Title
Presentation of the FY20 March General Fund Financial Dashboards
Body
Issue/Request:
Presentation of the FY20 March General Fund Financial Dashboards
Key Issues:
The General Fund year-to-date (YTD) revenues through the month of March total approximately $65.7 million. This amount is greater than the YTD budget amount by approximately $3 million (or 5%). The following is information about the large revenue sources and major variances with revenues:
-Property Taxes: The YTD property tax revenues total approximately $23.17 million, which is greater than the YTD budget estimates by approximately $100,000.
-Sales Tax: The YTD actuals for Local Sales Tax totals approximately $13.56 million. Local Sales Tax is approximately $715,000 (or 5%) less than budgeted estimates and less than FY19 actual amounts through the same time period by approximately $190,000 (or 1%).
-Franchise Taxes: As a category, revenues from franchise taxes are less than budgeted estimates by approximately $160,000 (or 2%). Natural Gas and Electric franchise taxes have revenues greater than budget. The primary cause of the variance is due to Telephone Franchise Tax revenues being less than budgeted estimates by approximately $207,000 (or 14%) and less than FY19 actual amounts through the same time period by approximately $306,000 (or 20%).
-Motor Vehicle Taxes: This revenue category is greater than budgeted estimates by approximately $62,000 (or 2%). All three of the revenues that make up this revenue category (MV Fuel Tax, MV Sales Tax, and MV License/ Transfer fee) have YTD actuals greater than the current year YTD budget estimates and previous year YTD actuals.
-Other Taxes: This revenue category is greater than budgeted estimates by approximately $57,000 (or 25%). The primary cause of the variance is due to actual revenues from the Intangible Tax coming in much higher than FY20 budgeted estimates and prior year actual amounts.
-Fines and Forfeitures: The primary cause of the ...
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