GENERAL FUND
Attachment A shows General Fund revenues and expenditures through April, as well as year-end estimates for each category. The estimated year-end projections in the General Fund are as follows:
Revenues $34,641,383
Less:
Expenditures ($32,681,004)
Less:
Council-Approved Use of Contingency:
- Town Manager Recruitment Process ($30,000) Approved July 6, 2016
Estimated Increase in Fund Balance $ 1,930,379
General Fund Revenues
- Local sales tax collections in the General Fund total $13.1 million or 84.0% of the budget amount of $15.7 million. These revenues are estimated to come in over budget by about $532,000 or 3.4% based on actual and estimated trends in construction sales tax, retail and restaurant/bar sales tax, and cable franchise fees. Please see Attachment F for a monthly, year-over-year tracking of General Fund local sales tax collections, including construction and utility sales tax.
- License and permit revenues total $1.9 million or 120.2% of the budget amount of $1.6 million. These revenues are estimated to come in over budget by about $475,000 or 29.4% based on current trends and updated forecasts for residential and commercial permitting activity through the remainder of the fiscal year.
- State shared revenues total $9.2 million or 84.7% of the budget amount of $10.8 million. These revenues are estimated to come in over budget by about $293,000 or 2.7% due to vehicle license taxes and state-shared income taxes. These budgets were set conservatively due to the unknown impact of special census efforts undertaken across numerous Phoenix Valley communities last year.
- Charges for services revenues total $1.8 million or 85.5% of the budget amount of $2.1 million. These revenues are estimated to come in over budget by about $67,000 or 3.2% based on trending actual collections through year-end.
- Interest income revenues reflect a net gain of about $25,000 through April. Rising interest rates have caused increased volatility in the Town's investment portfolio. While this may cause temporary fluctuation as market values decline due to rising yields (market values move inversely to the direction of interest rates), this volatility tends to average out over longer periods of time as funds are invested at higher yields. For FY 16/17, these revenues are estimated to come in under budget by about $57,000 or 63.7%.
- State grant revenues are estimated to come in under budget by about $140,000 or 62.6% due to budgeted grant proceeds that will not be utilized this fiscal year.
- Intergovernmental revenues are estimated to come in over budget by about $128,000 or 8.2% due to anticipated RTA reimbursements for Transit.
- Miscellaneous revenues are estimated to come in over budget by about $209,000 or 149.5% due to in-lieu income and insurance recoveries.
- Please note that all year-end estimates are subject to change.
General Fund Expenditures
- Expenditures are projected to come in under budget by about $520,000 or 1.6% due to estimated personnel savings, capital savings for grant capacity that will not be utilized, and operations & maintenance (O&M) savings in several departments. Please note all figures are subject to change.
HIGHWAY FUND
Highway Fund Revenues
- State shared highway user funds total $2.6 million or 87.7% of the budget amount of $3.0 million. These revenues are estimated to come in over budget by about $242,000 or 8.1%. This budget was set conservatively due to the unknown impact of special census efforts undertaken across numerous Phoenix Valley communities last year. The year-end estimate also includes one-time proceeds of approximately $125,000 from House Bill 2708 passed last year, which allocates one-time, additional HURF monies to incorporated cities and towns for Fiscal Year 16/17.
- Charges for services revenues reflect Highway Fund services provided to the Stormwater Utility Fund. These revenues are estimated to come in under budget by about $74,000 or 55.5%, based on trending actuals through year-end.
- State grant revenues are estimated to come in slightly under budget by $15,000 or 7.7%, due to estimated reimbursements for contract administration of PAG and RTA-funded roadway widening projects.
- Interest income revenues are estimated to come in under budget by about $18,000 or 62.4%. Please reference the discussion on interest income revenues in the General Fund notes above.
- License and permit revenues total $63,906 or 121.7% of the budget amount of $52,500. These revenues are estimated to come in over budget by about $16,000 or 29.7% based on trending actual collections through year-end.
