2011 Financial Overview
Finance Department Presentation to Council Presentation to Council February 27, 2012
Items to be Discussed General Fund Revenues & Expenditures How did we do compared to plan? p How did we do compared to 2010? General Fund Balance
Other Funds Overview Other Funds Overview Looking Forward
General Fund Revenue Collected
Planned
Variance
Pct Diff
$25,095,862
$22,419,142
$2,676,720
11.9%
2010 Revenue
Variance
Pct Diff
$23,514,850 $ , ,
$1,581,012 $ , ,
6.7%
Note: N t IIn fall f ll 2011 2011, we estimated ti t d our 2012 revenue would be $22,445,209
General Fund Revenue Over Time $30,000,000 $29,214,302 $29,000,000
* Bond Proceeds of $7.2M not incld
$28,000,000 $27,000,000 $26,000,000 $25,294,402
$25,095,862
$25,000,000 $23,898,384
$24 000 000 $24,000,000
$23,514,850
$23,000,000 $22,445,208 $22,000,000 $21,000,000 $20,000,000 200 2007
2008
2009
20 0 2010
20 2011
20 2 l 2012 Plan
General Fund Revenue by Source INCOME TAX‐62% REAL ESTATE TAXES‐7% 3%
3%
3%
2% 1% 1%
LOCAL GOVERNMENT FUND‐6%
4%
FINES & FEES‐4%
4%
ADMINISTRATIVE/SERVICE / CHARGES‐4% RECREATIONAL INCOME‐4%
4% 6% 7%
62%
TRANSFERS‐3% OTHER TAXES‐3% INTEREST & INVESTMENT INCOME‐3% GRANTS‐2% LICENSES & PERMITS‐1% MISCELLANEOUS INCOME 1% MISCELLANEOUS INCOME‐1%
General Fund Revenue by Source Category
2011 Plan
2011 Actual
Var
Income Tax
$13,500,000
$15,438,208
14%
Real Estate Taxes
1,714,852
1,735,137
1%
Local Government Fund
1,365,000
1,381,552
1%
Fines, Fees, Licenses & Permits*
3,695,523
3,512,686 <0.5%>
Transfers
306,000
871,045
185%
Other Taxes Other Taxes
499 305 499,305
721 316 721,316
44%
Interest & Investment Income
1,130,000 , 92,591
554,239 ,
499%
165,871
213,277
29%
$22,419,142
$25,095,862
12%
Grants Misc. Income TOTAL
668,402 <41%>
* Includes Recreation Income and Administrative/Service Charges
Income Tax Collections 2011 Collected: $15,438,208 2011 Collected: $15,438,208 • 5.4% ($834K) greater than all‐time‐high in 2007
14.4% ($1.9M) greater than planned • 2011 plan was $13,500,000 2011 plan was $13 500 000
21.5% ($2.7M) greater than 2010* • 2010 actual was $12,702,272 • *included only 11 months of cash collections y
Income Tax Collections $16,000,000
$15,438,208 $15 000 000 $15,000,000
$14,604,175 $14,328,342 $14,000,000
$13,359,721
RITA Transition Year 11 months of collections
$13,000,000
$12,702,272
$12,000,000
$11,000,000
$10 000 000 $10,000,000 2007
2008
2009
2010
2011
2011 Income Tax Distribution Net Profit $1,957,225 13% Resident $3,644,771 23% Withholding $9,836,990 $ , , 64%
Income Tax Distribution $12,000,000
$10,000,000 $10,000,000
$1.4M ‐ 16% Increase
$8,000,000
$6,000,000 $301K‐ 9% Increase $4 000 000 $4,000,000 $1M – 124% Increase
$2,000,000
$‐
Withholding
Resident 2010
2011
Net Profit
General Fund Expense Summary Expended
Appropriated
Variance
Pct Diff
$22,755,877
$25,712,206
<$2,956,329>
<11%>
2010 Expended Variance
Pct Diff
$23,173,612 $ , ,
<1.8%>
<$417,735> $ ,
“Appropriated” includes original appropriation, and supplemental appropriations throughout the year.
