Overall, the major revenue categories are continuing the positive trend. Sales tax growth is over 4% from the same period in 2012. Building use tax collections are at 88% of the 2013 budget due to continued building activity in the City. The major revenue categories of sales tax, use tax, property tax and intergovernmental revenues are discussed in more detail in the “Revenue Highlights” section. Investment returns show no movement, and will therefore be substantially short of budget estimates. The investment section at the end of this report will provide details of the City’s investments. Expenditures through six months in 2013 are less than expenditures in 2012. This is due to the one-time transfer of $500,000 to AEDA and a transfer of $1,083,333 to JPPHA for the purchase of land, both occurring in 2012. In addition, the timing of the transfer from the General Fund to the Capital Improvement Fund also accounts for the difference in expenditures. If the transfers are removed, expenditures are 6.6% more in 2013 than in 2012. This increase is expected as personnel-related expenditures were budgeted to increase 3.9% as a result of step and market increases and non-personnel related expenditures increased an average of 3%. In addition, the timing of street maintenance activities is occurring earlier in 2013 than in 2012. Budgeted expenditures also include one-time expenditures of $450,000 for the comprehensive plan and historical survey.
Revenue Highlights The following section highlights the sources generated to meet the operating expenditures of the General Fund. The City’s revenues come from many sources as illustrated in the graph below. Sales tax, use tax, property tax and intergovernmental revenues are the largest sources of revenue and are detailed in the next few pages. The remaining revenue sources consist of building permits, utility fees, fees we receive from other funds for general services, fees and fines, and miscellaneous revenues.
GENERAL FUND REVENUE
Intergovernmental 7%
All Other 7%
Administrative Services Use Tax 4% 8%
Property Tax 7% Building Activity 5%
Sales Tax 55%
Utility Fees 7%
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