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Home My WebLink AboutItem 4.02 FinancialReport 5-97 CITY CLERK File # D[3]l3J[Q.{5]~ . AGENDA STATEMENT CITY COUNCIL MEETING DATE: (July 1, 1997) Financial Report For the Month of May 1997 ~ Report Prepared by: Paul S. Rankin, Assistant City Manager Balance Sheet and Income Statements for the Period Ending May 31, 1997 RECOMMENDATION: fl-vA. Accept and file the reports. FINANCIAL STATEMENT: See reports for detail of monthly financial activity. SUBJECT: EXHIBITS ATTACHED: DESCRIPTION: This item provides the report of the monthly financial statements for the month of May. Consistent with prior reports the focus will be on General Fund Revenues and Expenditures, which represent the most significant portion of the City's operations. . Analvsis of May 1997 Revenue and Expenditure Report Through the first eleven months of the fiscal year the revenue collections and expenses have been tracking similar to the previous fiscal year. During this period total General Fund Revenues exceeded total General Fund expenditures by $1,877,620. This differential was approximately $447,000 lower than the prior month due to the payment made in May for police services provided for the 3rd quarter of the current fiscal year As previously noted there is not an even distribution of revenues and expenditures on a monthly basis. For example the expenditures for major contracts such as Police Services lag since the City is billed on a quarterly basis. A more detailed analysis of General Fund Revenue and Expenditures follows. General Fund Revenues Total General Fund Revenues collected through May are comparable to what occurred in the first eleven months of the previous Fiscal Year. The City had collected through May 1997 approximately 92% of the total budgeted General Fund Revenues compared to approximately 84% in the prior Fiscal Year. Taxes: Property Taxes to date are currently tracking at slightly below the percentage collected in the same period of the prior year. As of May 1997 the City had collected 89% of the budgeted Property Tax Revenue as compared to 90% in the prior year. The difference is partially due to a correction by Alameda County related to the 1995/96 shift of property taxes to the Education Revenue Augmentation Fund. The amount of the correction is in excess of $50,000. In addition, Alameda County has informed the City of an Unsecured Tax Refund related to assessments made against Viacom for the fiscal years 1987/88 through 1995/96. The City of Dublin portion of the refund is in excess of $28,000. These one-time adjustments will affect the total property tax revenue. . ----------------------------------------------------------~-------- COPIES TO: G:\MONTHFS\FY97\OS97 AG.DOC ITEM NO. 4.'2 - Through May 1997, the City had collected approximately 93% of the budgeted sales tax reve~es compared to approximately 84% for the same period of the previous fiscal year, due to continued strong sales in the Autos and Transportation Category, which have been partially offset by declines in the Business & Industry, Building & Construction and Food & Drug categories due to increased regional ~~~ . Transient Occupancy Taxes: are up from the amount reported for the previous fiscal year due to increased business at the hotel and the collection of taxes on a monthly versus a quarterly basis in the prior fiscal year. Licenses and Permits: The largest part of the Licenses & Permits category is Building Permits. As of May 1997 the City had collected 105% of the amount budgeted for this category, resulting from permits issued for new residential projects in Eastern Dublin. This category also includes Business Licenses which have a renewal date of October 1, 1997. As of May 31, 1997 the City had collected $78,830 in Business License Revenue. This was a 1% increase over the amount collected for the same period in the previous Fiscal Year. Charges for Services: Charges for Services to date are 80% of Budget compared to 79% in the prior Fiscal Year. This is due to lower than expected plan checking fee revenue due to delays in the implementation of commercial development projects in East Dublin. Other Revenues: : Other Revenues received to date are 163% of Budget compared to 90% in the prior Fiscal Year. This is due to a one-time credit of approximately $100,000 from the Public Employees Retirement System (PERS). The credit relates to excess contributions that occurred during the past. several years. General Fund Expenditures