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Home My WebLink About3/15/2017 - STAFF REPORTS - 5.A. 5.A. MID-YEAR BUDGET REVIEW PRESENTATION FOR FY 2016-17: RECOMMENDATION: Direct the City Council Budget and Finance Subcommittee and City Staff as appropriate. NO MATERIALS 2016 — 2017 Mid -Year Financial Review City of Palm Springs 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 1 Cash Reserve Summary Actual Unrestricted Ending Balance, 6/30/2015 $14,985,652 Projected Unrestricted Ending Balance, 6/30/2016 when the Budget was Adopted $165538,226 Actual Unrestricted Ending Balance, 6/30/2016 $18,545,978 Reserve % Equivalency 20.0% * Includes a one-time $1 .2 million sales tax payment 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 2 2016- 17 Revenues 6- Month Comparison $100.0 $89.0 $9'' $80.0 Actuals Projected $60.0 for for $40.0 2015-16 2016-17 $20.0 __ 30% 36% $0.0 Full Year 6 Months Does Not Include Measure J Sales Taxes ❑ 2015-2016 ❑ 2016-2017 l 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 3 Major Revenues 6- Month Comparison 50°io 42 /o ° ° 43% -_ 40% ° 30% 31% 31% 30% 20% 20% 10% - - 0% Property TOT UUT Sales Taxes Taxes * * Does not include Measure J ❑ 15-16 6 Months as % of ActuaIs ❑ 16-17 6 Months as % of Projected 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 4 Hotel Tax Growth Through Recession $25 — - 24 (In Millions) $21 .9 _ 19.4 $20 - $15 $12.8 $13.4 $15.7 $19.6,19.3 - $16. r ` $10 $15.3 - $13.6 $11} $11. $5 - 4 $0 $1.5 $1.7 $2.1 $2.6 $3.1 5° 08-09 09-10 10-11 11 -12 12-13 13-14 14-15 15-16 ■ Vacation Rentals ■ Hotels & Motels 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 5 Hotel Tax (TOT) Chart Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Month 2012-13 2013-14 2014-15 2015-16 2016-17 July $1 ,086,702 $1 ,140,053 $1 ,367,238 $1 ,512,002 $1 ,753,054 August 1 ,002,994 1 ,107,575 1 ,394,495 17419,761 1 ,392,466 September 1 ,120,556 1 ,131 ,490 1 ,222,473 1 ,321 ,426 1 ,626,990 October 1 ,412,648 1 ,488,957 1 ,664,808 17743,288 2,578,367 November 1 ,5167168 1 ,700,617 2,037,777 1 ,928,849 2,271 ,654 December 19355,982 1 ,462,499 1 ,701 ,740 1 ,631 ,801 1 ,740,985 6 Months $7,495,050 $8,0317191 $9,388,531 $%557,127 $11 ,363,516 January 1 ,453,092 1 ,8187620 2,126,168 2,060,000 February 1 ,841 ,747 2,227,977 2,589,923 2,688,355 March 2,905,456 3,1147847 3,302,211 3,696,455 April 2,698,949 3,410,057 3,490,391 3,848,446 May 1 ,780,521 1 ,971 ,374 2,185,052 2,418,289 June 1 ,209,911 1 ,303,870 1 ,404,972 1 ,497,773 Annual $19,3849726 $21 ,877,936 $2474879248 $25,766,445 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 6 Sales Taxes Comparisons : 15- 16 4Q's 16- 17 2nd Q Palm Springs 1 (0 . 1 )% T +3.7% Coachella Valley T +1 .2% T +2.7% Riverside County T +3.0% T +3.9% Inland Empire T +5.4% T +3.6% Southern California T +3.0% T +0.5% State of California T +3.1 % T +1 .6% $15.0 $10.0 $11 .0 $11 .4 $12.4 $12.1 $5.0 $0.0 (in millions) 13-14 Act 14-15 Act 15-16 Act 16-17 Proj 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 7 Measure J Sales Tax Measure J Fund 2015-2016 2016-2017 Actuals Budget Beginning Balance $19388,834 $241 ,102 Revenue $1255409266 $125900,000 Bond Payments 3,1899883 352005000 Project Maint & Other Exp 415673 4759000 Projects - Spent & Committed 954295217 89305,132 Community Projects 190279225 911 ,725 Project Contingency Reserve 0 2499245 Ending Balance $2419102 $0 Total Measure J Sales Taxes since 4/1 /2012 = $57, 152,763 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 8 2016- 17 Expenses 6- Month Comparison $100.0 -- $90.2 - $94. 7 $80.0 Actuals Budget $60.0 for for 2015-16 2016-17 $41 .4 i $40.0 -- $20.0 46% 54% $0 .0 Full Year 6 Months ❑ 2015-2016 ❑ 2016-2017 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 9 2016-2017 Revenues & Expenses 6- Month & Full-Year Comparisons Total Property Sales Revenues Revenues Taxes TOT UUT Taxes 15-16 6 Months $26,946,282 $6,831 ,518 $9,557,127 $35305,479 $2,5285487 16-17 6 Months $32,9193501 $7,3343946 $117363,516 $259995209 $3,6015859 15-16 Actuals $89,021 ,168 $22,245,364 $25,766,445 $7,082,024 $12,350,499 16-17 Projected $91 ,582,742 $23,610,000 $27,200,000 $7,050,000 $1271285389 Does not include Measure J Sales Tax Expenses Full Year 6 Months 2015-2016 $90,2411891 $41 ,4159187 2016-2017 $94,7441012 $50,7213861 3/15/2017 City of Palm Springs 2016-2017 2nd Quarter 10