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HomeMy WebLinkAbout2011.06 June Monthly ReportFiscal Year 2011 June 30, 2011 Financial Review August 1, 2011 2 06/30/11 General Fund - Executive Overview • FY 2011 is a ten month fiscal year. Budget target through June 30, 2011 is 40% of total budget. • General Fund revenues were $30.2M, or 40.9% of budget. This favorable 0.9% variance (40.9% less 40.0%) is due to the majority of the 1st installment property tax received in the first quarter. • General Fund expenditures total $24.9M, or 33.8% of budget. This favorable 6.2% variance (40.0% less 33.8%) is primarily related to payroll (seasonable employee wages began in June). • Through June 30, 2011, there is a $5.2M surplus in the General Fund, compared to a $4.4M surplus at this time last year. 3 General Fund Revenue Overview • Revenues through 06/30/11 should not be heavily relied upon for projections • Year-to-date revenues have held consistent with budget targets • General Fund revenues through 06/30/11 are $30.2M, or 40.9% of budget. % of Revenues Budget Actual Budget Property Tax $ 16,516,200 $ 8,716,561 52.8% Sales Tax 11,852,968 4,705,802 39.7% State Income Tax 4,635,565 2,146,854 46.3% Utility Tax 6,982,341 2,696,119 38.6% Real Estate Transfer Tax 1,500,000 595,755 39.7% Liquor Tax 1,623,754 720,461 44.4% Other Taxes 4,433,860 1,444,885 32.6% Licenses, Permits, Fees 7,293,557 1,763,222 24.2% Charges for Services 6,048,402 3,049,590 50.4% Intergovernmental Revenues 802,239 221,387 27.6% Interfund Transfers 6,790,549 2,607,248 38.4% Other Non-Tax Revenue 5,394,047 1,561,553 28.9% Total Revenues $ 73,873,482 $ 30,229,437 40.9% 4 General Fund Revenue Highlights • The 1st installment property tax is calculated at 55% of the prior tax year 2010 General Fund levy totaling $16,683,000. Through 6/30/11, approximately $8.7M of the 1st installment was received, or approximately 52.2% of levy. • Real estate transfer tax totaled $595,755 or approximately 39.7% of budget. • State income tax revenue through 06/30/11 totaled $2.1M or approximately 46.3% of budget. There is a four month delay in income tax disbursements from the State. • Sales tax revenues through 06/30/11 were $4.7M or 39.7% of budget. 5 General Fund Revenue Highlights (cont.) • Licenses, particularly vehicle licenses were well below budget due to the seasonable nature of this revenue. • Building and other permit revenues were about 11.4% below the 40% budget target, also due to seasonality. • Other revenues were generally on track with budget targets for FY11. 6 General Fund Expenditure Overview % of Expenditures Budget Actual Budget Legislative $ 523,131 $ 198,336 37.9% City Administration 1,750,952 468,634 26.8% Law Department 828,120 284,439 34.3% Administrative Services 8,206,488 2,333,826 28.4% Community and Economic Dev. 2,824,205 929,836 32.9% Police Department 20,263,642 7,620,871 37.6% Fire & Life Safety Services 11,192,783 4,143,843 37.0% Health Department 2,135,313 695,706 32.6% Public Works- Operating 6,862,268 2,318,285 33.8% Public Library 3,708,359 1,257,702 33.9% Parks, Recreation & Comm. Serv 15,578,221 4,741,514 30.4% Total Expenditures $ 73,873,482 $ 24,992,991 33.8% • FY11 expenditures have been held below budget targets to date • General Fund expenditures were $24.9M or 33.8% of budget. • Some expenditures / disbursements are not made evenly throughout the year 7 General Fund Expenditure Overview (cont.) • Some examples of unevenly disbursed or seasonal General Fund expenditures include: – Seasonable employee wages in Parks, Recreation and Community Services are usually charged during the summer months. – Police Department assigns additional patrol details during the summer months. – Certain overtime wages in Public Works for services such as snow/ice removal are typically charged during the winter months. 8 06/30/11 Enterprise Fund Overview Water Fund Budget Actual % of Budget Revenues $13,709,303 $ 5,175,176 37.7% Expenses $17,887,642 $ 4,178,719 23.4% Sewer Fund Budget Actual % of Budget Revenues $15,023,918 $ 4,391,104 29.2% Expenses $17,056,215 $ 5,557,790 32.6% Parking Fund Budget Actual % of Budget Revenues $10,301,593 $ 3,461,285 33.6% Expenses $13,094,426 $ 2,026,207 15.5% Solid Waste Fund Budget Actual % of Budget Revenues $ 2,949,489 $ 961,599 32.6% Expenses $ 3,967,285 $ 1,536,151 38.7% 9 Enterprise Fund Highlights Revenues: • Through 06/30/11, revenues for the Parking, Water, Sewer and Solid Waste Funds were all below the 40% budget target. • Water and Sewer Revenues are seasonal and summer billing months are not received until after June 30. • Solid Waste will also have higher revenues in the fall. Expenditures: • Expenditures for the Sewer and Solid Waste Funds have been tracking close to budget • Expenditures for the Water and Parking Funds are well below the 40% budget target due to capital project expenses being incurred during the summer. 10 What to Watch Revenues: • Delays in receipts – Income Tax – State of Illinois – Property Tax – Cook County • Sewer Fund revenue – continued lower volume • Building and other permit revenue – major buildings • Grant receipts – State and Federal budget cuts Expenditures: • Continue to monitor operating expenses • Payroll and Overtime • Other fund expenses – particularly insurance fund for workers’ compensation • Capital Projects 2011 Estimate • Total Revenues in the General Fund could come in slightly below budget due to property tax collections and building permits being under budget. We do not expect changes to state income tax before 2012. • Total Expenses in the General Fund could come in right at budget through a combination of Administration being under budget and operating departments being at or slightly above budget due to: – Summer public safety details starting early – Storm damage and overtime related expenses - more information available in July report. • Based on current estimates, it is unlikely that Other funds such as Capital Improvements, Water, Parking, and Fleet will spend all of their budgets due to capital projects/equipment purchases not being completed by 12/31/11. • Barring external circumstances such as reductions in federal or state funds, or a withholding of property taxes by the County, the overall 2011 budget appears stable. 11 Questions?