Title
Presentation of the FY20 General Fund Mid-Year Projections
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Issue/Request:
Presentation of the FY20 General Fund Mid-Year Projections
Key Issues:
Part of the budget process includes a mid-year review and analysis of General Fund revenues and expenses to project year end totals.
The General Fund revenues for Fiscal Year 2020 are projected to total $75,671,866. This projected revenue amount is less than the budgeted estimates by $47,477 (or 0.06%). There are several revenue categories where there is a variance between the budget estimate and projection estimate. Some of those areas to highlight include:
-Property Tax: As a category, property tax projections are less than budget estimates by $121,237 (or 0.53%). Although the projection amount is less than budgeted estimates, it is important to look at the individual property taxes that make up the category. Specifically, actual property tax receipts for Property Tax-Jackson County total $17,468,039, which is greater than the budgeted estimate by approximately $206,954. On the other hand, projected revenues for Payments in Lieu of Taxes (PILOT) total $2,679,496, which is less than the budgeted estimate by approximately $310,035. It is important to point out that approximately 85% of PILOT revenues are passed through to other entities. As a result, although the revenues are less than budgeted, there also is a decrease on the expense side for PILOT expenses.
-Sales Tax: As a category, sales tax projections are less than budget estimates by $683,494 (or 3.77%). There are multiple sales taxes that make up this revenue category. Local Sales Tax revenue is projected to total $17,835,380, which is less than the budget estimate by approximately $760,828 (or 4.09%). In comparison to FY19 actuals, FY20 local sales tax revenue is projected to be greater by only $29,437 (or 0.17%). If the projection holds true, this would be the first year since FY2013 that the City has not experienced Local Sales Ta...
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