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Home My WebLink AboutRPT 4 FINANCIAL REVIEW 11-02-82DATE: October 28, 1982 REPORTS No. 4 11-1-82 Inter - C om TO: FROM: SUBJECT: Bill Huston, .~?~?ager_~ · or Ron Nault, Fi~or First Quarter 1982-83 Financial Review Attached are schedules of revenues and expenditures for the period July through September 1982. It is difficult to draw any conclusions concerning trends based on the limited information available '~c this time, but I will address areas of major concern. REVENUE 73% of total revenues of the General Fund are collected from proper~ taxes, sales taxes, and motor vehicle in-lieu fees. Property tax distributions do not begin until mid-December. 'The only revenue that may come in prior to this time might be delinquent collections from prior years such as the $8,800 in the General Fund and the $160,000 in the Redevelopment Agency. The County has sent us an estimated collection report that comes within t% of the 1982-83 budget. I feel confident that property tax revenue for 1982-83 will be as estimated. The State has assum~ the majority of motor vehicle funds as a means of balancing its 1982-83 budget. They have determined that it is in their best interest to withhold any distribution of this subvention until each agency has repaid the equivalent of its 1978-79 bailout. It will take approximately six months for Tustin to "repay" its $369,000 Proposition 13 bailout. We will not begin to re- ceive motor vehicle in-lieu revenue until January or February. I do have some concern at this time with sales tax revenues. Based on conver- sations with people at the State Board of Equalization there appears to have been a real drop in retail sales for the months of /4ay, June, and July. The $282,170 variance respresents approximately 6~ of the total sales tax revenue budgeted. ! have reviewed the projections for the next quarter and feel that if our collections for August, September, and October are equal to last years', plus the anticipated increase due t~ the excellerated collections scheduled to begin November, we will be 'back on track' for the balance of the fiscal year. A similar situation occurred in the third quarter of 1981-82 and by the end of the fourth quarter retail sales had rebounded beyond the previous quarters' dip. At this point I would suggest we sit tight until mid-December when the previous quarters' collections are distributed. I am optimistic that we will recover and the apparent shortfall will only be temporary. The other funds appear to be within reason. The increased collections in gas tax are a direct result of increased gas tax rates. The Redevelopment Agency received $163,000 of delinquent collections from prior years, and there is a slight in- crease in water sales revenue, 15~. Approximately 9% of the water increase is due to the rate increase with the balance spr~'ad between increased consumption and miscellaneous water revenue. Bill Huston October 28, 1982 Financial Review page 2. A comparison of revenue for all funds shows a negative variance of less than 2%. I would consider this reasonable for this period of time. EXPE#DITURES Fully 60% of the total operating budgets are appropriated for personnel expenses. A review of first quarter personnel expenses indicates that expenditures are within anticipated limits for this period. Current expenditures project out to appropriated budgets. Variables may arise from personnel turn-over, the major impact coming from the Public Works and Police Departments, that could contribute to some savings in this area. I have no concerns with year-to-date expenses for supplies and services or capital outlay. CAPITAL It~ROVEME#TS The schedule of capital improvements simply reflects the appropriated projects and expenditures to date. Significant activities during the first quarter were the completion of the E1 Camino Real parking structure at Stevens Square and the beginning of the E1 Camino Real street reconstruction. 1982-83 FIRST qUARTER FI~CIN. REPORT COMPARING REVENUES AND EXPENDITURES Comparative Revenues as of September 30, 1982 Revenue Source Y-T-D Y-T-D Budget 1982-83 1981-82 General Fund: Property taxes Franchise taxes Sales tax Transient lodging tax Business lic.tax New construction tax Construction permits Other licenses & permits Vehicle Code fines Non-traffic fines Interest Rents Motor vehicle in-lieu fees Homeowners prop. tax relief Business Inv. tax relief Cigarette tax Other State revenue Community Services fees Other current changes Other City revenue GENERAL FUND TOTAL $1,576,619 $ 8,862 $ 345 320,000 -0- -0- 4,303,404 600,026 882,196 50,000 -0- -0- 155,000 9,889 5,656 200,000 9,491 32,214 150,000 43,085 87,488 10,500 2,809 2,355 241,000 20,252 33,463 25,000 4,660 10,874 375,000 491 489 33,872 8,567 9,283 395,519 39,299 162,502 67,200 -0- -0- 100,000 -0- -0- 150,00~ 41,779 41,070 73,518 5,625 2,123 304,270 74,105 63,874 