HomeMy WebLinkAbout1982-02-09; City Council; 6898; Quarterly Financial Reportz
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RECOMMENDED ACTiON:
QUARTERLY FINANCIAL REPORT
DECEMBER 1981
By minute motion, approve the following changes in estimated
revenues:
* Sales Tax -Increase by $100,000 from $3,662.00 to
$3,762,000.
* Building Permits -Decrease by $160,000 from $560,000 to
$400,000.
* Enp,ineering Fees -Decrease by $100,000 from $300,000 to
$200,000.
* Interest (General Fund) -Increase by $200,000 from
$800,000 to $1,000,000.
* Sewer Construction Fees -De~rease by $300,000from
~1,552,000 to $1,252,000.
* Public Facilities Fees -Decrease by $400,000 from
$1,300,000 to $900,000.
* Park-In-Lieu Fees -Decrease by $100,000 fr.om $300,000 to
$200,000.
ITEM EXPLANATION:
The attached report is a review of the second quarter financial
activity for the City of Carlsbad, The purpose of the quarterly
report proceRs is to keep council informed of problem areas as
they are identified and to provide general financial information
on the operation of the City.
The City Council should take particular note of the following
points:
o Operating Revenues have recovered to some extent from the low
levels reported in the f{rst quarter report. Building and
Jevelop~ent continue to be very slow. Ho•ever, the losses in
huildinA activity have been offset by sales tax and interest
revenu~.
o Operating Expenditu:es continue to be below budgeted levels.
Salary savL,~s remain the pd.mary component in these 11avings,
Rates of expenditures in dome departments ~hould be watched
during the next quarter; however, no single department is in
serious trouble. The staff has taken steps to improvn the
mechancial maintenance problems reported in the first auarter,
QUARTERLY FINANCIAI REPORT -nECF.MBER 1981
AB/I u ~o/fr
Page 2
o Capital Funds continue
of building activity.
quarter if the Janunry
tr~11d.
FISCAL IMPACT:
their weak performance due to the lack
Some recovery may be seen in the third
figures are a sign of a ne~ building
The results of the second quarter expenditures continue to show
weakness in development related revenues. Savings appear to be
growing. The recommended revenue adjustments will actually
~ncrease ectimated general fund revenues by $40,000 or about
0.3%. The capital revenue adjustments reflect a decrease of
$800,000 in total capital fund revenues. This should not impact
the current capital program, but may slow future projects in the
CIP.
EXHIBIT:
City of Carlsbad's Quarterly Financial Report, Dec, 31, 1981
CITY OF CARLSBAD
QUARTERLY FINANCIAL REPORT
DECEMBER, 1981
The first quarter report provided r.ouncil and staff with a brief
description of the finan~ial condition of the City as of September
1981. This report will update the first quarter report by providing
financial information for the City operations t.hrour,h necember 1981.
Recommendations
1. Increase estimated sales tax revenue by $100 1 000 from $3,662,000
to $3,762,000.
2. Decrease estimated building permit revenue by $160,000 from
$560,000 to $400,000.
3. Decrease estimated engineering fee revenue by $100,000 from
$300,000 to $200,000.
4. Increase estimated inter~st income in the general fund by
$200,000 from $800,000 to $1,000,000.
5. Decrease estimated sewer construction fund revenue by $300,000
from $1,552,000 to $1,252,000.
6. Decrease estimated public f cilities fee revenue by $400,000 from
$1,300,000 to $900,000.
7. Decrease estimated park-in-lieu fee revenue by $100,000 from
$300,000 to $200,000.
Report Summary
OPERATING REVENUES -Operating revenues have taken a turn upwards and
now exceed budgeted figures by about $500,000 or 7%. Sales tax and
interest revenue are the primary po~itive performers. Development
related revenue continues to be slow.
