Title
Presentation of the FY19 June General Fund Financial Dashboards.
Body
Issue/Request:
Presentation of the FY19 June General Fund Financial Dashboards.
Key Issues:
The General Fund year-to-date (YTD) revenue amounts through the month of June total $72,481,389. This total is greater than budgeted estimates by $663,860 (or approximately 1%). Information about the revenue sources and variances include:
-Property Tax: Revenues from property taxes exceeded budgeted estimates by $229,640 (or 1%).
-Sales Tax: The local sales tax revenue totaled $17,805,943. This total is less than budgeted estimates by 23,456 (or approximately 0.1%). In comparison to the same time period of the previous Fiscal Year (FY18), current year local sales tax revenue is greater by $859,886 (or 5%). In looking at the sales tax revenue category as a whole, which includes local sales tax, EATs, and Sales tax-Cass County prior period remittance, revenue is greater than budgeted estimates by $215,318 (or approximately 1%).
-Franchise Tax: In total, revenues from franchise tax have exceeded budgteted estimates by $409,920 (or 3%). Revenues from Electric and Natural Gas franchise tax exceeded budgeted estimates, while Telephone and Cable TV franchise tax were less than budgeted estimates.
-Motor Vehicle Taxes: In total, motor vehicle taxes were less than budgeted estimates by $34,673 (or 1%). There are three types of motor vehicle taxes that make up this revenue category: Motor Vehicle Fuel Tax, Motor Vehicle Sales Tax, and Motor Vehicle License/ Transfer Fee. In looking each of the three motor vehicle taxes, the Motor Vehicle Sales Tax had the largest variance with the actual revenue being $32,060 less than budgeted estimates.
-Other Taxes: In total, the other taxes was $28,811 (or 9%) below budgeted estimates. This is primarily due to the fact that the Cigarette tax actual revenue was $20,574 less than budgeted estimates.
-Intergovernmental: In total, intergovernmental revenue...
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