Town Council Regular Session


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  Item # A.       
Meeting Date: 04/17/2013  
Requested by: Stacey Lemos Submitted By: Wendy Gomez, Finance
Department: Finance  

Information
SUBJECT:

Fiscal Year 2012/2013 Financial Update through February 2013

RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see attachment A), revenues collected through February totaled $18.2 million, or 68.3% of the budget amount of $26.7 million.  Year to date expenditures through February totaled $15.5 million, or 58.9% of the budget amount of $26.3 million.

In the Highway Fund (see attachment B), revenues collected through February totaled $2.2 million, or 67.2% of the budget amount of $3.3 million.  Year to date expenditures through February totaled $1.8 million, or 48.7% of the budget amount of $3.7 million.

In the Bed Tax Fund (see attachment C), revenues collected through February totaled $493,513, or 62.6% of the budget amount of $788,000.  Year to date expenditures through February totaled $208,281, or 44.2% of the budget amount of $472,000.
BACKGROUND OR DETAILED INFORMATION:
Attachment A shows General Fund revenues and expenditures through February, as well as year-end estimates for each category.  The estimated year-end projections in the General Fund are as follows:

Revenues                                          $27,004,592
Less:
Expenditures                                    ($27,358,762)
Less:
Other Financing Uses                        ($  1,218,358)

Est. Decrease in Fund Balance           ($  1,572,527) **
 
** Please note that year-end projections for the General Fund now include the Council-approved $2.1 million payment to Tucson Electric Power (TEP) for undergrounding of utility lines.  Projections also include the planned $300,000 transfer out to the Benefit Self Insurance Fund to establish the beginning reserve in that fund. 


General Fund Revenues

• Local sales tax collections in the General Fund total $8,730,341, which is $1,094,929 or 14.4% more than the amount collected in FY 11/12 through February.  This increase is due to the utility tax increase that became effective in August 2011, as well as increased construction and retail tax revenues.  Sales tax collections in the General Fund are estimated to come in over budget by $195,850.  
• License and Permit revenues are estimated to come in over budget by $508,922 due to increased residential and commercial permit activity. 
• Charges for Services revenues are estimated to come in over budget by $70,035 due mainly to higher than anticipated recreation user fees derived from recreation programs.
• The Other Intergovernmental category has been reduced by $194,444 in the Pima County Library District Reimbursement line item to account for savings realized in Library budgeted expenditures. 
• Federal grant revenues have been reduced by $278,768.  This reduction is offset by corresponding expenditure savings.
• State shared revenue collections total $5,935,777 which is $485,850, or 9% more than the amount collected in FY 11/12 through February.
• Staff will continue to monitor revenue collections and may adjust the year-end estimates based on actual trends.

Highway Fund Revenues

• Construction tax revenues in the Highway Fund totaled $296,136 through February, which is $109,365 or 58.6% more than the amount collected in FY 11/12 through February.  Construction tax revenues in the Highway Fund are estimated to come in over budget by $152,454.  Staff will continue to monitor revenue collections and may adjust the year-end estimates based on actual trends. 
• State shared highway user funds totaled $1,619,704 through February, which is $140,134 or 9.5% more than the amount collected in FY 11/12 through February.

Bed Tax Revenues

• Bed tax revenues totaled $490,472 through February, which is $57,251 or 13.3% more than the amount collected in FY 11/12 through February.



General Fund Expenditures

• Expenditures are estimated to come in over budget by $1,093,771 or 4.2%, due to the TEP undergrounding costs.  Please note that year-end estimates are subject to further revision.

Highway Fund Expenditures

• Expenditures are estimated to come in under budget by $95,762 or 2.6%, due to projected vacancy and O&M savings.

Bed Tax Fund Expenditures

• Expenditures are estimated to come in under budget by $84,952 or 18%, due mainly to projected vacancy savings and the discontinued contract payment to TREO.


Please see Attachments A, B, and C for additional detail on the General Fund, Highway Fund and Bed Tax Fund.  See Attachment D for estimated vacancy savings.  See Attachment E for a fiscal year-to-date consolidated summary of all Town Funds. 
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
This item is for information only.
Attachments
Attachment A - General Fund
Attachment B - Highway Fund
Attachment C - Bed Tax Fund
Attachment D - Vacancy Savings Report
Attachment E - Summary All Funds


    

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