Finance Highlights 2010 0518 - Laserfiche WebLink

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CITY OF SAN LEANDRO MEMORANDUM DATE: May 18, 2010 TO: Steve Hollister, City Manager FROM: Perry Carter, Interim Finance Director"" SUBJECT: Update of General Fund Estimated Revenues and Expenditures for 2009-10 Attached for your review is an analysis of revenue and expenditure accounts for the General Fund. The purpose of the review is to provide updated estimates of General Fund revenues and expenditures for the fiscal year 2009-10. The update is based, for the most part, on actual revenues and expenditures through the third quarter, March 31, 2009. Schedule A, attached, presents operating revenue and expenditure information for the General Fund for the prior year (actuals), current year budget and projected atuals as reported for December 2009 and now updated through March 31, 2010. The following is a description of each of the four columns found on the attached schedule (from left to right): • 1st column -actual revenues and expenditures for the fiscal year 2008-09 • 2na column -amended budget for 2009-10 (includes encumbrances and. approved budget changes for 2009-10). • 3Ta column -December 2009 Update, Estimated Actuals, (January Finance Committee meeting) • 4th column -March 2010 Update, Estimated Actuals (May Finance Committee meeting). A quick look at column (4), the March Update, indicates that the General Fund will experience an additional revenue shortfall for 2009-10 (from the December Update) of approximately $1.0 million. Several revenue sources account for this downward revision of revenues, as of March 31, 2010 and are discussed briefly below: Property Tax In April staff received the second major installment of property taxes for 2009-10. While there is still a significant "clean up "payment to be received in August, collections to date warrant a further reduction of this revenue. Based on this information, staff is reducing the property tax revenue estimate from $16.1 million to $15.9 million, a reduction of $200,000. • Utility User Tax Some good news for a change. This revenue is showing signs of exceeding the estimate set in December. Staff is increasing this revenue source from $9.5 million to $9.6 million, an increase of $100,000.