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 $17,839,231.
The estimated year-end projections in the General Fund are as follows:
General Fund Revenues
Estimated Deficit ($ 958,919)*
*Due to one-time expenditures budgeted for energy efficiency upgrades.
General Fund Major Revenue Categories
- 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
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
General Fund Expenditures
- 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)
- 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.