40,600 6,032 5,906 16,465 <2,312> 27,369 $8,587,967 $872,660 $1,367,207 Revenue Sharing Fund $ 279,000 $ -0- $ -0- Gas Tax Fund: Interest $ 10,000 -0- -O- City 459,876 114,400 72,945 Federal 1,164,000 -O- GAS TAX FUND TOTAL $1,633,876 $114,4D0 $ 72,945 Park Development Fund $ -0- $ -0- $ 4,100 Sewer Fund $ 3,000 $ 238 $ 506 Beautification Fund $ 30,000 $ 3,848 $ 6,673 Park Bond Fund $ 81,500 $ 237 $ -0- Civic Center Bond Fund $ 55,500 $ 165 $ -0- Tustin Community RDA $ 1,250,000 $ 163,260 $ 53,371 Water Utility Fund $ 3,676,640 $ 649,657 $ 563,349 TOTAL ALL FUNDS $15,597,483 $1,804,465 $2,068,151 Variance $ 8,517 <282,170> 4,233 <22,723> <44,403> 454 <13,211> <6,214> 2 <716> <123,203> 709 3,502 10,231 126 <29,681> <$494,547> 41,455 $ 41,455 $ <4,100> $ <268> $ <2,825> $ 237 $ 165 $109,889 $ 86,383 <$263,686> Comparative Expenditures as of September 30, 1982 Department Budget Y-T-D 1982 General Fund Legislation Personnel Supplies & Services Capital Outlay 165,456 91,815 445 $ 34,634 11,336 -0- TOTAL $ 257,716 $ 45,970 Administration PERS S&S Capital Outlay $ 346,121 119,969 5,790 $ 73,701 42,344 -0- TOTAL $471,880 $116,045 Community Development PERS S&S Capital Outlay 319,802 70,086 377 $ 67,283 4,983 TOTAL $ 390,265 $ 72,266 Public Works PERS S&S Capital Outlay $1,169,807 1,095,313 4,228 $240,894 141,049 TOTAL $2,269,348 $381,943 Pol ice PERS S&S Capital Outlay $2,881,823 440,012 12,546 $600,987 21,064 589 TOTAL $3,334,381 $622,640 Fi re $1,325,000 -0- Community Services PERS S&S Capital Outlay 211,811 246,480 6,915 $ 38,815 37,184 228 TOTAL 465,206 76,227 Department Non-Departmental GENEP~AL FUND TOTAL Tustin RDA PERS S&S Capital Outlay RDA TOTAL Water Utility Fund PERS S&S Capital Outlay WATER UTILITY TOTAL TOT~J. ALL FUNDS Budget $ 185,600 $8,687,796 $ 3,600 166,000 $ 169,600 $ 518,753 2,781,460 27,310 $3,327,523 $12,195,919 Y-T-D 1982 $ 16,240 $1,328,331 $ 4,443 65,544 $ 69,987 $ 89,395 361,693 $451,088 $1,849,406 FIRST QUARTER ~ATUS RI~PORT CAPITAL II41~I~OVi~ltENTS Public Facilities Community Center rehab. Paint City Hall Misc. building modifications City/Police 82-83 82-83 Fund Budget Y-T-D B $ 14,200 B 19,000 GF 3,150' 3,569 $ 36,350 $ 3,569 Beautification Projects General street lights E1Camino Real I.D. signs E1Camino Real landscape Irvine Blvd. center island landscape/irrigation "C" Street Plaza B $ 9,000 RDA 10,000 RDA 40,000 RDA 55,600 RDA 50,000* $ 164,600 Community Services Facilities Misc. park improvements Master Plan of Parks & Rec. facilities Columbus Tustin Park imp. Pepper Tree Park imp Centennial Park imp. Frontier Park imp. Magnolia Park imp. Pine Tree Park imp. Columbus Tustin Park & Rec. facility, A & £ GF $ 4,000 PD 41,718' PD 32,000* PD 12,900' PD 19,000' PD 11,500' PD 12,500' PD 5,000* RDA 118,000 $ 256,618 Transportation Facilities Major maintenance program Moult on Parkway realignment E1Camino Real parking facility Alley reconstruction east of E1Camino Real Alley reconstruction south of First Street Ramps for handicapped *Reappropriation from prior year RS $ 255,000 GT 37,000 FAU 237,300 GT 294,000 RDA RDA RDA GT 684,000 1,200 6,040 45,000 $ 45,000 $ 7,002 $ 7,002 $ 36,250 700,099 1,197 6,039 7,753 82-83 82-83 Fund Budget Y-T-D Transportation Facilities (cont'd) Alley reconstruction west of E1Camino Real RDA Newport Avenue extension GT Warner Avenue railroad cross- ing protective devices GT Irvine Blvd. widening east of Ranchwood GT Irvine Blvd./Prospect to Newport Bus benches OCTD routes E1 Camino Real reconstruction Prospect Ave. road widening GT FAU RS RDA RDA Traffic Controls Signal interconnect - Irvine Blvd. Yorba to Red Hill Irvine Blvd. at "B" St. Red Hill & Barranca Rd. Walnut Ave. at Oxford Ave. Red Hill Ave. at Walnut Ave. Newport Ave. at Sycamore Ave. E1 Camino Real & Sixth St. Flood Control Facilities Easement drain north of Main St./dtwn/Pasadena and Costa Mesa Freeway Catch basin - Santa Fe and Industrial Way Red Hill Drain No.2 Walnut Ave. to Mitchell Ave. RDA GT FAU GT GT GT GF GF RDA RS RS GF GF Water Supply & Distribution Vagano Way 800 (plus/minus) north of Skyline Dr. and west of Red Hill Fairhaven water main WF WF *Reappropriated from prior year $ 1,005 30,000 8,100 150,000 29,900 325,100 4,500 1,230,219 14,000 $3,307,364 $ 33,600 21,600 395,900 57,000 31,000 52,000 29,000 52,000 53,100 $ 725,200 21,000 13,000 6,000 237,000 277,000 $ 20,000 115,000' $ 1,001 2,035 180,201 $934,575 $ 317 3,054 12,671 82 -83 82 -83 Budget Y-T-D Fund Water Supply & Distribution (cont'd) Mitchell Ave. water main con- nection WF Red Hill Ave./Walnut well site WF Palomar Way & Olympian Way be- tween Fairhaven dr. and Ranier Drive WF Nisson Rd. east of Red Hill Ave. WF E1 Camino & Newport main re- placement WF Red Hill main replacement, Lance to Irvine WF Miscellaneous Services TOTAL ALL FUNDS *Reappropriated from prior years $ 2,500* 12,800' 80,700 38,800 $ 269,300 $5,036,432 15,700 5,061 769 5,360 $ 26,890 $1,033,078