 i ~~~~ ~ 14~4 ~ Total of $75M between 7/1 - 8/13 ~ 9.~~ u.o^c 9.8 % 9 S^,~ I 1.9 % 'Y o ~~ 5.2'% 0% - - - - , Jul Aug Sep Oct No~~ Dec Jan Feb Mar Apr May lune luly/A~S~ -1r°.oofF'YIORe~~NuJgei ~lrpcndiwrcltend ~ Re~~ 7}end ~as^o of I'Y I U i;z~ Rudpoi 22 11 General Fund FY 2010 Expenditures - Total at June 30, 2010: $1,054.7M, or 96.2%, of $1. l OB Budget - Summary of Actual Expenditures Under Budget at June 30: Savings (in millions) % of Total % of Citv Total Budget Ciry Budget Schools 2007 (rlctual) ~41.? -~.1 °~ ~, ~25.9 3.8° ~ ~ I ~.8 2008 (rlctual) $G0.3 5.G% $25.0 3.5°.~0 $35.3 2009 (1lctual) $43.0 3.8°% ~28.1 3.6% ' $14.9 ,~., ,. ~;`,:; : z, GF Projected Expenditures IZ ~ ~ Bottom Line Revenues SPSA $18.1 M Expenditures <$18M - $22M> under $OM - <$ 4M> under <$25M - $30M> under j5 Undesignated General Fund Balance 200 , ~b.aio ,z.ex 150 ».~% ~~.o~ Projected 12.0% tonx 9.3% ~o.ox =' ~ ~ 8.8% s.0% + ~ C ~ ~ 100 ; S.0% V 101._5 W 592.7 591.4 9 o ' O m 50 4A% ° e p + _ ~ - 0.0% 2003 2004 2005 2006 2007 2008 2009 2010 2010 OUndesignated GF Balance t9~8 of Budgeted GF Rwenue ~ Policy= 8-12%of Revenues ?F 13 Water and Sewer Fnterprise Fund June 30, 2010 - Lower water consumption than budgeted (35.2MGD budgeted vs. 33.4MGD actual) - Lower Connection fees revenues due to slowdown in construction FY09 FY10 Bud et Actual* % Bud et Actual* % evenues $ 101.4 $ 98.3 97.0% $ 102.4 $ 92.4 90.2% xpenditures $ 109.0 $ 96.9 89.0% $ 118.6 $ 100.3 84.6% * CASH BASIS - EXCLUDES ACCRUALS • Costs also down: Water Services contract -- only 12% variable costs • Year-end expected to be within budget overall n Next Steps - "Close out" - August 13 - Next briefing on September 28, 2010 for unaudited financials through June 2010. zK 14