TITLE
Recommendation to receive and file the Fiscal Year 2010 Third 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 June 30, 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 June 30, 2010, the City’s adjusted expenditure budget for all funds was $3.3 billion. Year-to-date revenue receipts for all funds were at $1.9 billion, or 67.1 percent of the $2.8 billion in projected revenue. With three-quarters of the fiscal year complete, it is clear that revenue trends, especially in the General Fund, continue to lag significantly below the budgeted levels.
FY 10 General Fund Revenue
Given the receipt of large upfront, installment payments early in the fiscal year (e.g. property taxes), year-to-date General Fund revenue is at $306 million, or approximately 79.4 percent of total budget, with 75 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, Gas UUT, Gas Pipeline Franchise Fee, and other economically sensitive revenues will come in below budget by approximately $12 million. The increase to the Upland Oil transfer to reflect the year-to-date price of oil of $70/bbl versus the budgeted price of $40/bbl, in addition to other revenue opportunities, will offset all but $2 million of this shortfall. The remaining $2 million will be addressed through reducing General Fund expenditures wherever possible and maximizing other funding sources to support eligible administrative and...
Click here for full text