OPERATING EXPENDITURES -Salary savings and a slower usage of
contingency funds help to keep operating expenditures below budgeted
levels, Some departments are spending at a rate slightly ahead of
the average expect~d at the end of six months. These will requir~
some management attention for the last half of 1981-82.
GENERAL FUND RSVENUE -Sales tax and interest earnings are ahead of
budgeted fi~ures. Developme~t continues to be very slow. January
figures (not yet available) may show a slight upturn in development.
GENERAL FUND EXPENDITURES -A savings in salary costs of $200,000 and
a slower usnge rate of contingency funds contribute to the $500,000
savings logged to date in the general fund. Utilities, communications
and ene~gy related products will require attention in the next
quarter.
3
MONTHLY FINANCIAL REPORT
DECEMBER 1981
Page 2
SALES TAX REVENUE -Sales taxes continue tn lead budget projections
to about 6%, The City's sales tax base appears to he maintaining
some strength in the face of a nation wide economic slowdown.
BUILDING PERMITS -Development related activity is very slow.
Building permit revenue for December 1981 is only 50% of budgeted
figures, In addition, engineering fee revenue is down by a similar
margin. January will show a slight improvement for these sources,
But, unless the last half of this year picks up dramatically, the
City stands to be $300,000 or more behind bud~eted levels,
BUSINESS LICENSES -Second quarterly revenue continues to lack
sufficient information to provide a good business license forecasting
base, This will be updated for the council in the next report,
PARKING CITATIONS -This source continues to provide good revenue
history, A total of $~5,000 to $30,000 should be received in
1981-82, It should be noted that all motor vehicle fine revenues are
running ahead of estimates,
INVESTMENTS -Interest rates have taken a turn up again in December
1981. Interest revenue is well ahead of budget estimates due to
higher interest rates and a stable investment pool. The increase in
funds available for investment in December reflects the receipt of
property tax distributiono from the county. The decrease in September
was the result of the purchase of Macario Canyon Park.
CONTINGENCIES -The balance in the contingency account at December
1981 is $794,492. Cantingency funds are being used at a slower rate
this year than in past years.
SANITATION FUND -Expenditures and revenues continue to match closely
for the sewer fund, The first half of 1581-82 leaves the sewer fund
in a very slightly positive position, Effects continue to put the
sanitation operation on an enterprise basis.
WATER FUND -Water expenditures and revenues are generally balanced
as of December 1981. The water fund is looking at a 4% increase in
purchased water costs for the remaining portion of 1981-82, The
Utility Director is carefully watching the water fund operations for
the effect of this rate increase.
CAPITAL FUNDS -The builJing slaw down has seriously effected the
capital funds. Sewer construction, public facilities fees and
park-in-lieu fees are ~11 significantly behind budget projections.
Some recovery is in stare in January 1982; however, n total recovery
is unlikley.
4
·"""
MONTHLY FINAUCIAL REPORT
DECEMBER 1981
Page 3
Report of Operations
The following s&ction provides a capsule view of many of the
components that make up the City's fiscal position. From month to
month, these sections will be modified to reflect the most recent
up-to-date information. Sections will be added or deleted as the
need arises,
The tables following the graphic section provide the detailed
financial accounting of activity through December 31, 1981,
OPERATING REVENUES
Summary: Operating revenues are those revenues received by the
City that arc used to pay for daily operations such as salaries,
goods, services and small capital equipment, These revenues are
dependent upon economic activity, building activity, city rate
otructures and state and federal policies,
As the chart shows, second
quarter revenues are running
slightly ahead of the budget
projections. As of the end of
December, total operating
revenue was about $500,000 ahead
16 r--------··-:::.::NG REVEKUfs ·-··--·-·--· -·
M
of budgat estimates. This is
primarily due to continued high
interest earnings in
investmunts, higher than
anticipated sales tax revenue,
and vehicle code fines; offset
somewhat by reduced building
related activity, Although the
first six months of 1981-82 have
been less than encouraging, if
the last half of this year can
maintain the economjc pattern of
the first half we ohould find
total operating rev~nues
equaling or exceeding the
adjusted budget estimates,
14 ~ I --Budget
L L --Actual
·I •··--··-·-···-···············-· •... ·• 12 ~ O
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-·--·
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The following sections discuss 2 .{
eales tax, building permits, and
other specific revanue sources. ~ __________________ _. • ..._ ____ __, __ -"l"
1ooi
sos
25S
MONTHLY FINANCIAL REPORT
DECEMBER 1981
OPERATING EXPENDITURES
Page 4
Summary: Operating expenditures are those that support daily
operations such as salaries, purchase of goods, services and
minor capital expenditures, This category includes all
operations of the City such as Police, Fire Administration,
Maintenance, Parks, Library, Sewer Maintenance and Water.
