HomeMy WebLinkAbout4.10 Mid-Year Financial Report CITY OF DUBLIN
AGENDA STATEMENT •
CITY COUNCIL MEETING DATE: March 27, 1989
SUBJECT: Fiscal Year 1988-89 Mid-Year Financial Review
EXHIBITS ATTACHED: Financial Report
RECOMMENDATION: Receive Report
FINANCIAL STATEMENT: See below
DESCRIPTION: Attached is the Mid-Year Financial Report for Fiscal Year
1989. The first page of the report presents a summary of the revenue and
expenditure information, which is provided in more detail in subsequent
pages. All reports are based upon financial data for the first seven months
of the fiscal year. All information is presented in a combined fund format.
1988-89 REVENUES
Staff's revised revenue projections for all funds total $14,097,669, as
compared to $15,130,961 , which was estimated in the 1988-89 Adopted Budget.
The difference of $1 ,033,292 is primarily attributable to $1 ,058,443 in less
rental income received by Dublin Information Inc. from the General Fund.
As the Council may recall , although the City is required to budget the
entire lease payment to Dublin Information Inc. , it will actually expend a
much lower amount in the first two years of the Certificate of Participation
Issue, due to the restructuring of the Issue.
In addition to reduced lease payment income, Staff anticipates the following
revenues to be lower than estimated in the Adopted Budget.
REVENUE AMOUNT EXPLANATION
Other Revenues 266,627 Delay in receiving Park Dedication
Fees for Heritage Commons.
Charges for Services 21 ,660 Reduced Park and Recreation Fees
due to delay in Shannon Center
Renovation
Intergovt' l . Rev, Federal 110,040 Federal Aid Urban Funds lower than
anticipated due to low bid on San
Ramon Road Phase III Improvements
Licenses and Permits 112,844 Lower building permit fees due to
lag in development
These reductions in revenues are partially offset by increased investment
income due to higher interest rates, increased Property Tax, Sales and Use
Tax, Transient Occupancy Tax, Franchise Taxes, and Intergovernmental
Revenues- State.
/U �` Jo
1988-89 EXPENDITURES
Total Expenditures are estimated at $22,147,476 or'$2,175,631 less than
the Budget. This is primarily attributable to the lower Debt Service
payments for the Certificates of Participation and the corresponding lower
lease payment in the Building Management 'Budget. These two accounts alone,
account for $2,116,886 of the difference between the Adopted Budget and the
Revised Budget projections.
As of January 31 , 1989 all other Operating Accounts appear to be on track
with the'Adopted Budget, with the exception of Building and Safety. Staff
anticipates a savings of approximately $34,385 in Building and Safety due to
the delay in certain developments.
With respect to Capital Improvements, although there have been certain
projects which have come in under Budget, Staff believes that this savings
will be offset by those projects, which have come in over Budget. It is
anticipated that Capital Expenditures will be very close to the Adopted
Budget.
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SUMMARY
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The estimated net difference between the Adopted Budgeted. expenditures and
revenues and the Revised Estimated expenditures and revenues is a positive
$1,142,340. It is important to note that $772;899 of this amount was
anticipated at the time the 1988-89 Budget was prepared. However, this
amount could not be legally deleted from the Budget in accordance with the
Civic Center Lease Agreement. In addition the Adopted Budget appropriated
$62,802 to Restricted Reserves. Therefore, the net year end surplus is
estimated at $306,639.
Based on the above projections, the City will still be well below its
Appropriation Limitation.
