Title
Presentation of the FY19 General Fund Mid Year Projections (F&BC 2-11-19)
Body
Issue/Request:
Presentation of the FY19 General Fund Mid Year Projections
Key Issues:
Each year as part of the budget process staff updates the revenue forecast and expenditure request to estimate a "projected" year end balance or deficit.
Major changes for revenues include the following:
- Property Tax: A majority of property tax revenue has been received at this time. The projected amount is based on the actual receipts from Jackson and Cass Counties which is approximately $318,000 more than what was budgeted. It may be possible for the property tax revenue to further exceed the new projected amounts when the final Payment in Lieu of Tax (PILOT) revenue is received.
- Sales Tax: The current year to date (YTD) variance for gross sales tax receipts is 2.74% above budgeted amounts. The FY19 budget anticipated 3.5% growth from the previous fiscal year.
- Franchise Tax: Collectively franchise tax revenue is trending slightly above budget with the exception of cable franchise tax. Staff projects that the franchise tax will meet or slightly exceed budgeted amounts but have projected a 1.3% decrease in cable franchise tax for the remainder of the fiscal year.
Major changes for expenditures include the following:
- Personnel Services: It is expected that collective bargaining negotiations will reach conclusion soon. As part of the negotiations, wage increases have been tentatively identified for each of the bargaining units. The FY19 projection includes the addtional expense which is tentatively planned to occur starting in March.
- Other Services, Supplies, and Charges: Additional maintenance costs for sidewalks and stormwater infrastructure have occured. To date, staff anticipates being able to complete an additional $46,000 of maintenance work. Funding has also been included for closed captioning service ($18,000) and continued court security at $30,000. A lar...
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