Total operating expenditures are about 10% behind budgeted
levels. About $500,000 of this savings is found in the general
fund in salary savings ($200,000) and apparent savings
in contingency usage ($300,000).
f -·-------------
i6
14
Energy and communications costs
continue to be within budgeted
limits as of December 1981. It
should be noted that the recent
SDG&E rate hike could cause some
serious problems in the City's
utility accounts. The rate hike
could cost the City as much as 12
S4O,OOO in additional utilit~
expenses. These accounts will
be watched carefully for the
next quarter.
There are no serious problem
areas in the City's operating
expenditure picture through the
first six months of 1981-82,
Several departments have spent
more than generally is
anticipated in the first half of
198182. These managers should
watch their expenditures closely
for the last half of 1981-82.
Action has been taken by the
council and staff to correct
problems indicated in the first
quarter report.
10
8
6
4
2
1981-82 . OPERATING EXPENDITURES
M . I
L
'" L --Budget I
'" 0 --Actual
~--N ·-------..... -------------
'" $
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.. , 50%
..
MONTHLY FINANCilL REPORT
nECEMBER 1981
GENERAL FUND REVENUE
Total general fund revenue
through the end of the second
quarter is about $200,000 ahead
of the revised budget estj~ate.
This 2% gain is the net effect
of additional interest, sales
tax and v~hicle fines and
reduced construction related
revenues. IntP.rest revenue is
the primary com~=nent of this
positive position. Although
interest rates have fallen as
predicted, the "bottom" of the
decline in rates was only 12%.
Rates have recently begun a
steady increase and have reached
about 15% by the end of January.
(For more information see the
following section on
investments.)
Sales tax re~enue is still ahead
of current estimates by 6% or
about $100,000,
Page 5
1981-82
GENERAL FUND REVENUE
12 P----------••• -·-····--·· ···-···-----------·-·
.... ,,,,. ADOPTED BUDGET
10
M -REVISED BUDGET
-ACTUAL
I
L •••••••••••••••••• ······•··•···-·······
8 p, L
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75%,
so,
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7
,.. .....
MONTHLY FINANCIAL ::PORT
DECEMB!rn l gs1
GENERAL FUND EXPENDITURES
Page 6
1981-82 For the first six months of
1981-82, general fund GENERAL FUND EXPENDITURES
12 M -BUDGET
I --ACTUAL
10 I,
L
8 I
0
expenditures are running about
$200,000 below expected levels.
This is primarily due to
$175,000 of salary savings, In
addition, there is an apparent
savings of about $300,000 due to
the low level of usage of the
contingency fur.d. This may
change in the last half of
1981-82 as departments begin to
I-• --------------···-feel the pinch of price hikes in 6 N
utility rates, costs for I professional services and
capital outlay items. Many
departments have exceeded 50% in
expenditures as of the end of
December, It will take good
management control to avoid some
tight money problems in some
departments.
Accounts such as communications
and utilities are currently
below budgeted levels, but will
see cost increases in the last
part of this year.