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EXHIBIT - - INFORMATION ON CITY OF J. I'S-MID-YEAR REPORT
Date prepared March 24, 1989
COLUMN-1- COL.-2- COL.-3- COL.-4- COL.-5- COL.-6- COL.-7-
CITY OF DUBLIN MID-YEAR 87-88 87-88 88-89 88-89 % OF 88-89
REVENUES BUDGETED ACTUAL BUDGET MIIlTERM BULGE/ REVISED
TAXES OTHER THAN PROPERTY 5,598,500.00 5,375,953.84 5,740,990.00 3,130,250.56 54.52% 5,822,389.00
REVENUE FRONT USE OF MONEY 2,373,212.00 2,663,673.57 2,233,323.00 767,599.97 34.37% 1,326,060.00
INTERGOVERNMENTAL FROM STATE 1,392,686.00 1,023,657.43 1,155,200.00 868,150.15 75.15% 1,437,750.00
OTHER REVENUES 539,260.00 596,068.96 304,898.00 28,596.72 9.38% 38,270.73
PROPERTY TAX 722,500.00 803,052.43 2,741,700.00 384,960.23 14.04% 2,758,393.42
CHARGES FOR SERVICES 729,740.00 466,673.41 940,360.00 341,043.76 36.27% 918,700.00
INTERGOVERNMENTAL FROM FEDERAL 1,396,660.00 615,131.47 1,191,100.00 532,263.43 44.69% 1,081,060.00
LICENSES & PERMITS 547,350.00 532,696.21 355,250.00 114,108.13 32.12% 242,406.00
ASSESSMENT DISTRICT REVENUES 304,912.00 366,794.09 363,140.00 142,872.20 39.34% 363,140.00
FINES & FORFEITURES 96,500.00 94,583.98 '105,000.00 68,325.30 65.07% 109,500.00
total revenues available 13,701,320.00 12,538,285.39 15,130,961.00 6,372,170.47 14,097,669.15
appropriated reserves 4,607,714.00 8,598,098.63 3,239,347.56 8,598,098.63
total sources of funds available 18,309,034.00 12,538,285.35 23,729;059.63 9,617,518.03 22,695,767.78
• EXPENDITURES 87-88- 87-88 88-89 88-89 % OF 88-89
OPERATING EXPENDITURES BUDGETED ACTUAL BUDGET PICTEL4 -BUDGET REVISED
GENERAL GOVERNMENT 2,414,148.00 2,329,577.13 2,956,550.00 627,030.01 21.21% 1,873,747.00
• PUBLIC SAFETY 2,023,584.00 1,916,536.78 4,074,214.00. 2,281,912.38 56.01% 4,074,214.00
COMMUNITY DEVELOP,! 1,338,772.00 1,095,352.84 1,393,395.00 35,818.92 38.45°% 1,359,010.03
TRANSPORTATION 1,251,650.00 974,834.77 1,078,610.00 371,824.24 34.47% 1,078,610.00
CULTURE & LEISURE SERVICES 604,100.00 519,886.85 1,080,580.00 511,501.07 47.34% 1,080,580.00
DUBLIN INFORM. INC. OPERATING .00 .00 .00 .00 .00% .00
HEALTH & WELFARE 15,500.00 8,520.16 20,500.00- 10,053.08 4904% 20,500.00
Sub total operating 7,647,754.00 6,844,708.53 10,603,849.00 4,338,139.70 9,486,661.00
CAPITAL IMPROVEMENTS
General 153,500.00 90,417-.05 63,000.00 24,151.18 38.34% 63,000.00
Streets 2,446,026.07 1,260,437.16 2,344,594.15 884,444.99 37.72% 2,344,594.15
Parks 1,721,465.00 1,408,869.14 911,948.63 209;115.71 22.93% 911,943.63
Conrnunitp Improvements 720,886.00 101,169.00 817,454.00 352,272.58 43.09% 817,454.00
Civic Center 4,276,834.00 1,038.172.39 8-,273,120.00 3.692,243.87 44.63% 8,273,120.00
sub total capital improvements 9,318,711.07 3,893,06=.74 12,410,116.78 5,162,223.33 12,410,116.78
DEBT SERVICE
DII debt services 1,252,242.00 414,136.50. 1,191,503.00 .00 .00% 133,060.00
San Ramon Assessment debt services 123,062.00 66,137.50- 117,638.00 1?7,150.00 99.59% 117,638.00
total uses of funds available 18,341,769.07 11,224,047.27 24,323,106.76 9,617,518.03 22,147,475.73
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XHIBIT - - INFORMATION ON CITY OF DUBLIN'S Kw-s EAR REPORT
ate prepared March 24, 1989
1/31/89
