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a Attachment 2 Quarterly Financial Report Operating Budget Third Quarter of FY 2008 -09 as of March 31, 2009 Sales Tax: rf' Sales tax is budgeted at $18.9 million and the YTD collections are 74.4% of budget. Sales tax is expected to meet revised budget estimates, which calls for a 10.3% decrease over the prior year actual according to the recommendation for 3rd quarter adjustments. At the time the budget was initially adopted in July 2007 a 2.5% increase was assumed. That estimate was revised to 0% at the time of the Mid -Term update in July 2008 and further reduced to -5.8% with the Mid -Year update in January 2009. Now, at the 3rd quarter mark the economy is expected to continue to deteriorate and the decline in sales tax is now estimated to be 10.8 This estimate assumes a -25% decline in the autos transportation category, -30% decline in fuel service stations, -12.5% decline in the building construction category, -10% decline in general consumer goods, and a -10% decline in business industry. Development Services Fees: Development Services Fees overall are at 74.4% with 75% of the fiscal year completed. This is after previously adjusting the budget for total fees down from $4.2 million to $2.9 million with the Mid -Term update in July 2008 and further reduced the estimate to $1.8 million with the Mid -Year update in January 2009. Building Permits are at 69.5 Planning Fees are at 134.1 Plan Check Fees are at 65.5 and Public Works fees are at 146.6 Development Services User Fees Budget Total Building Permits Total Planning Fees Total Plan Check Fees Total Public Works Fees Total Development Services User Fees 1,100,000.0 110,285.0 618,096.0 59,812.0 764,319.08 147,929.58 405,503.97 87,684.25 1,888,193.0 I 1,405,436.88 69.5% 134.1% 65.6% 146.6% 74.4% Hotel Motel Tax. Revenue from Hotel Motel Tax (included in Other Taxes) is at 61.2% with 75% of the year completed. The budget estimate was updated to reflect a -2.9% decrease at the time of the Mid -Year update in January 2009. However, that estimate may prove to be too optimistic. The 1st quarter receipts were down -9 the 2 "d quarter receipts were down -13 and the 3rd quarter down 23% for a year -to -date figure of -14 There is no reason to expect the 4 quarter to be positive and may well result in actual collections considerably below the budget estimate. As mentioned previously, other revenues performing better than estimated may offset any shortfall in Hotel /Motel tax. 3 Good. Positive Indicator /Th Caution. Unsettled Indicator az Problem. Negative Indicator