RES 95013 - Laserfiche WebLink

Interest Income Interest Income for the first quarter is also not posted until October. As of October 31, interest income for the General Fund was $93,000, compared to $67,000 for the first quarter of 1993-94. Staff will review the interest income projection in more detail at midyear. Three factors should contribute to additional interest earnings in 1994-95: · The ending June 30, 1994 balance was higher than projected, creating more funds to be invested; · Staff has been working to systematically increase the average life of the City's investment portfolio, which will lead to increasingly more interest income over time; and · Short term interest rates have risen significantly in the last few months. The impact of interest rates on interest income to other Funds, besides the General Fund, will also need to be analyzed in more depth at Midyear. State Auto In-Lieu State Auto In-Lieu fees are only slightly over projections. Therefore, no change in the revenue estimate is being recommended at this time. Buildinq and Public Works Fees In general, Building and Public Works Fees in the first quarter of 1994-95 lagged slightly behind the same quarter in the prior year. However, looking ahead to the end of the second quarter of the year, the Building Department has already achieved slightly more than one-half of their projected revenue for the fiscal year, with plan checking fees at 84% of projections. However, Public Works Fees still lag behind current year projections, and the revenues collected in the comparable time period last year. Staff will need to analyze whether the increased fees will also result in increased contract services for plan checking, inspections, etc. Therefore, no adjustment is being recommended at this time, with a more in-depth analysis planned for Midyear. SR95:26 4