RES 95013 - Laserfiche WebLink

OVERVIEW OF FIRST QUARTER 1994-95 Most operating revenues are on target with projections for the first quarter. Fewer Building and Public Works Fees have been received in the first quarter of 1994-95 compared to the same quarter in 1993-94. However, with growth management allocations set to expire in December 1994, significant development related revenue has since been collected in the second quarter of the year. Therefore, staff has also included in Appendix E of this report a summary of development related revenues collected for the entire first six months of the year (through December 31, 1994}. Staff is not recommending any changes in General Fund revenue projections until further analysis can be made during the Midyear review. However, the 1993-94 actual revenue levels would indicate that a favorable adjustment needs to be made to the 1994-95 sales tax projections. Furthermore, rising interest rates also suggest that we need to revise interest income projections for 1994-95. Because of seasonal variations in spending patterns, the first quarter of the fiscal year is usually too early to draw many conclusions regarding expenditures. In general, the City continues to contain costs. As personnel vacancies arise, decisions to fill the positions are made on a case by case basis, taking current service level demands into consideration. During ~the Midyear review, the expenditure budget will be reduced to reflect further savings, beyond those already projected when the budget was originally prepared. APPENDICES The attached Appendix A reflects the recommended Operating Budget Amendments, with details of revenues and transfers contained in the second table. Appendix B reflects the projected 1994-95 year end Operating Budget Fund Balances, after the recommended amendments are made. Appendix C contains an analysis of major revenues, both operating and capital. Appendix D contains worksheets outlining the recommended budget amendments to the Capital Improvement Program (Tables 1-5), the Revised 5-Year Park CIP (Table 2B), Projected Park Dedication Revenues (Table 2C), and a CIP Projects Status Report. Appendix E shows development related revenues collected through December 1994. Appendix F contains a recent letter from the City's sales tax auditor, and several sales tax trend charts. Appendix G contains an updated projection of General Fund Reserves. SR95:26 2