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HomeMy WebLinkAbout1999-11-02; City Council; 15465; Financial Status ReportB 8 5, . . e Y d x s 0 - 6.y” 0 5 CITY OF CARLSBAD -AGENDA BILL * AB# 15,465 TITLE: FIRST QUARTER DEPT HD. MTG. II/O2199 FINANCIAL STATUS REPORT CITYATTY. t@* DEPT. FIN FOR FISCAL YEAR 1999-2000 CITY MGR.m RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The attached Financial Status Report summarizes the fiscal status of the General fund, the Water and Sanitation Enterprises, and the Redevelopment Agency through the first quarter of fiscal year 1999-00. Revenues for the General fund through September total $13 million, which is 8.2%, or $1 million, greater than the first quarter of last year. Taxes (sales, transient occupancy and property), vehicle license fees, other intergovernmental revenue, and income from investments and property account for the majority of the increase. The effect of rate decreases can be seen for both the Water and Sanitation Enterprises. Revenues for the Water Enterprise also reflect a small increase compared to the previous year, while the Sanitation Enterprise and Redevelopment Agency reflect a slight decline in revenues for the first quarter of the year. Although it is important to continually monitor revenues throughout the year, first quarter receipts are not necessarily an accurate predictor of the remainder of the year. Many revenues, such as property tax and sales tax, fluctuate significantly from quarter to quarter. EXHIBIT: First quarter financial status report for fiscal year 1999-2000. . . ‘, Financial Status Report Prepared by the Finance Department September 30,1999 General fund revenues for Carlsbad total $13 million for the first quarter of the 1999-2000 fiscal year. This is a $1 million, or 8%, increase over fiscal year 1998-99. The sources contributing to the overall upswing in revenues were taxes (sales, transient occupancy and property), vehicle license fees, other intergovernmental revenue and income from investments and property. Decreases from the prior year can be found in development related revenues; down 26.2%, other licenses and permits; down 35%, and transfer taxes; down 52%. However, total General fund revenues are still ahead of last year’s figures and exceed projected numbers by 8.2%. This increase in revenues is indicative of the overall economy and Building Pemits employment levels in San Diego. San Diego’s jobless rate continued to nudge down in August, landing at 3.2 percent and beating a 5.1 percent statewide rate that reflected a strong economy. This was a drop from the 3.5 percent rate recorded in both June and July.’ The continuing strong economy also has the Federal Reserve concerned. “The Federal Reserve voted yesterday to leave interest rates unchanged (October 5, 1999) but warned that it is still concerned about the potential for inflation and might raise rates soon if the economy does not cool ~ff.“~ ’ The San Diego Union-Tribune, September 11, 1999, “San Diego Jobless Rate 3.2% in August”, p. C-l. 2 The San Diego Union-Tribune, October 6, 1999, m Fed Holds Steady on Key Rates for Now”, p. C-1, * h - Financial Status Report 2 Further detail about Carlsbad’s General fund revenues can be found in this report, as well as an overview of the General fund expenditures for the month of September 1999. In addition, the financial status of the Water and Sanitation Enterprises and the Redevelopment Agency will be addressed. GENERAL FUND Taxes On an annual basis, the City’s largest source of tax revenue is sales tax, followed by property tax, and transient occupancy (or hotel) tax. These three revenue sources are all expected to grow in the upcoming fiscal year with the continuation of a strong economy and low unemployment in the region. Through the month of September, sales tax receipts are 15% over last year’s collections. An increase of 7.6% has been budgeted