RES 96130 - Laserfiche WebLink

Property tax, sales tax, and business license taxes were essentially. on target with projections. Hotel Taxes exceeded projections by $175,000 (9 ~/o), due primarily to increased room rates, increased weekday occupancy rates, and continue~ efforts of the Tfi-Valley Convention and Visitors' Bureau to attract weekend visitors. Buildin Permits and Plan Check Fees exceeded projections by $415,000 (20%). However, much o~the revenue was received in late spring (May and June), and the inspections and plan checks will not take place until the 1996-97 fiscal year. Therefore, staff is recommending that $65,000 be carried over from 1995-96 to 1996-97 to fund an additional limited term building inspector who was hired to help with the increased workload, and that $90,000 be carried over for contract plan checking. This additional limited term inspector is in addition to the two who were added during the 1995-96/1996-97 Midterm budget review. Interest income was $167,000 (20%) less than expected, due to decreased interest rates in the last half of 1995-96. Planning Department reimbursement revenues were $86,000 (48%) less than projected, but this is offset by a similar variance in reimbursable expenses. Thus this variance does not result in any net impact to the General Fund. Motor Vehicle License Fees were $67,000 3%) higher than projected. This revenue is difficult to project since it is determined on a tatewide basis and then distributed to cities based on population. Public Works fees were $143,000 (18%) less than projected, but since the projections are based on actual expected projects, this is viewed as a timing issue; and the 1996-97 revenue projections will need to be reviewed and possibly adjusted accordingly. Likewise, the variance in the PERS credit of $205,000 (20%) is also a timing issue, and will be reprogrammed in the 1996-97 budget. On the other hand, Subventions and Grants are $98,000 (67%) over budget due in part to the COPS Ahead grant administrator allowing the City to claim more of its costs upfront for the three year program. This means the City will receive $45,900 more in 1995-96, but it will come from future allocations budgeted in future years. Therefore, revenue projections for 1996-97 and 1997-98 will need to be adjusted accordin ly, and staff is recommending that this upfront revenue be added to the Carryover Reserve an~used in the periods originally planned. Miscellaneous revenues were $189,000 (249%) over projections, due primarily to a one-time revenue of $152,428 generated from the close-out of an old development agreement with the former Koll Center (now Bemal Corporate Park). Since this is a one-time revenue, staff is recommending that it be placed in the General Fund Capital Project Reserve for future appropriation at the time the next Capital Improvement Program (CIP) budget is approved. 4 SR96:318