Laserfiche WebLink
THE CITY OF <br />Quarterly Financial Report <br />- =_" ~~~ Operating Budget <br />~ L~ ~S~4NTONo Second Qusrter of FY 2007-08 <br />as of December 31, 2007 <br />.t ~ .>. <br />Sales Tax: <br />Sales tax is budgeted at $21.6 million and is expected to meet revised budget <br />estimates, which calls for a -1.3% decrease over the prior year actual. This revised <br />estimate assumes ageneral -3% to -5% decrease in the auto and transportation <br />sector, the loss of sales tax from three auto dealers, and the recognition of one-time <br />payments in the prior year that will not reoccur. This is consistent with local and <br />regional economic performance. For the second quarter the state overall was down - <br />2.7% with Livermore down -2.5% and Dublin down -3.3%. <br />Development Services Fees: <br />Development Services Fees overall are at 45% with 50% of the fiscal year completed. <br />This is after adjusting total fees down from $4.0 million to $3.1 million. Public Works <br />fees are at 16% collected after substantially adjusting fees down from $403,370 to <br />$153,370 primarily for inspections. Continued monitoring of revenue from public works <br />inspections is warranted and an update will be provided at the third quarter. <br />~- ~ <br />Building Permits 1,535,600 710,268 46% <br />Planning Fees 517,154 64,602 12% <br />Plan Check Fees 934,822 616,596 66% <br />Public Works Fees 153,370 24,791 16% <br />Total 3,140,946 1,416,256 45% <br />Hotel & Motel Tax: ~' <br />Revenue from Hotel & Motel Tax (included in Other Taxes) was revised upward from <br />$3.4 million to $3.7 million and is expected to increase 10% over the prior year. With <br />50% of the fiscal year completed, only 27% of the budget estimate has been realized. <br />This is because the tax is due 30 days after the end of the quarter. Receipts for the <br />first two quarters would actually only reflect 1 quarter of collections. <br />Business License Tax: '•~~ <br />Business License Tax (included in Other Taxes) is budgeted at $3.2 million and is <br />expected to meet the original budget estimate. With 50% of the fiscal year completed <br />21% of the budget estimate has been realized. Annual renewals of business licenses <br />are due January 31st, which results in the bulk of revenues being received in the third <br />quarter. <br />'•'~~ Good. Positive Indicator Caution. Unsettled Indicator ~ Problem. Negative Indicator <br />