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Attachment 2 THE CITY OF Quarterly Financial Report TON. Budget p L i 1SA i T ON© Third Quarter of FY 2009 -10 as of March 31, 2010 Current Financial Condition This report summarizes the City's overall financial position for the fiscal year through March 2010. The City's financial condition at the end of the third quarter is stable. This stability is due in large part to the $4.1 million General Fund budget adjustment made in March during the Mid -Year update. The General Fund budget is on track as a result of making reductions in revenues and offsetting adjustments in expenditures and transfers. The need for the Mid -Year reductions was the result of sales taxes, property taxes, and development services fees not performing as well as assumed in the original budget adopted last July. All General Fund budget figures in this report are adjusted based on the most recent Mid -Year reductions. The original General Fund estimate for 2009 -10 in the adopted budget assumed revenues would decline 3% from 2008 -09 and the most recent updated estimate assumes the decline will be 7.4 General Fund Overview With 75% of the fiscal year completed, 59.5% of budgeted revenues have been received and 64.3% of budgeted expenditures have been realized. Overall, total general taxes are expected to perform within the revised budget estimates. General Fund Bud.et YTD Actual Percent Total Revenues 83,141,200 49,455,035 59.5% Total Expenditures 85,553,892 55,035,660 64.3% General Fund Revenues Although 75% of the fiscal year has been completed as of March 31, 2010 not all revenues are received in equal monthly installments. This would include primarily property tax and sales tax. The largest share of property tax comes in two installments in December and May. The sales tax earned during May and June is actually not received until September. Business license tax is due annually in January. Also, hotel tax receipts for the quarter ending March 31 is not due until April 30` With 75% of the year completed, 59.9% of total revenues have been received. Good. Positive Indicator G Caution. Unsettled Indicator Problem. Negative Indicator