Title
Presentation of the FY20 January General Fund Financial Dashboards
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Issue/Request:
Presentation of the FY20 January General Fund Financial Dashboards
Key Issues:
The General Fund year-to-date (YTD) revenues through the month of January 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 revenues are less than budgeted estimates by approximately $123,000 (or 1%). The primary cause of the variance is from Payments in Lieu of Taxes (PILOT) revenues being less than budgeted amounts by approximately $310,000 (or 10%). 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. It is important to mention that the actual Property Tax-Jackson County revenues are greater than budgeted estimates by approximately $207,000 (or 1%).
-Sales Taxes: The YTD actuals for Local Sales Tax totals approximately $10.48 million. Local Sales Tax is approximately $456,000 (or 4%) less than budgeted estimates and less than FY19 actual amounts through the same time period by approximately $172,000 (or 1.5%).
-Franchise Taxes: As a category, revenues from franchise taxes are less than budgeted estimates by approximately $244,000 (or 3%). The primary cause of the variance is due to Telephone Franchise Tax revenues being less than budgeted estimates by approximately $165,000 (or 14%) and less than FY19 actual amounts through the same time period by approximately $263,000 (or 21%).
-Motor Vehicle Taxes: This revenue category is greater than budgeted estimates by approximately $70,000 (or 3%). All three of the revenues that make up this revenue category (MV Fuel Tax, MV Sales Tax, and MV License/ Tran...
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