HomeMy WebLinkAbout1999-11-02; City Council; 15465; Financial Status ReportB 8 5,
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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.
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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,
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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.
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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.
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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.
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Financial Status Report
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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; $94,000 lower than the previous fiscal year. The majority of this
revenue comes from miscellaneous reimbursed expenses received by the City.
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Financial Status Report 6
GENERAL FUND
REVENUE COMPARISON
‘AXES
PROPERTY TAX ’
SALES TAX
TRANSIENT TAX
FRANCHISE TAX
BUSINESS LICENSE TAX
TRANSFER TAX
TOTAL TAXES
NTERGOVERNMENTAL
VEHICLE LICENSE FEES
HOMEOWNERS EXEMPTIONS
OTHER
TOTAL INTERGOVERNMENTAL
JCENSES AND PERMITS
BUILDING PERMITS
OTHER LICENSES & PERMITS
TOTAL LICENSES & PERMITS
;HARGES FOR SERVICES
PLANNING FEES
BUILDING DEPT. FEES
ENGINEERING FEES
AMBULANCE FEES
RECREATION FEES
OTHER CHARGES OR FEES
TOTAL CHARGES FOR SERVICE!
FINES AND FORFEITURES
EXPECTED
BUDGET
AS OF 9130199
ACTUAL ACTUAL CHANGE FROM
FY 1999 FY 2000 YTD 99 TO PERCENT
AS OF 9130198 AS OF 9130199 YTD 2000 CHANGE
558,436 501,494 840,647 339,153
4,231,845 4,082,523 4.695.284 612,761
1,990,897 1,870,117 2,160,334 310,217
254,856 244,855 249,623 4,768
403,983 383,850 332,666 (51,184)
106,460 177,539 64,437 (93,102)
7$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.
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Financial Status Report
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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.
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Financial Status Report
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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.
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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%
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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