SALES TAX
$
4 / 1--·------/
,, .{
---------1981 82
SALES TAX
M -BUDGET
'" I 3
L _ ACTUAL I:' L
RE\'ENUE
••• 100%
-· •• ·-75%
---· 50%
-• -· 25%
r:l
5 ..,
-----------. , .. 100%
Sales tax revenue is based on 1%
of gross retail sales within the
City limits, The revenue
picture through December 31,
1981 is generally favorable.
During the first half of this
year the City has received $1,7
million in sales tax revenue.
This is about 6% or $100,000
ahead of anticipated revenues,
If this trend continues through
the end of 1981-82 total sales
tax revenue will reach $3,9
million or about $240,000 more
than the current estimate, This
may be somewhat optimistic;
however, it appears that an
increase of at least $100,00Q
can be expected. It is
recommended that the sales tax
estimate for 1981-82 be
increased by s100,ooo from
$3,662,000 to $3,762,000.
,.. I --------.. -· ----.. 1si
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$
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I"----------------·--··-···-... . .. . .. .. .. ·• 50~
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>-E-< Ul ..:I t:, C. h > u z al 0: a: >-z :::> ::, Ul u 0 Ul < Ul :$ C. :;; ::, '"> < V) 0 z '.:l ., "' ... < ... .,
y·
MONTHLY FINANCIAL REPORT
DECF,MBER 1981
BUILDING PERMITS
Page 7
The past three months have continued the slow no growth pattern
for construction related revenue established in the first
quarter. Interest rates have dropped from the near record 20.5%
posted in the first quarter, to a thirteen month low of about 16%.
In spite of reduced loan rates, building activity has continued
to decline. Building valuation, building permits is~ued and
inspecti?ns made have all reached a 1981-82 low. Th~ first
quarter report recommended reducing the estimated building permit
revenue from $710,000 to $560,000. With December 31, 1981
revenues only reaching 50% of the revised estimate, the council
should consider reducing this estimate again from $560,000 to
about $400,000, ~ reduction of $160,000. By this late date, even
if building activity does respond to these lower interest rates,
revenue of $560,000 is unlikely.
700 ~ . 1981-82
BUILDING PERMITS
600
u••0 •••• • BUDGE'l' (ADOPTED) ,
500. -• BUDGET (REVISED)
--. -• ACTUAL
T
•• 100,
In addition, engineering fees
have taken a similar plunge.
1980-81 revenues from
engineering fees were over
$318, 00. Hot1ever, revenues to
date in 198182 total only
$45,000. The same slow down
that has affected building
permit revenues has stopped
almost all preliminary work on
major construction projects.
This report recommends reducing
the estimated revenue for
engineering fees from $300,000
to $200,000 for 1981-82.
1--H ····-················-··-·-' •••••••••• .•. •. •. 751
400 .. 0
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A
300 N
•D •••··••-•· ••••• ••••• •• •• • •-
200
100
.. ,.. so, i
-25%
MONTHLY FINANCIAL REPORT
DECEMBER 1981
BUSINESS LICENSES
Revenues from business licenses
can often be an indicator of
economic conditions. The City's
license cycle is January to
December each year. The reduced
level of revenue shown through
December reflects a shift in
timing for license payments when
compared to 198081. The January
and February revenues will be
better indicators of the
business climate.
PARKING CITATIONS
The 1981-82 budget does not
include an estimat:e of revenues
from parking citations. The
activity of the first six months
of this year indicates that the
City can expect to receive
$25,000 to $30,000 in parking
citation revenue by year end.
