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Home My WebLink About02222011 FINANCIAL PRESENTATION~ I . . , . FY 2011 City of Virginia Beach Budget to Actual Financial Update For July 1 through January 31, 2011 - _._.~~ be .,.:~~~ Overview - FY 2011 General Fund Revenues - FY 2011 General Fund Expenditures - Next Steps FY 2011 General Fund Revenues and Expenditures Compared to Budget Thru January 3l, 2011 (in millions) Annual YI'p Bud2et Actual Variance Revenues Local Revenues $ 808.2 $ 387.1 $ (421.1) State Revenues 143A 51 .4 (9I.6) Federal Revenues ?2.6 13J (9.9) Total Revenues $ 973.8 $ 451.2 $ (522.6) Ex pe nditure s/Encumbrance s Departmental Totals $ 522.2 $ 314.8 $ 20'7.4 TransCers 513.4 298.7 214.7 Reserve for C:ontingencies 1.6 1.6 Total Expenditures/Encumbrances $ 1,037.2 $ 613.5 $ 423.7 Less AmowNs Funded from Fund Balance Outstanding Encwnbrance at 6/30/10 $ 7.9 Approved Cacryover Requests 0.6 Fund'mg for City Caprtal Projects 2g,1 Funding for School Capital Projects 4J Norfolk Southem right ofway 5.0 Sc}aol Reversan 143 Risk Management ~.g Adjusted Expenditures/Encumbrances $ 973.8 'J Total General Fund Revenues January 31, 2009 - 2011 ~~,zoo ~ :,.o~., 51.009.0 51,000 5973.8 ~ $800 c ~ ` 5600 `o c ~ 5459.1 3452.4 $4512 C 5400 ~ $200 SO . . ~-. . . _ F _ . ~,I Fl' 2009 Fl' 2010 Fl" 2U11 ^Actual 7hru Jan 31 ^Annual Budget I 4 < 2 FY 2011 Year-To-Date General Fund Revenues Compared to Historic Trend January 31, 2011 ~oa.o, ~~~ I _ + ~ so ~ I YTD ACTUAL = $451.2M i ANNUAL BUDGET = $973.8M ~~.6r ~ I _ ~ d eo~ ~ -- - - - E' - a ss.3 i o ~. 463 % 54.4•/. F 43.0•/. 48.9 % ~ 45.0 % - --- _. . _ __ . _. ~40% ,. -- --- --- 42.1% . C ~ a' 26.7 % 20°k ~II 23.1'/_ - --- . _ ._.- . ~ .._ ___. -_'. lAto% ~ 9.7 ~ 3.8 % 12.7 % 1.5, ~% 8.3 % 0% r- ^~-2.3°u 4.1 % . . . . . .. Jul Aug Sep Oct Nov Dec ]an Feb Mar Apr May Jun ~Rev Trrnd ~°4~ of FY I I Rer Budget S FY 2011- General Fund Revenues - Total Revenue follows the Trendline - Several items are on a 2- 3 month lag - Real Estate installment due June 6~h - Business license tax (BPOL) due in March - Personal Property tax due June 6~n ~ 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: FY 11 interfund transfers and revenues are smaller General Fund budget is also smaller GASB 54 (in millions) FY09 FY10 FYl l Total General Fund Budgeted Revences $ 1,069.6 $ 1,043J $ 973.8 Less: Amounts excluded due to GASB 54 (23.5) (34.7) N/A Adjusted Gene~al Fund Budgeted Revences $ 1,046.1 $ 1,009.0 $ 973.8 Annual ,4mounts excluded from GF Revenue due to GASB 54: Noo-GF Hotel Room Tax g ~ ~ 6 NorFGF Restawan[ Meal Tax ~ ~ 5 Amusemen[ Tax 5 ~ Ci~arette Tar ~ 0 -ta1 Budgeted Revenue Reported in Special Revenue Funds 41.8 J Real Estate Revenues January 31, 2007 - 2011 E5oo FAVORABLE TREND ~ a479 ~ E493.0 fqg~,g BUDGET ~ eo% 5443.1 5452.5 faoo ! C ~% ~ ~ _° 50.9% 5t.' ~ 51.9% 52.4% ° u _ y f M N f300 = U d J y ~ 247.~ _ _. `25G 1 W ~ ~ . 225.6 237.2 40% o ~ S2oo ° I~ ' ~;'~' 20 % 5100 4 i - ~~F ;: l I Sp _ . ~_ . _ _ .