due to the continuation of a healthy economy, high consumer confidence, the expansion of the Carlsbad Company Stores in the fall of 1999, and the first full year of sales tax revenue from Legoland. The leading sales tax generators by economic segment are new auto sales, department stores, and restaurants. Retail sales across the nation continue to amaze most economists. Tax Revenue Fiscal Year Comparison SALES TAX PROPERTY TAX TRANSIENT TAX FRANCHISE TAX BUSINESS LICENSE 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 in millions q Actuals 9889 MActuals 99-00 Americans maintained their shopping spree at the nation’s stores and malls in September, hardly slowed by volatility in the stock market, stormy weather and rising interest rates. Retailers continue to enjoy one of their strongest years in recent history. They have benefited greatly from the resilient U.S. economy with low unemployment and tame inflation. While the Fed’s rate hikes have unsettled investors and shaken the stock market, consumers so far have not slowed their spending or borrowing. The Merrill Lynch retail index, the investment firm’s barometer of sales performance at department stores and discount chains, rose 5.6 percent in September. It rose 4.6 percent in July and August.3 The majority of property tax revenue is collected in December and April. A minimal amount of property tax revenue was collected in the first quarter of the fiscal year. However, early indications point to another strong year in property tax collections. According to the County of San Diego Assessor’s Office, for fiscal year 1999-2000 assessed values in Carlsbad have increased by 19.7%. This is the largest percentage increase of any city in the county. In addition to new development within the City, “strong housing demand, fueled by good economic conditions and a limited supply of available homes, is pushing both home sales and prices to record levels.“4 This signals another year in which we expect significant growth in property tax revenues. Transient occupancy taxes (TOT) total $2.2 million through September; a $310,000 increase over the same period last year. The majority of this increase is attributable to increased room rates at many of the hotels within the City. In addition, the Grand Pacific Palisades Resort and Hotel opened in March 1999. Four 3 The San Diego Union-Tribune, October 8, 1999, “Storms Hurt Job Seekers, Didn’t Slow Retail Sales”, p. C-2. 4 California Department of Finance, Finance Bulletin, July 1999, “Economic Update”, p. 1. a . , Financial Status Report 3 more hotels plan to open in Carlsbad over the next 18 months, which will continue to add to the City’s TOT revenue. A June 1999 “Trends in the Hotel Industry” report produced by PKF Consulting sited, “The impact of the opening of Legoland in late March can clearly be seen in the 9.2 percent jump in the average daily room rate for the first six months of the year in the North Coastal sub-market, and a 13.7 percent increase in June. However, a slight softening of demand is apparent in the overall drop in occupancy in June from 82.1 percent in 1998 to 79.7 percent in 1999, and a small decline of less than one percent in occupancy for the year to-date.“5 With these new hotels opening up soon and the increased room rates, the City is projecting an increase in TOT revenue of 8.2% in fiscal year 1999-2000. Franchise tax revenues total $250,000 year-to-date in 1999; virtually no change from the prior year. Franchise fees come from public utility sources such as SDG&E, trash collection franchises, and cable franchises conducting business within City limits. Franchise tax revenues are projected to grow by 8.6% due to population growth within the City. Business license revenues total $333,000 for the year; a decrease of 13%, or $51,000, from fiscal year 1998-99. Although the number of new and renewed licenses is up this fiscal year compared to