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  Item # B.       
Meeting Date: 06/19/2013  
Requested by: Stacey Lemos Submitted By: Wendy Gomez, Finance
Department: Finance  

Information
SUBJECT:

Fiscal Year 2012/2013 Financial Update through April 2013

RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see attachment A), revenues collected through April totaled $22.8 million, or 85.7% of the budget amount of $26.7 million.  Year to date expenditures through April totaled $20.0 million, or 76.1% of the budget amount of $26.3 million.

In the Highway Fund (see attachment B), revenues collected through April totaled $3.0 million, or 90.3% of the budget amount of $3.3 million.  Year to date expenditures through April totaled $2.3 million, or 61.9% of the budget amount of $3.7 million.

In the Bed Tax Fund (see attachment C), revenues collected through April totaled $643,548, or 81.7% of the budget amount of $788,000.  Year to date expenditures through April totaled $260,724, or 55.3% of the budget amount of $472,000.
BACKGROUND OR DETAILED INFORMATION:
Attachment A shows General Fund revenues and expenditures through April, as well as year-end estimates for each category.  The estimated year-end projections in the General Fund are as follows:

Revenues                                                    $27,481,462
Less:
Expenditures                                              ($27,360,474)
Less:
Other Financing Uses                                 ($ 1,168,577)

Est. Decrease in Fund Balance                   ($ 1,047,589) **
 
** Please note that year-end projections for the General Fund include the Council-approved $2.1 million payment to Tucson Electric Power (TEP) for undergrounding of utility lines; however, the timing of this payment may fall into next fiscal year depending on when TEP provides the Town with final construction bid estimates.  Also included is 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 $10,571,232, which is $908,866 or 9.4% more than the amount collected in FY 11/12 through April.  This increase is due to growth in construction and retail tax revenues, as well as the utility tax increase that became effective in August 2011.  Sales tax collections in the General Fund are estimated to come in over budget by $452,940.  
• License and Permit revenues are estimated to come in over budget by $686,524 due to increased residential and commercial permit activity. 
• Charges for Services revenues are estimated to come in over budget by $123,389 due mainly to higher than anticipated recreation user fees derived from recreation programs, as well as zoning & subdivision fees.
• 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 primarily due to grant funds for Transit vehicles that will not be received this year.  This reduction is offset by corresponding expenditure savings.
• State shared revenue collections total $7,432,681 which is $627,192 or 9.3% more than the amount collected in FY 11/12 through April.  State shared revenue collections are estimated to come in under budget by $232,584 due to lower year-end estimates for Vehicle License Taxes and State Shared Sales taxes provided by the Arizona Department of Revenue. 
• 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 $509,213 through April, which is $272,734 or 115.4% more than the amount collected in FY 11/12 through April.  Construction tax revenues in the Highway Fund are estimated to come in over budget by $295,164.  Staff will continue to monitor revenue collections and may adjust the year-end estimates based on actual trends. 
• State shared highway user funds totaled $2,086,010 through April, which is $167,993 or 8.8% more than the amount collected in FY 11/12 through April.

Bed Tax Revenues

• Bed tax revenues totaled $640,072 through April, which is $1,491 or .2% less than the amount collected in FY 11/12 through April.

General Fund Expenditures

• Expenditures are estimated to come in over budget by $1,095,483 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 - Gen Fund
Attachment B - HW Fund
Attachment C - Bed Tax Fund
Attachment D - Vacancy Savings Report
Attachment E - Summary All Funds


    

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