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Based on the above, staff is recommending the reserve for carryover be appropriated as
<br />follows:
<br />Reserve for Carryovers (from Table 21
<br />Unspent Contingency for energy demonstration projects $225,000
<br />Unspent Contingency to be used in 2008-09 272,255
<br />Purchase orders, contracts & items ordered but not received by 6-30-08 845,466
<br />Grant Revenue Carryover 3( 2.344)
<br />Net Carryover $1,310,377
<br />Staff is also recommending that $1.8 million be used to increase the Temporary Recession
<br />Reserve resulting in it being increased from $6.1 million to $7.9 million to provide additional
<br />reserves against an economic recession and any potential further downturn in the economy.
<br />General Fund Revenues. Actual General Fund revenues were below the budget estimates by
<br />($25,909) or a variance of (0.03%). The following table shows the major revenue categories
<br />with a comparison of budgeted versus actual revenues and the variance to the budget estimate
<br />both in terms of dollars and percentage.
<br />Table 3. General Fund Revenues -Budget vs. Actual
<br />
<br />Property Tax 47,065,677 47,973,474 907,797 1.9%
<br />Sales Tax 21,671,866 21,130,683 (541,183) -2.5%
<br />Documentary Transfer Tax 900,000 688,974 (211,026) -23.4%
<br />Business License Tax 3,250,409 2,987,376 (263,033) -8.1%
<br />Hotel Tax 3,682,679 3,401,582 (281,097) -7.6%
<br />Development Services Fees 3,050,946 3,094,562 43,616 1.4%
<br />Recreation Fees 3,810,178 3,919,131 108,953 2.9%
<br />Library Revenues 80,600 79,728 (872) -1.1%
<br />Other Fees 1,014,608 994,365 (20,243) -2.0%
<br />Grants & Intergovernmental 1,116,835 950,400 (166,435) -14.9%
<br />Reimbursements 920,963 1,212,224 291,261 31.6%
<br />Interest Income 1,140,303 1,256,595 116,292 10.2%
<br />Inter-fund Labor Charges 3,361,108 3,223,156 (137,952) -4.1%
<br />Other Revenues 3,104,531 3,232,544 128,013 4.1%
<br />Total 94,170,703 94,144,794 (25,909) -0.03%
<br />Property tax revenues are the single largest revenue source for the General Fund, accounting
<br />for 51% of total revenues. In 2007-08 actual Property tax collections were $907,797 above
<br />budget estimates, a +1.9% variance. This positive variance is primarily due to three accounts;
<br />secured property tax (+$252,475), delinquent property tax (+$462,062), and supplemental
<br />property taxes (+$168,501). The revised estimate for secured property tax called fora +5.4%
<br />increase over the prior year projected budget while actual results were a +5.8% increase over
<br />the prior year actual collections.
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