HomeMy WebLinkAbout2011-05-24 City Council Item No. 17CITY QF i/`W
LADE LSIHO
DREAM EXTREMEn
REPORT TO CITY COUNCIL
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: ROBERT A. BRADY, CITY MANAGER
DATE: MAY 24, 2011
SUBJECT: FISCAL YEAR 2010-11 THIRD QUARTER BUDGET REPORT
BACKGROUND
The City on a quarterly basis reviews the status of the budget. The last budget report
presented to the City Council was for the mid-year review, which was presented on
March 8, 2011. This report will communicate the status of the budget for the period
January 1, 2011 through March 31, 2011.
DISCUSSION
General Fund Revenue
Based on our review and analysis of general fund revenues through the third quarter of
fiscal year 2010-11, no adjustments to revenue are recommended at this time. General
fund revenue is on track with City revenue projections. The following results were noted
in our review of the following major revenue sources:
1. Sales Tax: Based on discussions with our sales tax consultant, the City's sales
tax is been up 6.0% for calendar year 2010 vs. calendar year 2009. During that
same time period, the State of California has shown a 0.5% increase and the
Inland Empire a -4.3% decrease.
2. Building Permit Fee: The revenue received for building permit fees has continued
to increase during the third quarter.
All other revenue sources also appear to be in line with our current budget and should
remain consistent through the end of the fiscal year at June 30, 2011.
AGENDA ITEM NO. 17
Page 1
Fiscal Year 2010-11 Third Quarter Budget Report
May 24, 2011
Page 2 of 2
General Fund Expenditures
Based on our review and analysis of general fund expenditures through the third quarter
of fiscal year 2010-11, no adjustments to expenditures are recommended at this time.
Departments are within or below their budget targets. The following significant results
were noted in our review of the expenditures:
1. Police services rate adjustment: The City was notified in March that the fiscal year
2010-11 hourly patrol rate will be adjusted down from $128.07 to $125.37. This
reflects an actual 2.79% increase over the fiscal year 2009-10 rate of $121.97 vs.
the budgeted 5% increase. The approximate savings to the City is $175,000. This
rate change is subject to approval of the Riverside County Board of Supervisors
and will be presented to them on Tuesday, May 24tH
2. Unemployment insurance payment: The third quarter unemployment insurance
payment fell from $45,070 in the second quarter to $17,518 in the third quarter, a
reduction of $27,552. The number of claimants changed from 13 to 9. In addition,
at least two of the claimants on the third quarter payment have acquired new jobs
in the fourth quarter.
All other expenditures appear to be in line with our current budget and should remain
consistent through the end of the fiscal year at June 30, 2011.
SPECIAL REVENUE FUNDS AND CAPITAL IMPROVEMENT PLAN (C/P)
There are no new recommendations for adjustments to the Special Revenue Funds or
additional funding of capital projects in this third quarter report. An updated and detailed
CIP will be presented with the fiscal year 2011-12 budget in June 2011.
FISCAL IMPACT
There is no fiscal impact.
RECOMMENDATIONS
1. It is recommended that City Council receive and file this report.
Prepared by: James R. Ril
Director of Admi a Services
Approved by: Robert A. Brady
City Manager / Executive Directo
Page 2