Laserfiche WebLink
Attachment 2 <br /> HE CITY OF <br /> __l Quarterly Financial Report <br /> P (l O perating Budget <br /> 1 L -E i `.?A 1 T\ Third Quarter of FY 2009 -10 <br /> as of March 31, 2010 <br /> Sales Tax: <br /> Sales tax is budgeted at $15 million and the YTD collections are 56.8% of budget. The <br /> revised budget estimate assumed revenues would decrease another 14.5% from the <br /> prior year (which was down 17 However, the recent estimate from the City's sales <br /> tax consultant calls for a 16% drop for the current year, which would translate into <br /> approximately a $250,000 shortfall from the budget estimate. It will be necessary to <br /> monitor receipts during the last quarter of the fiscal year to determine if other revenues <br /> will exceed budget estimates and offset any shortfall in sales tax. <br /> Development Services Fees: <br /> Development Services Fees overall are at 81.2% with 75% of the fiscal year completed. <br /> This is after previously adjusting the budget for total fees down from $2.2 million to <br /> $1.3 million with the Mid -Year update. Building Permits are at 82.3% of budget, <br /> Planning Fees are at 44.9 Plan Check Fees are at 79.9 and Public Works fees are <br /> at 94.1 With the exception of planning fees, the performance of development <br /> services revenues is in large part due to the Ponderosa Homes senior housing <br /> development. <br /> Development Services User Fees Budget YTD Actual <br /> Building Permits 700,000 575,805 82.3% <br /> Planning Fees 72,565 32,560 44.9% <br /> Plan Check Fees 383,000 306,152 79.9% <br /> Public Works Fees 190,000 178,749 94.1% <br /> Total Development Services User Fees 1,345,5651 1,093,266 81.2% <br /> Hotel Motel Tax: sar <br /> Revenue from Hotel Motel Tax (included in Other Taxes) is at 65.9% with 75% of the <br /> year completed. However, not all 3rd quarter tax receipts have been received and are <br /> not technically due until April 30 The budget estimate was updated to reflect a <br /> 19.7% decrease at the time of the Mid -Year update was adopted. The 1 quarter <br /> receipts were down -21 the 2 quarter receipts were down -15 It is possible to <br /> make the current year budget estimate even if the 3rd and 4 quarters were both down <br /> 20 <br /> Business License Tax: 2P <br /> Business License Tax (included in Other Taxes) is budgeted at $2.9 million and with <br /> 75% of the year completed; 86% of budgeted revenues were realized at the end of the <br /> third quarter. Annual renewals of business licenses are due January 31st, which results <br /> 3 <br /> Good. Positive Indicator Aar Caution. Unsettled Indicator a Problem. Negative <br /> Indicator <br />