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H I i l f' C F N 1 11 _I~il ~ 111 ~'L~ ~S~4NT~~No Quarterly Financial Report Operating Budget First Quarter of FY 2008-09 As of September 30, 2008 Sales Tax: Sales tax is budgeted at $21.6 million and the YTD collections are $1.1 million, or 5.4%. The revenue from this first payment is an advance based on prior year collections and not much can be interpreted from the revenue received as of September 30~h. The first quarterly payment from sales tax for the period of July through September isn't paid until the following quarter ending December 31st Development Services Fees: Development Services Fees overall are at $522,119, or 17.8% with 25% of the fiscal year completed. This is after previously adjusting the budget for total fees down when the Mid-Term budget update was adopted. Further reductions in development services fees will be reviewed in the Mid-Year update. ~- -. .- ~ Total Building Permits 1,600,000 308,521 19.3% Total Planning Fees 152,385 31,026 20.4% Total Plan Check Fees 1,016,848 154,700 15.2% Total Public Works Fees 159,212 27,872 17.5% Total Development Services User Fees 2,928,445 522,119 17.8% Hotel & Motel Tax: Revenue from Hotel & Motel Tax (included in Other Taxes) is budgeted at $3.9 million, an increase of 14% over the fiscal year 2008 revenue of $3.4 million. First quarter revenue in 2009 is down 8.8% over the first quarter of the prior year and a downward adjustment is necessary at Mid-year. The adjustment will factor in additional revenue anticipated in 2009 (Q2 through Q4) due to a full year of hotel tax revenue from the Pleasanton Marriott (formerly Crowne Plaza) which was closed, or only marginally open, for over six months from September 2007 to April 2008. Business License Tax: ~? Business License Tax (included in Other Taxes) is budgeted at $3.25 million. Fiscal year 2008 revenue was $3.0 million and there is nothing to indicate that business tax revenue will increase over the 2008 collections. The majority of business license revenue is realized during the annual renewal timeframe from January 1st through February 1s`. A Mid-year adjustment will be proposed as additional information regarding annual renewal revenue becomes available. J. Good. Positive Indicator ~ Caution. Unsettled Indicator Problem. Negative Indicator B-3