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HomeMy WebLinkAbout02/10/2009 Council Presentation - Budget UpdateBudget Update Preliminary results through December 2008 Tuesday, February 10t", 2009 Overview ^ State budget reduction update ^ Status of Town revenues through December ^ Ongoing and one-time reduction targets 2 State Reduction Summary ^ FY 2009 Shortfall $1.66 ^ How did they do it? ^ $0.6B in cuts ^ $0.5B in agency fund sweeps ^ $0.5B in federal stimulus ^ Signed into law by Governor in January 3 State Summary ^ FY2010 shortfall $2.2B - $3.06 ^ Everything's on the table ^ Ultimate impact on municipalities??? 4 Marana's Major Revenues ^ Transaction Privilege Taxes (TPT) ^ State Shared Revenue ^ Development Related Revenues TPT so°io General Fund Revenues Other 4% Investment Income Current ~ % Use Charges 2% Shared Revenues 22% ~- ~---~ Licenses, Fines, Fees & forfeiture & Permits penalties 9% 2% 5 10% ~ __ __ ___ 0% -10% -20% I -30% I -34.2% -40% -50% ~--~----- -- _--------- Jul-08 Marana Tax Collections for Selected Categories Year Over Year Revenue Changes July -December 2008 5.8°10 ~:, , 15.2% -32.5% -41.7% Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Average ^ Contracting Retail 6 TPT Comparison July -December Tax Category Mining Construction Manufacturing Transportation, Communications, Utilities Wholesale Trade Retail Trade Restaurant & Bars Fire, Insurance & Real Estate Hotels & Other Lodging Services All Others Total 2007-08* 13,147.44 5,256,512.57 88,832.03 1,384,019.88 283,804.15 4,820,021.88 637,482.28 803,402.85 260, 738.60 516,440.11 55,809.23 14,120,211.02 2008-09* 3,852.71 3,943,818.41 79,677.88 1,382,362.92 222,341.56 4,230,931.00 657,693.27 500,775.98 208,086.50 463,970.61 59,455.42 11,752,966.26 Monthly Average 2,353,368.50 1,958,827.71 * Amounts reflect actual collections through December 2007 and 2008, respectively $ Variance (9,294.73) (1,312,694.16) (9,154.15) (1,656.96) (61,462.59) (589,090.88) 20,210.99 (302,626.87) (52,652.10) (52,469.50) 3,646.19 (2,367,244.76) (394,540,79) Variance -70.7% -25.0% -10.3% -0.1 -21.7% -12.2% 3.2% -37.7% -20.2% -10.2% -6.5% -16.8% -16.8% 7 TPT Budget to Actual Tax Category Mining Construction Manufacturing Transportation, Communications, Utilities Wholesale Trade Retail Trade Restaurant & Bars Fire, Insurance & Real Estate Hotels & Other Lodging Services All Others Total July -December Budget Actual $ Variance % Variance 6,425 3,852.71 (2,572.29) -40.0% 5,473,378 3,943,818.41 (1,529,559.59) -27.9% 84,832 79,677.88 (5,154.12) -6.1 1,384,020 1,382,362.92 (1,657.08) -0.1 234,377 222,341.56 (12,035.44) -5.1 4,993,600 4,230,931.00 (762,669.00) -15.3% 753,321 657,693.27 (95,627.73) -12.7% 531,471 500,775.98 (30,695.02) -5.8% 322,665 208,086.50 (114,578.50) -35.5% 382,940 463,970.61 81,030.61 21.2% 45,809 59,455.42 13,646.42 29.8% 14,212,838 11,752,966.26 (2,459,871.74) -17.3% •Amount reflects 1 /2 of the annual budget 8 State Shared Revenues Revenue Category State Sales Tax Urban Revenue Sharing Vehicle License Taxes Highway User Revenue Fund Local Transportation Assistance. Fund Total July -December Budget Actual $ Variance % Variance 1,248,422 1,092,556.00 (155,866.00) 1,994,886 1,985,778.37 (9,107.63) 598,645 543,990.00 (54,655.00) 1,155,767 882,297.78 (273,469.22) 94,230 78,071.00 (16,159.00) 5,091,950 4,582,693 (509,256.85) -10.0% •Amount reflects 1/2 of the annual budget 9 -12.5% -0.5% -9.1 -23.7% -17.1% ^ ^ ~censes ees erm ~ s .July -December Revenue Category Budget Actual $ Variance % Variance Licenses, Fees and Permits 1,598,218 1,210,887.00 (387,331.00) -24.2% •Amount reflects 1/2 of the annual budget 10 General Fund through December 2008 Revenues FY2009 Budget Actual Percent Sales Tax Revenues 20,465,605 9,331,642 46% Other Agency Revenues 7,684,155 3,569,795 46% Licenses, Fees & Permits 3,196,435 1,210,887 38% Fines, forfeitures & penalties 695,145 364,086 52% Current Use Charges 513,728 164,361 32% Other Revenues 748,900 216,502 29% Lease Income 493,300 28,486 6% Investment Income 443,000 178,309 40% Total Revenue 34,240,268 15,064,068 44% Expenditures Personnel & Benefits Costs 23,043,382 10,454,649 45% Contracted Services 6,156,714 3,014,750 49% Operating Supplies & Equipment 2,315,297 570,899 25% Other Services 1,669,277 754,947 45% Special Programs 329,092 138,134 42% Capital Expenditures 4,049,175 1,162,305 29% Transfers Out 3,130,357 1,090,199 35% Total Expenditures 40,693,294 17,185,883 42% Over/(Under) (6,453,026) (2,121,815) 33% 11 Current Year Update Fund General Fund Transportation Fund HURF Phase I $3.2M $1.6M $0.5M Update $3.6M $2.3M $0.3M Phase II $0.4M $0.7M ($0.2)M Total $5.3M $6.2M $0.9M 12 FY2010 Outlook -Revenues Revenue Category TPT Shared sales tax Urban revenue sharing Licenses, permits, fees Tota I %Change* $Change* b3-8% $0.5-$1.4M ~3-8% $0.1-$o.2M ~ 14% $o.6M ~ 39% $1.2M $2.4-$3.4M * Preliminary 13 FY2010 Budget Approach ^ Resource alignment with strategic plan ^ Evaluation of essential services ^ Maintain structural balance ^ Cost savings -business hours, modified schedules, unpaid leave, etc ^ Revenue review 14 Questions ? 15