Title
Presentation of the FY21 First Quarter General Fund Financial Dashboards
Body
Issue/Request:
Presentation of the FY21 First Quarter General Fund Financial Dashboards
Key Issues:
This presentation of the FY21 first quarter General Fund Financial Dashboards will provide information on General Fund revenues. In total, the General Fund actual revenues total approximately $13 million. This amount is greater than the budgeted revenues by approximately $460,000 (or 4%). The following is information about each of the revenue categories:
-Sales Tax. In total, actual sales tax revenues are greater than budgeted amounts by approximately $653,000 (or 15%). In comparison to the same time period in the previous fiscal year, sales tax revenues are greater by approximately $185,000 (or 4%).
-Franchise Taxes. The City receives Natural Gas, Telephone, Electric, and Cable TV franchise tax revenues. In total, actual franchise tax revenues are greater than budgeted amounts by approximately $123,000 (or 4%). In comparison to the same time period in the previous fiscal year, franchise tax revenues have decreased by approximately $32,000 (or 1%).
-Motor Vehicle Taxes. The City receives motor vehicle taxes for Fuel Tax, Sales Tax, and License/ Transfer Fees. In total, actual motor vehicle tax revenues are greater than budgeted amounts by approximately $88,000 (or 10%). In comparison to the same time period in the previous fiscal year, motor vehicle tax revenues have decreased by approximately $9,000 (or 1%).
-Other Taxes. Other taxes consist of Cigarette Tax and Intangible Tax revenues. Currently, the only "Other" taxes that the City has received is Cigarette Tax revenue. Currently, the actual revenues are greater than budgeted revenues by approximately $9,600 (or 16%). In comparison to the same time period in the previous fiscal year, Cigarette tax revenues are greater by approximately $400 (or 1%).
-Fines and Forfeitures. This revenue category primarily cons...
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