Finance Highlights 2012 0504 - Laserfiche WebLink

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Third Quarter Financial Report as of March 31, 2012 May 4, 2012 total $71,760,500. Expected revenues of $71,760,500, including interdepartmental fund transfers finance the anticipated expenditures. Total third quarter revenue in 2011 -12 amounts to $47,578,500, 66% of the total budget (compared to 68% in 2010 -11), although this year's budget is higher by nearly $5,229,000. Expenditures at the end of the third quarter amount to $50,856,100, 71% of the budget (compared to 72% 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 the fiscal year's third quarter offers a better indicator for year -end actual revenue than did the report at mid -year. Total revenue for the first half of 2011 -12 was 66% of the budget, slightly lower than the percentage at the same time last year. General Fund Revenue • Property Tax (52% of budget compared to 61% in 2010 -11) —The current year's budget for property tax revenue is $100,000 greater than that budgeted in 2010 -11. The first payment of property tax from the secured roll by Alameda County in the amount of $7,808,500 was recorded on December 14, 2011. The balance of the revenue received amounting to $191,000 represents supplemental payments related to property reassessments. Nearly $1,400,000 in additional supplemental adjustments was received in April and is not reflected in the Financial Report (a similar amount was received in March 2011 resulting in the higher property tax revenue reported in the third quarter of 2010 -11). • Sales Tax (62% of budget compared to 71% in 2010 -11) —The current year's budget for sales tax revenue is $5,260,000 more than budgeted in 2010 -11. Anticipated revenue from Measure Z represents $3,400,000 of the increase (primary Sales and Use Tax revenue was increased by $238,300 and Sales and Use Tax backfill was increased by $1,231,700). The state has delayed payments for February and March (as was done in 2010 -11), with the scheduled January payment in the amount of $952,400 received in March 2012. The second quarter adjustment for the October - December advance totaled $494,400. • Utility Users Tax (66% of budget compared to 66% in 2010 -11)— Revenue represents user tax payments for eight months through February 2012 since March receipts are due by April 30. • Property Transfer Tax (83% of budget compared to 57% in 2010 -11) —Third quarter revenue in 2011 -12 includes $630,400 resulting from the sale of the Lakeside Village apartment complex to a new investment firm in November 2011. This revenue is an extraordinary one -time payment. Other Property Transfer tax revenue in 2011 -12 generally equals the amount of revenue received in 2010 -11 through March 31, 2011. 2