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Home My WebLink About02012011 FINANCIAL UPDATEOverview - FY 2011 General Fund Revenues - FY 2011 General Fund Expenditures - Next Steps FI' 2011 General Fund Revenues and Expenditures Compared to Budget Thru December 31, 2010 (in millions) Ann~a~ Yru Bu et Actual Variance Revenues LocalRevenues $ 808.2 $ 361.7 $ (446.5) State Revenues 143.0 46.2 (96.8) FederalRevenues 22.6 ]0.8 (71.8) TotalRevenues $ 973.8 $ 418.7 $ (555.1) E xpe ndi ture s/Enc umb~a nc e s Deparhmntal Totak Transfers Rese[ve fi~r Corria~gencies Total Expenditures/Encumbrances $ 522.1 $ 279.6 $ 242.5 5133 251.4 261.9 1.8 - 1.8 $ 1,037.2 $ 531.0 $ 506.2 Less Armim[s Fwded from F~u~d Balance Oirtstardaig Fncwnbrance at 6/30/10 Approved Cazryover Requests Fiada~g for CIIy Caprtal Projects F~mda~ fo~ School Capital Projecis Norfolk Southem ri~t ofway SchoolReversion Risk Managemern _ Adjusted Expenditures/Encumbrances $ 7.9 0.6 28.1 4.7 5.0 14.3 2.8 $ 973.8 z Total General Fund Revenues December 31, 2008 - 2010 $~.zoa :,.~46., 51,009.0 5973.8 o 5800 ~ E rn 0 d ~ 5429.6 j424.6 5418.7 a saoo __._~_. _ . _..__ -_- ~ .:.n. so ~ -- ' - ~ H~~~ zoov rv zo~o Fv zou ~Actual Thru Dec 31 ~Annual Budget a 2 FY 2011 Year-To-Date General Fund Revenues Compared to Historic Trend December 31, 2010 ~oo.o ~ ~oo% - - -- - _ --7 - ~ so ~ j'TD ACTUAL = $418.7M _ _ _ _ q ANNUAL BUDGET = $973.8M ~~.6r ~ ~ ~~% '~- - __ _ -' __- - ~ 5g,3 % E 54.4•/. , v 43.0 % 48.9 % e ~o~ . 45.0% - -- _ __ _ ~ 42.1 % o`~ 26.7 % 20°h -- 23.1 % - - - --- 14.1 % ~ 9.7 % '~ IS% 3.8% 12.7% 8.3 % 0°.6 k- . 4.1 % . . . . . . _ . .. , . .. _ Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun ^~--Rev Trrnd ~~% otFYl I Rev Budgel 5 FY 2011- General Fund Revenues - Total Revenue follows the Trendline - Several items are on a 2- 3 month lag - Real Estate installments due December 6'h and June 6~' - Business license tax (BPOL) due in March - Personal Property tax due June 6th "~ 3 II a GASB 54 Impact New for FY 2011 - GASB 54 requires revenues tied to a fund to be budgeted in the fund as a revenue, not as a transfer. - Result: FYl l interfund transfers and revenues are smaller General Fund budget is also smaller GASB 54 (in millions) FY09R* FYIOR* FYl l Total Ceneral Fund Budgeted Revenues $ 1,069.3 $ 1,044.8 $ 973.8 Annual tlnxwnts excluded from GF Revenue due to GASB 54: Non-GF Hotel Room Tax $ 17.6 Noo-GF Restaurant Meal Tax 17.5 Amusement Tax 5.7 Cigarette Ta~c 1.0 Total Budget Revenue Reported in Special Revenue Funds 41.8 *~R-2estated _ `\_ J Real Estate Revenues December 31, 2006 - 2010 _ _ _ _ ,oo% FAVORABLE TREND Esoo gq~g,~ $493'0 $481.8 BUDGET 5443.1 5452.5 so°r, taoo 14 ~ C C O ~ ` 60% d ~ ~ 51.5°i,, 50.9 % 51 3 % S i.7':-;~ v N E3oo . d ~ ~ c 245.F. '1.5'1.7 247.9 ° ~ > _ 225.8 234.1 ~ 40% ° ~ E200 20% E100 SO . .. ,.. . . . 