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Financial Status Overview City of Salina Financial Status Overview September 30, 2003 Summary: Expenditures: There are no extraordinary items to report on the supplies and services expenditure budget, which is tracking below revised budget levels. Personnel expenses are reflecting the impact of the hiring "chill" imposed mid year, as well as other personnel actions, and it appears as though there may be savings with respect to revised budget on the order of $315,000, with about $125,000 of that reflected in the General fund, and an additional $80,000 in the Employee Benefits fund. Cash Capital items will also be well within budgeted levels. Key Revenue Overview: Year to date we have received 79.3% of the key revenues anticipated in the revised budget adopted in August. Over the past 5 years, this percentage has varied from a low of 76.8% to a high of 80.7%, and in those years we have completed the year exceeding the revised budget for key revenues by $500,000 to $1,000,000. However, given the distribution of revenues received to date, we anticipate that we will complete the year very close to budgeted levels-perhaps plus or minus $100,000. The Gas Tax, Water and Sewer, Transient Guest tax, Special Alcohol, and Special Parks funds will likely exceed their budgeted revenues, while the General, Employee Benefits, BiCentennial Center and Golf Course funds will be somewhat short of the revised budget. The General fund could be about $110,000 short of the revised budget key revenues. In most cases, the projected variation from budgeted levels is within the margin for error in the projection. Revenue Detail: Property taxes will be short of the revised budget by perhaps $22,000, or .3%. This is distributed among the taxing funds, with about $7,000 attributablE~ to the General Fund. This is likely a result of variation in delinquency rates. Delinquent tax receipts will exceed the revised budget by $30,000 to $50,000. Perhaps as much as $25,000 of this could be in the General Fund Vehicle taxes are very difficult to predict. We did revise the budget for this revenue source upward substantially in August. Vehicle tax revenues are now predicted to be short of the revised budget by up to $50,000. Based on year to date distributions, $10,000 of this will be in the General Fund, with $25,000 attributable to Employee Benefits.. Sales taxes are down year to date by about 2.3% compared to last year. Our best estimate is that this could continue through the end of the year, resulting in a shortfall of between $30,000 to $50,000. However, this revenue source can be very unpredictable in the short term, with significant variations from month to month. It is certainly possible that we will equal last years receipts for October, November, and December, in which case we will be close to the revised budget for 2003. It is unlikely we will exceed the total budget amount. Natural Gas franchise fees will exceed revised budget levels as will Electric franchise fees, perhaps by $15,000 to $20,000 in combination. Telephone franchise fees are less than previous years, despite a new algreement at more favorable rates. Presuming that receipts are timely, the shortfalll could be on the order of $15,000 to $20,000. However, the new agreement with Southwestern Bell appears to be stabilizing revenues at a rate slightly above the early part of 2003. 2004 revenues should be close Cable Franchise fees have been anemic, and will likely be under budget by as much as $20,000, which will result in the 2003 total being virtually the same as 2002. EMS Fees are on track for the budgeted levels. Liquor taxes will exceed budgeted levels by about $45,000. One-third of this will be realized by the General Fund, one-third by the Special Parks and Recreation Fund, and one-third by the Special Alcohol Fund. Gasoline taxes will likely exceed the revised budget by $16,000, thanks to a favorable 4th quarter distribution. Charges to Saline County for EMS and Data Processing charges will be at budgeted levels. Recreation Fees should be close to budgeted levels. Court fines and fees will exceed the revised budget slightly, perhaps by as much as $20,000. Building Permits fees will be $30,000 to $50,000 short of revised budget. However, this is another revenue source that can take dramatic swings from month to month. Monthly revenues for this source in 2003 ranged from a high of $44,000 to a low of $14,000. October is looking rather soft, but a good November/December could significantly alter the final outcome. General Fund charges for service are falling short of revised budget, perhaps by as much as $50,000. Charges for street cuts is the major element of this category. Interest income is continuing to slide, however, we may make the aggre!;Jate amount contemplated in the revised budget. Results will vary from fund to fund. Sanitation and Solid Waste fees are on track to achieve or nearly achieve budgeted levels, plus or minus $20,000. Absent extraordinary play levels in the last quarter of 2003, total Municipal Golf Course fees will be short of budget by a significant amount. Water and Sewer fees will probably exceed revised budget levels by $60,000 to $100,000.