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Home My WebLink About2/18/2015 - STAFF REPORTS �V 5.C. SECOND QUARTER FISCAL YEAR 2014-15 BUDGET UPDATE: RECOMMENDATION: Direct staff as appropriate. NO MATERIALS Item No. 5 * Co 2014 — 2015 Mid -Year Financial Review City of Palm Springs 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 1 Ike ��- 2014- 15 Revenues 6-Month Comparison $100.0 - $81 . 1 $80.2 $80.0 $60.0 Actuals Projected $40.0 for for 2013-14 2014-15 $20.0 32% 31 $0 .0 Full Year 6 Months Does Not Include Measure J Sales Taxes ❑ 2013-2014 ❑ 2014-2015 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 2 Major Revenues 6- Month Comparison 50% 42% 46% 40% ° 3694. 37% 38° 30% 21% 21% 20% 10% -- 0 Property TOT UUT Sales Taxes Taxes * " Does not include Measure J ❑ 13-14 6 Months as % of Actuals ❑ 14-15 6 Months as % of Projected J 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 3 Hotel Tax (TOT) Chart Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Month 2010-11 2011 -12 2012-13 2013-14 2014-15 July $893,586 $1 ,081 ,720 $1 ,086,702 $1 ,140,053 $1 ,367,238 August 715,061 886,420 1 ,002,994 1 ,107,575 1 ,394,495 September 835,392 1 ,048,682 1 ,120,556 1 ,131 ,490 19222,473 October 1 ,074,067 1 ,392,751 1 ,412,648 1 ,488,957 19664,808 November 1 ,162,232 153802503 1 ,516,168 1 ,700,617 2,045,181 December 966,193 152199334 1 ,355,982 1 ,462,499 1 ,674,529 6 Months $5,6465531 $7,009,410 $7,495,050 $8,031 ,191 $9,368,724 January 1 ,307,064 1 ,308,284 1 ,453,092 11818,620 February 1 ,574,504 1 ,865,098 1 ,841 ,747 21227,977 March 2,159,720 2,296,103 2,9059456 351149847 April 2,3649370 2,638,497 29698,949 3,4109057 May 1 ,547,404 15574,293 1 ,780,521 1 ,971 ,374 June 1 ,062,687 1 ,1699583 1 ,209,911 1 ,3039870 Annual $15,662,280 $175861 ,268 $19,384,726 $21 ,877,936 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 4 Sales Taxes Comparisons : 13- 14 4Q's 14- 15 2nd Q Palm Springs T +1 .9% T +9 . 1 % Coachella Valley T +5.5% T +8.0% Riverside County T +5.9% T +7.9% Inland Empire T +5.8% T +7.6% Southern California T +5.9% T +4.1 % State of California T +5.6% T +5.1 % $15.0 $10.0 $5.0 $10.9 $11 .0 $11 .9 $0.0 (in millions) 11 -12 Act 12-13 Act 13-14 Act 14-15 Proj 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 5 Measure J Sales Tax Measure J Fund 2013-2014 2014-2015 Actuals Budget Beginning Balance $9,788,824 $131410,662 Revenue $125757,055 $13,0003000 Bond Payments 3,184,310 3,2001000 Project Maint & Other Exp 388,044 400,000 Projects - Spent & Committed 51562,863 211795,513 Unallocated Projects / Reserves 0 19015,149 Ending Balance $1314%662 $0 Total Measure J Sales Taxes since 411/2012 = $30,510,310 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 6 2014- 15 Expenses 6-Month Comparison i $100.0 - $80.9 $80.7 $80.0 $60.0 Actuals Budget ' r 39.4 $40.0 2013-14 2014-15 $36'6 $20.0 45% 49% $0 .0 Full Year 6 Months ❑ 2013-2014 ❑ 2014-2015 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 7 2014-2015 Revenues & Expenses 6-Month & Full -Year Comparisons Total Property Sales Revenues Revenues Taxes TOT UUT Taxes 13.14 6 Months $25,732,803 $7,734,590 $8,031,191 $35037,207 $21268,607 14-15 6 Months $24,813,351 $6,540,228 $9,251 ,430 $3,364,414 $254759050 13-14 Actuals $81 ,059,781 $20,996,693 $21,831 ,462 $7,154,521 $10,996,522 14.15 Projected $80,176,733 $18,226,491 $24,600,000 $7,250,000 $11 ,884,471 Does not include Measure J Sales Tax Expenses Full Year 6 Months 2013-2014 $80,911 ,931 $365612,529 2014-2015 $809718,822 $3%354J 71 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 8 Cash Reserve Summary FY 2014-15 Summary Budgeted Updated Projection Beginning Cash Balance $121103,781 $13,19%370 Projected Surplus $50,000 $1 ,0601000 State RDA Loss ($15600,000) ($1 ,600,000) Ending Cash Balance $1055533781 $12,659,370 Reserve % Equivalency 13.2% 15.9% 2/18/2015 City of Palm Springs 2014-2015 2nd Quarter 9