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  Item # B.       
Meeting Date: 01/15/2014  
Requested by: Stacey Lemos Submitted By: Wendy Gomez, Finance
Department: Finance  

Information
SUBJECT:

Fiscal Year 2013/14 Financial Update through October 2013

RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see attachment A), revenues collected through October totaled $9.7 million, or 34.1% of the budget amount of $28.4 million.  Year-to-date expenditures through October totaled $8.2 million, or 28.6% of the budget amount of $28.5 million.

In the Highway Fund (see attachment B), revenues collected through October totaled $1,404,525, or 36.9% of the budget amount of $3.8 million.  Year-to-date expenditures through October totaled $657,476, or 17.7% of the budget amount of $3.7 million.

In the Bed Tax Fund (see attachment C), revenues collected through October totaled $203,474, or 25.7% of the budget amount of $793,000.  Year-to-date expenditures through October totaled $64,579, or 7.2% of the budget amount of $892,000.
BACKGROUND OR DETAILED INFORMATION:
GENERAL FUND

Attachment A shows General Fund revenues and expenditures through October, as well as year-end estimates for each category.  The estimated year-end projections in the General Fund are as follows:

Revenues                                                     $29,223,754
Less:
Expenditures                                               ($28,505,082)
Less:
Approved Use of Contingency Reserves     ( $ 2,100,000) **

Est. Decrease in Fund Balance                   ( $ 1,381,328)
 
** Council-approved payment to Tucson Electric Power for undergrounding of utility lines 

General Fund Revenues
  • Local sales tax collections in the General Fund total $4.4 million or 33.4% of the budget amount of $13.1 million.  Sales tax collections in the General Fund are estimated to come in over budget by approximately $300,000 or 2.3%, due to higher than anticipated construction activity.
  • License and Permit revenues are estimated to come in over budget by $270,868 or 18.1%, due to higher than anticipated residential and commercial building permit fees, as well as grading permit fees. 
  • Charges for Services revenues are estimated to come in over budget by $169,552 or 11.7%, due to Aquatic Center revenue, recreation program fees, zoning & subdivision fees and grading review fees.
  • Interest Income revenue is estimated to come in over budget by $12,725 or 20.4%, based on observed actuals through October.
Staff will continue to monitor revenue collections and may adjust the year-end estimates based on actual trends.

General Fund Expenditures
  • Expenditures are estimated to come in under budget by $40,160 or 0.1%, due to projected personnel vacancy savings.  Note that these savings are estimates and are subject to change.  
HIGHWAY FUND

Highway Fund Revenues

  • Construction tax revenues in the Highway Fund total $470,598 or 43.7% of the budget amount of $1.1 million.  Construction tax revenues in the Highway Fund are estimated to come in over budget by $141,623 or 13.1%, due to higher than anticipated construction activity. 
  • State shared highway user funds total $845,626, or 33.8% of the budget amount of $2.5 million and are expected to come in on budget at year-end.

Highway Fund Expenditures

  • Expenditures are estimated to come in under budget by $136,314 or 3.7%, due to projected vacancy savings.  Note that these savings are estimates and are subject to change.

BED TAX FUND

Bed Tax Revenues

  • Bed tax revenues total $199,196 or 25.2% of the budget amount of $789,000 and are expected to come in on budget at year-end.
Bed Tax Fund Expenditures
  • Expenditures are estimated to come in under budget by $5,082 or 0.6%, due to projected vacancy savings.  Note that these savings are estimates and are subject to change.
Please see Attachments A, B, and C for additional details on the General Fund, Highway Fund and Bed Tax Fund.  See Attachment D 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 - Summary All Funds


    

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