REVENUES 87-88 87-88 88-89 88-89 % OF 88-89
PROPERTY TAX BUDGETEI? ACTUAL BUDGET MIDTERM BUDGET REVISED
urrent Year Secured 495,000.00 528,545.59 2,416,000.00 278,220.83 11.52% 2,416,000.00
urrent Year Unsecured 69,500.00 65,7-71.10 244,000.00 43,517.00 17.83% 259,900.00
rior Year Secured 16-,500.00 15,598.11 7,200.00 7,200.00
rior Year Unsecured 2,000.00 12,391.14 3,500.00 3,500.00
upplemental Property Tax 8,000.00 33,105.34 28,000.00 ,19,428.98 69,39% 28,000.00
ilot Tax 131,500•.00 147,641•.15 43,000.00 43,793.42 101.85% 43,793.42
722,500.00 803,052.43 2,741,700.00 384,960.23 14.04% 2,758,393.42
TAXES OTHER THAN PROPERTY
ales & Use Tax 5,050,000.00 4,819,540.79 5,164,000.00 2,840,456.25 55.00% 5,210,000.00
ales & Use Measure BAAAAA* 81,300.00, 83,401.00 83,000.00 52,286.00 63.00% 92,000.00
eal Property Transfer Tax 80,000.00 86,643.27 92,140.00 48,625.24 52.77% 94,949.00
ranscient Occupancy Tax 102,000.00- 99,480.24 100,000.00 58,784.94 58.78% 107,000.00
ranchise Tax Electric 120,000.00 113,620-.07 121,500.00 .00 .00% 128,500.00
ranchise Tax Gas 30,000.00- 28,472.26 29,700.00 ..00 .00% 29,500.00
ranchise Tax Garbage 63,000.00 66,512.01 70,350.00 39,057.18 55.52% 69,400.00
ranchise Tax Cable - 72,200.00 78,284.20 80,300.00 91,040.97 113.38% 91,040.00
5,598,500.00 5,375,953.84 5,740,990.00 3,130,250.58 54.52% 5,822,389.00
LICENSES & PERMITS
wilding Permits 535,000.00 513,550.21 340,000.00 110,039.13- 32.36% 230,000.00
nimal Licenses 7,000.00 7,536.50 6,000.00 30.00 .50% 6,000.00
us Bench Permits 300.00. 306.00 150.00 306.00 204.00% 306.00
ncroachments Permits 5,000.00 11,203.50 9,000.00 3,733.00 .41.48% 6,000.00
ther Permits 50.00 100.00 100.00 .00 .00% 100.00
547,350,00 532,696.21 355,250.00 114,108.13- 32.12% 242,406.00
FINES & FORFEITURES
ehicle Code Fines 80,000.00- 75,770.34 85,000.00 58,531.20. 68.86% 89,500.00
'•_her Court Fines 16,500.00 18,813.64 20,000.00 9,794.10 48.97% 20,000.00
96,500.00 94,583.98 105,000.00 68,325.30 65.07% 109,500.00
REVENUE FROM USE OF MONEY
nterest 1,080,000.00 1,350,200.47- 1,004,820.00 745,630.42 74.21% 1,164,000.00
ents & Concessions 40,970.00 61,231.10 37,000.00 21,969.55 59.38% 29,000.00
II Rental Income 1,252,242.00 1,252,242.00 1,191,503.00 .00 .00% 133,060.00
2,373,212-.00 2,663,673.57 2,233,323.00 767,599.97 34.37% 1,326,060.00
INTERGOVERNMENTAL FROM STATE
otor Vehicle In-Lieu of Tax 628,000.00 574,706.82 663,000.00 411,964.00- 62.14% 672,000.00
railer Coach In-Lieu of Tax 8,500.00- 1,944.86 4,100.00 .00 ' .00% 4,100.00
igarette Tax 103,400.00 96,210:23 106,700.00 59,335.25 55.61% 98,000.00
ff Highway Vehicle In-Lieu of Tax 400.00 139.52 400.00 375.36 93.84% 400.00
omeowner's Property_Tax Relief 15,500.00 11,521.17 16,400.00 .00 .00% 16,400.00
3300 Allocation .00 .00 .00 .00 .00% .00
tate Gas Tax(2106) 100,000.00 100,353.06- 102,000.00 54,089.09 53.03% 105,000.00
tate Gas Tax(2107) 194,000.00 195,694.27 194,000.00 103,136.45 53.16% 204,600.00-
tate Gas Tax(2107.5) 4,000.00 5,000..00 5,000.00 5,000.00 100.00% 5,000.00
ransportation Development Act-4.5 11,436.00 12,436.00 .00 .00 .00% .00
ransportation Development Act 3.0 145,000.00 .00 15,600.00 160,600.00 1029.49% 160,600.00
