AgdaPkt 2011-01-10 - Laserfiche WebLink

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f ATTACH�I�B 1 Page 3 General Fund Highiights Revenues Bud eted Revenue Actual Revenue Va�iance -$- Variance -%- $84,511,648 $82,703,441 $1,808,207 2.1 % General Fund Revenue Comparison (FY 2008/09 to FY 2009/10) FY 2008/09 FY 2009/10 Actual Revenue Actual Revenue Chan e-$- Chan e-%- $82,190,918 $82,703,441 $512,523 0.6% The revenue increase this fiscaf year is primarily due to an increase in property tax and planning services fees, offset by decreases in sales and other taxes, and interest income. Some of the general fund revenue highlights are: • Property taxes exceeded budget by $0.7 million primarily due to the receipt of a$3.9 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 $1.5 million, offset by lower than estimated secured and unsecured property taxes. • Sales and other taxes were below budget by $1.1 million mostly due to an unanticipated decline in sales tax revenue ($0.8 million). The negative variance in sales taxes resulted primarily from a$0.6 million decline in business-to-business, and a decline of $0.2 million in building and construction materials. Utility users' taxes were $0.5 million lower than budgeted ($9.7 million actual vs. $10.2 million budgeted). Transient occupancy taxes were $0.2 million less than budgeted ($2.6 , million actual versus $2.8 million budgeted). These negative budget variances were � offset by a positive budget variance of $0.5 million for property transfer taxes. • Licenses and permits were less than budget by $0.7 million due to lower construction activity during the year. . Charges for services were $0.2 million less than budgeted primarily due to reduced plan checking revenue related to an unanticipated decrease in construction activity, net of increased planning services revenue related to large projects (Saltworks and Stanford). The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as over 61 % of the general fund revenue is derived from these finro sources. Sales taxes provided 18% of general fund revenue while property taxes accounted for 43% 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 the City Council. Of the total $9.7 million utility users' tax revenue, $4.5 million was communication users' � tax. By Council policy utility users' tax is used to pay debt service ($2.3 million) on