Town Council Regular Session


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  Item # D.       
Meeting Date: 05/18/2011  
Requested by: Wendy Gomez Submitted By: Wendy Gomez, Finance
Department: Finance  

SUBJECT:
Fiscal Year 2010/11 Financial Update Through March 2011
RECOMMENDATION:
N/A
EXECUTIVE SUMMARY:
General Fund

Attachment B shows General Fund revenues and expenditures through March as well as year-end estimates for each category.  Through March, revenue collections totaled $17,977,346 and expenditures totaled $17,839,231.

The estimated year-end projections in the General Fund are as follows:

                   Revenues                                  $24,326,907
                   Expenditures                               25,285,826
 
                   Estimated Deficit                     ($  958,919)*

*Due to one-time expenditures budgeted for energy efficiency upgrades.
 
General Fund Revenues 
  • Revenues through March total $17,977,346, which represents 68.6% of the budgeted FY 10/11 revenues
  • Revenues are estimated to come in under budget by about $1,900,000, or by about 7%, primarily due to the continued slowdown in construction activity and lagging construction sales taxes 
  • Although the distribution by revenue category has changed, the total amount of General Fund revenues projected for this fiscal year are less than what was collected in FY 05/06
General Fund Major Revenue Categories

Local Sales Tax 
  • Fiscal year to date General Fund collections are $8,448,215 (roughly 3% less than FY 09/10 through Mar) 
  • Estimated to come in 10.5% below budget due to reduced construction sales tax collections
State-Shared Revenues  
  • Income Tax - fiscal year to date is $2,876,183 (25% decrease from FY 09/10 through Mar)
  • Sales Tax - fiscal year to date is $2,202,130 (2% increase from FY 09/10 through Mar)
  • Vehicle License Tax - fiscal year to date is $1,115,302 (10% decrease from FY 09/10 through Mar)
General Fund Expenditures
  • Expenditures through March total $17,839,231, which represents 67.2% of the budgeted FY 10/11 expenditures
  • Expenditures are estimated to come in under budget by about $1,275,000, or by nearly 5% 
  • Expenditure savings represent vigilant budget monitoring by departments, and includes the additional $358K in savings identified at the February 23rd budget study session. 

See attachment B for additional detail on the General Fund, and attachments C through E for the Highway, Bed Tax, and Public Transportation Funds.  See Attachment F for the monthly financial dashboard. 
BACKGROUND OR DETAILED INFORMATION:
N/A
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
For information only
Attachments
Attachment A - Summary
Attachment B - Gen Fund
Attachment C - Highway Fund
Attachment D - Bed Tax Fund
Attachment E - Transit Fund
Attachment F - Dashboard 1 of 2
Attachment F - Dashboard 2 of 2


    

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