HomeMy WebLinkAbout4/15/2009 - STAFF REPORTS - 5.C. 2008 — 2009 3rd uarter
Financial Review
CitySpringsof Palm
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4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 1
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Topics
Budget Highlights
wi Expenses thru March 2009
Revenues thru March 2009
Discussion Items
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4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 2 a
2008 — 2009 Budget Highlights
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Revenues have significantly declined
Jul 2008 thru March 2009 down 3 . 5 million
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Falling revenues Trending at
$5 million less than 2007-2008 by year-end
.', Transient Occupancy Taxes (TOT)
decreased $ 1 . 3 million thru Feb 2009
Property taxes increased $400K over last
--- year (but supplementary taxes are uncertain )
!- Sales taxes decreased $500K
Utility Users Tax decreased $236K
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4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 3
08 --09 Expenses 9-Month Comparison
$80.0 1 17159,2
$
70.
$6 0. Actual`,.' Budget
$50.0 $48.3
4�.�
Actual Actual I
$30.0
$20.0 75% 7'
$10.0
$0.0
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Full Year 9 M nths
0 21007-20,018 11 2001'8-20001
4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 4 ;
08 -09 Revenues 9-Month Comparison i
$70.0 Actual Budget
$+60.
$50.0 $42..
$40.0
Actual Actual
3,0.0
$20 .0
5�9 53
$ 10.001.0
~— Full Year 9 Months �
TOT reflects onl ly 8, mionths of revenue
_.' ' 20197-20018 ❑ 20'08-20109,
4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 5
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Major Revenues 9-Month Comparison
80°I°
70°I° n ... o u 59%
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°
o-
50°/0
40% - -
30%
0
0
Property TOT* UUT Sales
Taxes Taxes
" TOT reflects only 8 months of revenue
0 07-08 9 Months as % of Actuals
0 0'8-09 9 f'~ oMhs as % of Budget
4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 6
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Sales Faxes
Most recent 9 months ,� 1 . 5%
Riverside County 1 10.7%
-: Inland Empire 9.8%
Southern California 1 6.7%
State of California 1 5.7%
$10.0
$5.0
05- -
os ol -s.
a7 �7-0s +aa v9
Act Act Act Bud
(in millions)
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4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 7
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2008 -2009 Revenues & Expenses
9-Month & Full-Year Comparisons
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07.08 9'Months '$42,887;774 $10,852;174 $81787,612 $41'606,887 $5,421,803
08.09 9 Months. $39'1'827,791 $1112485859 $75493,742_ $4,370,655 '$4,912,467 w
$.. $ $" , „$.. r - -_ $07='08 ActOls 72' 443;689= 19 361` 220 1'4 461 335 6 T79. 542 9'138,355
08.09 Budget ' $753623,895 $20;430,000 $15,000,000 $77200,000 $9,5005000
Expenses Full Year 9 Months
2007-2008 $'64535',4'02 $48,324;992
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2008 2.009 $691 Q71656 0737$ , - ,995
4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 8
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Revenue Decreases for 2008 -2009 �
;. End of 3rd Quarter End of 4th Quarter
$3 . 5 million Projected to be no
less than $5 million
4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 9
Projected Deficit for 2009 — 2010
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$5 ,000, 0010 Reduced Revenues (for 2008-2009)
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1 , 3�0 , 000 Property Tax Decrease per County Assessor
+600 , 000 Police Mgt / MAPS / GU COLA Increase
15000,000 PERS, Health , Other Increases
173010X Indian Gamine SDF Loss
3 ,000, 0010 CRA Revenue Reduction
$ 12 ,200,5000 Projected Deficit
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4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 10
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Budget Reduction Plan
$ 12 ,2003000 2009 - 2010 Projected Deficit j
$11' ,300, 000 gadget Reduction Plan
$900 , 000 Projected 2009 - 2010 Year-End Deficit
Option: ,as in FY 2008-2009, loan from reserves
$1 .3 million for SDF loss pending possible
State 1 Tribe contribution G
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4/15/2009 City of Palm Springs 2008-2009 3rd Quarter 11
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