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rainQuarterly Financial Report I L 1 7 Olt v I \)\o Operating Budget First Quarter 2012/13FY As of September 30, 2012 Sales Tax: The 2012/13FY sales tax is budgeted at $19.447 million and the year to date collections is $962,200 or 4.9%. 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, 2012. The payment for sales tax for the period of July through September 30, 2012 is to be received on or about December 23, 2012 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 2012/13FY are expected to be equal to or greater than the 2011/12FY receipts of 19.107 million. Recommendations regarding adjustments to the 2012/13FY budget estimates, if any, will be made with the Midyear Budget Review in March 2013. Development Services Fees: '-0' Table 2 presents a comparison of the Development Services' user fees received to date as compared to the 2012/13FY Budget. Year to date collections are $1,175,343 or 40.7% with 25% of the fiscal year completed. It should be noted that a majority of these fees are received by the City in the summer and spring months due to the construction cycle. Development Services' user fees for the 2011/12FY were $3.775 million and staff is anticipating that the revenues in 2012/13FY could be similar; thereby warranting an increase in the budget for these fees. Any adjustments to Development Services' user fees will be reviewed in the Midyear Budget Review in March 2013. Table 2. Development Services User Fees Development Services User Fees Bud•et YTD Actual Building Permits 1,611,990 774,385 48.0% Planning Fees 601,651 11,635 1.9% Plan Check Fees 1,071,147 385,800 36.0% Public Works Fees _ 109,019 3,524 3.2% Total Development Services User Fees 3,393,807 1,175,343 34.6% Hotel/ Motel Tax: Revenue from Hotel/Motel Tax (included in Other Taxes) is budgeted at $3.450 million in 2012/13FY. Actual Hotel/Motel tax revenues received in the 2011/12FY were $3.487 million. Staff is anticipating that the revenues in 2012/13FY could be equal to or slightly higher than 2011/12FY. Any adjustments to Hotel/Motel taxes will be reviewed in the Midyear Budget Review in March 2013. A Good. Positive Indicator S Caution. Unsettled Indicator a Problem. Negative Indicator