TITLE
Recommendation to receive and file the Fiscal Year 2009 First 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 December 31, 2008. 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 December 31, 2008 was $3.51 billion.
With 25 percent of the year complete, expenditure performance in all funds is at approximately 15.1 percent year-to-date. The total adjusted General Fund expenditure budget was $404.7 million, with budgeted revenue of $405.1 million. After the first three months of the fiscal year, based on current appropriation authority, overall expenditures are on target, but revenues will fall well short of budgeted expectations. With 25 percent of the fiscal year complete, approximately 22.1 percent of anticipated General Fund revenue has been collected.
FY 09 General Fund Revenue
Given large quarterly payments and proceeds from the annual TRAN issued by the City, received early in the fiscal year, year-to-date General Fund revenue appears close to the expected performance after the first quarter of the year at $89.6 million, or approximately 22.1 percent of total budget. However, it is expected that Sales & Use Tax, Vehicle License Fees, Business License Taxes, Transient Occupancy Tax, Interest-Pooled Cash, Real Property Transfer Tax, Upland's Oil and other economically sensitive revenues will come in well below budget due to the impact of the current recession. Foreclosures, delinquent payments, and property reassessments due to the decline in the real estate marke...
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