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THE CITY OF <br />Quarterly Financial Report <br />-. <br />- -'1= `°~ Operating Budget <br />P L~ ~S~4NTONo First Quarter of FY 2008-09 <br />As of September 30, 2008 <br />Sales Tax: <br />Sales tax is budgeted at $21.6 million and the YTD collections are $1.1 million, or <br />5.4%. The revenue from this first payment is an advance based on prior year <br />collections and not much can be interpreted from the revenue received as of September <br />30t". The first quarterly payment from sales tax for the period of July through <br />September isn't paid until the following quarter ending December 315r <br />Development Services Fees: <br />Development Services Fees overall are at $522,119, or 17.8% with 25% of the fiscal <br />year completed. This is after previously adjusting the budget for total fees down when <br />the Mid-Term budget update was adopted. Further reductions in development services <br />fees will be reviewed in the Mid-Year update. <br /> <br />Total Budding Permits 1,600,000 308,521 19.3% <br />Total Planning Fees 152,385 31,026 20.4% <br />Total Plan Check Fees 1,016,848 154,700 15.2% <br />Total Public Works Fees 159,212 27,872 17.5% <br />Total Development Services User Fees 2,928,445 522,119 17.8% <br />Hotel & Motel Tax: <br />Revenue from Hotel & Motel Tax (included in Other Taxes) is budgeted at $3.9 million, <br />an increase of 14% over the fiscal year 2008 revenue of $3.4 million. First quarter <br />revenue in 2009 is down 8.8% over the first quarter of the prior year and a downward <br />adjustment is necessary at Mid-year. The adjustment will factor in additional revenue <br />anticipated in 2009 (Q2 through Q4) due to a full year of hotel tax revenue from the <br />Pleasanton Marriott (formerly Crowne Plaza) which was closed, or only marginally open, <br />for over six months from September 2007 to April 2008. <br />Business License Tax: <br />Business License Tax (included in Other Taxes) is budgeted at $3.25 million. Fiscal <br />year 2008 revenue was $3.0 million and there is nothing to indicate that business tax <br />revenue will increase over the 2008 collections. The majority of business license <br />revenue is realized during the annual renewal timeframe from January 1st through <br />February 15`. A Mid-year adjustment will be proposed as additional information <br />regarding annual renewal revenue becomes available. <br />~~~ Good. Positive Indicator ~ Caution. Unsettled Indicator Problem. Negative Indicator <br />B-3 <br />