Title
Presentation of the FY21 November General Fund Financial Dashboards
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Issue/Request:
Presentation of the FY21 November General Fund Financial Dashboards
Key Issues:
Through the first five months of the current fiscal year (July 1, 2020 - November 30, 2020), the General Fund revenues total $24,652,320. This amount is greater than budgeted amounts by approximately $4.6 million (or 23%). The following is information about the major revenue categories in the General Fund and large variances for between budget and actual amounts for other revenue categories:
-Property Taxes. The actual revenues for the Property Tax revenue category total approximately $3.5 million. It was anticipated that the City would not begin receiving property tax revenues until the month of December but we have received some property tax revenues earlier than anticipated.
-Sales Taxes. In total, the actual Sales Tax revenues are greater than budgeted amounts by approximately $1.1 million (or 17%). By comparison to the same time period in the prior fiscal, sales tax revenues are greater by approximately $440,000 (or 6%).
-Franchise Taxes. The actual revenues for the Franchise Tax category are greater than budgeted amounts by $79,000 (or 1%). It is important to mention that although the actual amounts are greater than budgeted amounts for the current fiscal year, when compared to the same time period in the prior fiscal year the actual revenues have decreased by approximately $87,000 (or 2%).
-Motor Vehicle Taxes. The actual revenues for the Motor Vehicle Taxes revenue category are greater than budgeted amounts by $138,000 (or 9%). It is important to mention that although the actual amounts are greater than budgeted amounts for the current fiscal year, when compared to the same time period in the prior fiscal year the actual revenues have decreased by approximately $18,000 (or 1%).
-Other Taxes. The actual revenues for the Other Taxes revenue category (i.e. Cigarett...
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