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Home My WebLink About2/20/2013 - STAFF REPORTS - 5A i 2012 — 2013 Mid -Year Financial Review City of Palm Springs 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 1 2012- 13 Revenues 6-Month Comparison $80.0 $70.0 $69.3 $68.3 $60.0 $50.0 Actuals Budget — $40.0 for for $30.0 2011-12 2012-13 $23.3 U5-3 $20.0 $10.0 34% 37% $0.0 Full Year 6 Months Does Not Include Measure J Sales Taxes 2011-2012 ❑ 2012-2013 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 2 Major Revenues 6-Month Comparison 50% 45% 44% 40% 39% o u 32 /o 30% 22% ° 20% I 10% 0% - LI Property TOT UUT Sales Taxes Taxes * i * Does not include Measure J ❑ 11-12 6 Months as % of Actuals ❑ 12-13 6 Months as % of Budget 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 3 Sales Taxes (excluding Measure J ) Comparisons : 11 - 12 4Q's 12- 13 2Q's Palm Springs T +9.6% T+12. 1 % Coachella Valley T +9.2% T +8.6% Riverside County T +9.8% T +12.6% Inland Empire T +10.4% T +10.0% Southern California T +8.7% T +7.6% State of California T +9.2% T +7.4% $15.0 - $10.0 $5.0 $8.2 $9.6 $10.2 $10.6 $0.0 (in millions) 09-10 Act 10-11 Act 11 -12 Act 12-13 Bud 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 4 Measure I easu e J Sales Taxes a es 2011 -2012 2012-2013 Actuals YTD Actuals Beginning Balance $0 $1 ,921 ,014 Revenue $19950,533 $31572,448 Bond Payments 0 (833,855) Expense (2%519) (47,382) Ending Balance $1 ,921 ,014 $4,6129225 Budgeted Expenses for 2012-2013: • Street Improvements $3,0009000 • Other Capital Projects 1 ,700,000 • Debt Service - Downtown Bonds 3,300,000 • Miscellaneous Expenses 132,555 Total Budgeted Expenses $8,1329555 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 5 Transient Occupancy Tax (TOT) Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Month 2008-09 2009-10 2010-11 2011-12 2012-13 July $ 727,810 $ 681 ,421 $ 893,586 $ 1 ,081 ,720 $ 1 ,086,702 August 790,148 6279625 715,061 886,420 1 ,002,994 September 741,931 7089714 835,392 1,048,682 19120,556 October 957,351 11084,333 11074,067 113929751 1 ,412,648 November 1,108,968 1,151 ,258 1 ,162,232 1 ,380,503 1 ,487,444 December 800,528 790,820 966,193 1 ,21%334 January 19092,858 1 ,137,727 113079064 1,308,284 February 11277,158 19377,860 1 ,574,504 11865,098 March 19622,398 1 ,808,229 2,15%720 2,296,103 April 1,773,237 1 ,952,692 2,364,370 2,638,497 May 191189319 11268,493 19547,404 19574,293 June 7409772 778,513 190629687 1916%583 $12,751 ,478 $131367,685 $15,662,280 $17,8619268 $ 691 %344 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 6 2012- 13 Expenses 6- Month Comparison $80.0 $70.0 $68.3 $70.2 $60.0 Actuals Budget 50.0 $ for for $40.0 2011-12 2012-13 $30.0 - - $20.0 - 48% 50% $10.0 $0.0 Full Year 6 Months Does not include Measure J ❑2011-2012 ❑2012-2013 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 7 i 2012-2013 Revenues & Expenses 6-Month & Full-Year Comparisons Total Property Sales Revenues Revenues Taxes TOT UUT Taxes �I 11.12 6 Months $23,261 ,104 $6,227,179 $5,790,076 $31109,061 $2,266,126 12.13 6 Months $25,297,534 $6,026,939 $6,110,344 $39107,056 $2,540,327 11 -12 Actuals $69,318,016 $16,015,723 $17,861,268 $6,879,047 $10,179,526 12.13 Budget $68,306,530 $16,582,221 $17,500,000 $7,000,000 $10,599,525 * TOT reflects only 5 months of revenue & Sales Tax reflects no Measure J $ Expenses Full Year 6 Months 2011 -2012 $6852605400 $32,4369124 2012-2013 $70,1685865 $3593729107 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 8 General Fund Budget Summary Adopted Projected 2012-2013 2012-2013 Revenues $76,4281275 $76,866,209 Savings Carryforward from prior fiscal year 19740,590 11740,590 Expenditures (7831689865) (78J 68,865) Net Surplus / (Deficit) $0 $437,934 Projected Unrestricted Ending Balance $139041 ,689 $13,4799623 Note: Includes $8 million for Measure J revenue & expense. 2/20/2013 City of Palm Springs 2012-2013 2nd Quarter 9 5.A. MID-YEAR FISCAL YEAR 2012-13 BUDGET UPDATE: RECOMMENDATION: Direct staff as appropriate MATERIALS TO FOLLOW Item No. 5 . A .