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THE CITY OF H _,:l I,,, Quarterly Financial Report I L-E OTX\ I O\® Operating Budget First Quarter 2013/14FY As of September 30, 2013 Sales Tax: P The 2013/14FY sales tax is budgeted at $19.740 million and the year to date collections is $1,064,600 or 5.4%. 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, 2013. The remaining amount due for actual sales tax for the period of July through September 30, 2013 will be received on or about December 23, 2013 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 2013/14FY are expected to be equal to or greater than the 2012/13FY receipts of 19.103 million. Recommendations regarding adjustments to the 2013/14FY budget estimates, if any, will be made with the Midyear Budget Review in March 2014. Hotel/ Motel Tax : :1: Revenue from Hotel/Motel Tax is budgeted at $3.750 million in 2013/14FY. Actual Hotel/Motel tax revenues received in the 2012/13FY were $3.939 million. Staff is anticipating that the revenues in 2013/14FY could be equal to or slightly higher than 2012/13FY; thereby warranting an increase in the 2013/14FY projection. Any adjustments to Hotel/Motel taxes will be reviewed in the Midyear Budget Review in March 2014. Business License Tax: ...<5; Business License Tax is budgeted at $3.05 million. The 2012/13FY actual revenue was $3.141 million. Staff is anticipating that the revenues in 2013/14FY could be equal to or slightly higher than 2012/13FY; thereby warranting an increase in the 2013/14FY projection. The majority of business license revenue is realized during the annual renewal in January. After that time, staff will know better whether any changes in the budget for business license tax is warranted. Development Services Fees : Table 2 presents a comparison of the Development Services' user fees received to date as compared to the 2013/14FY Budget. Year to date collections are $547,958 or 13.5% 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 2012/13FY were $3.718 million and staff is anticipating that the revenues in 2013/14FY would be higher. However, in comparing the First Quarter of 2013FY to the First Quarter of 2014FY, the City had received by September 30 twice as much revenue as this year ($1,175,343 or 34.6% of the fees); thereby warranting a cautious review and monitoring of these fees. Any adjustments to Development Services' user fees will be reviewed in the Midyear Budget Review in March 2014. Good. Positive Indicator Caution. Unsettled Indicator a Problem. Negative Indicator