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Finance Highlights 2010 0518
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Finance Highlights 2010 0518
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6/4/2010 10:02:57 AM
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6/4/2010 10:02:56 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
5/18/2010
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_CC Agenda 2010 0607
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\City Clerk\City Council\Agenda Packets\2010\Packet 2010 0607
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CITY OF SAN LEANDRO <br />MEMORANDUM <br />DATE: May 18, 2010 <br />TO: Steve Hollister, City Manager <br />FROM: Perry Carter, Interim Finance Director"" <br />SUBJECT: Update of General Fund Estimated Revenues and Expenditures for 2009-10 <br />Attached for your review is an analysis of revenue and expenditure accounts for the General <br />Fund. The purpose of the review is to provide updated estimates of General Fund revenues and <br />expenditures for the fiscal year 2009-10. The update is based, for the most part, on actual <br />revenues and expenditures through the third quarter, March 31, 2009. <br />Schedule A, attached, presents operating revenue and expenditure information for the General <br />Fund for the prior year (actuals), current year budget and projected atuals as reported for <br />December 2009 and now updated through March 31, 2010. The following is a description of <br />each of the four columns found on the attached schedule (from left to right): <br />• 1st column -actual revenues and expenditures for the fiscal year 2008-09 <br />• 2na column -amended budget for 2009-10 (includes encumbrances and. approved budget <br />changes for 2009-10). <br />• 3Ta column -December 2009 Update, Estimated Actuals, (January Finance Committee <br />meeting) <br />• 4th column -March 2010 Update, Estimated Actuals (May Finance Committee meeting). <br />A quick look at column (4), the March Update, indicates that the General Fund will experience <br />an additional revenue shortfall for 2009-10 (from the December Update) of approximately $1.0 <br />million. Several revenue sources account for this downward revision of revenues, as of March <br />31, 2010 and are discussed briefly below: <br />Property Tax In April staff received the second major installment of property taxes for <br />2009-10. While there is still a significant "clean up "payment to be received in August, <br />collections to date warrant a further reduction of this revenue. Based on this information, <br />staff is reducing the property tax revenue estimate from $16.1 million to $15.9 million, a <br />reduction of $200,000. <br />• Utility User Tax Some good news for a change. This revenue is showing signs of <br />exceeding the estimate set in December. Staff is increasing this revenue source from $9.5 <br />million to $9.6 million, an increase of $100,000. <br />
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