HomeMy WebLinkAbout02282012 FINANCIAL UPDATECITY OF VIRGINIA BEACHCITY OF VIRGINIA BEACH
FY 2011 FY 2011 --20122012
Budget to Actual Financial Budget to Actual Financial UpdateUpdate
Through January 31, 2012Through January 31, 2012
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OverviewOverview
7 Months7 Months
FY12 General Fund Revenues
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FY12 General Fund Expenditures
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Next Steps
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FY 2012 General Fund Revenues and ExpendituresFY 2012 General Fund Revenues and Expenditures
Compared to Budget Thru Compared to Budget Thru January 31January 31, , 20122012
(in millions)(in millions)
AnnualYTD
BudgetActualVariance
Revenues
Local (80.6% of budget)$ 767.5 $ 361.0 $ (406.5)
State (17.1% of budget) 162.4 62.6 (99.8)
Federal ( 2.3% of budget) 21.8 13.0 (8.8)
Total Revenues$ 951.7 $ 436.6 $ (515.1)
Expenditures/Encumbrances
City Operations$ 600.0 $ 366.6 $ 233.4
City Capital Projects 35.5 21.9 13.6
School Operations 365.6 213.3 152.3
Schools Capital Projects 4.1 2.4 1.7
Total Expenditures/Encumbrances$ 1,005.2 $ 604.2 $ 401.0
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
Transfer to School Reserve Fund 11.5
Adjusted Expenditures/Encumbrances$ 951.7
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FY 2012 YearFY 2012 Year--ToTo--Date General Fund RevenuesDate General Fund Revenues
Compared to Historic Compared to Historic Trend at January 31, 2012Trend at January 31, 2012
100.0%
100%
YTD ACTUAL = $436.6M
80%
74.6%
ANNUALBUDGET = $951.7M
Percent of Total Revenues
60%
59.7%
55.8%
45.9%
50.1%
42.8%
44.7%
40%
41.7%
26.8%
26.0%
20%
14.6%
8.3%
13.6%
4.4%
1.7%
9.1%
3.7%
1.5%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Rev Trend% of FY12 Rev Budget
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General General Fund Fund Revenues thru JanuaryRevenues thru January
$1,200100%
$1,046.1
$990.4
$974.7
$1,000
$951.7
80%
$800
% Total Collections
Revenues $ Million
60%
$600
45.9%
45.2%
44.3%
43.9%
$459.1
40%
$438.1
$436.6
$439.9
$400
20%
$200
$00%
FY 2009FY 2010FY 2011FY 2012
Actual Thru JanAnnual Budget% of Total
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Real Estate Real Estate Revenues Revenues --General General Fund Portion Only Fund Portion Only
January 31January 31, , 2008 2008 ––20122012
80%
$493.0
$500
$479.1
$465.8
BUDGET
$435.4
$421.8
60%
$400
52.2%
52.1%
51.4%
51.6%
% of Total Collections
Revenues $ Million
$300
40%
$254.3
$247.9
$239.5
$227.3
$219.8
$200
20%
$100
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
*Total Citywide Budget of $459.3M
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Personal Property Taxes (excludes PPTRA)Personal Property Taxes (excludes PPTRA)
January 31January 31, , 2008 2008 --20122012
$8050%
BUDGET
$73.1
$70.3
$68.1
$65.9
40%
$59.8
$60
% of Total Collections
Revenues $ Million
32.2%
29.2%
30%
28.6%
$40
23.1%
20%
$21.2
$20.5
$17.1
$20
$15.8
$15.6
10%
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
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General Sales TaxesGeneral Sales Taxes
January 31January 31, , 2008 2008 --20122012
2.1%Up from FY11
$60
80%
BUDGET
$54.1
$53.0
$51.7
$51.4
$50.3
$45
60%
% of Total Collections
52.8%
Revenues $ Million
51.6%
51.7%
51.5%
$28.0
$30
$27.1 $27.3
40%
$26.7
$26.0
$15
20%
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
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General Sales General Sales Taxes % Change from FY11 to FY12Taxes % Change from FY11 to FY12
(compares to same month of prior year)(compares to same month of prior year)
12.0%
10.4%
10.0%
7.4%
8.0%
6.8%
5.9%
5.4%
6.0%
4.3%
4.1%
4.0%
2.3%
2.0%
1.8%
1.0%
1.5%
1.5%
0.0%
1.0%
0.8%
-2.0%
-1.2%
-4.0%
-4.9%
-6.0%
* Collections lag sales by 2 months
Monthly % Change from PY
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Telecommunications TaxesTelecommunications Taxes
January 31January 31, , 2008 2008 --20122012
$3080%
$24.5
$25
$21.6
60%
BUDGET
$20.8
$20.1
$19.7
$20
% of Total Collections
Revenues $ Million
45.4%
44.7%
42.6%
42.5%
$1540%
$10.3
$9.5
$9.2
$10
$8.8
$8.6
20%
$5
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
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Hotel Room Hotel Room Taxes Taxes --General General Fund Portion OnlyFund Portion Only
January 31January 31, , 2008 2008 ––20122012
100%
BUDGET
$6
$5.5
$5.5
$5.4
$5.2
$5.2
76.4%
76.2%
80%
75.5%
75.5%
$5
$4.2
$4.2
% of Total Collections
$4.0
$4.0
$3.9
Revenues $ Million
$4
60%
$3
40%
$2
20%
$1
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