0% FY 2007 FY Y008 FY 2009 FY 2010 FY 2011 ~ActualCollections ~YTD -~~~%ofTotal x 4 Personal Property Taxes December 31, 2006 - 2010 _._...._._.... .. . . . .. _ . . _ ... _ _ . _ _. _. 50% ~o FAVORABLE TREND 568.1 BUDGET E60 c O f N d ~ c ~ > K Ezo Eo +- FY 2007 40% E63.1 557.8 SG ~'' ~ 7 O 30% ~ d O 26.6%, ~ 0 F ~ 20% p 4 $19.5 $15.2 $15.3 ~o% - a% FY 2008 FY 2009 FY 2010 FY 2071 .__. - _- __-__. .. ~ActualCollactions ~YTD ~~%ofTMal ~. __ ____. __ - ~. v General Sales Taxes December 31, 2006 - 2010 _ ___------- _ _ -__ ___ ___ ~x E60 FAVORABLE TREND 3.7 % Up from FY10 E54.0 E54.7 BUDGET E51.4 y50.3 BO% ~ ° 43.1 % 45.3 % 44.0°a. 45.1 % ° - ~ o ~ • ~ 40% U - a ° ~'m $233 ~i3.k ~: 523.3 1 $22 $22.8 r ° . ~, P.,,,: ;~ 520 ~'^; ~ Y ~ n 7_ x~ x~' 20 % ~ _, . . . :~ C 'z::_:: . _ 0% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 I I` ~ActualCollectiona ~VTD ~~%ofTotal 111 5 ii ~ General Sales Taxes Collections Monthly %Change from FY10 to FY11 ,o.a% !. _ I BAYo 1.8% ~ 0.0% ` '~.. -2.3Ye -5.0% ~ . _ ___ . __.... . . I •8.8% -9.9% -10.0%. oa oe oa oe ,~o ,,o ~o ,~o ,~o ~o ~o ,~o ,~o ,~o ,~o ,~o e`~~ 0°4 ~~° o'~` ~~`' F~° ~.~' ~~ ~.P~ ~`' ~~~ ~~~ g~Q o~` ~o'~ ~` ~J . . ~ ~'=Monthty % Change hom PY ,~"` '`' * Collections lag sales by 2 months ~~ Hotel Room Taxes General Fund Portion Only per GASB 54 December 31, 2006 - 2010 :s _ ----- ,ooi 7.6 % Up from FY10 FAVORABLE TREND I ~ 55.4 BUDGET 2 f5.2 55 ~. ~ . 55.7 E5.1 =, ' i SS L c ;i:~ - I rs c~i, ~ -~~~~ 7l 3% ~-j`~~ 73.8% 72.8% -- ~~I 75% ,~..~--- - . 54.1 ~ ~ ~', S4 33.9 $3.9 _.~ $3.8 '. ~ ` c o .-=.o~ $3.6 $ - f ~yz m o « ;Ii ~ y c E3 ~ ,_";t .F.~ti - 50% m ~ ~ '[~ `o S2 ~'': 25% S~ ~F~~ ~S•,' ', _~~ ~~. SO . ~~- -_ ~ "'~~~ ,_..... --:- 0~ FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 . _Adua1Co11ectiona ~YTD -o-•%ofTotal 12 6 Total Hotel Room Taxes December 31, 2006 - 2010 7.2% Up from FY10 FAVORABLE TREND S25 b23.6 523.0 E22.6 522.8 s2U ~`, ~.": m.u... .. 72T7% r.,.~ ~ _~.~ _° ~ 51G.8 516-7 ~ 815.9 $16.4 w y s15 c > m K S10 ,oo~ BUDGET 22.7 - 80 % b77.6 c 0 60 % m 0 U ~ O F 0 40% ae 20 % SS FY 2011 SO ! ~ ~ +- FY 2007 FY 2008 FY 2009 FY 2010 ! ~Actual Collectiona ~YTD ~X of TMaI or 13 Restaurant Meal Taxes General Fund Portion Only per GASB 54 December 31, 2006 - 2010 __.._.. ._._- -----_..__.. . . .__--- __..... . ~5% ~ 22%UpfromFY10 FAVORABLE TREND BUDGET I~ :Zy 8 530.6 30.8 530.9 E30.7 , S30 i " { , 53.3% 52.7% SB :t;-~ _ . ,.. . `~ o WX ° ~ S20 p + ° o ~ <..,i~:.i $16.4 $16.3 816.6 p S ~ m ~ g15.5 ~ 'o ~: n .. X 25% f+a su ~~ -- _- o% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 ~ActualCollediorm ~YTD .--%ofTotal 14 7 Total Restaurant Meal Taxes December 31, 2006 - 2010 __ _ - -__ - ___._ _ . 