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ATTACHMENT I Quarterly Financial Report 1't\s\ 'NTO\a Operating Budget First Quarter 2011-12FY As of September 30, 2011 Current Financial Condition This report summarizes the City's overall financial position for the three months ending September 30, 2011 (First Quarter) of the 2011-12FY. The City's financial condition at the end of the First Quarter is stable and revenues are projected to improve slightly during 2011-12FY over and above what was projected in the 2011-12FY Budget adopted by Council on June 21, 2011. At this time it is anticipated that revenue estimates will need to be adjusted upward to reflect a slight upturn in the economy for sales tax during the Midyear Budget Review that will be presented to Council in March 2012. General Fund With 25% of the fiscal year completed, 6.1% of budgeted revenues have been received and 18.8% of budgeted expenditures have been realized. Only 6.1% of revenues (versus 25% based on three months of the year) have been realized due to the timing of the receipt of revenues. Certain tax revenues, such as sales tax, that were received in the First Quarter were actually earned in the fourth quarter of the 2010-11FY and were accrued back to the 2010-11FY to the period when that revenue was earned. Also, the first property tax payment received in the First Quarter includes only the unsecured property tax. The majority of property tax revenues will be received in December and April. Other taxes that consist mainly of hotel/motel taxes that are earned in the First Quarter are not due and payable to the City from the hotels until October 31st and therefore, are not reflected in First Quarter receipts. Franchise fees are similar in that the utilities (garbage, cable and telecommunication providers) pay their franchise fees quarterly to the City and the First Quarter fees are not due until October 31, 2011. Table 1 presents the revenue received in the First Quarter by major revenue category followed by an outlook on the condition of those revenues.