08 - Laserfiche WebLink

ATTACHMENT 1 THE CITY OF Quarterly Financial Report r Operating Budget 1'L-E ASANTONm First Quarter of FY 2009 -10 As of Se tember 30 2009 Current Financial Condition This report summarizes the City's overall financial position for the fiscal year through September 30, 2009. The City's financial condition at the end of the quarter is stable. However, revenue estimates will need to be adjusted to reflect a continued downturn in the economy beyond the decreases already estimated in the budget for property tax, sales tax, and development fees. The Mid -Year budget update will provide more year to date information and a plan to keep the budget in balance. General Fund With 25% of the fiscal year completed, 5.5% of budgeted revenues have been received and 20.3% of budgeted expenditures have been realized. The reason that only 5.6% of revenues have been realized is the timing of receipts. First, certain tax revenues, such as sales tax, that is received in the first quarter was actually earned in the fourth quarter of the prior year and is accrued back into the prior fiscal year. Also, the first property tax payment received in the first quarter only includes the unsecured property tax. In addition, the hotel /motel tax earned in the first quarter isn't due until October 31. and therefore is not reflected in first quarter receipts. General Fund Bud et YTD Actual Percent Total Revenues 87,332,823 4,842,351 5.5% Total Expenditures 86,368,404 17,552,179 20.3% Good. Positive Indicator SP 1 Caution. Unsettled Indicator a Problem. Negative Indicator