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  Item # C.       
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 November 2013

RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see attachment A), revenues collected through November totaled $12.0 million or 42.2% of the budget amount of $28.4 million.  Year-to-date expenditures through November totaled $11.9 million or 39.9% of the budget amount of $29.9 million.

In the Highway Fund (see attachment B), revenues collected through November totaled $1,715,561 or 45.1% of the budget amount of $3.8 million.  Year-to-date expenditures through November totaled $1,153,956 or 31.0% of the budget amount of $3.7 million.

In the Bed Tax Fund (see attachment C), revenues collected through November totaled $312,625 or 39.4% of the budget amount of $793,000.  Year-to-date expenditures through November totaled $506,025 or 39.2% of the budget amount of $1,292,000.

BACKGROUND OR DETAILED INFORMATION:
GENERAL FUND

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

Revenues                                                     $29,228,404
Less:
Expenditures                                               ($29,900,434) (A)
Less:
Approved Use of Contingency Reserves     ( $ 2,100,000) **

Est. Decrease in Fund Balance                   ( $ 2,772,030)


(A) Includes Council-approved Naranja Park improvements of $1.6 million from the General Fund
 
** Council-approved payment to Tucson Electric Power for undergrounding of utility lines 

General Fund Revenues
  • Local sales tax collections in the General Fund total $5.4 million or 41.1% 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 $171,452 or 11.9%, 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 November.
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 $47,808 or 0.2%, due to projected personnel vacancy savings.  Note that these savings are estimates and are subject to change.
  • The General Fund expenditures for November reflect the Council-approved authorization to use $1,403,000 in General Fund contingency reserves and $197,000 in Council-designated reserves to fund the Naranja Park improvements.  This total amount of $1.6 million is shown as a transfer out to the Naranja Park Fund in the Expenditures section of Attachment A. 
HIGHWAY FUND

Highway Fund Revenues

  • Construction tax revenues in the Highway Fund total $558,779 or 51.9% 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 $1,055,323 or 42.2% 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 $308,522 or 39.1% 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 $7,356 or 0.6%, due to projected vacancy savings.  Note that these savings are estimates and are subject to change.
  • The Bed Tax Fund expenditures for November reflect the Council-authorized use of Bed Tax Fund contingency reserves of $400,000 to fund the Naranja Park improvements.  This amount is shown as a transfer out to the Naranja Park Fund in the Expenditures section of Attachment C.
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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