Parking citation collection
expenses are estimated to amount
to about $.3,500 in 198182.
i,, T
H 300 I'" 0
Page 8
1981-82
BUSINESS LICENSE REVENUE
u ---------------------------·---100% • s
A
' ~ --Budget
• --Actual ... $
200 ~
-• -• -_, 75%
,------------------------...... --.... ---· 50%
100 i,,
".' ____________________ -
--1--25%
~
lo --
--Ill u • >-<!> .... I-> u = w ... C. ~ 00 = ~ z ::, :::, UJ u 0 UJ UJ ~ 0. ::, ,:, < V, 0 z Q ,:, u. < ,:,
1981-82
PARKING CITATIONS
60 T
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0 u
50 s
A
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40 D
$
30
20 •
10 ~
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w ... .,, C. I-> u ~ 00 i i z ::, ::, w u 0 UJ w 0. ::, ,:, < V, 0 :z: Q ,:, u. < ,:,
/C
MONTHLY FINANCIAL REPORT
DECEMBER 1981
INVE STMENT3
Page 9
The City Treasurer is charged with the responsibility of managing
inactive City funds in a manner consistent with good financial
practices and sound investment policies. The amount of interest
earned each year LS directly proportional to the availability of
inactive deposits and interest rates. The following graph shows
the investment pool available during each Aonth this fiscal
year.
The decrease in the investment pool between August and September
reflects the purchase of Macario Canyon Park. The increase in
December is the result of property tax revenue distributed by the
county near the end of the month. We can expect to see this pool
of funds decrease as capital projects get underway. There will
be another marked increase in the investment pool in April when
the second property tax payment is distributed by the county.
The chart below shows the interest rate swing during the past
year. City earnings usually approximate the 9O-day Certificate
of Deposit (CD) level shown.
Interest revenue for the first six months of 1981-82 has
exceeded origin~l estimates by abount $100,000. This is
primarily due to the higher than anticipated interest rates.
Based on this experience, it is recommended that the City
Council approve an increase in estimated interest revenue in
the general fund of $200,000, bringing the total estimate to
for 1981-82 to l million.
YIELDS ON SELECTED SECURITIES
,wiRAGtS OF DAILY RATf.S ENOeo· FRIO/\Y
14 K ~' L
12 l
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" 10
1981•82
!NVESiMENTS
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11.0
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MONTHLY FINANCIAL REPORT
DECEMBER 1981
GENERAL ?UND CONTINGENCY ACCOUNT
The general fund contingency
account started this fiscal year
with a balance of $855,587.
Transfers from this account
through December have amounted
to $61,095 leaving a balance of
$794,492.
SANITATION FUND
The sanitation fund is
responsible for the collection
of sewer fees and the support of
the sewer system maintenance
effort, including the City's
share of thEi Encina operating
costs. lt is important that the
fees collected fully support the
system's operating coste.
The following chart shows that
expenditures have exceeded
revenues by about $61,000. Th is
however is due to the timing of
the third quarter payment to the
Encina operations fund.
De.ducting this $71+,000 payment
shows that the sewer fund is in
a slightly positive position by
about $13,000 at December 31,
1981. Revenues continue to come
in at about $49,000 per month,
Th is is about $1000 per month
more than previous estimates,
1,000 T
H
0 u s
A
800
600
400
600
500
400
300
200
100
N
D
$
Page 10
1981-82
CONTINGENCY ACCOUNT BALANCE
--->-~ >-a: ....
..J 0. t; > <.> ~ a> I i z ::, ~ .... 0 UJ .... ~ ::, ..., V, 0 z Cl .., ... ...,
1981-82
SANITAHON FUND
MAINTE~ANCE & OPERATION
REVENUES vs EXPENDITURES --Expend! tu res
~ • .._ • -Revenues
T
Ii
0 u s
A
N ) D
$
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MONTHLY FINANCIAL REPORT
DECEMBER 1981
WATER FUND
Page 11
The Water Department is e municipal enterprise. That is its
operations are accounted for in a manner that approaches those
used in private busindss. One of the primary indicators used to
determine the condition of thP. general operation is the revenue
vs expenditure or profit and l~ss comparison. The chart at the
right shows a comparison of the ~umulative water operation
through the second quarter of 1981-82.
