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Business License Tax <br /> <br /> The majority of Business License Taxes are collected in January of <br /> each year. Therefore, the first quarter is too soon to evaluate <br /> the revenue projections. An update will be done at Midyear. <br /> <br /> Recreation Revenues <br /> <br /> Recreation revenues are at 28.8% of the annual projection, compared <br /> to 26.7% in the same quarter last year. At midyear, staff will <br /> review this further to see if revenue projections can be raised for <br /> the year. <br /> <br />Water and Sewer Operatinq Funds <br /> <br />The revenues for both Funds will be analyzed in more depth after <br />the upcoming water and sewer rate adjustments are adopted, and <br />after expenditures are reviewed. The amount of the rate <br />adjustments and their timing will be factors in updating the <br />projections. <br /> <br /> Capital Improvement Funds <br /> <br />As of the first quarter of the fiscal year, revenues lagged behind <br />projections. However, due to the significant amount of fees <br />collected in the last few days of December, most revenues are at <br />about S0% of total year projections. However, only $42B,000 of the <br />projected $1.1 million in Park Dedication Fees has been collected <br />to date. <br /> <br />However, projected annual revenues in the CIP cannot be <br />extrapolated from year to date collections, as can many operating <br />revenues. Therefore, as part of the Midyear review and preparation <br />for the 1995-96/1999-2000 CIP, staff will be revising the estimated <br />time schedule for CIP revenue collections. Since revenues <br />collected in 1994-95 are not used until 1995-96, the current year <br />CIP is unaffected by changes in cash flow projections. However, <br />some projects could be affected by cash flow in the second year <br />(1995-96), such as the pool and tennis park projects. <br /> <br />As part of the Case Avenue project, some fees ($738,000) were <br />waived for the developer, and paid by the Lower Income Housing Fund <br />to the General Fund to be placed in the Capital Projects Reserve. <br /> <br />Should development funding not be received in the timeframe <br />projected in the CIP, the $738,000 could be used as an advance to <br />keep these already approved projects on schedule. <br /> <br />SR95:26 <br /> 5 <br /> <br /> <br />