Overall, through the month of May expenditures in the General Fund totaled $12,932,936 and represented approximately 79% of the total budgeted expenditures in the General Fund. Of this amount, a total of $968,448 was related to Capital Improvement Projects and the remainder was related to Operating Costs reported in the General Fund. Capital Project expenditures typically do not follow an even distribution due to differences in project timing. In looking at only General Fund Operating Expenditures, the activity through May 1997 was comparable to the amounts expended for the same period in the prior Fiscal Year. As of May 31, 1997, the City had expended 78% of the General Fund Operating Budget compared to 83% in the prior Fiscal Year. The following areas contributed to the differences: Civic Center Lease: Expenditures to date are recorded at approximately 93% of the budget compared to 100% in the same period of the prior Fiscal Year. This is due to the fact that the City is required to budget the gross debt service payment, even though part of the payment is offset by funds held by the Trustee. As of the May report the City has recorded the full amount of the debt service payment to be made by the General Fund. Public Safety: Expenditures to date are at 73% of Budget compared to 81% in the prior Fiscal Year. The . current year costs for Fire Service are anticipated to be less than budgeted due to a decision by the DRF A Board to reduce the budget and not fund equipment replacement contributions in the final year of operation and a delay in the need for additional Police Personnel, due to the delay in the opening of BART. -;(- . . . Health & Welfare Expenditures to date are at 64% of budget compared to 0% in the prior year as there were no General Fund expenditures in this category in the prior year. Capital Improvement Projects: : Expenditures to date are 105% of Budget compared to 48% in the prior Fiscal Year. This is due to completion of a significant portion of work on the projects relating to the Dougherty Hills Slope Repair and the Annual Street Overlay during the fIrSt half of Fiscal Year 1996-97, as well as an unbudgeted payment of approximately $196,000 for the purchase of street right of way along Dublin Boulevard, resulting from the settlement of a property condemnation case against the City. It is recommended that the City Council receive and file these reports as authorized by Section 41004 of the California Government Code. -:3- Licenses and Permits Property Taxes . Sales Taxes Transient Occupancy Taxes ; ! ! 121% Franchise Taxes 105% Interest and Rentals . Intergovernmental from State .FY Charges for Services 96/97 Ii\lFY 95/96 Other Revenues 0% 20% 40% 60% 80% 100% 92% of Year Complete FY 96/97 FY 96/97 %of FY 95/96 % of Total for Budget YTD Actual Budget YTD Actual FY 95/96 Property Taxes 4,042,000 3,599,770 89% 3,542,295 90% Sales Taxes 6,480,000 6,034,261 93% 5,684,204 84% Transient Occupancy Taxes 176,000 212,238 121% 138,877 70% Franchise Taxes 709,800 651,878 92% 566,552 93% Licenses and Permits 873,400 912,853 105% 399,282 86% Interest and Rentals 1,259,600 1,008,127 80% 861,184 68% Intergovernmental from State 1,085,650 1,024,371 94% 953,290 86% . Charges for Services 1,393,510 1,117,590 80% 1,091,172 79% Other Revenues 152,693 249,467 163% 134,923 90% Total General Fund Revenues 16,172,653 14,810,556 92% 13,371,779 84% 6/1619715:08 g:\monthfs\fy97\fs.xls Other Puhlic Safety . General Government Civic Center Lease Police Fire 91% Transportation . FY 96/97 I_FY 95/96 i I I I I -r 105%/ Health and Welfare Culture & Community Services Community Development Capital Improv. Projects 0% 20% 40010 60010 92% of Year Complete 80% 100% FY 96/97 FY 96/97 %of FY 95/96 % of Total for Budget YTD Actual Budget YTD Actual FY 95/96 General Government 1,766,946 1,446,903 82% 1,270,233 85% Civic Center Lease 1,601,985 1,496,712 93% 1,499,418 100% Police 4,016,642 2,788,212 69% 2,640,404 75% Fire 3,195,294 2,531,562 79% 2,695,209 91% Other Public Safety 256,071 133,352 52% 121,188 62% Transportation 697,2n 497,883 71% 462,560 67% Health and Welfare 14,000 8,913 64% 0 0% Culture and Community Services 2,011,537 1,593,140 79% 1,514,695 82% Community Development 1,798,334 1,467,811 82% 1,481,812 83% Capital Improvement Projects 918,122 968,448 105% 155,294 480/. Total General Fund Expenses 16,276,208 12,932,936 79% 11,840,812 83% General Fund Operating Expenses 15,358,086 11,964,488 78% 11,685,518 83% 6/1019713:36 g:\monll1fs\fy97'exceNs.xls