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Total Hotel Room TaxesTotal Hotel Room Taxes
January 31January 31, , 2008 2008 --20122012
$30
1.2% Upfrom FY11
100%
BUDGET
$24.6
$24.2
$25
$23.6
$22.8
$23.0
75.6%
80%
75.5%
74.7%
75.0%
$20
% of Total Collections
$18.5
$18.3
$17.5
$17.3
Revenues $ Million
$17.0
60%
$15
40%
$10
20%
$5
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
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Hotel Room Taxes 8% AllocationHotel Room Taxes 8% Allocation
(in millions)(in millions)
Total Hotel Room Tax FY12 Budget = $24.6M
SB $1 $0.1
GF 2%
GF 2%$4.2
CBD TIF
CBD TIF
$0.25
TAP 1%/$1
TIP 5% $10.5
TIP 5%
TAP 1%/$1
$3.4
SB $1
CBD TIF receives $500K annually
Hotel Room Tax = 8% plus $1 room nights
from GF ($222K) and TIP ($278K)
Note: SB SSD has an additional 2 ½ % tax
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Restaurant Meal Restaurant Meal Taxes Taxes --General General Fund Portion OnlyFund Portion Only
January 31January 31, , 2008 2008 --20122012
$40
4.8% Up from FY11
BUDGET
80%
$32.9
$32.3
$32
$30.6
$30.9
$30.8
61.8%
60.8%
60.7%
60.2%
% of Total Collections
60%
Revenues $ Million
$24
$20.3
$19.4
$18.7
$18.7
$18.5
40%
$16
20%
$8
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
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Total Restaurant Meal TaxesTotal Restaurant Meal Taxes
January 31, 2008 January 31, 2008 --20122012
$60
4.8% Up from FY11
BUDGET
80%
$51.8
$50.6
$48.4
$48.1
$48.3
$45
61.7%
60.8%
60.7%
60.2%
% of Total Collections
60%
Revenues $ Million
$31.9
$30.4
$29.1
$29.4
$29.4
$30
40%
$15
20%
$00%
FY 2008FY 2009FY 2010FY 2011FY 2012
Actual CollectionsYTD% of Total
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Restaurant Meal Taxes 5 ½% AllocationRestaurant Meal Taxes 5 ½% Allocation
(in millions)(in millions)
Total Restaurant Meal Tax FY12 Budget = $51.8M
OS 0.44%
$2.5
GF 3.5%
TIP 1.06%
$6.1
TAP 0.5%
TIP 1.06%
GF 3.5%
TAP 0.5%
$20.3
$2.9
OS 0.44%
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Summary of City’s General Fund RevenuesSummary of City’s General Fund Revenues
January 31January 31, , 20122012
(in millions)(in millions)
FY 2012 YTD
BudgetTrend
$%
*Real Estate Taxes$ 421.8$ 219.852.1%A
Personal Property Taxes 70.3 20.529.2U
PPTRA 53.4 6.512.2A
General Sales Tax 53.0 27.351.5A
Utility Taxes 25.5 13.051.0F
Telecommunications Taxes 20.1 8.642.6A
Business Licenses 41.3 3.17.5F
*Hotel Taxes 5.5 4.275.5A
*Restaurant Taxes 32.9 20.361.8F
Charges for Services 47.1 18.739.7F
Other Local Revenues 50.0 25.551.0F
*State Revenues 109.0 56.151.5F
*Federal Revenues 21.8 13.059.5F
$ 951.7 $ 436.6 45.9%F
* GF portion only F=Favorable A=Acceptable U=Unfavorable
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FY 2012 YearFY 2012 Year--ToTo--Date General Fund Expenditures Date General Fund Expenditures
Compared to Historic Compared to Historic Trend at January 31, 2012Trend at January 31, 2012
100.0%
100%
93.0%
YTD ACTUAL = $604.2M
84.9%
80%
76.1%
ANNUALBUDGET = $1,005.2M
Percent of Total Expenditures
68.7%
61.8%
60%
54.1%
60.1%
52.3%
45.3%
44.3%
37.8%
40%
37.2%
28.6%
28.2%
18.6%
20%
18.9%
11.1%
9.8%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Expenditure Trend% of FY12 Exp Budget
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FY 2012 FY 2012 YTD YTD General Fund Revenues & Expenditures General Fund Revenues & Expenditures
Compared to Historic Trend At Compared to Historic Trend At January 31January 31, , 20122012
100.0%
100%
93.0%
ACTUALREVENUES = $436.6M
84.9%
80%
76.1%
74.6%
ACTUAL EXPENDITURES= $604.2M
68.7%
Percent of Total Expenditures
61.8%
60%
59.7%
60.1%
54.1%
55.8%
52.3%
45.3%
45.9%
50.1%
42.8%
44.3%44.7%
37.8%
40%
41.7%
37.2%
28.6%
26.8%
28.2%
26.0%
18.6%
20%
18.9%
14.6%
11.1%
8.3%
13.6%
9.8%
4.4%
9.1%
1.7%
3.7%
1.5%
0%
JulAugSepOctNovDecJanFebMarAprMayJun
Rev Trend% of FY12 Rev BudgetExpenditure Trend% of FY12 Exp Budget
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General Fund FY 2012 Expenditures General Fund FY 2012 Expenditures
Total at January 31, 2012:
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$604.2M, or 60.1%, of $1,005.2M 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 StepsNext Steps
Continue to monitor revenues in FY12
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Real Estate –June due date
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Business License –March due date
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Personal Property –April/May info, June due date
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February Interim –March 27
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Proposed FY13 Budget presented –March 27
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