No preview available
HomeMy WebLinkAbout04262011 FINANCE UPDATEBudget to Actual Financial Update Through March 31, 2011 Overview 9 Months • FY 11 General Fund Revenues • FY 11 General Fund Expenditures • Limited Projections • Next Steps i0 FY 2011 General Fund Revenues and Expenditures Compared to Budget Thru March 31, 2011 (in millions) Annual YTD Budget Actual Variance Revenues Local (83.0% of budget) $ 808.4 $ 465.2 $ (343.2) State (14.7% of budget) 143.0 66.8 (76.2) Federal ( 2.3%ofbudget) 22.6 15.7 (6.9) Total Revenues $ 974.0 $ 547.7 $ (426.31 Expe nditures/Encumbra nc es Departmental $ 522.6 $ 387.0 $ 135.6 Transfers 513.4 380.2 133.2 Reserve for Contingencies 1.4 1.4 Total Expenditures/Encumbrances $ 1,037.4 $ 767.2 $ 270.2 Less Amounts Funded from Fund Balance Outstanding Encumbrance at 6/30/10 $ 7.9 Approved Carryover Requests 0.6 City Capital Projects 28.1 School Capital Projects 4.7 Norfolk Southern right of way 5.0 School Reversion 14.3 Risk Management 2.8 Adjusted Expenditures/Encumbrances ©I $ 974.0 Total General Fund Revenues March 31, 2009 - 2011 $1,100 51,046.1 51,009.0 51,000 i 5974.0 $900 I e ~ ~ ~ SS00 ~ I II c 5700 ~ i ii 5600 5557.2 5547.3 5547.7 ~' 5500 i I !:400 ~-- -___ ____., _---___._---- -J. Fl"2009 FY 2010 F1''2011 ^ACtual Thru Mar 37 oAnnual Budget ~~ 2 FY 2011 Year-To-Date General Fund Revenues Compared to Historic Trend March 31, 2011 loo%- ----- YTD ACTUAL = $547.7M ao% - - ANNUAL BUDGET = $974.OM ~ 50.2 % 58.3 a 46.3•/. 54.4 E°. 43.0% 48.9 a 40% --- -- 45.0%- -- - ~ 42.1 w o, 26.7 '0% ___ 23.1 14.1 9.7 1.$% 3.8% 12.7% 6.3 Jul Aug Sep Oct Nov ~° Rev Trend i• 71.6 Dec Jan Feb Mar Apr May Jun ~ % of FYI I Rev Budget FY 2011- General Fund Revenues Ahead of Budget • Total Revenue follows the Trendline • Several items are on a 2 - 3 month lag • Many key revenues are projected to meet or exceed budget: • Real Estate - $SOOK - 1 M over • Personal Property - $2 - 3M over • Business License -meet budget • General Sales Tax - $1 - 1.SM over • Hotel Room Tax - $250 - 750K over • Restaurant Meal Tax - $1 - 2M over • Business license tax (BPOL) was due in March • Real Estate installment due June 6th • Personal Property tax due June 6tn 3 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 cnsB sa (in minions) FYO9 FYIO FYII Total GenelalFund Budgeted Revenues $ 1,069.6 $ 1,043.7 $ 974.0 less: Amounts excluded due to GASB 54 (23.5) (34.7) N/A Adjusted General Fund Budgeted Revenues $ 1,046.1 $ 1,009.0 $ 974.0 Annual Amounts excluded Crom GF Revenue due to GASB 54: Noo-GF Hotel Room Tax $ 17.6 Non-GF Restaurant Meal Tax 17.5 Artalsement Tax 5.7 Cigarette Tax 1.0 Total Budgeted Revenue Reported in Special Revenue Funds 41.8 Real Estate Revenues March 31, 2007 - 2011 ~% FAVORABLE TREND I Esoo 4 1 E493.0 E481.8 E479 . BUDGET '~. $443.1 $452.5 BO% E109 53.0°/, C O G __ E:•00 ~ d ~ ~ 251.6 $259.3 $253.5 240.0 241.1 ~% o ~ J C A ~ ~ 1 ~ E299 O e 20% E100 Eo --. - _.. - ___.._...... ___-. o% FY 2007 FY 2008 FY 2009 FY 2070 FY 2017 CAdual