2.2%Up from FY10 FAVORABLE TREND 550 BUDGEI E46.7 548.1 E48.3 s48_4 48.2 ~ 53.3 % 2.1 % 52.6 % 52.7 % 0 ~ 530 . ~~. ~ ~~~ ' w a ~ $24A ~ 525.3 ~' 825.8 $25.5 ~ m rc I szo I S~o `~r ~ i 7k, ;,~ h~- ti~ ~{i~ 80% so% 54.2 % c 0 ~ U $26.1 qpX, a ~ ~ zo i So o% FY 2007 FY 2008 FY 2009 FV Y010 FV 2011 ;.. - _.. ._.__ . _ .__ . ..I ~ActualCollectlons ~VTD -c~%ofTotal , IS GF Revenues g ~ v Summary of General Fund Revenues December 31, 2010 (im millions) FY 2011 Budget YTD % of Badget Trend * Real Estate Taxes ~~52.~ ~ 23~.1 ~ I J ",~~, F Personal Property Taxes 63.1 19.5 30.9 F PPTRA 53.4 6.5 12.2 A General Sales Tax 50.6 22.8 45.1 F Utility Taxes 25.2 9.9 39.3 F Telecommunications Taxes 22.0 7.1 32.3 U Business Licenses 40.8 1.4 3.4 U * Restaurant Taxes 30.7 16.6 54.3 F * Hotel Taxes 5.1 4.1 79.0 F Other Local Revenues 118.1 46.2 39.1 F * State Revenues 89.? 39.7 44.3 A * Federal Revenues 22.6 10.8 47.6 F $ 973.8 S 418.7 43.0 % F * GF portion only Escludes School Rerenues 'J FY 2011 Year-To-Date General Fund Expenditures Compared to Historic Trend Decem6er 31, 2010 ~oo.o, 30096 ~ vr.e°~ YTD ACTUAL = $531.OM xb.~ i ~ 80% t I - -- 79.1 % _ :~ ANNUAL BUDGET = $1,037.2M e 69.0 % a x W i n~ }~ w ~o~ .--__.-_ _ F 52.8 % ° e 45,5 % 51.2•/. Z`+ ~% 38.3•/. 44.0 % _ . o: 29.4 % 36.6 % 20% - 17.4~~ .4 % 17.3 % 10.5•/. 0% - -- _ r -~ Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun ~-exrc~a~w«ire~~a ~.-^,aorFriir:.~~nua~~ i~ 9 Total General Fund Expenditures December 31, 2008 - 2010 $I.100 ~ 31,082.5 ~ E1.046.1 57.037.2 j o ~ $900 ' ~ w ~ ' 0 9 C $700 ~ a ~ ! ' 5554.4 ~ S540.1 5531.0 _ $5011 . `~_.,r,~i '?~~-iz~~ 5300 l " _ . _ __~... . _„ _ ..:-'. -___,. FY 2009 Fl' 2010 FY 2011 f ^Actual Thru Dec 31 ^Annual Budget I iv FY 2011 Year To Date General Fund Revenues & Expenditures Compared to Historic Trend At December 31, 2010 ,~~~~ ~,~~~~ ioo~o -- - YJ9~~.~ ACTUAL REVENUES = $418.7M 86•~ % 0 80% - _ . - = ACTUAL EXPENDITURES= $531.OM fiy.o i n.6 i a I w W Fi.J"„ _ _-_ .__ . F 60% ~ - -- _ _ 583 % 0 52. N'Y,~ ~ ' 45,5/ .7.2% 54.4% ~+ 430% 48.9% 3N.3°r~ 44.0 % 45.0"/0 0. 40% ...,,, _.._... 20% ~ ~~'4 ~~~~24.6 % ~~f 23.1 % m"]0.5"/, 12.7'%~ 1.5% 3• ~~ 8.3% 0% t!! _ ,1.1~ __ _ Jul Aug Sep Oct Noe Dec Jan Feb Mar Apr May Jun tRer Trend t% of Pl'll Rev Budget +Expenditure Trend ~C~ % of FYII Exp Budget 20 1 O General Fund FY 2011 Expenditures - Total at December 31, 2010: ~ $531.OM, or 51.2%, of $1.037B Budget - Summary of Actual Expenditures Under Budget at June 30: (in millions) z~ Total % of T'otal Bud€~et Ciry % of City Budget Schools ?UU5 ~_~cllt~ll~~~ ;±6U._i a6" ~, ~?~.U _>.J" r~ ;~,».3 2009 Actual $45.2 4.0°,'0 $30.3 39% $14.9 2010 .~ctual $53.2 4.9°,'0 $35.5 4.7% $17.7 11 GF Expenditures Next Steps - Continue to Monitor Revenues in FY 2011 Real Estate - June Business Licenses - March Personal Property - March/April Next Briefing on February 22, 2011, for data through January 2011. z, 12