TITLE
Recommendation to receive and file the Fiscal Year 2009 Second Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report provides an update on the City's Fiscal Year 2009 (FY 09) budget and operational performance through March 31, 2009. The report covers a broad spectrum of financial information for all funds and departments with multi-year comparisons, charts and graphs to provide a clear picture of the City's financial situation. While the focus of the financial report is the General Fund, exceptional performance (both positive and negative) in other funds is highlighted where applicable.
Summary
The total Adjusted City Budget for all funds as of March 31, 2009 was $3.52 billion. With 50 percent of the year complete, expenditure performance in all funds is at approximately 28.7 percent year-to-date. The total adjusted General Fund expenditure budget was $405.1 million, with budgeted revenue of $405.4 million. After the first six months of the fiscal year, based on current appropriation authority, overall expenditures are on target but revenues will fall well short of budgeted expectations.
FY 09 General Fund Revenue
Given the receipt of large upfront, one-time installment payments early in the fiscal year, year-to-date General Fund revenue is close to the expected performance after the second quarter of the year at $202.1 million, or approximately 49.8 percent of total budget.
However, as has been reported previously, it is estimated that Upland Oil, Sales and Use Tax, Vehicle License Fees, Transient Occupancy Tax, Interest-Pooled Cash, Real Property Transfer Tax, and other economically sensitive revenues will come in up to $19.2 million below budget due to the impact of the current recession. In factoring out upfront and onetime payments from year-to-date actuals, and pro-rating installment revenues, only $192.6 million in structural revenue has been received, or about 48.1 percent, with 50 percent of the fiscal year complete.
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