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Current Financial Condition
<br />The City's financial condition at the end of the third quarter is very positive. This report
<br />summarizes the City's overall financial position for the fiscal year through March 31,
<br />2007. Except as noted below, revenues and operating expenditures are generally on
<br />target based on past trends for the third quarter. Budget adjustments will be
<br />recommended in a separate agenda report.
<br />General Fund
<br />With 75% of the fiscal year completed, 55% of budgeted revenues have been received
<br />and 66% of budgeted expenditures have been realized. General taxes are expected to
<br />perform better than budget estimates even though only 55% of overall revenues have
<br />been received. This is because the remainder of property tax will not be received until
<br />May and sales tax earned in May and June will not be received until after the end of the
<br />fiscal year. Property taxes and sales tax comprise over 80% of budgeted revenues.
<br />• •- ~ ~
<br />Revenues 89,431,040 49,462,405
<br />Ex enditures 87,458,245 57,677,187
<br />General Fund Revenues
<br />
<br />Property Taxes 43,631,953 23,479,714 54%
<br />Sales Tax 21,272,034 12,224,540 57%
<br />Hotel & Motel Tax 3,061,675 1,751,604 57%
<br />Business License Tax 3,061,675 2,869,009 94%
<br />Other Taxes 1,506,901 1,037,039 69%
<br />Licenses & Permits 60,727 34,471 57%
<br />Development Services User Fees 3,842,878 2,852,297 74%
<br />Fines & Forfeitures 578,813 284,668 49%
<br />Interest Income 8 Rentals 690,538 330,289 48%
<br />Grants & State Subventions 1,101,539 589,682 54%
<br />Franchise Fees 1,608,105 476,421 30%
<br />Other User Fees 1,070,213 321,765 30%
<br />Miscellaneous Revenues 1,149,720 677,483 59%
<br />Library Revenues 87,944 59,493 68%
<br />Recreation User Fees 3,549,138 2,473,930 70%
<br />Interfund Char es 3,157,187 - 0%
<br />Total Bud et vs. YTD Actual 89,431,040 49,462,405 55%
<br />~•~~ Good. Positive Indicator ~ Caution. Unsettled Indicator ~ Problem. Negative Indicator
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