=-nior Citizen Bond Act 73,650.00 .00 .00 73,650.00 .00% 73,650.00
tate Park Bond Act 50;000.00 15,202.00 .00 .00- .00% 50,000.00
smaunity Parklands Act Grant 48,000.00 .00 48,000.00 .00 .00% 48,000.00
TSIM 10,800.00 10,449.50 .00 .00 .00% .00
1,392,686.00 1,023,657.43 1,155,200.00 868,150.15 75.15% 1,437,750.00
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EXHIBIT - - INFORMATION ON CITY OF Id 'S MID-YEAR REPORT
Date prepared March 24, 1989
87-88 87-88 88-89 88-89 . % OF 88-89
REVENUES BUDGETED ACTUAL BUDGET MIDTERM BUDGET REVISED
INTERNGOVERNMENTAL FROM FEDERAL •
Revenue Sharing .00 .00 .00 .00 .00% .00
Comunity Development Block Grant 34,660.00 .00 101,100.00 104,060.00 102.93% 104,060.00
Federal Aid Urban Funds 1,362,000.00 615,131.47 1,090,000.00 428,203.43 39.28% 977,000.00
1,396,660.00 615,131.47 1,191,100.00 532,263.43 44.69% 1,081,060.00
CHARGES FOR SERVICES
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Zoning & Subdivision Fees 200,000.00 95,513.18 375,000.00 94,504.81 25.20% 375,000.00
Plan Checks & Inspection Fees 400,000.00 235,399.86 238,000.00 100,056.08 42.04% 238,000.00
Sales of Maps and Documents 5,500.00 10,525.16 7,500.00 2,890.16 38.54% 6,800.00
Special Police Services 15,000.00 7,046.21 9,000.00 3,286.50 36.520 6,000.00
Park & Recreation Fees 87,900.00 70,050.71 156;900.00 71,481.83 45.56% 123,000.00
Other Charges for Services 14,340.00 18,558.75 18-,400.00 12,477.50 67.81% 18,400.00
Building Use Insurance 5,004.00 5,027.80 ! 3,50(1.00 2,148.40' 61.38% 3,500.00
Zone 7 Drainage Fees 2,000.00 1,852.39 ' 2,000.00 368.55 18.43% 1,000.00
Other fees 22,299.35 130,060.00 53,829.93 41.39% 147,000.00
729,740.00 466,673.41 _ 940,360.00 341,043.76 36.27% 918,700.00
OTHER REVENUES
Sale of Real & Personal Property 41,200.00 57,423.00 .00 18,372.73 .00% 18,372.73
Reimbursements & NonGovernmental C 435,560.00 234,171.53- 3,898.00 5,000.00 50.52% 9,898.00
Miscellaneous 2,000.00' 20,276.38 7,000.00 2,260.04 32.29% 7,000.00
Park Dedication Fees 50,000.00 282,063.00 288,000.00 .00 .00% .00
Reimbursements for Public Damage 5,000.00 2,135.05 2,963.95 .00% 3,000.00
Trash Bag Program 5,500.00 .00 .00 .00% .00
539,260.00 596,068.96 304,898.00 28,596.72 9.38% 38,270.73
ASSESSMENT DISTRICT REVENUES
Street Lighting I44,500-.00- 202,529.42 146,000.00 76,749,66 52.57% 146,000.00
Landscape 41,200.00 44,385.50 99-,900100 52,447.41 52.50% 99,900.00
San Ramon Road 119,212.00 119,879.17 117,240.00 13,675.13 11.66% 117,240.00
304,912.00 366,794.09 363,140.00 142,872.20 39.34% 363,140.00
TOTAL REVENUE-ALL FUNDS 13,701,320.00 12,538,285.39 15,130,961.00 6,378,170.47 42.15% 14,097,669.15
appropriated reserves 4,640,449.07 (1,314,238.12} 8,598,098.63 3,239,347.56 8,598,098.63
TOTAL ALL SOURCES.OF FUNDS 18,341,769.07 11,224,047.27 23,729,059.63 9,617,518.03 22,695,767.78
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MKT - - INFORMATION ON CITY OF DUBLIN'S M.-" ,-AR REPORT
ate prepared March 24, 1989
EXPENDITURES 87-88 87-88 88-89 88-89 % OF 88-89
OPERATING EXPENDITURES BUDGETED ACTUAL BUDGET MIDTERM BUDGET REVISED
ity Council 89,103.00 63,962.90 83,490.00 45,606.15 54.62% 83,490.00
ity Manager 284,688.00 271,403.77 372,210.00 183,682.28 49.35% 372;210.00
