• Local sales tax collections in the General Fund total $14.1 million, or 82.2% of the budget amount of $17.2 million. These revenues are expected to come in over budget by about $1.1 million, or 6.4%, due primarily to construction and utility sales tax collections. Please see Attachment F for a monthly tracking of General Fund local sales tax collections, including construction and utility sales tax. 

• License and permit revenues total $2.1 million, or 101.0% of the budget amount of $2.1 million. These revenues are expected to come in over budget by about $436,000, or 21.1%, based on current trends and updated forecasts for residential and commercial building activity through the remainder of the fiscal year.

• State shared revenues total $8.7 million, or 74.6% of the budget amount of $11.6 million. These revenues are estimated to come in slightly under budget, by about $96,000, or 0.8%, due to state-shared income and vehicle license taxes.    

• Charges for services revenues total $1.6 million, or 70.5% of the budget amount of $2.2 million. These revenues are projected to come in under budget by about $67,000, or 3.1%, based on department projections and trends through year-end. 

• Interest income revenues reflect a loss of about $44,000 through March. 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.

• State grant revenues are estimated to come in under budget by about $121,000, or 51.4%. This is due to grant capacity that will not be utilized, and is offset with corresponding reductions in budgeted grant expenditures.

• Federal grant revenues are estimated to come in under budget by about $43,000, or 9.2%, based on actual and projected proceeds through year-end.

• Other intergovernmental revenues are estimated to come in under budget by about $146,000, or 8.1%. Of this amount, $50,000 was capacity for a potential school resource officer at Leman Academy that will not be utilized. The remainder is due primarily to projected transit reimbursements from the Regional Transportation Authority (RTA).

• Overall, total General Fund revenues are estimated to come in over budget by approximately $1,022,000, or 2.8% at year-end. Please note all figures are subject to change. 

• General Fund expenditures are projected to come in under budget by about $663,000, or 1.8%. This is due to estimated personnel savings, capital savings for grant capacity that will not be utilized, and a budgeted transfer of $275,000 to the Highway Fund, which will not be necessary this fiscal year. Please note all figures are subject to change.

• State shared highway user funds total $2.4 million or 71.8% of the budget amount of $3.4 million. These revenues are estimated to come in on budget at this time.

• As noted in the General Fund expenditure discussion above, the $275,000 budgeted transfer to the Highway Fund will not be necessary this fiscal year. 

• State grant revenues are estimated to come in slightly over budget by about $20,000 or 19.5%, due to estimated reimbursements for contract administration of Pima Association of Governments and RTA-funded roadway widening projects.  

• Interest income revenues are estimated to come in under budget by about $10,500 or 28.3%. Please reference the discussion on interest income revenues in the General Fund notes above.

• License and permit revenues total $35,752 or 62.7% of the budget amount of $57,000. These revenues are estimated to come in under budget by about $12,000 or 21.1%, based on trending actual collections through year-end.

• Please note that all year-end estimates are subject to change.

Highway Fund Expenditures

• Expenditures are projected to come in under budget by about $850,000, or 17.2%. Of this amount, nearly $570,000 is pavement preservation savings due to the new Pima County property tax for roads, which will cover the Town's residential spring surface treatments. The year-end expenditure estimate also assumes a rollover of the $250,000 Safeway/1st Ave Safety CIP project into FY 18/19. The remaining $30,000 is attributable to estimated personnel savings. Please note all figures are subject to change.

BED TAX FUND

Bed Tax Fund Revenues

• Bed tax revenues total $1.1 million, or 101.1% of the budget amount of $1.1 million. These revenues are estimated to come in over budget by about $153,000 or 13.6%, based on current trends.

• Interest income revenues reflect a loss of about $400 through March, and are estimated to come in under budget by about $6,300 or 79.1%. Please reference the discussion on interest income revenues in the General Fund notes above.

• Please note all year-end estimates are subject to change.

• Expenditures are estimated to come in over budget by about $6,300 or 0.5%. This is due to tennis court improvements at the Community Center, which are partially offset with expected operations & maintenance savings in the fund. Please note this overage is more than offset by projected bed tax revenues, as noted above. 

• Local sales tax revenues from the dedicated half-cent sales tax total $1.7 million or 74.3% of the budget amount of $2.3 million. These revenues are estimated to come in on budget at this time.

• Contracted operating revenues from Troon total $2.6 million, or 77.3% of the budget amount of $3.4 million. These revenues are estimated to come in over budget by about $73,000, or 2.2%, based on Troon's forecast through the remainder of the fiscal year.

• Town operating revenues total $665,877 or 85.6% of the budget amount of $777,580. These revenues are estimated to come in over budget by about $127,000 or 16.4%, due primarily to classic membership dues, facility rental income and swim team revenues.

• Contracted operating expenditures from Troon total $4.0 million or 77.0% of the budget amount of $5.2 million. These expenditures are estimated to come in over budget by about $119,000 or 2.3%, due to increased water costs as a result of warm, dry weather.  

• Town operating expenditures total $752,749 or 73.1% of the budget amount of $1.0 million. These expenditures are projected to come in over budget by about $36,000 or 3.5%, due to estimated personnel costs to meet the programming needs of the facility. Staff is closely monitoring these expenditures, and has adjusted future budget capacity accordingly. Please note this overage is more than offset by our projected overage in operating revenues, as noted above.

• Capital outlay totals $29,464, due to cart path improvements. Capital expenditures are projected to come in on budget at this time.

• Year-end expenditure estimates include the annual loan repayment of $120,000 to the General Fund.