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Home My WebLink About12/3/2014 - STAFF REPORTS - 5.A. S.A. 1$' QUARTER FISCAL YEAR 2014-15 BUDGET UPDATE: RECOMMENDATION: Direct staff as appropriate. Item No. 5eA * December 3, 2014 Additional Materials Item No. 5.A. 2014 — 2015 1st Quarter Financial Review CitySpringsof Palm 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 1 Cash Reserve Summary Actual Unrestricted Ending Balance, 6/30/2013 $13,0521047 Actual Unrestricted Ending Balance, 6/30/2014 $13,2155174 Reserve % Equivalency 16.6% 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 2 2014- 15 Revenues 3-Month Comparison $100.0 — - _ $81 . 1 $78.3 $80.0 $60.0 Actuals Projected $40.0 for for 2013-14 2014-15 0 0 $20.0 $0 .0 Full Year 3 Months Does Not Include Measure J Sales Taxes ❑ 2013-2014 ❑ 2014-2015 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 3 Major Revenues 3- Month Comparison 30% 20% 20% 15% ° 11% 10% 4% 5% 5% 0% Property TOT UUT Sales Taxes Taxes * Does not include Measure J ❑ 13-14 3 Months as % of Actuals ❑ 14-15 3 Months as % of Projected 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 4 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 $190869702 $191409053 $1 ,367,238 August 715,061 886,420 1 ,002,994 19107,575 11394,495 September 835,392 11048,682 11120,556 11131 ,490 1 ,1901806 3 Months $2,4449039 $310%822 $3,210,252 $39379,118 $39952,539 October 11074,067 11392,751 1 ,412,648 1 ,488,957 November 1 ,1629232 193809503 1 ,5169168 19700,617 December 966,193 11219,334 1 ,355,982 1 ,462,499 January 11307,064 11308,284 1 ,453,092 1 ,818,620 February 11574,504 11865,098 1 ,841 ,747 2,2271977 March 21159,720 21296,103 219059456 31114,847 April 213645370 296389497 29698,949 31410,057 May 11547,404 195749293 19780,521 11971 ,374 June 190629687 1 ,1691583 112095911 11303,870 Annual $159662,280 $17,861 ,268 $19,384,726 $21 ,8779936 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 5 Sales Taxes Comparisons: 13-14 4Q's 14-15 1st Q Palm Springs T +1 .9% T +13.1 % Coachella Valley T +5.5% T +6.8% Riverside County T +5.9% T +7.6% Inland Empire T +5.8% T +7.0% Southern California T +5.9% T +2.6% State of California T +5.6% T +4.0% $10.0 Gx a 34 xY i a w . e (in millions) 11-12 Act 12-13 Act 13-14 Act 14-15 Proj 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 6 Sales Taxes Comparisons : 13- 14 4Q s 14- 15 1 St Q Palm Springs T +1 .9% T +13. 1 % Coachella Valley T +5.5% T +6.8% Riverside County T +5.9% T +7.6% Inland Empire T +5.8% T +7.0% Southern California T +5.9% T +2.6% State of California T +5.6% T +4.0% $15.0 $10.0 $5.0 $10.2 $10.9 P1 $11 .0 P1 $11 .5 $0.0 (in millions) 11 -12 Act 12-13 Act 13-14 Act 14-15 Proj 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 6 Measure J Sales Tax Measure J Fund 2013-2014 2014-2015 Actuals Budget Beginning Balance $93788,824 $13,4109662 Revenue $129757,055 $13,0009000 Bond Payments 311840310 3,2009000 Project Maint & Other Exp 388,044 4009000 Projects - Spent & Committed 5,562,863 22,665,317 Unallocated Projects / Reserves 0 1459345 Ending Balance $13,410,662 $0 Total Measure J Sales Taxes since 4/1/2011 = $28,392,909 Note: Figures assume City Council approval of tonight's agenda item 2.P. 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 7 2 14- -0 15 Expenses 3 Month Comparison $100.0 --- -$80.0 -- — $80.9 $79.7 $60.0 Actuals Budget for for $40.0 2013-14 2014-15 $20.0 15.9 $16.2 $0 .0 20% 20% Full Year 3 Months ❑ 2013-2014 ❑ 2014-2015 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 8 2014-2015 Revenues & Expenses 3- Month & Full-Year Comparisons Total Property Sales Revenues Revenues Taxes TOT UUT Taxes 13-14 3 Months $81545,135 $2,236,955 $3,379,118 $11124,033 $528,236 14.15 3 Months $61602,511 $752,683 $3,952,539 $11478,353 $597,435 13.14 Actuals $81 ,05%781 $20,996,693 $21 ,8311462 $71154,521 $10,996,522 14-15 Projected $78,2811502 $18,226,491 $22,600,000 $71250,000 $11 ,513,210 Does not include Measure J Sales Tax Expenses Full Year 3 Months 2013-2014 $809911 ,931 $159918,278 2014-2015 $79,716,187 $16,2333390 12/3/2014 City of Palm Springs 2014-2015 1st Quarter 9