last year; 1,407 to 1,307, a timing difference has caused the negative year-to-date variance. One of the larger businesses in Carlsbad paid their 1997-98 business license fee in August 1998; two months later than the actual due date. This year, that same business paid their fee in the correct month (June), thereby creating the timing difference between this fiscal year and fiscal year 1998-99. Development Fee Revenues As was the case during the first two months of the fiscal year, building permit Development Fee Revenue activity is down once again this month on Fiscal Year Comparison the residential side, as compared to the previous fiscal year. Building permit revenue (residential, commercial and industrial) totals $422,000 through BUILDING PERMITS September. This figure is 26% below last year. Building permit revenue for the year is expected to decrease by 10%. This is ENGINEERING in line with the rest of the western United States which reported a decline in home BUILDING DEPT FEES sales in July 1999 of 12.9% and a 2.8% decline in August 1999. A factor influencing the sale of new homes has PLANNING been the fluctuation in the interest rates. Interest rates have gone from 7.5% in 0 100 200 300 400 500 600 June 1999, to 7.9% by the end of August. in Thousands Building permits are issued to cover the 1 q Acluals 98-99 n Actuals 9900 ] cost of regulating construction activities. This allows the City the means to protect overall community interests. Only 132 new homes were started in September 1999, compared to 174 new homes in September 1998. The most active residential areas of the City continue to be Ranch0 Carrillo and Calavera Hills, with most of the new homes split equally between these two areas. After two quiet months, non-residential construction regained some life during September. On the commercial side, the major development was the start of “The Island,” a retail and 5 PKF Consulting, June 1999, “Trends in the Hotel Industry”, p. 1. 3 A Financial Status Report 4 restaurant center located in the Carlsbad Research Center industrial park. In the industrial arena, three small and one medium-sized buildings were started in Zone 5. Engineering fees, which are fees received for improvement and grading plan check and inspection services, total $393,000; a decrease of $96,000, or 20%, from fiscal year 1998-99. Building department fees total $260,000 year-to-date. This is a decrease of 31%, or $119,000, compared to fiscal year 1998-99. Planning fees are also down for the City of Carlsbad. Planning fee revenues total $142,000; a d ecrease of 33% over last fiscal year. In total, development fee revenues are $1.2 million for the year. This is $431,000, or 26%, lower than development revenues collected in the prior year. Development fee revenues are also slightly behind projected figures by $105,000, or 8%. Due to the volatility of development fee revenues, we will continue to monitor these revenues closely to determine whether we will meet our expected revenues for the year. lnteruovernmental Revenues Vehicle license fees (VLF) total $961,000 through September 1999, which is an increase of 16% over the same period in 1998. Vehicle License Fees are collected by the Department of Motor Vehicles and disbursed by the State Controller to the City. The State taxes motor vehicles in lieu of local property taxes. The State reduced the VLF last fiscal year by 25%, and replaced the reduction in fees with State General fund money. Due to provisions in the 1999-2000 State budget, the fee will be automatically cut by an additional 10% in the 1999-2000 fiscal year; a year earlier than originally anticipated. The State General fund will also replace the revenues lost by this rate reduction. Vehicle License Fees are anticipated to increase by 10.7% this fiscal year due to the population growth in the City. Other intergovernmental revenues are comprised mainly of a $172,000 