HomeMy WebLinkAbout1992-04-28; City Council; 11663; UPDATE OF FISCAL CONDITION THIRD QUARTER 1991-92.I AB# /1!6G73 TITLE:
MTG. 4/28/92 UPDATE OF FISCAL, CONDITION
DEPT. FIN THIRD QUARTER 1991-92
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RECOMMENDED ACTION:
Receive and file.
ITEM EXPLANATION:
This report summarizes the fiscal status of the General Fund based on data through Mmk 31,1992.
REVENUES: Despite the lingering effects of the recession, we have not revised our revenue estimates any further downward this quarter. As the following schedules show,
most of our revenues are still falling below our estimates although we have seen some
very weak signs of recovery in others. In total, we expect to achieve our estimate of
$42,000,000 in revenue for the General Fund for fiscal year 1991-92. This amount includes $39,645,000 of General Fund revenues, $875,000 from the gas tax fund and
$1,480,000 of previous year's fund balance.
As shown on page two of this report, property tax and sales tax revenues, our two largest
revenue sources, continue to run below our estimates. Although sales taxes have
recovered slightly from previous months, they are still 9.5% below prior year while we
had estimated only a 8.2% decline. Property taxes have remained at an approximate 5%
to 6% increase rather than the 9.8% increase we estimated. This slower growth in
property taxes is mainly due to the slow rate of turnover of real estate as well as
increased delinquencies. If these percentages remain at their current levels, it translates
Based on the payments we have received for April, we do not expect a dramatic
improvement in these revenues.
The recessionary effects on the real estate and construction industry are continuing to
effect our revenues. License tax on new construction is 34% below prior year.
Construction permits have fallen further behind this quarter due to the large amount of
permits issued during the third quarter of 1991 (525) compared to those issued this
quarter (10). Our building fees are also down 54% compared to our estimate of a 38%
decrease. Engineering fees are the one bright spot in our development revenues. These
have continued to climb upward so that as of March 31 we only need to collect another
$89,000 to equal our estimate for the entire year.
Despite the bleak picture portrayed above, General Fund revenues, in total, are keeping
pace with our estimates. We are currently 2.25% below last year's revenues while we
had anticipated a 3% decline for the year. The outlook is optimistic that we will be able
make our projections for the 1991-92 General Fund revenues.
EXPENDITURES: When the City revised its revenue estimates downward by $4 million
in December of 1991, staff was also aware that expenditures would need to be reduced
by a like amount. In order to achieve this, each department submitted a revised budget for the year. Through these voluntary budget cuts, we were able to reduce our projected
expenditures by the required $4 million (10%). These revised budget amounts are
presented in Exhibit 4. As these are voluntary reductions, staff is monitoring the
expenditures closely to insure that we meet our goals.
into a potential $650,000 shortfall in property and sales taxes compared to our estimates,
s e e
Page Two of Agenda Bill No. I I! b (P 3
To date, expenditures for the General Fund are down 11% from the original budget.
Total expenditures for the month of March may look as if they skyrocketed, however,
there is a good explanation for the increase. The City pays its employees every two
weeks rather than twice a month; thus, there are two months a year in which we have
three pay periods. March is one of these months. Approximately $850,000 of the
increase is attributable to the extra pay period. We did anticipate this increase (and even
a little more) as you can see by the increased forecast for March in Exhibit 3. Based on that analysis, we are continuing to run approximately $675,000 below projections and
expect to end the year with a balanced budget.
ExHmlTs
1. Revenue Comparison Graphs
2. General Fund Revenue Estimates
3. General Fund Expenditure Summary
4. General Fund Expenditure Status by Department
EXHIBIT 111
TAX%EVENUE COMPA~SON
MARCH 1991
MARCH 1992
MILLIONS OF DOLLARS
.............................
mBUDGET 1992
PROP.TAX SALES TAX TOT
LICENSES PERMITS FINES REVENUE
MARCH 1991
MARCH 1992
THOUSANDS OF DOLLARS
...........................
..................
...........
DOWN 34% DOWN 34%
EXHIBIT #1
' DEV~OPMENT FEE R~ENUE page two
MARCH 1991
MARCH 1992
THOUSANDS OF DOLLARS
MMAR 1991
MAR 1992
UBUDGET I902
. . ._.._..........
PLANNING BUILDINGENGINEERING
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EXHIBIT f4 e UI I T ur UH~L~DHU
EXPENDITURE STATUS BY DEPARTMENT
0 GENERAL FUND 1"' LA1 *vyr'l
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REVISED TOTAL AVAILABLE YO
BUDGET COMMITTED* BALANCE AVAILABL
DEPT DESCRIPTION FY 1991-92 03/31 192 03/31 192 03/31 I9
GENERAL GOVERNMENT
101 0 CITY COUNCIL 159,790 11 9,831 39,959 25
1030 CITY CLERK 15,800 13,536 2,264 14
1020 CITY MANAGER 607,994 470,174 137,820 22
1210 ATTORNEY 399,908 31 7,124 82,784 2c
1310 FINANCE 1,081,422 776,002 305,420 28
1320 TREASURER 82,853 57,049 25,804 31
141 0 PURCHASING 378,284 286,584 91,700 24
1510 HUMAN RESOURCES 837,898 609,411 228,487 27
161 0 RESEARCH & ANALYSIS 284,829 224,539 60,290 21
171 0 INFORMATION SYSTEMS 377,833 295,608 82,225 21
1910 lNSURANCE/RISK MGMT. 234,933 182,292 52,641 22
1XXX OTHER (INCL CONTINGENCY) 1,119,850 734,127 385,723 34
TOTAL GENERAL GOVERNMENT 7,078,039 4,538,886 2,539,153 35
21XX POLICE 8,701,519 6,802,537 1,898,982 21
22XX FIRE 6,661,796 4,947,011 1,714,785 25
TOTAL PUBLIC SAFETY 15,363,315 11,749,548 3,613,767 23
19XX MlSC NON-DEPT 1,496,645 452,609 1,044,036 69
PUBLIC SAFETY
COMMUNITY DEVELOPMENT
30XX COMMUNITY DEVELOPMENT ADMIN. 854,315 532,310 322,005 3i
31XX ENGINEERING 3,554,027 2,809,857 744,170 2c
32XX PLANNING 2,348,990 1,860,222 488,768 2c
341 1 HISTORIC PRESERVATION 5,940 2,927 3,013 5c
3610 BUILDING 906,166 743,284 162,882 1E
TOTAL COMMUNITY DEVELOPMENT 7,669,438 5,948,600 1,720,838 22
40XX LIBRARY 2,412,494 1,840,707 571,787 29
41XX PARKS & RECREATION 4,299,091 3,070,165 1,228,926 2e
TOTAL CULTURE & RECREATION 6,999,750 5,119,554 1,880,196 26
TOTAL MAINTENANCE & UTILITIES 4,914,760 3,295,927 1,618,833 32
TOTAL GENERAL FUND 42,025,302 30,65231 5 1 1,372,787 27
CULTURE & RECREATION
42XX CULTURAL ARTS 288,165 208,682 79,483 27
MAINTENANCE & UTILITIES
* Total committed includes both expenditures & encumbrances.
* * Amount available would be 25% if funds were spent evenly throughout the year
(ie. 3 months remaining divided by 12 months equals 25%)