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Home My WebLink About4.05 FinRpt 4-97 . e:: e. j CITY CLERK File # D[3][3J[Q]-[3j(Q] AGENDA STATEMENT CITY COUNCIL MEETING DATE: (May 20,1997) SUBJECT: Financial Report For the Month of April 1997 ~ Report Prepared by: Paul S. Rankin, Assistant City Manager Balance Sheet and Income Statements for the Period Ending April 30, 1997 EXHIBITS ATTACHED: RECOMMENDATION: Accept and file the reports. FI~ANCIAL STATEMENT: See reports for detail of monthly fmancial activity. DESCRIPTION: This item provides the report of the monthly fmancial statements for the month of April. 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. Analysis of April 1997 Revenue and Expenditure Report Through the first ten 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 $2,324,773. This differential was approximately $1.5 million higher than the prior month due to the collection of the second installment of property taxes in April. 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. ,Grneral Fund Revenues Total General Fund Revenues collected through April are comparable to what occurred in the first ten months of the previous Fiscal Year. The City had collected through April 1997 approximately 84% of the total budgeted General Fund Revenues compared to approximately 78% 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 April 1997 the City had collected 88% 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:\MOJ\THFS\FY97\0497 AG.DOC ITEM NO. 4.7 Through April 1997, the City had collected approximately 83% of the budgeted sales tax revenues compared to approximately 76% for the same period of the previous fiscal year, due to continued stro~g 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 competition. .... 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 for the current fiscal year. Licenses and Permits: The largest part of the Licenses & Permits category is Building Permits. As of April 1997 the City had collected 92% 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 April 30, 1997 the City had collected $77,967 in Business License Revenue. This was a 2% increase over the amount collected for the same period in the previous Fiscal Year. Charges for Services: Charges for Services to date are 69% of Budget compared to 71 % 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 147% of Budget compared to 87% 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 April expenditures in the General Fund totaled $11,306,750 and represented approximately 70% of the total budgeted expenditures in the General Fund. Of this amount, a : total of$919,973 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 April 1997 was comparable to the amounts expended for the same period in the prior Fiscal Year. As of April 30, 1997, the City had expended 68% of the General Fund Operating Budget compared to 72% 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 April 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 58% of Budget compared to 65% 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. -J..- . .; .' He~lth & Welfare Expenditures to date are at 57% 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 102% of Budget compared to 39% 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. -~- ". . Property Taxes 88% 90% Sales Taxes .~ Charges for Services .FY 96/97 ~FY 95/96 Other Revenues 0% 20% 40% 60% 80% 100% 83% 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 3,576,579 88% 3,537,815 90% Sales Taxes 6,480,000 5,398,761 83% 5,119,804 76% Transient Occupancy Taxes 176,000 159,709 91% 138,877 70% Franchise Taxes 709,800 621,840 88% 519,336 86% Licenses and Permits 873,400 807,322 92% 367,964 79% Interest and Rentals 1,259,600 944,681 75% 779,614 61% Intergovernmental from State 1,085,650 937,604 86% 872,082 79% Charges for Services 1,393,510 963,906 69% 974,620 71% .. Other Revenues 150,793 221,121 147% 130,855 87% Total General Fund Revenues 16,170,753 13,631,523 84% 12,440,967 78% 517/97 9:32 g:\monthfs\fy971fs.xls I Total General Fund Expenses City of Dublin 1996-97 YTD Expenses and Budget Comparison For the Period Ending April 30, 1997 - Unaudited I I I ~ ! Fire 1 e: I I General Government Civic Center Lease Police . FY 96/97 ~ FY 95/96 82% Other Public Safety Transportation Health and Welfare Culture & Community Services 7300 75f 740~ 7flo I 102% Community Development I Capital Improv. Projects 0% 20% 40% 60% 83% 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 1,766,311 1,303,916 74% 1,158,204 77% Civic Center Lease 1,601,985 1,496,712 93% 1,499,418 100% ..... Police 4,016,642 1,959,635 49% 1,846,778 52% --- Fire 3,195,294 2,299,417 72% 2,450,190 82% Other Public Safety 256,071 87,066 34% 41,661 21% Transportation 697,277 444,782 64% 416,019 60% Health and Welfare 14,000 8,041 57% 0 0% Culture and Community Services 2,000,774 1,460,736 73% 1,378,857 75% Community Development 1,798,334 1,326,472 74% 1,354,540 76% Capital Improvement Projects 905,697 919,973 102% 126,635 39% Total General Fund Expenses 16,252,385 11,306,750 70% 10,272,302 72. General Fund Operating Expenses 15,346,688 10,386,777 68% 10,145,667 72% 5114/97 8:35 g:\monlhfs\fy971excel\fs.xls d-