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l s e I in Current Financial Condition General Fund Revenues General Fund Budget YTD Actual Percent Total Revenues Total Expenditures 89,983,060 73,923,689 88,623,566 61,345,633 1 82.2% 69.2% Attachment 2 Quarterly Financial Report Operating Budget Third Quarter of FY 2008 -09 as of March 31, 2009 This report summarizes the City's overall financial position for the fiscal year through March 2009. The City's financial condition at the end of the third quarter is stable. This stability is due in large part to the $4.5 million General Fund budget adjustment made in the January during the Mid -Year update. The General Fund budget is on track as a result of making reductions in revenues and offsetting reductions in expenditures. The need for the Mid -Year reductions was the result of sales taxes, property taxes, and development services fees not performing as well as assumed in the Mid -Term budget updated last July. All General Fund budget figures in this report are adjusted based on the most recent Mid -Year reductions. Originally, in July 2007 when the two -year budget was first adopted revenues were budgeted at $100.3 million. In July 2008 when the current year Mid -Term update was adopted revenue estimates were reduced to $95.8 million. In January 2009 when the Mid -Year update was approved revenue estimates were further reduces to $90.6 million. All of these reductions were the result of lower than estimated receipts for property taxes, sales taxes, other taxes, and development services fees. With this 3rd quarter update revenue estimates are being reduced yet again to $89.9 million, this time due only to the estimate for sales tax being reduced. As opposed to the outlook at the time the Mid -Year update was approved in January with sales tax being -5.8% less than the prior year, the current outlook reflects a -10.3% decrease. With 75% of the fiscal year completed, 82.2% of budgeted revenues have been received and 69.2% of budgeted expenditures have been realized. Overall, total general taxes are expected to perform within the revised budget estimates. However, performance of the Hotel /Motel tax remains lackluster and is the primary reason that the category of other taxes is only at 72.6 Year -to -date collections are down -14 Other revenues may perform better and offset a shortfall in Hotel /Motel tax. Good. Positive Indicator e Caution. Unsettled Indicator Problem. Negative Indicator