- Miscellaneous revenues are estimated to come in under budget by about $77,000 or 96.1%. Of this amount, $70,000 reflects budgeted proceeds from property owners for the Safeway (1st Ave) Safety CIP project. This project will roll over into FY 17/18.
- Please note that all year-end estimates are subject to change.
Highway Fund Expenditures
- Expenditures are projected to come in under budget by about $275,000 or 5.8%. Of this amount, $250,000 is due to the rollover of the Safeway (1st Ave) Safety CIP project as referenced above, while the remaining $25,000 is due to estimated personnel savings. Please note these figures are subject to change.
BED TAX FUND
Bed Tax Fund Revenues
- Bed tax revenues total $817,137 or 75.3% of the budget amount of $1.1 million. These revenues are estimated to come in under budget by about $45,000 or 4.1%, based on current trends.
- Interest income revenues reflect a net loss of $157 through April, and are estimated to come in under budget by about $5,000 or 80.7%. Please reference the discussion on interest income revenues in the General Fund notes above.
- The miscellaneous revenues of $3,500 are due to a donation for the Town's annual tree lighting event.
- Please note all year-end estimates are subject to change.
Bed Tax Fund Expenditures
- Expenditures are estimated to come in under budget by $6,000 due to estimated O&M savings. Please note these estimated savings are subject to change.
COMMUNITY CENTER FUND
Attachment D-1 shows the consolidated financial status of the Community Center Fund with all revenues and expenditures from Troon and Town-managed operations.
Attachment D-2 shows the monthly line item detail for the Troon-managed operations, specifically revenues and expenditures associated with the golf, tennis and food and beverage operations. The totals in the revenue and expenditure categories in Attachment D-2 tie to the Contracted Operating Revenues and Expenditures in Attachment D-1.
Attachment D-3 shows the revenues and expenditures for the Troon-managed food and beverage operations only.
Community Center Fund Revenues
- Local sales tax revenues from the dedicated half-cent sales tax total roughly $1.8 million or 86.0% of the budget amount of $2.1 million. These revenues are estimated to come in over budget by about $74,000 or 3.5% due to healthy growth being observed in retail and restaurant/bar sales tax collections. Please note this estimate is subject to change.
- Contracted operating revenues from Troon total about $2.5 million, or 67.6% of the budget amount of $3.7 million. These revenues are estimated to come in under budget by about $729,000 or 19.5%, based on Troon's forecast through the remainder of the fiscal year.
- Town operating revenues total $662,176 or 89.8% of the budget amount of $737,200. These revenues are estimated to come in over budget by about $114,000 or 15.4%, due mainly to member dues and recreation program revenues.
Community Center Fund Expenditures
- Contracted operating expenditures from Troon total $4.5 million or 85.0% of the budget amount of $5.3 million. These expenditures are estimated to come in over budget by about $83,000 or 1.6%, due to increased water use driven by unseasonably warm weather throughout the spring.
- Town operating expenditures are projected to come in under budget by $7,500 or 0.8%, due to anticipated O&M savings.
- Capital outlay totals $72,392, due mainly to cart path improvements and fitness equipment upgrades. Capital expenditures are projected to come in under budget by $445,500 or 84.5%. This is due primarily to the timing of the ADA improvements budgeted at the Community Center.
- Year-end expenditure estimates include the annual loan repayment of $120,000 to the General Fund.
Please see Attachments A, B, and C for additional details on the General Fund, Highway Fund and Bed Tax Fund. See Attachments D-1, D-2 and D-3 for additional details on the Community Center Fund.
See Attachment E for a fiscal year-to-date consolidated summary of all Town Funds. Please note that the negative fund balance of ($573,997) in the PAG/RTA Fund is due to pending reimbursements on our roadway widening projects from the Pima Association of Governments and the Regional Transportation Authority.
See Attachment F for a breakdown of monthly, year-over-year local sales tax collections for the General Fund. |