HomeMy WebLinkAbout1/21/2009 - STAFF REPORTS - 5.B. Mid-Year Financial Review
2008 — 2009 Fiscal Year
City of Palm Springs
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Topics
Budget Highlights
Expenses
Revenues
Discussion Items
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 2
Budget Highlights
Transient Occupancy Taxes (TOT)
have decreased $494K thru November 2008
Property taxes — $700K increase over budget
Sales tax revenues have decreased $97K
Utility Users Tax have decreased $ 142K
National , State, & local economic conditions
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 3
Expenses 6-Month Comparison
$80.0 66.7
$60.0 --
$40.0 $32 18
$20.0 - 49% 49%
$0.0
Full Year. s Months
11 2007-2008 ❑ 2008-2009
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 4
Revenues 6-Month* Comparison
$60.0
$20.0
36% 33%
$0.0 -
Full Year 6 Months
' TOT reflects only 5 months of revenue
❑ 2007-2008 ❑ 2008-2009
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 5
Major Revenues 6-Month Comparison
50% 42% 4�0 n
39% 40 /o
20%
10
0%
Property TOT* UUT ' Sales
Taxes Taxes
* TOT reflects only months of revenue
❑ 07-08 6 Months as % of Actuals
❑ 08-09 6 Months as % of Budget
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 6
Sales Taxes
Most recent 6 months 1 2 .2% _ $97 , 000
Riverside County 1 8.6%
Inland Empire 1 7.4%
Southern California 14.0%
State of California 1 3.2%
$10.0
$5.0 - --
$0.0 _ --
05-06 06-07 07-08 08-09
Act Act Act Bud
(in millions)
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 7
Revenues & Expenses
6-Month & Full-Year Comparisons
Total Property Sales
Revenues Revenues Taxes TOT* UUT Taxes
07.08 6 Months $26,359,423 $7,560,390 $4,7891859 $3,018,371 $2,7 48 473
08.09 6 Monthsw $25,316,320 $85577,837 $4,249,278 $2,876,820 $2,7871252,�
07.08 ActuaIs $72,876,386 $19,3619220 $14,461 ,335 $6,779,542 $9,138,355
�08.09 BudgetW�,$75,623,895_$ q 4309000 $15,000,000 $7,200,000 $97500,000
* TOT reflects only 5 months of revenue
Expenses Full Year 6 Months
2007-2008 $6696919322 $3295039424 ,
2008-2009_ $6%0899574 $33,849,829
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 8
Cash Budget Changes
Cash Balance Original Budget $10,642,635
Expected
Original Revenue Budget $7692233895 revenue
Original Expense Budget 76,0353549 shortfall
Original Surplus $188,346 = $2 million
SDF Loan - Original Budget ($1 ,331 ,655) CRA interest
Improvement in 07-08 Cash 961 ,578 reduction
Estimated SDF Revenue 5009000 = $2 million
Property Taxes over Budget 700,000
Total
Revised Budgeted Surplus $150185269 = $4 million
Budgeted Ending Cash $113660,904
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 9
Investments and Treasury
Investment Policy Goals :
2 Safety
7 Liquidity
Growth / income potential
No stocks in portfolio
Buy and hold strategy in use
Maturing investments
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 10
Investments and Treasury (cont)
LAI F projections:
2% return estimated for this year
Very cautious and conservative
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 11
State of California Budget
State Budget Deficit continues growing
Budget deficit = $7.7 billion (October)
2-year $41 .6 billion (January)
1/21/2009 City of Palm Springs 2008-2009 2nd Quarter 12
Budget Excellence Award
Awarded by the California Society of
Municipal Finance Officers
4t" year in a row
Budget posted on City web-site in Finance
Many thanks to Roxane , Cathy, Nancy,
Cindy, Chuck, and the entire Finance staff
for all of their hard work
1/21 /2009 City of Palm Springs 2008-2009 2nd Quarter 13