File #: 2020-3500    Name:
Type: Presentation Status: Filed
File created: 6/1/2020 In control: Finance and Budget Committee
On agenda: 6/8/2020 Final action: 6/8/2020
Title: Presentation of the FY20 April General Fund Financial Dashboards
Attachments: 1. FY20 April Dashboard, 2. Overtime - Budget Performance FY20 April
Title

Presentation of the FY20 April General Fund Financial Dashboards

Body

Issue/Request:

Presentation of the FY20 April General Fund Financial Dashboards

Key Issues:

The General Fund year-to-date (YTD) revenues through the month of April total approximately $69.4 million.  This amount is greater than the YTD budget amount by approximately $2.5 million (or 4%).  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 $14.92 million. Local Sales Tax is approximately $655,000 (or 4%) less than budgeted estimates and less than FY19 actual amounts through the same period by approximately $176,000 (or 1%).

-Franchise Taxes: As a category, revenues from franchise taxes are less than budgeted estimates by approximately $327,000 (or 2%).  Telephone Franchise Tax revenues are less than budgeted estimates by approximately $258,000 (or 14%) and less than FY19 actual amounts through the same period by approximately $322,000 (or 20%).

-Motor Vehicle Taxes: This revenue category is greater than budgeted estimates by approximately $83,500 (or 3%).  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 $59,000 (or 24%).  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: This revenue category is less than budgeted estimates by approximately $250,000 (or 26%). There are a few causes for the variances in this ...

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