Title
Presentation of the FY20 November General Fund Financial Dashboards
Body
Issue/Request:
Presentation of the FY20 November General Fund Financial Dashboards
Key Issues:
The General Fund year-to-date (YTD) revenues through the month of November for FY2020 total approximately $24.1 million. This total is greater than budgeted estimates by approximately $2.4 million (or 11.2%). The following is information about the major variances:
· Property Taxes: The YTD actuals for Property Taxes total approximately $2.66 million. This amount is greater than YTD budgeted amounts by $2.66 million. The variance between actuals and budget is due to the fact the actuals in this revenue category, which is the Property Tax-PILOT revenue, was not budgeted to occur until December.
· Sales Tax-Local Sales Tax: The YTD actuals for Local Sales Tax revenue total approximately $7.3 million. This amount is less than YTD budgeted amounts by approximately $343,000 (or 4.49%) and less than FY19 actual amounts through the same time period by $271,000 (or 3.58%). The following is important information to consider regarding Local Sales Tax revenues:
o In November of FY19, the actuals for that month included a one-time payment of approximately $300,000. This one-time payment was for a settlement of Local Sales Tax revenues from prior fiscal years. This is important to consider when looking at year-to-year comparisons for Local Sales Tax revenues. For example, if the one-time amount was removed then the FY19 actuals amount through the month of November would equal $7,279,973. By comparison, the FY20 actuals amount through the month of November total $7,308,764. This would mean that current YTD Local Sales Tax actuals for FY20 would be slightly greater than the FY19 Local Sales Tax actuals through the same time period by $28,791 (or 0.4%)
o The first seven months of Local Sales Tax revenues for FY19 (July through January) started off showing significant levels of growth over the sa...
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