receipt from the State to partially replace property taxes that were shifted to schools back in the early 90’s. This payment is the first of two payments authorized by the State budget on a one-time only basis. The second payment is expected to be approximately $40,000. Other Revenues Other licenses and permits have decreased by 35% from the previous year, at this time. A factor in the decrease was the refund of fees for a permit application which was withdrawn. Recreation fees total $283,000 and are 4% higher than in fiscal year 1998-99. Instructional classes, youth sports, the triathlon and other special events, day trips and the various aquatics programs comprise the majority of the recreation fees. Ambulance fees are $229,000, and are ahead of last September’s figures by 22%, or $41,000. Increased collection rates and an increase in the City’s population have contributed to the higher revenue balance. * - Financial Status Report A 5 Fines and forfeitures consist mainly of receipts from parking citations and the City’s share of fines from moving violations. They total $145,000 for the year; this is 32%, or $69,000, less than fiscal year 1998-99. The largest portion of these revenues is derived from moving violations. The difference between the two fiscal years was due to a timing difference for moving violation revenues received from the County of San Diego. The September 1999 revenue was received in October 1999. Year-to-date income from investments and property totals $618,000, and is significantly more than last year’s revenues of $407,000. For the first quarter of the fiscal year, not only are interest rates up over the same period last year, but the average daily cash balance in the General fund is almost 27% higher in the current fiscal year than the previous fiscal year. In addition, the rental of City-owned properties is up over last year by 28.8%. Other Revenue Fiscal Year Comparison FEES RECREATION FEES AMBULANCE FEES FINES 8 FORFEITURES d Id0 200 I 3do 400 I 40 sdo 700 I ado 9;olobo in Thousands 0 Actuals 98-99 W Actuals 99-90 1 Interdepartmental charges at $484,000, are $48,000, or 1 I%, more that last year. This variance is due to a timing difference. Engineering overhead charges were not booked in September 1998, but were booked later in that fiscal year. Engineering overhead charges were booked td capital projects in September of 1999, creating the difference. Other revenue sources total $156,000; $94,000 lower than the previous fiscal year. The majority of this revenue comes from miscellaneous reimbursed expenses received by the City. , - Financial Status Report 6 GENERAL FUND REVENUE COMPARISON ‘AXES PROPERTY TAX ’ SALES TAX TRANSIENT TAX FRANCHISE TAX BUSINESS LICENSE TAX TRANSFER TAX TOTAL TAXES NTERGOVERNMENTAL VEHICLE LICENSE FEES HOMEOWNERS EXEMPTIONS OTHER TOTAL INTERGOVERNMENTAL JCENSES AND PERMITS BUILDING PERMITS OTHER LICENSES & PERMITS TOTAL LICENSES & PERMITS ;HARGES FOR SERVICES PLANNING FEES BUILDING DEPT. FEES ENGINEERING FEES AMBULANCE FEES RECREATION FEES OTHER CHARGES OR FEES TOTAL CHARGES FOR SERVICE! FINES AND FORFEITURES EXPECTED BUDGET AS OF 9130199 ACTUAL ACTUAL CHANGE FROM FY 1999 FY 2000 YTD 99 TO PERCENT AS OF 9130198 AS OF 9130199 YTD 2000 CHANGE 558,436 501,494 840,647 339,153 4,231,845 4,082,523 4.695.284 612,761 1,990,897 1,870,117 2,160,334 310,217 254,856 244,855 249,623 4,768 403,983 383,850 332,666 (51,184) 106,460 177,539 64,437 (93,102) 7$X6,477 7,260,378 6,382,991 1,122,613 878,980 829,876 960,688 0 0 0 17,346 27,519 196,270 696,326 857,395 1 ,I 56,956 444,127 566,164 421,775 (144,389) 374,747 397,844 260,245 (137.599) 616,674 964,008 682,020 (281,988) 222,006 213.603 142,286 (71,517) 339,559 378,739 259,624 (119,115) 316,664 489,607 393,363 (96,244) 214,750 187,902 228,530 40,628 266,772 272,881 282,902 10,021 141,832 109,749 93,476 (16,273) I.521585 1,652,681 1,400,181 (252,500) 216,884 INCOME