Title
Presentation of the FY19 April General Fund Financial Dashboards.
Body
Issue/Request:
Presentation of the FY19 April General Fund Financial Dashboards.
Key Issues:
The General Fund year-to-date (YTD) revenue and encumbrance amounts through the month of April total $64,713,636. This total is greater than budgeted estimates by $858,063 (or 1%). Information about the major revenue sources and/ or variances to highlight to include:
- Property Taxes: Revenues from property taxes have exceeded budgeted estimates by approximately $229,640 (or 1%).
- Sales Tax: The local sales tax revenue is $114,605 (or 1%) greater than budgeted estimates. In comparison to the same period through FY18, current year actual gross amounts are greater by $934,790 (or 7%).
- Franchise Tax: In total, revenue from franchise tax is $370,510 (or 3%) above budgeted estimates.
- 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-way permitting, etc.). The severe weather and cold temperatures that the city experienced during the winter months had a negative impact on development. This revenue category is $250,116 (or 12%) below budgeted estimates.
- Investment Earnings: This revenue category is significantly exceeding budgeted estimates by $385,847 (or 386%). In looking into this category more in-depth, the interest on investments has exceeded budgeted estimates by $137,213 and mark-to-market adjustment by $248,634.
- Transfers In: This revenue category consists of transfers from other City funds into the General Fund and is $134,086 (or 17%) below budgeted estimates. The cause of the variance is due to the difference in how it is budgeted versus when it is/ will be received. When it was budgeted, the full amount of fiscal year revenue for transfers in was placed in one month at the beginning of the fiscal year; however, the trans...
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