TITLE
Recommendation to receive and file the Fiscal Year 2010 Second Quarter Budget Performance Report. (Citywide)
DISCUSSION
This report provides an update on the City's Fiscal Year 2010 (FY 10) budget and operational performance through March 31, 2010. 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
As of March 31, 2010, the City's adjusted expenditure budget for all funds was $3.1 billion. Year-to-date revenue receipts for all funds were at $1.2 billion, or 44.0 percent of the $2.6 billion in projected revenue. While the fiscal year is only half way through its cycle, it is clear that revenue trends, especially in the General Fund, continue to lag significantly below the budgeted levels as well as previous fiscal years. It is also important to note that although the General Fund has collected $191.1 million or 49.5 percent of its projected revenue, it faces a daunting task, as shrinking revenue streams and a fragile economic environment are expected to support the increased cost of providing services.
FY 10 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 at $191.1 million, or approximately 49.5 percent of total budget, with 50 percent of the fiscal year complete. However, as has been reported previously, it is estimated that Property Tax, Sales and Use Tax, Transient Occupancy Tax, Parking Citations, Interest-Pooled Cash and other economically sensitive revenues will come in below budget by approximately $6 million due to the. impact of the current recession. The increase to the Upland Oil transfer to reflect the year-to-date price of oil o...
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