FROM INT & PROPERTY 541,000 INTERDEPARTMENTAL CHARGES 412,500 OTHER REVENUE SOURCES 250,000 I TOTAL GENERAL FUND 12,203.646 (1) 130.812 16% 0 0% 168,751 613% 299,563 35% 213,763 144,679 (69,084) 406,658 617,804 211,146 436,018 484,254 48,236 249,549 156,028 (93,521) 66% 15% 17% 2% -13% -52% 15% -26% -35% -29% -33% -31% -20% 22% 4% -15% -15% -32% 52% 11% -37% 12.040,450 13,024,915 984,465 6% (1) Calculated General fund revenues are 8.2% over budget estimates as of September 1999. . - Financial Status Report - 7 Exbenditures Total General fund expenditures and encumbrances through September 1999 are $22.1 million. This leaves $50.4 million, or 69.5%, available through the fiscal year ending on June 30, 2000. If funds were spent in the same proportion as the previous year, the General fund would have 73% available. Excluding the operating transfers, the percentage available in both years at September 30th is 76%. Council has allocated $4 million out of the General fund budget to be available for unanticipated emergencies or unforeseen program needs. Just over $1 million has been authorized out of the contingency account to-date, as shown in the chart below. CONTINGENCY ACCOUNT USE OF FUNDS RESOLUTION EXPLANATION AMOUNT DATE NUMBER Adopted Budget $4,000,000 06/15/99 99-218 Consultant Services for Establishment of a Second Redevelopment Area PERS Cost for Four Year Service Credit Preparation of EIR for Second Redevelopment Area Addition of Management Assistant in Public Works Extend Pool Hours Management Base Pay Increase (125,000) 07/20/99 99-265 (457,962) 08/I 7199 99-293 (79,900) 09/l 4199 99-307 (56,700) 09114/99 99-308 (17,775) 09/I 4199 99-313 (300,600) 09/14/99 99-315 CURRENT BALANCE $2,962,063 A detailed schedule of General fund expenditures is provided on the following page. ,, a. - Financial Status Report - 8 GENERAL FUND EXPENDITURE STATUS BY DEPARTMENT TOTAL AVAILABLE Y* BUDGET COMMITTED’ BALANCE AVAILABLE” IEPT DESCRIPTION FY 1999-2000 s/30/99 9/30/99 s/30/99 I_OLICYILEADERSHIP CITY COUNCIL CITY MANAGER CITY CLERK CITY ATTORNEY CITY TREASURER TOTAL POLlCYlLEADERSHlP rDMlNlSTRATlVE SERVICE& ADMINISTRATION FINANCE PURCHASING HUMAN RESOURCES RECORDSMANAGEMENT TOTAL ADMINISTRATIVE SERVICES ‘UBLIC SAFETY POLICE FIRE TOTAL PUBLIC SAFETY :OMMUNITY DEVELOPMENT COMMUNITY DEVELOPMENT ADMIN HIRING CENTER GEOGRAPHIC INFORMATION ECONOMIC DEVELOPMENT COMMUNITY PROMOTION (CCVB) PLANNING BUILDING TOTAL COMMUNITY DEVELOPMENT :OMMUNITY SERVfCES PARK PLANNING & RECREATION SENIOR PROGRAMS LIBRARY CULTURAL ARTS TOTAL COMMUNITY SERVICES ‘UBLIC WORKS PUBLIC WORKS ADMINISTRATION ENGINEERING PARKS STREETS & TRAFFIC SIGNALS FACILITIES TOTAL PUBLIC WORKS [ON-DEPARTMENTAL 8 CONTINGENCY OTHER NON DEPARTMENTAL OPERATING TRANSFERS OUT CONTINGENCY TOTAL NON-DEPT & CONTINGENCY OTAL GENERAL FUND 238,130 46,005 192,125 80.7% 1.022.378 203,075 819,301 80.1% 446.740 109.439 337,301 75.5% 718,240 148,607 569,633 79.3% 134,740 24,586 110.154 81.6% 2,560,226 53~,712 2,028,514 79.2% 297.888 57,453 240.435 80.7% 1.414.219 334.248 1,079,971 76.4% 534,800 146.806 367,994 72.5% 1,729.035 393.508 1,336,127 77.2% 1,468,OOO 20.565 1,447,435 96.6% 5444,542 952,560 4,491,962 92.5% 13.070,317 3,329.898 9,740.419 74.5% 6,696,779 2,164,140 6.734.639 75.7% 21,969,096 5,494,038 16,475,056 75.OY. 576,441 115,535 460,906 80.0% 80.070 74,695 5,175 6.5% 341,646 78,530 263.118 77.0% 132,680 25,452 107,228 80.8% 406.824 163,824 243,000 59.7% 2.563.150 646.316 I ,916,634 74.8% 1,798,638 780,242 1 .018,396 56.6% 5,699,451 1,864,794 4,014,657 60.1% 3,259,332 825,323 2.434.009 386,306 90,904 295.402 4,967,610 I,0769444 3,891,166 579.036 122,994 456,042 9,192,264 2,115,665 7,076,619 74.7% 76.5% 76.3% 78.8% 77.0% 612.412 73,590 538,822 88.0% 4,862,151 1,355,244 3.506.907 72.1% 2,626,702 621,312 2,005.390 76.3% 2,961.671 997,755 1.963.916 66.5% 1,973,262 454,731 1.518.531 77.0% 13,056,198 3,502,632 9,553,566 73.2% 463,522 116,528 346,994 74.9% 10.400.000 7.502.949 2,897,051 27.9% 3.542.036 0 3,542,038 100.0% 14,405,560 7,619,477 6.786,083 47.1% 72,527,357 22,100,99&l 50,426,459 69.5% * Total committed includes expenditures and encumbrances. ** Amount available would be 73% if funds were spent in the same proportion as the previous year. (a) Other nondepartmental expenses include property tax administration fees and other non-departmental items. % ‘. .