AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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ATTACHMENT 3 General Fund Revenue Comoarison (FY 2006/07 to FY 2007/08) FY 2006/07 FY 2007/08 Actual Revenue Actual Revenue Variance 0/0 Change $82,660,057 $84,487,452 $1 ,827,395 2.21 The revenue increases this fiscal year are primarily due to an increase in property taxes, and other taxes. Some of the general fund revenue highlights are: . Property taxes exceeded budget by $1.2 million primarily due to the receipt of a $2.8 million payment from the County of San Mateo due to the over..deduction of -Education Revenue Augmentation Fund amounts from the City in prior years, which exceeded the estimated amount by $1 million. . Saies and other taxes were below budget by $520,000 mostly due to an unanticipated decline in sales tax revenue ($1.1 million). The decline in sales taxes resulted primarily from a $455,000 decline in new vehicle sales. The decrease in sales tax revenue was offset by increases in transient occupancy taxes ($204.000) and utility users' and communications users' taxes ($601,000). . Licenses and permits exceed budget by $491 ,000 due to higher construction activity during the year. . Intergovernmental revenue was under budget by $175,000 due to the unanticipated decrease in motor vehicle in lieu tax. . Charges for services were $665,000 more than budgeted primarily due to plan checking and planning services revenue related to unanticipated increases in construction activity, along with unanticipated increases in recreation program fees. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 s~les tax revenue) as almost 60% of the general fund revenue is derived from these two sources. Sales taxes provided 22% of general fund revenue while property taxes accounted for 380,10 of general fund revenue. Utility Users' Tax/Communication Users' Tax Revenues Pursuant to section 32.621 of the City's municipal code,. the following information must be conveyed to t~e City Council. Of the total $9.7 million utility users' tax revenue, $4.4 million was communication users' tax. Communication users' tax is combined with utility users' tax and utilized to first pay debt service on Public Financing Authority Bonds, with the remaining balance transferred to the Capital Outlay Fund for the City's general capital improvement program. In FY 2007/08 there were no exemptions granted for communication users' tax. Exoenditures Total general fund expenditures, including outstanding encumbrances, for FY 2007/08 were $76.3 million. This was $5.5 million, or 7.8% over the amount expended and -encumbered in FY 2006/07, and $1.1 million, or 1.50/0 below the adopted budget.