Title
Presentation of the FY19 March General Fund Financial Dashboards.
Body
Issue/Request:
Presentation of the FY19 March General Fund Financial Dashboards.
Key Issues:
The General Fund year-to-date (YTD) revenue amounts through the month of March total $59,884,562. This total is less than budgeted amounts by $353,842 (or less than 1%). Information about the major revenue sources and/ or variances to highlight include:
- Property Taxes: Revenues from property taxes have exceeded budgeted estimates by approximately $229,640 (or 1%).
- Sales Tax: The local sales tax revenue continues to show a growth trend, with actual gross amounts being $223,715 (or 2%) above budgeted estimates. In comparison to the same period through FY18, current year actual gross amounts are greater by $616,257 (or 5%).
- Franchise Tax: In total, revenue from franchise tax is $93,727 (or 1%) below budgeted estimates. With the exception of Cable TV, the franchise tax categories are at or exceeding budgeted estimates. It is important to point out that Natural Gas franchise tax revenue has exceeded budgeted estimates by $183,192 (or 12%). This is primarily due to the severe weather and cold temperatures that the city experienced during the winter months. Cable TV franchise tax is $361,483 (or 27%) below budgeted estimates. Cable TV franchise tax revenue is received by the City on a quarterly basis. A revenue receipt was budgeted for March; however, that receipt was not received until April (in the amount of $328,074). Taking that information into consideration, the franchise tax category as a whole would be exceeding budgeted estimates.
- Other Taxes: This revenue category is $41,380 (or 15%) below budgeted estimates. A majority of the “other taxes” category is the cigarette tax.
- Licenses and Permits: There are several different revenues that make up this category and a majority of them are related to the licenses and permits for development (i.e. inspection fees, right-of-...
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