- Financial Status Report 9 WATER ENTERPRISE Revenues Total water revenues have increased by $22,000 over the prior year. The largest revenue source, water sales, declined by $48,000 due to the net effect of a rate decrease ($10 per unit) partially offset by an increase in water usage. An increase in the customer base helped to generate higher “charges for current services.” Interest income is $62,000 lower than last year as a result of lower cash balances in the Water Enterprise. Eight million dollars was transferred from the Water Enterprise fund to the Water Capital Replacement fund in April 1999 to support the construction of future water projects, thus lowering the cash balance substantially. A major factor in the increase in other revenues was an accounting adjustment of $44,000, because there is no longer a liability for meter entitlements. Expenses . Operating expenses in the Water fund total $2.5 million, which is 12.4%, or $273,000, more than last year. Purchased water, the largest expense item budgeted, only increased by 5.5% over last year. Staffing costs are higher this fiscal year due to the reallocation of salaries between reclaimed and potable water, and additional temporary costs incurred as part of the reorganization of the Public Works area. Additional outside services expenses relate to costs associated with the new utility billing system, as well as work done at the Carlsbad Village Station. WATER OPERATIONS FUND SEPTEMBER 30,1999 BUDGET YTD FY 1999-00 Q/30/98 CHANGE FROM YTD MD 99 TO PERCENT 913OlQQ YTD 2000 CHANGE XEVENUES WATER SALES CHARGES FOR CURRENT SERVICES FINES, FORFEITURES & PENALTIES INTEREST OTHERREVENUES TOTAL OPERATING REVENUE 10,943,000 3,436,334 3,551,ooo 762,216 176,000 60,702 350,000 162,911 410,000 75,898 i 5,430,ooo 4,498,061 3,388,882 (47,452) -1.4% 815,594 53,378 7.0% 55,660 CXW -8.3% 100,845 (62,066) -38.1% 159,281 83,383 109.9% 4,520,262 22,201 0.5% EXPENSES STAFFING INTERDEPARTMENTAL SERVICES PURCHASED WATER MWD/CWA READY-TO-SERVE UTILITIES OUTSIDE SERVICES/MAINTENANCE GENERAL OFFICE EXPENSE MATERIALS AND SUPPLIES DEPRECIATION CAPITAL OUTLAY MISCELLANEOUS EXPENSES TOTAL OPERATING EXPENSES )PERATING INCOME/LOSS 2,716,954 474,692 535,549 60,857 12.8% 1,011,792 225,444 258,i 62 30,718 13.6% 8.596,500 959,688 1,012,240 52,552 5.5% 762,000 0 25,385 25,385 0.0% 194.900 23,717 38,891 15,174 64.0% 599,464 48,018 121,685 73,667 153.4% 258,943 48,887 83,527 34,640 70.9% 472,357 70,963 75,059 4,096 5.8% 1,300,000 309,880 325,000 15,120 4.9% 205,916 41,763 4,118 (37,645) -90.1% 42,700 4,186 2,282 (I ,904) -45.5% 16,161,526 2,207.238 2,479,898 272,660 12.4% (731,526) 2,290,823 2,040,364 (250,459) -10.9% . 1. c- Financial Status Report 10 SANITATION ENTERPRISE Revenues Revenues for the Sanitation Enterprise fund total $1.2 million through September. This is an 11.7% decrease over the prior year. The decrease in charges for current services is due to a rate decrease ($2.00 per month for a single family residence) which became effective May 15, 1999. Interest income is also lower than last year by $37,000. The decrease in interest revenue is the result of lower cash balances in the Sanitation Enterprise fund during this year. Almost $6 million was transferred from the Sanitation Enterprise fund to the Sanitation Capital Replacement fund in April 1999, to support the construction of future sewer projects. This action lowered the cash balance, thus decreasing the interest income. In 