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<br /> SECTION II
<br />OPERATING BUDGET DISCUSSION
<br />The purpose ofthis section ofthe report is to present the status of the Operating Budget as of the
<br />end of the fiscal year 2004-05 (FY05), and to analyze any variances between actual revenues and
<br />expenditures compared to previous projections for that year. Staff is also recommending
<br />Council actions, relating to the designation of Fund Balances and the carryover of budgeted
<br />items from one fiscal year to the next, which are done each year as the final step in closing the
<br />books.
<br />GENERAL FUND
<br />The General Fund ended FY05 with net income of $3.6 million, which was $7.8 million better
<br />than budgeted. However, after making recommended budget carryovers to FY06 for items not
<br />yet completed, the positive budget variance is $3.99 million. Staff is recommending that these
<br />funds be added to the General Fund Capital Projects Reserve and the 10% Reserve for
<br />Economic Uncertainties.
<br />General Fund Revenues
<br />General Fund revenues exceeded projections by $1.68 million. The following table shows
<br />major General Fund revenues, with a comparison of projected revenue versus actual revenue.
<br /> GENERAL FUND REVENUE
<br /> PROJECTED VS. ACTUAL
<br /> 2004-05 (Unaudited)
<br /> Projected Actual $ Variance % Variance
<br />Property Taxes $ 36.863,458 $ 36,670,867 $ (192.591) -0.5%
<br />Sales Tax 18,700,000 19,885.692 1.185,692 6.3%
<br />Documentary Transfer Tax 1.000,000 1.127,173 127,173 12.7%
<br />Business License Tax 2.950,000 2,947,848 (2,152) -0.1%
<br />Hotel Tax 2.750.000 2,798,869 48,869 1.8%
<br />Development Services 3.829,422 3.649,468 (179.954) -4.7%
<br />Recreation Fees 3.082,486 3.232,459 149.973 4.9%
<br />Other Fees 943.525 1.011,528 68,003 7.2%
<br />Grants & Subventions 1,440.882 1.304,527 (136,355) -9.5%
<br />Reimbursements 837,058 915,353 78.295 9.4%
<br />Interest Income 401,525 631.869 230,344 57.4%
<br />Interfund Revenues 2586.155 2,707.759 121.604 4.7%
<br />All Other 2,835,826 3,021,792 185,966 6.6%
<br />Total $ 78,220 337 $ 79,905,204 $ 1,684,867 2.2%
<br />SR 05:300 7
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