HomeMy WebLinkAbout11222011 INTERIM FINANCIAL STATEMENTCITY OF VIRGINIA BEACHCITY OF VIRGINIA BEACH
FY 2011 FY 2011 --20122012
Budget to Actual Financial Budget to Actual Financial UpdateUpdate
Through October 31, 2011Through October 31, 2011
1
Overview
4Months
FY12 General Fund Revenues
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FY12 General Fund Expenditures
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Next Steps
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2
FY 2012 General Fund Revenues and Expenditures
Compared to Budget Thru October 31, 2011
(in millions)
AnnualYTD
BudgetActualVariance
Revenues
Local (81.1% of budget)$ 767.4 $ 104.4 $ (663.0)
State (16.6% of budget) 162.3 28.1 (134.2)
Federal ( 2.3% of budget) 21.8 6.3 (15.5)
Total Revenues$ 951.5 $ 138.8 $ (812.7)
Expenditures/Encumbrances
City Operations$ 599.7 $ 242.9 $ 356.8
City Capital Projects 35.6 11.8 23.8
School Operations 354.1 118.0 236.1
Schools Capital Projects 4.1 1.4 2.7
Total Expenditures/Encumbrances$ 993.5 $ 374.1 $ 619.4
Less Amounts Funded from Fund Balance
Outstanding Encumbrance at 6/30/11$ 8.0
Approved Carryover Requests 1.4
City Capital Projects 26.4
City Operating Budget 6.2
Adjusted Expenditures/Encumbrances$ 951.5
3
FY 2012 Year-To-Date General Fund Revenues
Compared to Historic Trend
October 31, 2011
100.0%
100%
YTD ACTUAL = $138.8M
80%
72.3%
ANNUALBUDGET = $951.5M
Percent of Total Revenues
60%
58.3%
54.7%
49.1%
45.2%
40%
42.2%
23.3%
20%
14.6%
8.3%
13.0%
4.4%
1.7%
8.7%
4.0%
1.9%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Rev Trend% of FY12 Rev Budget
4
FY 2012 –General Fund Revenues
Total Revenue follows the Trendline
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Includes Tax Relief for Elderly & Disabled of $15.3M
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Includes delinquents from June 2011
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Several items are on a 1 -2 month lag
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Business License tax (BPOL) due in March 2012
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Real Estate installments due December 5, 2011 and June 5, 2012
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Local Annual Personal Property tax due June 5, 2012
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5
Real Estate Revenues
General Fund Portion Only
October 31, 2008 -2012
25%
$493.0
$500$481.8
$479.1
$451.7
BUDGET
20%
$420.8
$400
% of Total Collections
Revenues $ Million 15%
$300
10%
$200
4.9%
4.6%
4.3%
5%
4.0%
$100
$18.3 $20.8
$20.7
$19.7 $20.5
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
6
*Total Citywide Budget of $459.3M
Personal Property Taxes (
excludes PPTRA)
October 31, 2008 -2012
$8050%
BUDGET
$73.1
$69.8
$68.1
$65.5
40%
$57.8
$60
% of Total Collections
Revenues $ Million
30%
23.9%
26.5%
$40
21.6%
20%
17.9%
$17.4
$20
$16.7
10%
$12.5
$12.2
$12.1
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
7
General Sales Taxes
October 31, 2008 -2012
FAVORABLE TREND
3.5%Up from FY11
$60
BUDGET
$54.1
60%
$53.0
$51.7
$51.4
$50.3
$45
% of Total Collections
Revenues $ Million
40%
$30
29.2%
27.9%
27.5%
27.7%
20%
$15.1
$15.0
$14.7
$14.2
$14.0
$15
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
8
General Sales Taxes Collections
Monthly %Change from FY11 to FY12
10.4%
10.0%
7.4%
5.9%
5.4%
4.3%
5.0%
4.1%
1.5%
1.2%
2.3%
1.0%
1.2%
1.5%
1.8%
0.8%
0.0%
-1.2%
-5.0%
-10.0%
Monthly % Change from PY
9
* Collections lag sales by 2 months
Telecommunications Taxes
October 31, 2008 -2012
$3060%
$24.5
$25
$21.6
45%
BUDGET
$20.8
$20.1
$19.7
$20
% of Total Collections
Revenues $ Million
$1530%
19.5%
$10
17.5%
16.9%
16.6%
15%
$4.3
$5
$3.8
$3.7
$3.6
$3.4
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
10
Hotel Room Taxes
General Fund Portion Only
October 31, 2008 -2012
100%
$6
BUDGET
$5.5
$5.5
$5.4
$5.2
$5.2
80%
$5
65.6%
65.5%
66.0%
64.3%
% of Total Collections
Revenues $ Million
$4
60%
$3.6
$3.6
$3.4
$3.4
$3.3
$3
40%
$2
20%
$1
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
11
Total Hotel Room Taxes
October 31, 2008 -2012
$30100%
BUDGET
$24.6
$24.2
$25
$23.6
80%
$22.8
$23.0