1998- 99, the enterprise received a one-time termination payment of $41,670 for refinancing an investment agreement. This has created a negative variance in other revenues for 1999-2000. Exoenses Expenses for the Sanitation Enterprise total $627,000 through September; however, the first quarter payment to the Encina Wastewater Authority (Encina) is not reflected because it was not invoiced as of September 30. If the payment had been made, expenses to-date would show an increase of 4%. SEWER OPERATIONS FUND SEPTEMBER 30,1999 CHANGE FROM BUDGET YTD YTD YTD 99 TO PERCENT FY 1999.00 Q/30/98 9130199 YTD 2000 CHANGE tEVENUES CHARGES FOR CURRENT SERVICES 4,670,OOO 1,249,OlO 1.162,562 (86,448) -6.9% INTEREST 100,000 96.188 59,431 (36,757) -38.2% OTHERREVENUES 40,000 56,379 14,957 (41,422) -73.5% TOTAL OPERATING REVENUE 4,810,ooo 1,401,577 1,236,950 (164,627) -11 .‘I% 0.0% STAFFING 811,435 155,828 162,177 6,349 4.1% INTERDEPARTMENTAL SERVICES 248,371 49,373 64,950 15,577 31.5% OUTSIDE SERVICES & OTHER 372,160 31,716 32,881 1,165 3.7% MATERIALS AND SUPPLIES 143,183 11,352 18,046 6,694 59.0% DEPRECIATION 1,300,000 328,354 325,000 (3,354) -1 .O% ENCINA PLANT SERVICES 1,540,000 390,000 0 (390,000) -100.0% CAPITAL OUTLAY 64,485 6,103 12,706 6.603 108.2% MISCELLANEOUS EXPENSES 47,400 6,423 11,141 4,718 73.5% TOTAL OPERATING EXPENSES 4,527,034 979,149 626,901 (352,248) -36.0% 0.0% IPERATING INCOME/LOSS 282,966 422,428 610,049 187,621 44.4% . %$ - . /4 Financial Status Report 11 REDEVELOPMENT AGENCY Revenues Revenues for the Redevelopment Agency are $77,000 through September 1999. Redevelopment Agency revenues include property taxes, interest and miscellaneous revenues. The first installment for property taxes is due in December 1999. Interest income is $14,000, almost identical to fiscal year 1998-99. Miscellaneous revenue totals $62,000; a $8,000 decrease over last year. Beginning June 1, 1999, the agency started receiving rental income from property rented to Beach Sleep Furniture. This is offset by the loss of $34,000 in administration fees for the Seascape mortgage revenue bonds. The Redevelopment Agency no longer has administrative responsibilities with these bonds. The net effect is a reduction in miscellaneous revenue. Exoenditures Through September, expenditures and encumbrances for the Redevelopment Agency total $1.8 million. Since most rents are encumbered for the whole year, the available balance for rents is only 20.4%. The first debt payment was made in September 1999. The next payment is due in March of 2000. During September 1999, the Redevelopment Agency purchased the Tyler Court Apartments, an affordable senior apartment complex. The Agency contributed approximately $949,000 of the $5 million purchase price. Of the $949,000, $503,000 was an operating transfer from the General fund, and $446,000 was a loan from the General fund to the Redevelopment Agency. CARLSBADREDEVELOPMENT OPERATIONS AND DEBT SERVICE SEPTEMBER 30,1999 BUDGET FY 1999.2000 YTD YTD s Ya os13ol99 09/30/09 CHANGE CHANGE REVENUES PROPERTY TAXES 1.230.000 INTEREST 42,500 MISCELLANEOUS REVENUES 92,500 OPERATING TRANSFERS 502,949 TOTAL REVENUE 1.385,OSO BUDGET FY 1999.2000 0 0 0 N, 14,661 14.396 6’63) -24 70,464 62,239 (6,246) -129 0 502,949 502,949 NJ 95,146 579,536 494,441 51199 TOTAL AVAILABLE K COMMITTED BALANCE AVAILABLE os/3oms (1) os/3o/ss 091301s9 (21 EXPENDITURES STAFFING 153.130 INTERDEPARTMENT SERVICES 75,374 RENTALS & LEASES 123,550 DEBT EXPENSE 1,058,000 TYLER COURT PURCHASE 948.923 OUTSIDE SERV. MAINT 8 MISC 106,453 TOTAL EXPENDITURES 2.465,430 37.046 116,062 75.69 17,572 57,602 76.791 96,362 25,166 20.49 670,501 367,499 36.60, 949,923 0 0.0% 7,236 99,216 93.2% 1,778,644 695,766 27.9) f1,200,058) REVENUES OVER EXPENDITURES f1.100.430 (1) Total commitled includes expendilures and encumbrances. (2) Amount available would be 47.9% if funds ware spent al the same pace as last year