?gal Services 109,000.00 110,532.34 128,450.00. 43,994.48 34.25% 128,450.00
finance 138,970.00 137,059.56 159,280.00 78,913.15 49.54% 159,280.00
gilding Management 1,398,490600 1,395,331.98 1,380,150.00 90,459.07 6.55% 297,347.00
isurance 136,600.00 93,180.20 213,125.00- 165,561.66 77.68% 213,125.00
tections 5,000.00 2,106.38 2,650.00 315.44 11.90% 2;650.00
)n-Departmental 252,297.00 250;000.00 617,195.00 18,497.78 3.00% 617,195.00
alice 1,849,634.00 1,779,886,41 1,903,460.00 663,630.51 34.86% 1,903,460.00
tossing Guards 22,200.00 22,074.20 22,950.00 .00 .00% 22,950.00
oimal Control 42,000;00 40,591.64 43,000.00 .00- .00% 43,000.00
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raffle Signals & lighting 89,500.00 66,693.23 222,600.00 98,731.20 44.38% 222,600.00
isaster Preparedness 20,250.00 7,291.30 17,300.00 1,873.17 10.83% 17,300.00
ire Services 1,864,904.00 1,517,617.50 81.38% 1,864,904.00
ublic Works Administration 159,318.00 101,556.08 198,300.00 93,342.45 47.07% 198,300.00
treet Maintenance 655,400.00 510,822.80 511,800.00 136,774.63 26.72% 511,800.00
treet Sweeping 52,500.00 52,836.09 52,800.00 24,649.45 46.68% 52,800.00
treet Tree Maintenance 67,500.00 57,650.46 90,900.00 20,185.53- 22.21% 90,900.00
aautification-Landscaping 290,910.00 225,966.86 222,810.00 96,872.18 43.48% 222,810.00
aratransit Services 26,022.00 26,002.48 2,000.00 .00 .00% 2,000.00 -
actor Control 15,500.00 8,520.16 20,500.00 10,053.08 49.04% 20,500.00
ibrary Services 103,500.00, 103,500.00 110,315.00 53,156-.00' 48.19% 110,315.00
?creation 409,000.00 345,306-.73 455,022.00 213,181.99- 46.85% 455,022.00
luatic program 41,500.00 26,009.22 104,543.00 47,204.73 45,15% 104,543.00-
ark Maintenance 29,100.002 24,070.90. 382,200.00 184,208.35 48.20% 382,200.00
=unity Cable TV 21,000.00 21,000.00- 28,500.00 13,750.00 48.25% 28,500.00
lanning . 521,530-.00 359,956.32 739,010.00 250,669.20 33.92% 739,010.00
Aiding & Safety 329,892.00 320,056.83 334,385.00- 147,304.49 44.05% 300,000.00
agineering 487,350.00 415,339.69- 320,000.00 137,845.23 43.08% 320,000.00
.00 .00%
iblin Information Inc .00 .00- .00- '.00 .00% .00
ab total 7,647,754.00 6,844,708.53 10,603,849.00 4,338,139-.70 40.91% 9,486,661.00
CAPITAL IMPROVEMENTS .00
aneral 153,500.00 90,417.05- 63,000.00 24,151.18 38.34% 63,000.00
immunity Improvement 720;886.00 101,169:00- 817,454.00 352,272-.58 43.09% 817,454.00
arks 1,721,465.00 1,408,869.14 911,948.63 209,115.71 22.93% .911,948.63
treets 2,446,026.07 • 1,260,437.16 2,344,594.15 884,444.99 37.72% 2,344,594.15
ivic Center 4,276,834.00- 1,038,172.39 8,273,120.00 3,692,243.87 44.63% 8,273,120.00
.00
. 9;318,711.07 3,899,064.74 12,410,116.78 5,162,228.33 41.60% 12,410,116.78
DEBT SERVICE
.00
CI 1,252,242.00- 414;136.50 1,191,503.00 .00 .00% 133,060.00
in Ramon Assesstment 123,062.00 66,137.50 117,638.00 117,150.00 99.59% 117,638.00
)TAL EXPENDITURES ALL FUNDS 18,341,769.07 11,224,047.27- 24,323,106.78 9,617,518.03 39.54% 22,147,475.78
icome from Egpmt Usage fee***** 118,859.00 119,131.40 131,500.00 24,417.00 .19 131,500.00
sternal Service Fund expenses 118,859.00 107-,517.27 116,050.00 22,896.10 .20 116,050.00
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