___'' _ 0% FV 2007 FY 2008 FY 2009 FV 2010 FY 2017 , ~Actual Collectiona ~YTD -:~ % of Total R 4 Eao ~ FAVORABLE TREND ~ 573.1 567.5 E68.1 BUDGET I, ~X 563.1 Eao 557.8 ~i ~;_ N O C 30% ~ o y f 2'_,~ U H , ~ ~ 23.1 % 23.1 % r°- i 21.4 % 20% o m e rc $20.1 S20 ~ ~-- $15.6 $15-6 -: - $15.8 S1', 9 . ~ ~o% so -- o^r, FY 2007 FY Y008 FY 2009 FV 2070 FY 2071 i _. ___ . _ _... ._-__. - . . iActualColledions ~VTD ~Y%o(Total '~ q General Sales Taxes January 31, 2007 - 2011 _ _ _ .__ ~~, FAVORABLE TREND p.g^/, Up from FYtO E60 r BUDGET E~~ S~, I 551.4 550.3 ~ 80% 50.8 % 51.9 % 52.8 % 5 ~ ~~,, 62 E'ib ~ E4o o `o - _ f _ m o M - 40Yo U ~ .~27.4 $2$.0 F2 i 1 F.26.0 $26.7 s ~ `o c e Ezo 20 % . ._. ._ . _ 0% EO _ FY 2007 FY 2008 FY 2009 FY Y010 FY 2017 ~ oACtual Colledions ~VTD -o-X of Total ~, Personal Property Taxes January 31, 2007 - 2011 General Sales Taxes Collections Monthly %Change from FY10 to FY11 ,o..~ ,o.o% . 5.0% I 0.7% 0.0 % ~k- -5.0`k 6.1% 2.0% ~,5% K 1.2% •1.4% Y.3% 1.8% 1,0% -10.0% ' ~ ~ oa „o ,~o ,~o ,~o ,~o ,~o ,~o ,~o ,~o ~o ,~o o s ~ ~ ~ ~~~Monthly % Change from PY ~ ?°, ~` '~ ~~0 ~ ~~ ~P+ 'J? J~~' pJG g~~ °`'~ ~o, d``, '~, ~~e, _ * Collections lag sales by 2 months ~~ Hotel Room Taxes General Fund Portion Only per GASB 54 January 31, 2007 - 2011 S6 - 100q 7.7 % Up from FY10 FAVORABLE TREND E5.4 SS 2 BUDGET 55.t 55.2 E5.1 35 74.~°: ~ g°,6 76.4% ~75.5% ~ ,.~,_~ ~.- -._. . .~ S4 eac I $4.0 : 54.0 I~3.9 $4.2 75% u 50°k ~j , o ~ 0 , o a° FY 2008 FY 2009 FY 2010 FY 2011 i ~AdualCollections ~ttD ~•%ofTotal . 25% 0% 1? 6 Total Hotel Room Taxes January 31, 2007 - 2011 --_- -_ ,oo, 7.3%Up from FY10 FAVORABLE TREND 525 E23.6 b23 0 BUDGET 522.6 . E22.8 j22.7 74] ;~6 ~ ~ ..t~;? 6":.. . BO% S20 - , .~ ., $18.3 - $17.5 $17.3 $17.0 ~ $16.6 60% o o - 515 - y ~ a o U d ~ m m 310 ~ w 40 % ~ 0 e SS 20 % So , _ ~_ __ o% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 ' .. ~Actual Colledions ~YTD ~%of Tolal . _ _ _. _____._ . . . . _ Ii Hotel Room Taxes 8% Allocation (in millions) Total Hotel Room Tax FY11 Budget =$22.7M ^ GF 2% OCBDTIF ^ TGIF 2.5% ^ TAP 1 %/$1 ^ MP 2.5% SB $1 8% plus $i room nights I Nute: SB SSD has an addi[ional 2%s % tax 14 Restaurant Meal Taxes General Fund Portion Only per GASB 54 January 31, 2007 - 2011 535 90% 3.6 % Up from FY10 FAVORABLE TREND ~ gUDGET ~ 529.8 b30.6 530.8 E30.9 E30.7 E30 ~ 75% Ezs 6c 60.8% 60.7% ,6`'~,` ~ o -! so% ` ~ fzo ,. ;~,r.5 nib.~ 51aJ 819.4 ~~~ o ~ g~L a ~ 1 45% - c p m E15 ~ ~ `o a 30°k E10 ES i 15% I EO ni:: - . ,.. _._. . . __•_ ___~ -__ I 0% FY 20a7 FY 2008 FV 2009 FY 2010 FY 2011 ' ~ActualCollectiona ~YTD -w%o(Total j5 Total Restaurant Meal Taxes January 31, 2007 - 2011 I FAVORABLE TREND - so~ 3.6 % Up from FY10 BUDGET L5o i $48.1 548.3 j48.4 48.2 II $46.7 , ~ 4}'.'~ ': 75% ~ ~°/ 60.8% ~ 60]°,~. 63.3°/ ao% a c o` o '~-~ f 5?t).1 $29.4 $29.4 $30.4 _ p E30 31f~ i - U m 45% p ° I ~ ~i `o a ..li a~ E2o 30% r;l i 510 _ I 1 15°h :~ so . -- ~ o% FY 2007 FY 2008 FV 2009 FY 2010 FY 2011 ~ActualCOllectiorm ~YTD -+.