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Quarterly Financial Report ma ' 1 1111 1 1 =V III 1 LE ASANTONL Operating Budget First Quarter 2010/11FY As of Se . tember 30 2010 r m . q :..a '.. , t 1 1 -1, i q Cat 's . i. Sales Tax: ' The 2010 /11FY sales tax is budgeted at $16.2 million and the year to date collections is $837,200, or 5.2 %. The revenue from this first payment is an advance based on prior year collections and not much can be interpreted from the revenue received as of September 30, 2010. The payment for sales tax for the period of July through September 30, 2010 was received on December 16, 2010 and will be reflected in the Midyear Budget Review. Based on recent trends, prior year actual information and the slight improvement in the economic outlook for retail sales; sales tax receipts for 2010 /11FY are expected to be equal to or above the 2009 /10FY receipts. Sales tax revenues for the 2009 /10FY were $15.4 million. Recommendations regarding adjustments to the 2010 /11FY budget estimates, if any, will be made with the Midyear Budget Review in March 2011. Development Services Fees: ' Table 2 presents a comparison of the Development Services' user fees received to date as compared to the 2010 /11FY Budget. Year to date collections are $520,320 or 43.2% with 25% of the fiscal year completed. Development Services' user fees for the 2009 /10FY were $1.475 million and staff is anticipating that the revenues in 2010 /11FY will be similar. Any adjustments to Development Services' user fees will be reviewed in the Midyear Budget Review in March 2011. Table 2. Development Services User Fees Development Services User Fees Budget Actual w Building Permits 700,000 293,094 41.9% Planning Fees 95,334 12,055 12.6% Plan Check Fees 350,000 207,339 59.2% Public Works Fees 60,000 7,833 13.1% Total Development Services User Fees 1,205,334 520,320 43.2% Hotel /Motel Tax: £ Revenue from Hotel /Motel Tax (included in Other Taxes) is budgeted at $2.5 million in 2010 /11FY. Actual Hotel /Motel tax revenues received in the 2009 /10FY were $2.7 million. Staff is anticipating that the revenues in 2010 /11FY could be equal to or slightly higher than 2009 /10FY. Any adjustments to Hotel /Motel taxes will be reviewed in the Midyear Budget Review in March 2011. . G ood. Positive Indicator . Caution. Unsettled Indicator a Problem. Negative Indicator