64.4%
64.0%
$20
62.9%
63.0%
% of Total Collections
60%
Revenues $ Million
$15.6
$15.5
$14.7
$14.6
$14.3
$15
40%
$10
20%
$5
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
12
Hotel Room Taxes 8% Allocation
(in millions)
Total Hotel Room Tax FY12 Budget = $24.6M
SB $1 $0.1
GF 2% $3.4
GF 2%
CBD TIF
CBD TIF $0.5
TAP 1%/$1
TIP 5% $8.8
TIP 5%
TAP 1%/$1 $2.8
SB $1
Hotel Room Tax = 8% plus $1 room nights
Note: SB SSD has an additional 2 ½ % tax
13
Restaurant Meal Taxes
General Fund Portion Only
October 31, 2008 -2012
$4080%
FAVORABLE TREND
3.6% Up from FY11
BUDGET
$32.9
$32.3
$32
$30.6
$30.9
$30.8
60%
% of Total Collections
Revenues $ Million
$24
38.5%
38.6%
38.0%
38.0%
40%
$16
$12.7
$12.2
$11.9
$11.7
$11.6
20%
$8
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
14
Total Restaurant Meal Taxes
October 31, 2008 -2012
$6080%
FAVORABLE TREND
3.6% Up from FY11
BUDGET
$51.8
$50.6
$48.4
$48.1
$48.3
$4560%
% of Total Collections
Revenues $ Million
38.6%
38.6%
38.0%
38.0%
$3040%
$19.9
$19.2
$18.7
$18.2
$18.4
$1520%
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
15
Restaurant Meal Taxes 5 ½% Allocation
(in millions)
Total Restaurant Meal Tax FY12 Budget = $51.8M
OS 0.44% $1.6
GF 3.5%
TIP 1.06% $3.8
TAP 0.5%
GF 3.5% $12.7
TIP 1.06%
TAP 0.5% $1.8
OS 0.44%
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Summary of City’s General Fund Revenues
October 31, 2011
(in millions)
FY 2012 YTD
BudgetTrend
$%
*Real Estate Taxes$ 420.8$ 20.54.9%F
Personal Property Taxes 69.8 16.723.9U
PPTRA 53.4 -0.0A
General Sales Tax 53.0 14.727.7F
Utility Taxes 25.5 5.922.9U
Telecommunications Taxes 20.2 3.416.9U
Business Licenses 41.3 1.02.4A
*Hotel Taxes 5.5 3.666.0F
*Restaurant Taxes 32.9 12.738.5F
Charges for Services 46.9 11.524.4F
Other Local Revenues 51.5 14.428.0F
*State Revenues 108.9 28.125.8F
*Federal Revenues 21.8 6.328.8F
$ 951.5 $ 138.8 14.6%F
* GF portion only F=Favorable A=Acceptable U=Unfavorable
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FY 2012 Year-To-Date General Fund Expenditures
Compared to Historic Trend
October31, 2011
100.0%
100%
94.1%
YTD ACTUAL = $374.1M
85.7%
77.3%
80%
ANNUALBUDGET = $993.5M
Percent of Total Expenditures
69.7%
62.0%
60%
53.2%
45.8%
38.4%
40%
37.7%
28.8%
28.5%
18.1%
20%
19.1%
11.0%
9.9%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Expenditure Trend% of FY12 Exp Budget
18
FY 2012 Year To Date General Fund Revenues & Expenditures
Compared to Historic Trend At October 31, 2011
100.0%
100%
94.1%
ACTUALREVENUES = $138.8M
85.7%
80%
77.3%
ACTUAL EXPENDITURES= $374.1M
Percent of Total Expenditures
72.3%
69.7%
62.0%
60%
58.3%
53.2%
54.7%
45.8%
49.1%
45.2%
38.4%
40%
42.2%
37.7%
28.8%
28.5%
23.3%
18.1%
20%
19.1%
14.6%
11.0%
8.3%
13.0%
9.9%
4.4%
8.7%
1.7%
4.0%
1.9%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Rev Trend% of FY12 Rev BudgetExpenditure Trend% of FY12 Exp Budget
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General Fund FY 2012 Expenditures
Total at October 31, 2011:
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$374.1M, or 37.7%, of $993.5M Budget
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Summary of Actual Expenditures Under Budget at June 30:
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(in millions)
Total% of Total City % of City Schools
BudgetBudget
2008 (Actual)$55.5 5.1%$20.2 2.8%$35.3
2009 (Actual)$39.6 3.5%$24.7 3.2%$14.9
2010 (Actual)$45.3 4.1%$27.6 3.6%$17.7
2011 (Actual)$32.1 3.1%$22.4 3.2%$9.7
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Next Steps
Continue to monitor revenues in FY12
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Real Estate –December/June
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Business License –March
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Personal Property –April/May
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Audited Financial Statements for FY11 briefing –December 13 th
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November Interim –December 13 th
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Proposed Budget presented –March 27, 2012
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