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THE CITY OF Quarterly Financial Report --- - - =°= "' Operating Budget ~' L ~ ~S~NTONo ThJrd Quarter of FY 2007-08 as of March 31, 2008 Sales Tax: Sales tax is budgeted at $21.6 million and the YTD collections are 55.9% of budget. Sales tax is expected to meet revised budget estimates, which calls for a -1.3% decrease over the prior year actual. YTD collections at the end of the 3~d quarter were up +1.02% over the prior year actual. The revised -1.3% year over year estimate assumes ageneral -3% to -5% decrease in the auto and transportation sector, the loss of sales tax from three auto dealers, and the recognition of one-time payments in the prior year that will not reoccur in the current year. The local and regional economic performance numbers were a mixed bag for the 3~d quarter. For the third quarter the state overall was up +0.17%% with Livermore down -9.2% and Dublin up +5.3%. Development Services Fees: Development Services Fees overall are at 64.3% with 75% of the fiscal year completed. This is after previously adjusting the budget for total fees down from $4.0 million to $3.1 million. Public Works fees are at 9.4% collected after substantially adjusting fees down from $403,370 to $153,370 primarily for inspections. In addition, Public Works fee revenue has been reduced since the last quarterly report due to a $17,016 fee refund related to California Splash project. YTD collections for plan check fees are at 87.7% and building permits are at 62.2% and are on target to be at or above the budget estimate. However, planning fees are only at 40.6% of budget and may fall short of the budget estimate. ~- . ~ Total Building Permits 1,535,600 954,764 62.2% Total Planning Fees 427,154 173,481 40.6% Total Plan Check Fees 934,822 819,397 87.7% Total Public Works Fees 153,370 14,435 9.4% Total Develo ment Services User Fees 3,050,946 1,962,077 64.3% Hotel & Motel Tax: Revenue from Hotel & Motel Tax (included in Other Taxes) was revised upward from $3.4 million to $3.7 million and was expected to increase 10% over the prior year. With 75% of the fiscal year completed, 49% of budgeted revenues were realized at the end of the third quarter. However, the 3~d quarter taxes are not due until 30 days after the end of the quarter. In addition, the Crown Plaza Hotel (now a Marriott) was under ~~~ Good. Positive Indicator ~ Caution. Unsettled Indicator ~ Problem. Negative Indicator