AgdaPkt 2012-01-09 - Laserfiche WebLink

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ATTACHMENT1 6.1. B. - Page 4 ANALYSIS General Fund Highlights Revenues � Budgeted Revenue Actual Revenue Variance -$- Variance -%- � � $82, 541, 399 $84, 916, 920 $2, 375, 521 2. 9% � General Fund Revenue Comparison (FY 2009/10 to FY 2010/11) FY 2009/10 FY 2010/11 Actual Revenue Actual Revenue Change -$- Change -%- � $82,703,441 $84,916,920 $2,213,479 2.7% � The revenue increase this fiscal year is primarily due to an increase in planning services fees, and sales and other taxes, offset by decreases in property taxes and other revenues. Some of the general fund revenue highlights are: • Property taxes exceeded budget by $0.7 million primarily due to the receipt of a$3.5 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, offset by lower than estimated secured and unsecured property taxes. • Sales and other taxes exceeded budget by $1.8 million mostly due to an unanticipated increase in sales tax revenue ($1.1 million). The positive variance in sales taxes resulted primarily from a$0.5 million increase in general retail and a$.4 million increase in automobile sales and increased gasoline prices. Transient occupancy taxes were $0.6 million more than budgeted ($2.99 million actual versus $2.4 million budgeted). • Licenses and permits were less than budget by $0.26 million due to lower construction activity than anticipated during the year. • Intergovernmental revenue exceeded budget by $.2 million primarily due to a payment from the State of California for excess motor vehicle license fee revenue from prior years. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as over 59% of the general fund revenue is derived from these two sources. Sales taxes provided 18% of general fund revenue while property taxes accounted for 41 % of general fund revenue. Utilitv 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 $9.6 million utility users' tax revenue, $4.3 million was communication users' tax. By Council policy utility users' tax is used to pay debt service ($2.3 million) on