General Fund Expenses Over Time $34,000,000 $34 000 000 $31,445,102
$32,000,000 $30 000 000 $30,000,000
$30,490,055
$30,030,450
$28,000,000 $26 000 000 $26,000,000 $24,000,000
$23,173,612
$22,755,877
$23,024,277
2011
2012 Plan
$22 000 000 $22,000,000 $20,000,000
2007
2008
2009
2010
Expenditures by Type Total Expenditures by Type: $22,755,877 Capital Outlay Transfer $ $1,042,770 $1,960,701 5% 9% Supplies & Materials $2,699,868 12%
Contractual Services $2,821,404 12% Benefits $4,148,385 18%
Salaries $10,082,749 $10 082 749 44%
Expenditures by Function Total Expenditures by Function: $22,755,877 Transfers $1,960,701 Community & Economic 9% Development $2,801,237 12%
Public Safety $8,559,799 38%
Public Service $2,833,399 12%
General Government $3,170,215 14%
Parks & Recreation $3,430,525 15%
General Fund‐Summary In 2011, General Fund revenues exceeded expenses by $2.3 million
Revenue E Expense Variance
$25,095,862 <$22,755,877> $22 755 877 $ 2,339,985 $ ,339,985
General Fund Balance Beginning Fund Balance $16 333 711 $16,333,711
Revenue
Expenditure
Encumbrance
$25,095,862 , ,
$22,755,877 , ,
$3,406,061 , ,
2011 Ending Fund Balance: $15,267,635 Mandatory Reserve based on 25% of planned revenue: $5,585,888 $5 585 888 Amount in Excess of Reserve: $9,681,747 $
Ending Fund Balance $15 267 635 $15,267,635
General Fund: Ending Fund Balance Mandatory Reserve Reserve $5,585,888
Excess of Reserve $9,681,747
2011 Ending General Fund Balance $15,267,635
M Millions
General Fund Balance Over Time $16 $14 $12 $9.7M
$10 $10
$ $8.2M $6.0M $3.7M
$8
$4.7M
$6 $6 $4 $5.5M
$6.0M
$6.0M
$5.9M
$5.6M
$2 $2 $‐ 2007
2008 Mandatory 25% Reserve Mandatory 25% Reserve
2009
2010
Amount in Excess of Reserve Amount in Excess of Reserve
2011
Other Major Governmental Funds Capital Improvements Fund Street Fund Street Fund State Highway
Capital Improvements Fund Revenue Sources
Allowable Expenses ll bl
• No No dedicated funding dedicated funding stream • Periodic transfers from General Fund • Grants
• Acquiring, Acquiring, purchasing purchasing or constructing permanent i improvements t • Paying for property improvements for any improvements for any public purpose
Capital Improvements Fund Cash Flow Cash Flow
Accomplishments
Beginning Fund Balance: $3,154,886 2011 Revenue: $1,007,726 2011 Expense: $1,760,443 Ending Balance: di l $2,402,170
Beginning Fund Balance
Revenue
• Hamilton/Granville Intersection • Big Walnut Trail Sections 1 & 2 • TechCenter & Science Blvd & Science Blvd Connector
Expenditure
Encumbrance
Ending Fund Balance
Street Fund Revenue Sources • Municipal Distributions of: • Gas Tax • Motor Vehicle Motor Vehicle Registrations
Allowable Allowable Expenses • Planning, Construction & Maintenance of g Roads & Bridges
Street Fund Cash Flow Cash Flow
Accomplishments
Beginning Fund Balance: $495,261 2011 Revenue: $1,682,593 2011 Expense: $1,738,584 Ending Balance: $439,270 di l $
Beginning Fund Balance
Revenue
• Street Maintenance Staff and Operating Expenses • Street Improvement Program • Traffic Light Repairs Traffic Light Repairs
Expenditure
Encumbrance
Ending Fund Balance
State Highway Fund Revenue Sources • State Distributions of: • Gas Tax • Motor Vehicle Motor Vehicle Registrations
Allowable Allowable Expenses • Maintenance and Repair of p Designated g y State Highways
State Highway Fund Cash Flow Cash Flow
Accomplishments
Beginning Fund Balance: $108,823 2011 Revenue: $105,917 2011 Expense: $75,381 Ending Balance: $138,910 di l $
Beginning Fund Balance
Revenue
• Overtime and materials costs associated with maintenance of State Highways Traffic & pedestrian light • Traffic & pedestrian light upgrades
Expenditure
Encumbrance
Ending Fund Balance
Revenue Trends Income Tax • Revisit planned collections after Tax Day
Real Estate Tax • Property valuations down 6% based on revaluation vs. initial plan of 9% • Net effect approximately $52K • May see County distribution of Creekside delinquencies in 2012
Local Government Fund • No further reductions to allocation method after 2012
Estate Tax • Final year of tax • Already at 50% of plan reported Already at 50% of plan reported
Expenditure Trends Community Investment • Administration to release two‐year Capital Improvement Plan in coming weeks
Increasing Cost of Maintenance • Additions to infrastructure base • Aging assets
Cost of Operations p • Uncertain inflation outlook • Anticipate rising costs of contracts
Upcoming Plans for Finance • 2011 official Financial Statements and Audit are in progress • Reviewing RFQ for capital financing strategy • Council/Leadership strategic planning session • Administration’s Capital Improvement Program • Q1 financial report to Council in April • Administration will kick‐off 2013 budget in March/April
Questions?
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