HomeMy WebLinkAbout12/5/2012 - STAFF REPORTS - 5.B. 2012 — 2013 1 St Quarter
Financial Review
City of Palm Springs
12/5/2012 City of Palm Springs 2012-2013 1st QuarWNo S 8,
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Cash Reserve Summary
Actual Unrestricted
Ending Balance, 6/30/2011 $ 11 ,7793373
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Actual Unrestricted
Ending Balance, 6/30/2012 $ 13,041 ,689
Reserve % Equivalency 16.7%
12/5/2012 City of Palm Springs 2012-2013 1st Quarter 2
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2012- 13 Revenues 3-Month Comparison
$80.0 - 68.3 - - -
$70.0 - - - - - - - -
$60.0 - - - - -
$50.0 Actuais Budget - - - - -
$40.0 for for
$30.0 2011 -12 2012-13 0 0
$20.0 - - -
$10.0 $6A-_ $6.6
$0.0 - -
Full Year 3 Months
Does Not Include Measure J Sales Taxes
2011 -2012 ❑ 2012-2013
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12/5/2012 City of Palm Springs 2012-2013 1st Quarter 3
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Major Revenues 3-Month Comparison
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11%
10% - 6% 7%
5% 4%
0%
Property TOT UUT Sales
Taxes Taxes
* Does not include Measure J
❑ 11-12 3 Months as % of Actuals
11 12-13 3 Months as % of Budget
12/5/2012 City of Palm Springs 2012-2013 1st Quarter 4
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Hotel Tax (TOT) Chart
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Month 2008-09 2009-10 2010-11 2011-12 2012-13
July $ 7277810 $ 6819421 $ 8935586 $ 11081,720 $ 15086,702
August 7907148 627,625 7159061 886,420 11002,996
September 7419931 708,714 835,392 110485682 11094,204
October 957,351 11084,333 19074,067 11392,751
November 11108,968 15151 ,258 171625232 11380,503
December 800,528 790,820 9665193 19219,334
January 11092,858 171371727 15307,064 1 ,308,284
February 15277,158 11377,860 115747504 15865,098
March 1 ,622,398 1 ,808,229 25159,720 21296,103
April 11773,237 119529692 213645370 21638,497
May 1 ,1185319 1 ,268,493 11547,404 11574,293
June 740,772 77%513 11062,687 1 ,169,583
$12,751 ,478 $135367,685 $15,6623280 $17,861 ,268 $ 31183,902
12/5/2012 City of Palm Springs 2012-2013 1st Quarter 5
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Sales Taxes
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Comparisons : 11 - 12 4Q's 12- 13 1 St Q
Palm Springs T +9 .6% T + 13.8%
Coachella Valley T +9.2% T +8.8%
Riverside County T +9.8% T +10.3%
Inland Empire T +10.4% T +9.2%
Southern California T +8.7% T +6.6%
State of California T +9.2% T +6.8%
$15.0
$10.0 - -
$5.0 $8.2 $9.6 - 10. 10.
$0.0
(in millions) 09-10 Act 10-11 Act 11 -12 Act 12-13 Bud
12/5/2012 City of Palm Springs 2012-2013 1st Quarter 6
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Measure J Sales Tax
2011 -2012 2012-2013
Actuals YTD Actuals
Beginning Balance $0 $11921 ,014
Revenue $1 y950y533 $25087,030
Expense (29,519) (966,410)
Surplus / (Deficit) $13921 ,014 $1 ,1209620
Ending Balance $1 ,9215014 $3,041 ,634
Budgeted Expenses for 2012-2013:
_ • Street Improvements $3,0009000
• Other Capital Projects 1 ,7007000
• Debt Service - Downtown Bonds 3,300,000
• Miscellaneous Expenses 132,555
Total Budgeted Expenses $8,1321555
12/5/2012 City of Palm Springs 2012-2013 1st Quarter 7
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2012- 13 Expenses 3-Month Comparison
$80.0 - -
$70.0 $68.3 $ 2'3-
$60.0
j $50.0 Actuals Budget
$40.0 -- for for
$30.0 2011 -12 2012-13 - - - - - - - -
$20.0
$10.0 22% 207%
$0.0
Full Year 3 Months
Does not include Measure J
❑ 2011-2012 ■ 2012-2013
12/5/2012 City Springs of Palm S rin s 2012-2013 1st Quarter 8
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2012-2013 Revenues & Expenses
3-Month & Full -Year Comparisons
Total Property Sales
Revenues Revenues Taxes TOT UUT Taxes
11 .12 3 Months $6,120,628 $742,382 $310%822 $1 ,275,625 $615,569
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12-13 3 Months $6,561 ,760 $6763512 $31183,902 $799,189 $7403939
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
Does not include Measure J Sales Tax
Expenses Full Year 3 Months
2011 -2012 $68,260,400 $ 14,948,567
2012-2013 $72,257,525 $14,284,995
12/5/2012 City of Palm Springs 2012-2013 1st Quarter 9
5.6. 15' QUARTER FISCAL YEAR 2012-13 BUDGET UPDATE:
RECOMMENDATION: Direct staff as appropriate.
MATERIALS TO FOLLOW
Item No. 5 . B .