Title
Presentation of the FY20 December General Fund Financial Dashboards
Body
Issue/Request:
Presentation of the FY20 December General Fund Financial Dashboards
Key Issues:
The General Fund year-to-date (YTD) revenues through the month of December for FY2020 total approximately $28.1 million. This total is less than budgeted estimates by approximately $900,000 (or 3%). The following is information about the major variances:
-Property Taxes: The YTD actuals for property tax are for Payment In Lieu of Taxes (PILOT) revenue. Actual PILOT revenues are approximately $300,000 (or 10%) less than budgeted estimates. It is important to mention that approximately 85% of the PILOT revenue that is collected is passed on to other entities. As a result, although the PILOT revenue is less than budgeted estimates, there is also a decrease in the PILOT expenses for the City.
-Sales Tax-Local Sales Tax: The YTD actuals for Local Sales Tax totals approximately $9.1 million. Local Sales Tax is approximately $500,000 (5%) less than budgeted estimates and less than FY19 actual amounts through the same time period by approximately $290,000 (or 3%). The following is important to consider regarding Local Sales Tax revenues: In November of FY19, the actuals for that month included a one-time payment of approximately $300,000. This one-time payment was for a settlement of Local Sales Tax revenues from prior fiscal years. This is important to consider when looking at year-to-year comparisons for Local Sales Tax revenues. Also, the first seven months of Local Sales Tax revenues for FY19 (July through January) started off showing significant levels of growth over the same time period in FY18. Specifically, FY19 Local Sales Tax revenues through the month of January were 7.69% greater than the same time period through FY18. With that said, the remaining five months of FY19 (February through June) did not see the same levels of growth over FY18. FY19 finished the fiscal year wi...
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