Finance Highlights 2012 0120 - Laserfiche WebLink

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Mid -Year Financial Report as of December 31, 2011 January 20, 2012 total $71,760,500. Expected revenues of $71,760,500, including interdepartmental fund transfers finance the anticipated expenditures. Total mid -year revenue in 2011 -12 amounts to $30,641,800, 43% of the total budget (compared to 42% in 2010 -11), although this year's budget is higher by nearly $5,229,000. Expenditures at mid -year amount to $34,556,000, 48% of the budget (compared to 49% in 2010 -11). 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. 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. Revenue data from fiscal year's mid -year offers a better indicator for year -end actual revenue than did the report after only 3- months. Total revenue for the first half of 2011 -12 was 43% of the budget, slightly higher than the percentage at the same time last year. General Fund Revenue • Property Tax (52% of budget compared to 52% 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 in the amount of $7,808,500 occurred December 14, 2011. The balance of the revenue to date, $191,000, represents supplemental payments related to property reassessments. • Sales Tax (39% of budget compared to 42% 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 $3,400,000 of the increase. The state has delayed payments for November and December (as was done in 2010 -11), with the October payment in the amount of $1,098,100 received in December. The first quarter adjustment for the July- September advance totaled $691,200. • Utility Users Tax (39% of budget compared to 40% in 2010 -11)— Revenue represents user taxes through the month of November 2011 as December receipts are due by January 31, 2012. • Property Transfer Tax (62% of budget compared to 37% in 2010 -11)— Mid -year revenue in 2011 -12 includes $630,400 as a result of the sale of the Lakeside Village apartment complex to a new investment firm in November 2011. This revenue represents a one -time payment. • Charges for Services (62% of budget compared to 48% 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 (74% of budget compared to 36% 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. 2