TITLE
Recommendation to receive and file the Fiscal Year 2009 Third 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 June 30, 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 June 30, 2009 is $3.5 billion. With 75 percent of the year complete, expenditure performance in all funds is at approximately 43.2 percent year-to-date. The total adjusted General Fund expenditure budget was $401.9 million, reflecting a $4 million reduction for a 40-hour employee furlough. After the first nine months of the fiscal year, based on current appropriation authority, it is anticipated the budget will close in balance.
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 third quarter of the year at $310.1 million, or approximately 76.3 percent of total budget. However, as previously reported, 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 below budget due to the impact of the current recession.
Foreclosure activities, delinquent payments, and reassessment appeals were expected to negatively impact Secured Property Tax receipts later in the fiscal year or in FY 10.
However, current Secured Property Tax receipts are trending higher than expected, while all property tax categories combi...
Click here for full text