Collections ~YTD -~-%o(Total ~I ©' 4 Personal Property Taxes March 31, 2007 - 2011 Eeo -- sax FAVORABLE TREND E73.1 $67.5 $68.1 BUDGET E63.1 ao% E6o E57.8 32.8%" c 0 30% 0 ~ = d f o m 25.2"/ ~ ~ c o F 20% p ~ a E20.7 Ego E17.0 $16.7 E77.2 E17.2 ~ o% Eo -- o% FY 2007 FY 2008 FY 2009 FY 2010 FY 2071 oActual Collections ~ttD -~°%of Total O General Sales Taxes March 31, 2007 - 2011 0 0 U 40% ~ `o ae 20% o% FY 2008 FV 2009 FV 2010 FY 2011 oActual Collections t•YTD ~%of Total oo% 3.2 % Up from FY10 FAVORABLE TREND Eso BUDGET $51.4 $50.3 5 80% 6 a 5';i;: `o $35.8 ~% $34.1 $35.2 ~ a ° Sao C rc E15 Eo ~-- FY 2007 5 General Sales Taxes Collections Monthly %Change from FY10 to FY11 i ,o.<% 111.0% 4--__-- _. ___ __ - - -- A s., % A 0.0% ~- --- -- 2.0 % 2.3 1.5% 1.2% 1.8% I A :i.o% 7.4 % A N-ss% -70.0% - _. _~ __ _.._ __. ______ __..._._ _ - AO AO AO AO q0 AO AO AO AO AO AO AO AA AA AA AA ~~ ~~e ~pq- ~e ~P~ ~~~ ~~~ P~~ g~a ~a roe oho ~~ ~,~o ~~ ~e )J ~ ~MOnthly %Change from PY * ('ollections lag sales by 2 months Business Licenses March 31, 2007 - 2011 Eso tsox i 8.4% Up from FY10 FAVORABLE TREND i E418 BUDGET ~' ; E39.9 b41.0 539 2 t2s% ylp . E38.0 E38.1 E37.1 538.5 535.5 ~ too% „ o Ea0 i -.,_. ._ _ _ _ c f ~ p 75% u ~ c E:!o ~ ~ o rc ~ 50% E io zs% ,6o L- -_ __ ~__ - 0% FY 2007 FY 2009 FY 2009 FY 2070 FY 2017 OActual Collections ~YTD -r-%of Total 1. _ ®' 6 Telecommunications Taxes March 31, 2007 - 2011 E30 - _ _______. ___. _..- _._ - - - - 700% 3.2 % Down from FY10 UNFAVORABLE TREND Ezs E24.5 BUDGET 80% E21.7 E20.8 E21.6 22.0 '~ E20 c 0 i _ 619':.. .- _... _ °c ~ - m E75 ~ E13.9 1 513 U 'c ~ . E12.8 E12.5 E72 4 ~ a . ao% ; rc K E1o 20 ES Eo -- - -- ._ - _ _. - o% FY 2007 FY 2008 FY 2008 FY 2010 FY 2071 OActual Collections ~YTD -~-%of Total Hotel Room Taxes General Fund Portion Only March 31, 2007 - 2011 S6 - --_ - ---- 150% 7.5% Up from FY70 FAVORABLE TREND ~. 55.4 ES 2 2 E5 BUDGET E5.1 . 55.1 S5 125% E4.5 ~'~ 54.3 E4.3 2 E4 , 54.1 . Sa 100% N _~ ', M ,~, E3 '., 75 % v ~ m 'r° o t- ~ `o E2 'I 50% I a St I i 25% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 oActual Collections IaYTD tX of Total 7 Total Hotel Room Taxes March 31, 2007 - 2011 150 S25 7.1 % Up from FY10 FAVORABLE TREND 6 523.6 523.0 522 8 E22 BUDGET . 522.7 li 125% Szo E19 0 519.6 . bta.o b18~7 S~s.3 too% 0 0 _. _.. N ~ 75% o U ~ ~ F rc S`0 ~ ° ~% !.5 IC I 25 ~;0 _ . .-- -.. - I ~ 0 FY 2007 FY 2008 FY 2009 FY 2010 FY 2017 oActual Collactiona tZi YTD ~%of Total ®~ Hotel Room Taxes 8% Allocation (in millions) Total Hotel Room Tax FYll Budget = $22.7M I ^ GF 2% ^ CBD TIF CBD TIF $0.5 ~TGIF2.5% ^ TAP 1 %/$1 ^ MP 2.5% SB $1 I lotcl Room Tax = S % plus $1 room nights ~~ \ote: SB SSD has an additional 2 '/: % tax g Restaurant Meal Taxes General Fund Portion Only March 31, 2007 - 2011 E35 ---- - - - 100% 4.2% Up fromFV10 FAVORABLE TREND BUDGET E30.6 E30.8 E30.9 E30.7 529.8 l E30 ~ l E2s E24.0 E23.0 523.1 E23.0 c 822.2 ~ ° o 80% ~ ~ E20 - o 0 U ~ E75 ~i~ w 0 4p% o E1o j ~i zo% II Es I Eo L - _ - - o% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 t=Actual Collections ~YTD ~-%of Total Total Restaurant Meal Taxes March 31, 2007 - 2011 - - _--- --- --- _ - 100% 4.2 % Up from FY70 FAVORABLE TREND BUDGET E5o 548.1 E48.3 E48.4 8.2 E46.7 ~0 ~ E37.6 E34.9 E36.1 E36.3 E36.1 o c o ~% Ti I E30 I u w ~ I ~ m o d0% o e ~ ~ E20 i 20% E70 EO _ ~ 0% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 t~Aclual Collections ~YTD ~%of Total - J ® Restaurant Meal Taxes 5 1/ % Allocation (in millions) Total Restaurant Meal Tax FYll Budget = $48.2M •~ . ^ GF 3.5% ^ TAP 0.5% ^ MP 0.56% ^ OS 0.44% Summary of City's General Fund Revenues March 31, 2011 (in millions) FY 2 011 YTD Estate Taxes anal Property Taxes -a] Sales Tax ~ Taxes ommunications Taxes Bess Licenses urant Taxes Taxes ;es for Services Local Revenues Revenues al Revenues Budget $ $ 452.5 $ 240.0 63. I 20.7 53.4 6.5 50.6 35.2 25.2 17.2 22.0 12.4 40.8 38.5 30.7 24.0 5.1 4.5 59.4 37.1 58.9 35.6 89.7 60.3 22.6 15.7 $ 974.0 $ 547.7 i; on F = Fawrable 53.0 % F 32.8 F 12.2 A 69.5 F 68.0 A 56.1 U 94.5 F 78.2 F 87.5 F 62.4 F 60.4 F 67.2 U 69.6 U 56.2 % F U = Unfawrabl e 10 General Fund Revenues FY 2011 Year-To-Date General Fund Expenditures Compared to Historic Trend March 31, 2011 t oo.o ioo% - - - - 94.9 86.1 •/. YTD ACTUAL = $767.2M so% I - - 7s.i % - - ANNUAL BUDGET = $1,O37.4M 69.0% X4.0% ° 61.9 ~ 66.5'/• m 60%r - - - -__ - - - - - - E° 52.8% 59.1% `o 45.5% 51.2% ~ 38.3 % 44.0 d 40% - - -- - - - a 29.4 % 36.6 10.5 090 ~ - -~- --- - - - - - - - - - - Jul Aug Sep Oct Nor Dec Jan Feb Mar Apr May Jun -+-Expenditure Trend ~•/. of Fl'11 Exp Budget 11 Total General Fund Expenditures March 31, 2009 - 2011 sl,loo __ ___ 1 082.1 -- - - 51,046.1 31,037.4 $1,000 I c 0 '5900 w E 9 5874.0 o. $800 3777.1 ~ 3767.2 i $700 $600 _ _ _ _ _ _~ Fl' 2009 Fl' 2010 FY 2011 Actual Thru Mar 37 ^Annual Budget i 2011 Year To Date General Fund Revenues & Expenditures Compared to Historic Trend At March 31, 2011 too~o ACTUAL REVENUES= $547.7M eo~~ ~ ACTUAL EXPENDITURES= $767.2M 0 'e 61.9 a 60'Yo - -- ~ 52.8 % .1 [•° it 45.5 % . 1.2% 463 43 40`Yo - _ - _ 38.3 % 44.0 % 4~ I 42.1%, ~ ~'~ 29.4 % 36.6 d °' 26.7° 20`ffi I - 17.4% 24.5 % 23.1% ~. v aoi ..... loo.o% II T 71.6 ~ IU.S"/° 12.7% 1.5% 3• °~ 8.3% Ooh ^«-X1.1"G,---.- T - ~ - - - Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Rev Trend t•/, of FY'l l Rev Budget -~-Expenditure Trend -7c- % of FYI1 Exp Budget ~~ 12 General Fund FY 2011 Expenditures • Total at March 31, 2011: • $767.2M, or 74.0%, of $1.037B Budget • Summary of Actual Expenditures Under Budget at June 30: * Totals Exclude Encumbrances General Fund Expenditures 26~ 13 (in millions) Total % of Total Budget City % of City Budget Schools 2008 (,actual ti(iU3 ~.6" ~ 82.0 3.~" ~~ ~3~3 2009 Actual $45.2 4.0% $303 3.9% $14.9 2010 Actual X53? 4.9% $35.5 4.7% $17.7 Next Steps • Continue to Monitor Revenues in FY 2011 Real Estate -June Personal Property -April Next Briefing on May 17, 2011, for data through Apri12011. ~' 14