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2010 -11 Year -End Review and Budget Adjustments September 19, 2011
<br />DISCUSSION
<br />This report provides the City Council with a summary of revenues and expenses through June
<br />30, 2011, including modified year -end projections, with the books closed but prior to the
<br />completion of the audited financial statements. Staff is recommending a number of year -end
<br />budget adjustments due to actions that occurred since December that require budget recognition
<br />and necessitate modifications to the adopted budget (grants, capital improvement project
<br />appropriations, etc.).
<br />Most of the major revenues for the fiscal year have been received and expenditures appropriately
<br />charged to last year have been posted and the Finance Department is better able to analyze year -
<br />to -date trends and year -end projections. Below is an analysis of revenues and expenditures for
<br />the General Fund and other key revenue funds.
<br />General Fund Revenue
<br />As previously reported to the Finance Committee and the City Council, staff can report some
<br />positive net revenue adjustments based on year -to -date actual receipts. In total, year -end
<br />projections indicate a net increase of General Fund revenues over the Adopted Budget
<br />projections of about $6.0 million, largely attributed to a correction in sales tax revenues
<br />(discussed below). This is a positive adjustment to the Adopted Budget projections with overall
<br />revenues slightly higher than prior years.
<br />GENERAL FUND REVENUES
<br />$ Variance %Variance
<br />2010 -11 2010 -11 2010 -11 Over Adopted Over Adopted
<br />(in thousands) Adopted Adjusted Projected Budget Budget
<br />Taxes:
<br />Property Taxes
<br />Sales Tax
<br />Utility Users Tax
<br />Document Property Transfer Tax
<br />Business Licenses
<br />911 Tax
<br />Other Taxes
<br />15,300
<br />15,400
<br />15,616
<br />316
<br />2.1%
<br />17,850
<br />19,516
<br />22,053
<br />4,203
<br />23.5%
<br />9,635
<br />9,798
<br />9,933
<br />298
<br />3.1%
<br />2,444
<br />2,444
<br />2,529
<br />85
<br />3.5%
<br />3,940
<br />3,940
<br />4,361
<br />421
<br />10.7%
<br />2,500
<br />2,600
<br />2,693
<br />193
<br />7.7%
<br />4,199
<br />4,264
<br />4,645
<br />446
<br />10.6%
<br />Subtotal Taxes 55,868 57,962 61,830
<br />Other Revenues:
<br />Licenses & Permits
<br />Use of Money & Property
<br />1,726 1,726 1,818
<br />1,219 1,058 1,070
<br />5,962 10.7%
<br />92 5.3%
<br />(149) -12.2%
<br />Revenue From Other Agencies
<br />1,146
<br />1,050
<br />1,216
<br />70
<br />6.1%
<br />Service Charges
<br />2,252
<br />2,301
<br />2,591
<br />339
<br />15.1%
<br />Other Revenue
<br />4,320
<br />3,863
<br />4,023
<br />(297)
<br />-6.9%
<br />Subtotal Other Revenue
<br />10,663
<br />9,998
<br />10,718
<br />55
<br />0.5%
<br />Subtotal Operating Revenue
<br />66,531
<br />67,960
<br />72,548 6,017
<br />9.0%
<br />Operating Transfers
<br />500
<br />500
<br />600 -
<br />0.0%
<br />Total General Fund Revenue
<br />67,031
<br />68,460
<br />73,148 6,017
<br />9.0%
<br />2
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