~-%ofTOtal I( 2 Restaurant Meal Taxes 51/2% Allocation (in millions) Total Restaurant Meal Tax FYll Budget =$48.2M ~ ~ ^GF3.5% ~~ i~,~,~ ~. ~, h,_. ~-.._ ,~~;':; ^TGIF0.5% ^ TAP 0.5% ^ MP 0.56% ^ OS 0.44°/a i ;: ~ ~ GF Revenues Summary of General Fund Revenues January 31, 2011 (in millions) F~'2011 Budget YI'D % of Budget Trend * Real Fstate Taxes $ 452.5 $ 237.2 52.4 % F Personal Property Taxes 63.1 20.1 31.9 F PPT~ 53.4 6.5 12.2 A General Sales Tax 50.6 26.7 52.8 F Utility Taxes 25.2 12.7 50.4 F Telecommunications Taxes 22.0 8.8 40.1 U Business Licenses 40.8 2.6 6.3 U * Restaurant Taxes 30.7 19.4 63.3 F * Hotel Taxes 5.1 4.2 81.9 F OtherLocalRevenues 118.1 55.3 46.8 F * State Revenues 89.7 45.0 50.2 F * Federal Revenues 22.6 12.7 56.2 F S 973.8 $ 451.2 46.3 % F ~ * GF portion only ExcluJes Schoul Rerenaes ie FY 2011 Year-To-Date General Fund Expenditures Compared to Historic Trend January 31, 2011 I 100% . _ .. . . . .. ---- -- 949 % ~ YTD ACTUAL = $613.SM y~.~ ~~ e 80% I _ 78.1 °i~ 9 ' ~ ANNUAL BUDGET = $1,037.2M _ I o~i.o r s ~ 61.9',~ ~ 60% ' _ _ ---- ~~-- F°. ~~, ;'_8^.,. 59.1•/. o ~ I 45.5 % i1.2•/. °' i y 40% - ~8.3 % -- -_ 44.0%. _ - -..__ _ .... . _ ____ . __ . ~ 29.3% 36.6 % 20% 1 17A % ,~ ~"~~ 17.3% 0% 10.5% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May ~ lun -~e..~a~w~~r«~a ~-sc~,rrvii~:..~n~aF« zu 10 II I~ Total General Fund Expenditures January 31, 2009 - 2011 $,.~oo ~ :,.oaz., 31,046.1 s1,0372 51,000 $S00 0 ~ ~ 3~.8 5622.8 $613.5 ~' 5600 ~ ' 9 C ,°~' $400 ~ $200 SO . -- - ._.~_ . . . _ . . F1~ 2009 FY 2010 F1' 20l t ~Actual Thru Jan 31 ^Annual Budget zi FY 2011 Year To Date General Fund Revenues & Expenditures Compared to Historic Trend At January 31, 2011 ~~,~~.~~~,~. ioo~a i _ 4a.v:,, ~ ACTUAL REVENUES = $451.2M "~' ~ ~ y ~ 80% '% . . --- -- ---._ __ . _.- _. . -~~NrP`~o-- - - ~~--- = ACTUAL EXPENDITURES= $613.SM „y ~ ~ ~~.6 r a W ', h1.~7'~.~ ' F ~% . ..__ _ 59.1_%___.__- -_... i83"/o ._. g2.8% • `c 4c.5 % . 11 % 46.3 % ~.~ %~ u ' 43.0% J8.9% ~ ~~, i8.3~~:h 44.0% a5•~~~ . _--.. _----- --- --- - --- o ; - - - - 4 /o .a~ ~~ ._ 29A %~ 36.6 % 26.7° U.4 i~~ 24.6% 23.1% 20°k - _ _ - _-_ _ - - __ _ ~~~ v.a G~ 7.3 % 14.t % -.. ~ 9.7°0 ~ 10.5 % 12.T% ~I 1.5% ~' ~ 8.3% 0% i _ " ~I~. -- , - -- -- --- - - . - _ . _ _ Jui Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -r-Rev Trend t% of FYtl Rev Budgef "~"'Expendifure Trend ~~~ % of FY'll Exp Budget 22 General Fund FY 2011 Expenditures - Total at January 31, 2011: ~ $613.SM, or 59.1%, of $1.037B Budget - Summary of Actual Expenditures Under Budget at June 30: (in millions) Total °/r~ of Total Budget City '% of Cit}~ Budget Schools 2UU8 ~ctual ~p60.3 5.6`%0 `~2~.0 3.5% $35.3 2009 Actual $45.2 4.0% $303 3.9% $14.9 2010 r~ctttal $53? 4.9°,/0 $35.5 4.7% $17.7 12 GF Expenditures £i :~ ' i i OZ ~~~aa3 u~no.~u~ ~~~p -~o~ `i i OZ `ZZ u~~~Y~I uo ~ugai~g ~xaN ~ tudd/q~.z~y~ - ~~zado.~d j~uosaad . u~~~y~ - sasua~i~ ssauisng . aunr - a~~~s~ j~a~ . t i OZ A3 ut sanuana~ .~o~iuoy~ o~ anut~uo~ ~ sda~s ~xa~ .