Finance Highlights 2011 1021 - Laserfiche WebLink

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Quarterly Financial Report as of September 30, 2011 October 21, 2011 The budget was approved with the operating revenues and expenditures in balance, without the use of reserves or one -time revenues, for the first time since 2007 -08. Revenue data from only a fiscal year's first quarter is not a clear indicator for year -end actual revenue. Total revenue for the first quarter of 2011 -12 was 10% of the budget, slightly higher than the percentage at the same time last year. Receipts from a number of revenue sources, including property tax, sales tax, interest earnings, and planning and building permit fees, historically correlate with changes in regional and state economic conditions. General Fund Revenue • Property Tax (3% of budget compared to 4% in 2010 -11) —The current year's budget for property tax revenue is $100,000 greater than budgeted in 2010 -11. The first payment of property tax from the secured roll by Alameda County will occur about December 15, 2011. • Sales Tax (7% of budget compared to 7% in 2010 -11) —The current year's budget for sales tax revenue is $5,260,000 more than budgeted in the 2010 -11. Anticipated revenue from approval of Measure Z represents $3,800,000 of the increase. First quarter revenue earned in the prior year amounts to $419,000. The state has delayed payments for August and September, with the August payment in the amount of $900,000 received in October. • Utility Users Tax (10% of budget compared to 15% in 2010 -11)— Revenue lower in 2011 -12 with the delay in payment by PG &E on Augusts' receipts. A total payment of $451,700 was received after September 30, 2011. • Property Transfer Tax (12% of budget compared to 16% in 2010 -11) —This quarter's revenue has dropped $98,300 compared to 2010 -11. An equal number of months covered in the two years, with an apparent decline in the valuation of property transfers reported by Alameda County in 2011 -12. • Charges for Services (43% of budget compared to 27% in 2010 -11)— Charges for services higher in 2011 -12 based on payments from Kaiser Hospital for fire review and inspection fees. Also, the reimbursement for Police service fees by the Nike store are reflected in 2011 -12 but not in 2010 -11. • Licenses & Permits (58% of budget compared to 19% in 2010 -11)— License & Permits revenues reflect Kaiser Hospital permit fees of $500,000 in 2011 -12. Additional high value building permits were issued for the Water Pollution Control Plant project and for work at the transfer station by Waste Management. General Fund Expenditures • Police (25% of budget compared to 25% in 2010 -11) —The current year's Police expenditure budget is $781,000 greater than budgeted in 2010 -11. First quarter expenditures include charges of $80,000 related to the Nike store and Century Theaters not included in the first quarter of 2010 -11. Redevelopment Agency The Agency's 2011 -12 operating budget appropriates revenues of $8,406,700 and expenditures of $7,740,000 for the three project areas. The Low/Moderate Income Housing budget projects revenues at $2,648,700 and expenditures at $1,665,400. The first payment of tax increment from