CC 2020-11-24_11a FY 2020-21 First Quarter Financial Status Report_PP
Consideration of Fiscal Year (FY) 2020-21 First Quarter Report
11/24/2020
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Financial Performance
Comparison of first quarter actual revenue and expenditures compared to the budgeted target.
The budgeted target is one quarter (25%) of the current year’s budget.
11/24/2020
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General Fund – FY 2020-21 Actual vs. Target
11/24/2020
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11/24/2020
In FY 2020-21, the City’s $1.2 million UAL payment was paid in full in first quarter.
Timing of City’s insurance payments is ($200,000) higher.
Current First Quarter Actuals Compared to Target
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11/24/2020
Salary savings due to vacancies resulted in approximately $204,000 versus Target.
Lower contractual services spending in first quarter resulting in $233,000 favorable variance.
Difference in number of payroll periods (5.6 act vs 6.5 target) resulting in approximate $250,000 variance to Target.
Current First Quarter Actuals Compared to Target
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11/24/2020
Current First Quarter Actuals Compared to Target
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Property Tax Revenue
11/24/2020
Property tax revenue was lower than the Target by $1.3 million.
Secured property tax is payable in two annual installments and billed at the end of September with a due date before November 1st.
The small amount received represents property transfer tax.
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Sales Tax Revenue
11/24/2020
Sales Tax revenue is lower versus the Target by $535,529.
Sales tax revenue is lower due to time lag involved in billing cycles and receipt of payment.
Actual sales tax in the first quarter only represents July’s payment.
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Transient Occupancy Tax (TOT)
11/24/2020
TOT revenue looks to be flat to the Target.
Actual TOT revenue in the first quarter only represents July –Aug receipts.
Lodging facilities have 30 days after month’s close to make their TOT payment.
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Property Tax in Lieu of Vehicle License Fees (VLF)
11/24/2020
No actual Property Tax in Lieu of VLF was received in the first quarter, yet the Target was $435,250.
Property Tax in Lieu of VLF is received in two installments during the year.
The revenue is typically received in the months of January (3rd quarter) and June (4th quarter).
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Franchise Fees
11/24/2020
Franchise Fees were lower than the Target by $90,270.
Only two months of Waste Connection franchise fees were received in the first quarter.
First quarter Charter Communications franchise fees were not received until the second quarter of this year.
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Budget Adjustment Requests
11/24/2020
Two requests were items previously discussed and directed by Council, but did not include a request to amend the budget.
CARES Act 2020 funding
Amended AGTBID budget to reallocate funds to Community Service Grant
Two requests for carryover of prior year budget for projects typically started but not completed.
Carryover Capital Improvement Program (CIP) projects
Carryover non-CIP projects
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Summary of Recommendations
11/24/2020
Consider, receive, and file the FY 2020-21 First Quarter Financial Status Report.
Approve four budget adjustment requests included in Attachment A.
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Questions
11/24/2020
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