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Reserve for Carryovers (from Table 2)
<br /> Unspent Contingency for energy demonstration projects $205,554
<br /> Purchase orders, contracts items ordered but not received by 6 -30 -09 699,804
<br /> Residual Variance available in the Carryover Reserve for future allocation 2,512,969
<br /> Grant Revenue Carryover (19,433)
<br /> Net Carryover $3,398,894
<br /> Staff is recommending that the residual variance of $2,512,969 not required to fulfill
<br /> outstanding purchase orders or contracts and funding designated for energy projects be
<br /> held in the Carryover Reserve until the Mid -Year 2009 -10 update.
<br /> General Fund Revenues. Actual General Fund revenues were below the budget
<br /> estimates by ($143,748) or a variance of (0.16 The following table shows the major
<br /> revenue categories with a comparison of budgeted versus actual revenues and the
<br /> variance to the budget estimate both in terms of dollars and percentage.
<br /> Table 3. General Fund Revenues Bud et vs. Actual
<br /> Property Tax 48,226,387 50,414,366 2,187,979 4.5%
<br /> Sales Tax 18,962,000 17,535,784 (1,426,216) -7.5%
<br /> Documentary Transfer Tax 570,000 322,058 (247,942) -43.5%
<br /> Business License Tax 3,000,409 2,752,040 (248,369) -8.3%
<br /> Hotel Tax 3,303,640 2,802,319 (501,321) -15.2%
<br /> Development Services Fees 1,888,193 1,620,737 (267,456) -14.2%
<br /> Recreation Fees 3,866,816 3,708,827 (157,989) -4.1%
<br /> Library Revenues 80,600 75,744 (4,856) -6.0%
<br /> Other Fees 1,030,781 1,027,089 (3,692) -0.4%
<br /> Grants I ntergovern mental 951,302 985,029 33,727 3.5%
<br /> Reimbursements 726,031 899,262 173,231 23.9%
<br /> Interest Income 1,032,992 853,294 (179,698) -17.4%
<br /> Inter -fund Labor Charges 3,469,886 3,110,050 (359,836) 10.4%
<br /> Other Revenues 2,969,788 3,828,478 858,690 28.9%
<br /> Total 90,078,825 89,935,077 (143,748) -0.16%
<br /> Property tax revenues are the single largest revenue source for the General Fund,
<br /> accounting for 56% of total revenues. In 2008 -09 actual Property tax collections were
<br /> $2,187,979 above budget estimates, a +4.5% variance. This positive variance is
<br /> primarily due to actual receipts being greater than budget estimates in three categories;
<br /> secured property tax +$668,100), delinquent property tax +$1,290,700), and
<br /> supplemental property taxes +$249,325). The revised estimate for secured property
<br /> tax called for a +3.5% increase over the prior year projected budget while actual results
<br /> were a +5.3% increase over the prior year actual collections. The revised estimate for
<br /> delinquent property tax was $928,906 while actual receipts totaled $2,219,606 which
<br /> was the highest amount ever collected from that source. The revised estimate for
<br /> supplemental property tax assessments was $1,000,000 while actual receipts totaled
<br /> $1,249,325.
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