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General Fund Revenues. Actual General Fund revenues were less than the Amended Budget
<br /> by $185,421 or .21% less than estimated. Table 2 presents the major revenue categories with a
<br /> comparison of the Amended Budget versus actual revenues and the variance to the Amended
<br /> Budget both in terms of dollars and percentage.
<br /> Table 2. General Fund Revenues —Amended Budget vs. Actual
<br /> General Fund Revenues Amended Actual $Variance %Variance
<br /> Budget
<br /> Property Tax 48,374,515 47,923,691 (450,824) -0.9%
<br /> Sales Tax 19,800,000 19,107,418 (692,582) -3.5%
<br /> Documentary Transfer Tax 465,130 536,841 71,711 15.4%
<br /> Business License Tax 2,823,375 2,842,587 19,212 0.7%
<br /> Hotel Tax 3,262,000 3,486,597 224,597 6.9%
<br /> Development Services Fees 3,410,450 3,775,406 364,956 10.7%
<br /> Recreation Fees 3,390,767 3,507,589 116,822 3.4%
<br /> Library Revenues 84,371 82,605 (1,766) -2.1%
<br /> Other Fees 1,028,973 1,026,830 (2,143) -0.2%
<br /> Grants & Intergovernmental 523,000 518,407 (4,593) -0.9%
<br /> Reimbursements 886,733 1,060,324 173,591 19.6%
<br /> Interest Income 190,000 215,032 25,032 13.2%
<br /> Inter-kind Labor Charges 2,543,239 2,534,346 (8,893) -0.3%
<br /> Other Revenues 3,219,975 3,199,434 (20,541) -0.6%
<br /> Total 90,002,528 89,817,107 (185,421) -0.21%
<br /> Property Tax revenues are the single largest revenue source for the General Fund, accounting
<br /> for over 55% of total revenues. In 2011/12FY actual property tax collections including all
<br /> categories of property related taxes (secured, unsecured, supplemental and delinquent taxes)
<br /> were $450,824 less than the Amended Budget estimate of$48.4 million.
<br /> Sales Tax revenue is the second largest revenue source for the General Fund, accounting for
<br /> over 21% of the total revenues. In 2011/12FY actual Sales Tax collections were $692,582 less
<br /> than the Amended Budget estimate of $19.8 million. Business License Tax, Hotel Tax,
<br /> Documentary Transfer Tax, Recreation and Development Services Fees and Charges and
<br /> Reimbursements were greater than anticipated by $970,889; resulting in a net decrease of $185,
<br /> 421 in overall actual revenues of $89.8 million as compared to projected revenues for the
<br /> 2011/12FY.
<br /> General Fund Expenditures. Actual General Fund expenditures were less than the Amended
<br /> Budget estimates of $86.9 million by $1,333,920. Table 3 shows the major expenditure
<br /> categories with a comparison of Amended Budget versus actual expenditures and the variance
<br /> to the Amended Budget both in terms of dollars and percentage. The majority of the reduction in
<br /> expenditures was in materials, supplies and services. The majority of the reduction in this
<br /> category was the Contingency of approximately $800,000 that was established when the
<br /> Midyear Budget was reviewed in February 2012. At that time, staff recommended that any
<br /> excess funds be put in the Contingency and staff would bring forward a recommendation at the
<br /> year-end for allocating these funds as we are currently doing in this Report.
<br /> Page 3 of 11
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