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Table 1. General Fund Overview
<br /> FY 2016/17
<br /> Mid-Term Recommended Mid-Year
<br /> Revenues Budget Adjustments Budget
<br /> Revenues $113,892,099 ($1,815,646) $112,076,453
<br /> Net Transfers (8,141,541) 11,500 (8,130,041)
<br /> Expenditures (105,372,491) 1,597,168 (103,775,323)
<br /> Difference $378,067 ($206,978) $171,089
<br /> General Fund Revenues - Table 2 identifies the total recommended revenue reductions
<br /> of $1,815,646 based on current conditions and economic factors. Sales Tax revenue
<br /> receipts for the first quarter of FY 2016/17 were down compared to the first quarter of FY
<br /> 2015/16 for General Consumer Goods, Business and Industry, and Fuel and Service
<br /> Stations such that staff is recommending reducing the Sales Tax Revenue budget by
<br /> $2,775,000. Staff had expected increases in these Sales Tax categories as well as
<br /> increased Sales Tax revenues from the new car dealerships. Based on the first quarter
<br /> receipts, it appears that Sales Tax revenues from the new car dealerships will meet staff's
<br /> estimates but the other categories listed above will not. In addition, delinquent property
<br /> taxes are expected to be $360,000 below budget. There were a few large projects that
<br /> the Building Department expected would pull permits in FY 2016/17 that are more likely
<br /> to pull permits in subsequent fiscal years. As a result, Building Permits revenues are
<br /> expected to be $600,000 under-budget.
<br /> The revenue decreases are off-set by several revenue categories anticipated to exceed
<br /> budget estimates including Property Taxes by $1,480,000, Vehicle License Fee by
<br /> $90,000, Fire Permit Fees by $370,000, Interest Earnings by $90,000, and Plan Check
<br /> fees by $360,000.
<br /> The following is a summary of proposed General Fund revenue adjustments:
<br /> Table 2. General Fund Revenues
<br /> FY 2016/17
<br /> FY 2013/14 FY 2014/15 FY 2015/16 Mid-Term Midyear Adjustments
<br /> Revenues Actual Actual Actual Budget Budget (Decrease)
<br /> Property Taxes $50,366,776 $53,744,273 $57,276,491 $59,115,000 $60,325,000 $1,210,000
<br /> Sales&Use Taxes 20,993,123 22,410,654 23,543,972 25,300,000 22,525,000 ($2,775,000)
<br /> Development Services Fees 4,465,201 5,273,221 6,429,634 5,983,650 5,440,650 ($543,000)
<br /> Hotel/Motel Tax 4,298,581 5,057,080 6,037,902 6,000,000 6,045,000 $45,000
<br /> Business License Tax 3,150,104 3,376,592 3,700,568 3,580,000 3,580,000 $0
<br /> Recreation Fees 3,783,871 4,069,748 4,384,846 4,173,410 4,178,410 $5,000
<br /> Other Revenues 9,451,016 , 10,188,983 10,367,295 9,740,039 9,982,393 $242,354
<br /> Total $96,508,673 $104,120,551 $111,740,708 $113,892,099 $112,076,453 ($1,815,646)
<br /> General Fund Expenditures — General Fund expenditure are expected to decrease by
<br /> a total of$1,597,168 as detailed in Tables 3 below.
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