Revenues presently exceed e~penditures by about $24,000 or ubout
3%. We should see this trend continuing for the rest of
1980-82. It should be noted, hQwever, that the City will be
ie1uired to pay about $6 per acre foot mo•e for water purch~sed
froru the Costa Real Municipal Water Di~trict for the second half
of 1981-82. This equates to a 4% increase in water costs.
2
l9m-~
WATER ENTERPRISE OPERATIONS
REVENUES vs EXPENDITURE~
•····· • Revenues -£XQendltures
13
MONTHLY FINANCIAL REPORT
DECEMBER 1981
REVENUE -CAPITAL FUNDS
Page 12
As discussed earlier, development activity continues to be
considerably below estimated levels. Capital revenues such as
sewer construction funds, public facilities fees and park-in-
lieu fees all depend ou construction activity for their income
base. These charts show that construction revenue has been slow
and continues to show little sign of improvement. Sewer
construction funds are about $290,000 behin~ o~iginal estimate
public faciities f~es are about $400,000 behind original
estimates; end park-in-lieu fees are about $100,000 behind
original estimates. It is recommended that these revenue
estimates be adjusted downward as follows:
o Sewer Construction Funds -Down $300,000 from $1,552,000
to $1,252,000.
o Public Facilities Fees -Down $400,000 from $1.3 million
to $900,000.
o Park-In-Lieu -Down $100,000 from $300,000 to $200,000
llll•ll
P\IILIC FACIIIIUS ms
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U -• ACTllAL 1'1:\'1::lVC s
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CITY OF CARLSBW
COMPARATilr.: STATEMENT OF' Ftll..-DS I•# 1981-82 ----
Beginning Capital.'Projects Estimated Interfund Adopted Ending
Balance continued from Revenues Transfers Budget Balance
FUND 7-1.-81 1980-81 6-30-82
OPERATING FUNDS
General $ -o-$ $12,436,300 $325,000 $12,871,107 $ (109,807)
G'.lS T~x: 589,907 180,939 325,000 (325,000) 40,300 388,668
Sanitation 136,81° 639,000 679,812 96,007
Street Lighting ::1,805) 449,900 449,900 (9,805)
Lilirary Bond Debt Service 68,423 9,000 18,·100 59,323
Sewer Bond Debt Service· 73,610 130,000 124,570 79,040 )
Workers Comp. Self Insura~ce 102,287 223,000 50,500 274,787
Liability Self Insu~.mce 100,000 100,000 67,382 132,618
Housing Antho:-.... ty 93,704 816,200 816,156 93,748
Redeve;~;,ment (l.96,025) -o-.89,061 (285,086)
o•..l,er Special Revenue Funds 63,011 -o--o-63,011
Water Enterprise ·4,033,181 1,9CO,OOO (455,080) 1,885,450 3,592,651
TOTAL OPERATING FUNDS $5,055,112 $ 180,939 $17,028,400 $(455,080) $17,092,338 $4,355,155
CAPITAL FUNDS
General Capital Const. $6,232,362 $3,353,751 $ -o-$ $1,902,445 $ 976,166
Sewer Construction 236,646 83,535 1.,2s2_,ooo 959,425 445,686
Revenue Sharing 1,027,659 709,861 540,000 86!>,000 (2,202)
Public Facilities Const. Fund 683,659 86,000 .900,000 404,000 1,093,659 -.)
Park In-Lieu Fund 625,084 251,500 200,000 65,000 508,584
Planned L6cal Drainage 18,091 --o--o-18,091
Con:munity Dev. Block Gra.'lts -o--39,280 39,280 -o-
Bristol Cove Assmt. District 43,369 ---o-43,369
Water Enterprise -o---o-455,080 455,080 -o-
TOTAL CAPITAL FUNDS $ 8,866,870 $'4,484,647 $ 2,931.,280 $455,080 $4,685,230 SJ,083,353
TOTAL ALL FUNDS $13,921,982 $4,665,586 $:l.9,959,680 $ -o-$21,777,568 $7,438,508